0000898745 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:C000038717Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:C000153061Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:GeographicConcentrationRisk1Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:IndustrialRevenueBondRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:InverseFloatingRateInvestmentsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:LeverageRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:MunicipalObligationsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014232Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038715Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038715Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038715Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038717Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038717Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038717Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038717Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000153061Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000153061Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000153061Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000153061Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergMunicipalBondIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergCaliforniaMunicipalIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergCaliforniaMunicipalIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergCaliforniaMunicipalIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergCaliforniaMunicipalIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014232Member ck0000898745:C000038715Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014242Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:C000080382Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:C000038755Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:C000085771Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:C000085768Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:C000149261Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:RealEstateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014242Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038752Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038752Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038752Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000080382Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000080382Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000080382Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000080382Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038755Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038755Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038755Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038755Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000085771Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000085771Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000085771Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000085771Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000085768Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000085768Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000085768Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000085768Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000149261Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000149261Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000149261Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000149261Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergUSAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014242Member ck0000898745:C000038752Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000006952Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:C000018962Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:C000018961Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:C000018958Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:C000018959Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:DerivativesRiskFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:HedgingRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:HighPortfolioTurnoverRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:LeverageRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:RealEstateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006952Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018963Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018963Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000018963Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000018962Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018962Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000018962Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000018962Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000018961Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018961Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000018961Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000018961Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000018958Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018958Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000018958Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000018958Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000018959Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000018959Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000018959Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000018959Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000006952Member ck0000898745:C000018963Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000024296Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:C000071808Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:C000071805Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:C000190075Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:AssetAllocationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:BankLoansRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:DerivativesRiskCurrencyContractsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:DerivativesRiskFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:FloatingAndVariableRateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:HedgingRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:IndexPassiveStrategyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:PreferredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000024296Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000071807Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000071807Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000071807Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000071808Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000071808Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000071808Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000071808Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000071805Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000071805Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000071805Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000071805Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000190075Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000190075Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000190075Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000190075Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000024296Member ck0000898745:C000071807Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000006992Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:C000019058Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:C000019057Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:C000019054Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:C000019055Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:C000210673Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006992Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019059Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019059Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019059Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019058Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019058Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019058Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019058Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019057Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019057Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019057Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019057Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019054Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019054Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019054Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019054Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019055Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019055Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019055Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019055Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000210673Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000210673Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000210673Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000210673Member 2016-01-01 2025-12-31 0000898745 ck0000898745:MSCIACWIExUSAIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:MSCIACWIExUSAIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:MSCIACWIExUSAIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:MSCIACWIExUSAIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000006992Member ck0000898745:C000019059Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014240Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:C000038746Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:C000204702Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:C000038747Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:C000085765Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:C000085767Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014240Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038744Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038744Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038744Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038746Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038746Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038746Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038746Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000204702Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000204702Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000204702Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000204702Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038747Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038747Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038747Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038747Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000085765Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000085765Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000085765Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000085765Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000085767Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000085767Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000085767Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000085767Member 2016-01-01 2025-12-31 0000898745 ck0000898745:Russell1000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:Russell1000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:Russell1000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:Russell1000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:Russell1000ValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014240Member ck0000898745:C000038744Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000054330Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:ConvertibleSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:DerivativesRiskCurrencyContractsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:DistressedInvestmentsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:EmergingMarketsRiskDefensiveStrategyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:EmergingMarketsRiskFrontierMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:HedgingRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:HighPortfolioTurnoverRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:LeverageRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000054330Member ck0000898745:VolatilityMitigationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000170736Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000170736Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000170736Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000170736Member 2016-07-11 2025-12-31 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsMember 2016-07-11 2025-12-31 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000170736Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-07-11 2025-12-31 0000898745 ck0000898745:BloombergGlobalAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergGlobalAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergGlobalAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergGlobalAggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-07-11 2025-12-31 0000898745 ck0000898745:JPMEMBlendWeightIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:JPMEMBlendWeightIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:JPMEMBlendWeightIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:FinisterreEmergingMarketsTotalReturnBondBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:FinisterreEmergingMarketsTotalReturnBondBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:FinisterreEmergingMarketsTotalReturnBondBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:FinisterreEmergingMarketsTotalReturnBondBlendedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-07-11 2025-12-31 0000898745 ck0000898745:JPMGBI-EMGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:JPMGBI-EMGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:JPMGBI-EMGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:JPMGBI-EMGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-07-11 2025-12-31 0000898745 ck0000898745:JPMEMBIGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:JPMEMBIGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:JPMEMBIGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:JPMEMBIGlobalDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-07-11 2025-12-31 0000898745 ck0000898745:JPMCEMBIBroadDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:JPMCEMBIBroadDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:JPMCEMBIBroadDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:JPMCEMBIBroadDiversifiedIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-07-11 2025-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000054330Member ck0000898745:C000170736Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007013Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:C000019145Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:C000019144Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:C000019140Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:C000019142Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:C000175481Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:EmergingMarketsRiskChinaInvestmentRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007013Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019146Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019146Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019146Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019145Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019145Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019145Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019145Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019144Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019144Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019144Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019144Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019140Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019140Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019140Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019140Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019142Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019142Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019142Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019142Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175481Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175481Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175481Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175481Member 2016-01-01 2025-12-31 0000898745 ck0000898745:MSCIEmergingMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:MSCIEmergingMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:MSCIEmergingMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:MSCIEmergingMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007013Member ck0000898745:C000019146Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000019119Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:C000052889Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:C000167005Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:C000167007Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:C000149262Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:IndustryConcentrationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:IndustryConcentrationRiskRealEstateRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:RealEstateInvestmentTrustsREITsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:RealEstateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000019119Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000052887Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000052887Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000052887Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000052889Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000052889Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000052889Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000052889Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000167005Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000167005Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000167005Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000167005Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000167007Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000167007Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000167007Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000167007Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000149262Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000149262Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000149262Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000149262Member 2016-01-01 2025-12-31 0000898745 ck0000898745:MSCIACWIIndexNTRReflectsWithholdingTaxesOnForeignDividendsButNoDeductionForFeesExpensesOrOtherTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:MSCIACWIIndexNTRReflectsWithholdingTaxesOnForeignDividendsButNoDeductionForFeesExpensesOrOtherTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:MSCIACWIIndexNTRReflectsWithholdingTaxesOnForeignDividendsButNoDeductionForFeesExpensesOrOtherTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:MSCIACWIIndexNTRReflectsWithholdingTaxesOnForeignDividendsButNoDeductionForFeesExpensesOrOtherTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:FTSEEPRANAREITDevelopedMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:FTSEEPRANAREITDevelopedMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:FTSEEPRANAREITDevelopedMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:FTSEEPRANAREITDevelopedMarketsIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000019119Member ck0000898745:C000052887Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014244Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:C000113845Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:C000038763Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:C000113842Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:C000113844Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:HighPortfolioTurnoverRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:RealEstateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014244Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038760Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038760Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038760Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000113845Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000113845Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000113845Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000113845Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038763Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038763Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038763Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038763Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000113842Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000113842Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000113842Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000113842Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000113844Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000113844Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000113844Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000113844Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAgencyFixedRateMBSIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergUSAgencyFixedRateMBSIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAgencyFixedRateMBSIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAgencyFixedRateMBSIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014244Member ck0000898745:C000038760Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000060089Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:C000000000Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:FloatingAndVariableRateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:InvestmentCompanySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:RepurchaseAgreementRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000060089Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000196721Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000000000Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000196721Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000196721Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000196721Member 2017-12-20 2025-12-31 0000898745 ck0000898745:C000000000Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000000000Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000000000Member 2017-12-20 2025-12-31 0000898745 ck0000898745:BloombergUSAggregateIndex1reflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergUSAggregateIndex1reflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAggregateIndex1reflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSAggregateIndex1reflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2017-12-20 2025-12-31 0000898745 ck0000898745:BloombergUSTreasuryBellwethersThreeMonthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergUSTreasuryBellwethersThreeMonthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSTreasuryBellwethersThreeMonthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSTreasuryBellwethersThreeMonthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2017-12-20 2025-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000060089Member ck0000898745:C000196721Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014241Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:C000038750Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:C000038751Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:C000175488Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:BankLoansRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014241Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038748Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038748Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038748Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038750Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038750Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038750Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038750Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038751Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038751Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038751Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038751Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175488Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175488Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175488Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175488Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSCorporateHighYieldTwoPercentIssuerCappedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergUSCorporateHighYieldTwoPercentIssuerCappedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSCorporateHighYieldTwoPercentIssuerCappedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSCorporateHighYieldTwoPercentIssuerCappedIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014241Member ck0000898745:C000038748Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000006997Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:C000019085Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:C000019081Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:C000019082Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:HighPortfolioTurnoverRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000006997Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019086Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019086Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019086Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019085Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019085Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019085Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019085Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019081Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019081Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019081Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019081Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019082Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019082Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019082Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019082Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSTreasuryTIPSIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergUSTreasuryTIPSIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSTreasuryTIPSIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSTreasuryTIPSIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000006997Member ck0000898745:C000019086Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000101728Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:C000271982Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:DerivativesRiskCurrencyContractsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:EmergingMarketsRiskChinaInvestmentRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:FrequentTradingRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:HedgingRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000101728Member ck0000898745:SovereignDebtRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:C000175484Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:C000019372Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:C000019373Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:EmergingMarketsRiskChinaInvestmentRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007083Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019376Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019376Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019376Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019372Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019372Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019372Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019372Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019373Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019373Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019373Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019373Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175484Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175484Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175484Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175484Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007083Member ck0000898745:C000019376Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007077Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:C000019332Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:C000019331Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:C000019328Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:C000019329Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:C000149257Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member oef:RiskNondiversifiedStatusMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:PassiveStrategyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007077Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019333Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019333Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019333Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019332Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019332Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019332Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019332Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019331Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019331Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019331Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019331Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019328Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019328Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019328Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019328Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019329Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019329Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019329Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019329Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000149257Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000149257Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000149257Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000149257Member 2016-01-01 2025-12-31 0000898745 ck0000898745:Russell1000GrowthIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:Russell1000GrowthIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:Russell1000GrowthIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:Russell1000GrowthIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007077Member ck0000898745:C000019333Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007016Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:C000019173Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:C000019172Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:C000019169Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:C000019170Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:IndustryConcentrationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member oef:RiskNondiversifiedStatusMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007016Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019174Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019174Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019174Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019173Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019173Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019173Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019173Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019172Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019172Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019172Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019172Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019169Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019169Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019169Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019169Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019170Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019170Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019170Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019170Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SandP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SandP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SandP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SandP500IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007016Member ck0000898745:C000019174Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007122Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:C000019464Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:C000019460Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:C000019461Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:InvestmentCompanySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:PassiveStrategyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007122Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019463Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019463Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019463Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019464Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019464Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019464Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019464Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019460Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019460Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019460Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019460Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019461Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019461Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019461Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019461Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007122Member ck0000898745:C000019463Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007075Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:C000038781Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:C000019316Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:C000019315Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:C000019312Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:C000019313Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:C000175482Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007075Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019317Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019317Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019317Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038781Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038781Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038781Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038781Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019316Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019316Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019316Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019316Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019315Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019315Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019315Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019315Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019312Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019312Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019312Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019312Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019313Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019313Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019313Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019313Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175482Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175482Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175482Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175482Member 2016-01-01 2025-12-31 0000898745 ck0000898745:Russell3000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:Russell3000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:Russell3000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:Russell3000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:RussellMidCapIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:RussellMidCapIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:RussellMidCapIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:RussellMidCapIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007075Member ck0000898745:C000019317Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007079Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:C000019348Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:C000019345Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:C000019346Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:C000175483Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:IndustryConcentrationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007079Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019343Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019343Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019343Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019348Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019348Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019348Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019348Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019345Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019345Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019345Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019345Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019346Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019346Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019346Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019346Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175483Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175483Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175483Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175483Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:SandPMidcap400IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SandPMidcap400IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SandPMidcap400IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SandPMidcap400IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007079Member ck0000898745:C000019343Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007173Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:C000210674Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:C000076718Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:C000019614Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:C000019615Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:C000210675Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007173Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019618Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019618Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019618Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000210674Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000210674Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000210674Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000210674Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000076718Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000076718Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000076718Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000076718Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019614Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019614Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019614Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019614Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019615Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019615Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019615Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019615Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000210675Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000210675Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000210675Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000210675Member 2016-01-01 2025-12-31 0000898745 ck0000898745:RussellMidcapValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:RussellMidcapValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:RussellMidcapValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:RussellMidcapValueIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2015-01-01 2015-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007173Member ck0000898745:C000019618Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007081Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:C000019362Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:CommercialPaperRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:DiscretionaryLiquidityFeeRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:RepurchaseAgreementRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007081Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019363Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019363Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019363Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019363Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019362Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019362Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019362Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019362Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergUSTreasuryBellwethersThreeMonthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007081Member ck0000898745:C000019363Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000023512Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:C000111521Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:PassiveStrategyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000023512Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000069149Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000069149Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000069149Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000111521Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000111521Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000111521Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000111521Member 2016-01-01 2025-12-31 0000898745 ck0000898745:MSCIEAFEIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:MSCIEAFEIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:MSCIEAFEIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:MSCIEAFEIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:MSCIEAFEValueIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:MSCIEAFEValueIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:MSCIEAFEValueIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:MSCIEAFEValueIndexNTRreflectswithholdingtaxesonforeigndividendsbutnodeductionforfeesexpensesorothertaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000023512Member ck0000898745:C000069149Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014238Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member ck0000898745:C000038740Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member ck0000898745:C000085760Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member ck0000898745:C000085762Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014238Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038737Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038737Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038737Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038740Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038740Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038740Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038740Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000085760Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000085760Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000085760Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000085760Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000085762Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000085762Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000085762Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000085762Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014238Member ck0000898745:C000038737Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007211Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:C000019783Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:C000019782Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:C000019779Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:C000019780Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007211Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019784Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019784Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019784Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019783Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019783Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019783Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019783Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019782Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019782Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019782Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019782Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019779Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019779Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019779Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019779Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019780Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019780Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019780Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019780Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SandPTargetDateRetirementIncomeIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SandPTargetDateRetirementIncomeIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SandPTargetDateRetirementIncomeIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SandPTargetDateRetirementIncomeIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007211Member ck0000898745:C000019784Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000022103Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:C000063426Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:C000063424Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022103Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063423Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063423Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063423Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063424Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063424Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063424Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063424Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063426Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063426Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063426Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063426Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SandPTargetDate2015IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SandPTargetDate2015IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SandPTargetDate2015IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SandPTargetDate2015IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000022103Member ck0000898745:C000063423Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007207Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:C000019746Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:C000019745Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:C000019742Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:C000019743Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007207Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019747Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019747Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019747Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019746Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019746Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019746Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019746Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019745Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019745Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019745Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019745Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019742Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019742Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019742Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019742Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019743Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019743Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019743Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019743Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2020IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2020IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2020IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2020IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007207Member ck0000898745:C000019747Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000022104Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:C000063433Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:C000063431Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022104Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063429Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063429Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063429Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063431Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063431Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063431Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063431Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063433Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063433Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063433Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063433Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2025IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2025IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2025IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2025IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000022104Member ck0000898745:C000063429Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007208Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:C000019755Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:C000019754Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:C000019751Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:C000019752Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007208Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019756Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019756Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019756Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019755Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019755Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019755Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019755Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019754Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019754Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019754Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019754Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019751Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019751Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019751Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019751Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019752Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019752Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019752Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019752Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2030IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2030IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2030IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2030IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007208Member ck0000898745:C000019756Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000022105Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:C000063437Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:C000063435Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022105Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063439Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063439Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063439Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063435Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063435Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063435Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063435Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063437Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063437Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063437Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063437Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2035IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2035IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2035IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2035IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000022105Member ck0000898745:C000063439Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007209Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:C000019764Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:C000019763Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:C000019760Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:C000019761Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007209Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019765Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019765Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019765Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019764Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019764Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019764Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019764Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019763Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019763Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019763Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019763Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019760Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019760Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019760Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019760Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019761Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019761Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019761Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019761Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2040IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2040IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2040IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2040IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007209Member ck0000898745:C000019765Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000022106Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:C000063443Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:C000063441Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022106Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063445Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063445Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063445Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063441Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063441Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063441Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063441Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063443Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063443Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063443Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063443Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2045IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2045IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2045IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2045IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000022106Member ck0000898745:C000063445Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007210Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:C000019774Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:C000019773Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:C000019770Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:C000019771Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007210Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019775Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019775Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019775Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019774Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019774Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019774Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019774Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019773Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019773Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019773Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019773Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019770Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019770Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019770Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019770Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019771Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019771Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019771Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019771Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2050IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2050IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2050IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2050IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007210Member ck0000898745:C000019775Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000022107Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:C000063447Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:C000063449Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000022107Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063451Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063451Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063451Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063447Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063447Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063447Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063447Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000063449Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000063449Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000063449Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000063449Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2055IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2055IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2055IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2055IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000022107Member ck0000898745:C000063451Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000039873Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:C000123721Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:C000123724Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:C000123726Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000039873Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000123727Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000123727Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000123727Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000123721Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000123721Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000123721Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000123721Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000123724Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000123724Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000123724Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000123724Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000123726Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000123726Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000123726Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000123726Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2060IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2060IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2060IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2060IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000039873Member ck0000898745:C000123727Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000058847Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:C000193004Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:C000193006Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058847Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193001Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000193001Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193001Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193001Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193001Member 2017-09-06 2025-12-31 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsMember 2017-09-06 2025-12-31 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193001Member oef:AfterTaxesOnDistributionsAndSalesMember 2017-09-06 2025-12-31 0000898745 ck0000898745:C000193004Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193004Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193004Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193004Member 2017-09-06 2025-12-31 0000898745 ck0000898745:C000193006Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193006Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193006Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193006Member 2017-09-06 2025-12-31 0000898745 ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2017-09-06 2025-12-31 0000898745 ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2017-09-06 2025-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000058847Member ck0000898745:C000193001Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000079799Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:C000241180Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:C000241176Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:C000241179Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:C000241178Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079799Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241176Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241179Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241178Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241180Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241176Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241176Member 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241176Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241176Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241176Member oef:AfterTaxesOnDistributionsMember 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241176Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241176Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241176Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241180Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241180Member 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241179Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241179Member 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241178Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241178Member 2023-03-01 2025-12-31 0000898745 ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2023-03-01 2025-12-31 0000898745 ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2023-03-01 2025-12-31 0000898745 ck0000898745:S000079799Member ck0000898745:C000241176Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000079799Member ck0000898745:C000241176Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046553Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:C000199315Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:C000159884Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046553Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145302Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145302Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145302Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199315Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199315Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199315Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199315Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159884Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159884Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159884Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159884Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergUS.AggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergUS.AggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergUS.AggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergUS.AggregateIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046553Member ck0000898745:C000145302Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046556Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:C000199318Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:C000159887Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046556Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145311Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145311Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145311Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199318Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199318Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199318Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199318Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159887Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159887Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159887Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159887Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046556Member ck0000898745:C000145311Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046557Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:C000199319Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:C000159888Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046557Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145314Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145314Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145314Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199319Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199319Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199319Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199319Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159888Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159888Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159888Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159888Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046557Member ck0000898745:C000145314Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046558Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:C000199320Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:C000159889Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046558Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145317Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145317Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145317Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199320Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199320Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199320Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199320Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159889Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159889Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159889Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159889Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046558Member ck0000898745:C000145317Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046559Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:C000199321Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:C000159890Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:DerivativesRiskCreditDefaultSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:DerivativesRiskForwardContractsFuturesAndSwapsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046559Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145320Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145320Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145320Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199321Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199321Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199321Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199321Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159890Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159890Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159890Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159890Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046559Member ck0000898745:C000145320Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046560Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:C000199322Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:C000159891Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046560Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145323Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145323Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145323Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199322Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199322Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199322Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199322Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159891Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159891Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159891Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159891Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046560Member ck0000898745:C000145323Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046561Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:C000199323Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:C000159892Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046561Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145326Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145326Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145326Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199323Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199323Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199323Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199323Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159892Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159892Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159892Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159892Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046561Member ck0000898745:C000145326Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046562Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:C000199324Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:C000159893Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046562Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145329Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145329Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145329Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199324Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199324Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199324Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199324Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159893Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159893Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159893Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159893Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046562Member ck0000898745:C000145329Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046563Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:C000199325Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:C000159894Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046563Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145332Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145332Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145332Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199325Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199325Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199325Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199325Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159894Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159894Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159894Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159894Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046563Member ck0000898745:C000145332Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046554Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:C000199316Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:C000159885Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046554Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145305Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145305Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145305Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199316Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199316Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199316Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199316Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159885Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159885Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159885Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159885Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046554Member ck0000898745:C000145305Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000046555Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:C000199317Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:C000159886Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000046555Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145308Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145308Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000145308Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000199317Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199317Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199317Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199317Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000159886Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000159886Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000159886Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000159886Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000046555Member ck0000898745:C000145308Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000058848Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:C000199326Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:C000193008Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000058848Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193007Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193007Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193007Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193007Member 2017-09-06 2025-12-31 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsMember 2017-09-06 2025-12-31 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193007Member oef:AfterTaxesOnDistributionsAndSalesMember 2017-09-06 2025-12-31 0000898745 ck0000898745:C000199326Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000199326Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000199326Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000199326Member 2017-09-06 2025-12-31 0000898745 ck0000898745:C000193008Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000193008Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000193008Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000193008Member 2017-09-06 2025-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000058848Member ck0000898745:C000193007Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000079798Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:C000241172Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:C000241174Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:C000241173Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:TargetDateFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:DerivativesRiskOptionsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000079798Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241172Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241174Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241173Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241174Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241174Member 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241174Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241174Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241174Member oef:AfterTaxesOnDistributionsMember 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241174Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241174Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241174Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241172Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241172Member 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241173Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241173Member 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241173Member ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241173Member ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241173Member ck0000898745:SandP1500reflectsnodeductionforfeesexpensesortaxesIndexMember 2023-03-01 2025-12-31 0000898745 ck0000898745:C000241173Member ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000241173Member ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000241173Member ck0000898745:SPTargetDate2065IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2023-03-01 2025-12-31 0000898745 ck0000898745:S000079798Member ck0000898745:C000241174Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000079798Member ck0000898745:C000241174Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007212Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:C000038802Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:C000019791Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:C000019790Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:C000019787Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:C000019788Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:C000175486Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:IndustryConcentrationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:IndustryConcentrationRiskRealEstateRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member oef:RiskNondiversifiedStatusMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:RealEstateInvestmentTrustsREITsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:RealEstateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007212Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019792Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019792Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019792Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038802Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038802Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038802Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038802Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019791Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019791Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019791Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019791Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019790Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019790Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019790Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019790Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019787Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019787Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019787Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019787Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019788Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019788Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019788Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019788Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175486Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175486Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175486Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175486Member 2016-01-01 2025-12-31 0000898745 ck0000898745:FTSENAREITAllEquityREITIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:FTSENAREITAllEquityREITIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:FTSENAREITAllEquityREITIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:FTSENAREITAllEquityREITIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007212Member ck0000898745:C000019792Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014246Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:C000038770Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:C000039365Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:C000038771Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:C000039361Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:C000039364Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014246Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038768Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038768Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038768Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038770Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038770Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038770Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038770Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039365Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039365Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039365Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039365Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038771Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038771Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038771Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038771Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039361Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039361Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039361Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039361Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039364Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039364Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039364Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039364Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMBalancedBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMBalancedBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMBalancedBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMBalancedBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014246Member ck0000898745:C000038768Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014233Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:C000038720Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:C000039341Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:C000038721Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:C000039337Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:C000039340Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014233Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038718Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038718Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038718Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038720Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038720Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038720Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038720Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039341Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039341Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039341Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039341Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038721Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038721Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038721Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038721Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039337Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039337Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039337Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039337Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039340Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039340Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039340Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039340Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeBalancedBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014233Member ck0000898745:C000038718Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014234Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:C000038724Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:C000039344Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:C000038725Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:C000039346Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:C000039343Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014234Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038722Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038722Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038722Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038724Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038724Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038724Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038724Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039344Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039344Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039344Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039344Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038725Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038725Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038725Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038725Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039346Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039346Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039346Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039346Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039343Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039343Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039343Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039343Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMConservativeGrowthBlendedIndexExceptAsNotedForMSCIEAFEIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014234Member ck0000898745:C000038722Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014235Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:C000038728Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:C000039353Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:C000038729Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:C000039349Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:C000039352Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014235Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038726Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038726Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038726Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038728Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038728Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038728Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038728Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039353Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039353Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039353Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039353Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038729Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038729Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038729Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038729Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039349Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039349Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039349Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039349Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039352Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039352Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039352Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039352Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMFlexibleIncomeBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014235Member ck0000898745:C000038726Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014236Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:C000038732Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:C000039359Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:C000038733Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:C000039355Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:C000039358Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:FundOfFundsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:EmergingMarketsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:ForeignCurrencyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014236Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038730Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038730Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038730Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038732Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038732Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038732Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038732Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039359Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039359Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039359Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039359Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038733Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038733Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038733Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038733Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039355Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039355Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039355Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039355Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000039358Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000039358Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000039358Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000039358Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexExceptAsNotedForMSCIACWIIndexNTRReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SAMStrategicGrowthBlendedIndexexceptasnotedforMSCIEAFEIndexNTRreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014236Member ck0000898745:C000038730Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014245Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:C000038766Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:C000090493Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:C000038767Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:C000090496Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:C000090498Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:DerivativesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:DerivativesRiskFuturesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:ForeignSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:RealEstateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:SecuritizedProductsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:USGovernmentSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014245Member ck0000898745:USGovernmentSponsoredSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038764Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038764Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038764Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038766Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038766Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038766Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038766Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000090493Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000090493Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000090493Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000090493Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038767Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038767Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038767Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038767Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000090496Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000090496Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000090496Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000090496Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000090498Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000090498Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000090498Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000090498Member 2016-01-01 2025-12-31 0000898745 ck0000898745:BloombergCredit13YearsIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:BloombergCredit13YearsIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:BloombergCredit13YearsIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:BloombergCredit13YearsIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014245Member ck0000898745:C000038764Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007214Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:C000019808Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:C000019807Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:C000019804Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:C000019805Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:C000175487Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007214Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019809Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019809Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019809Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019808Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019808Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019808Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019808Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019807Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019807Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019807Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019807Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019804Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019804Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019804Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019804Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019805Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019805Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019805Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019805Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175487Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175487Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175487Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175487Member 2016-01-01 2025-12-31 0000898745 ck0000898745:Russell2000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:Russell2000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:Russell2000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:Russell2000IndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007214Member ck0000898745:C000019809Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007175Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:C000019631Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:C000019627Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:C000019628Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:C000149260Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:EquitySecuritiesRiskGrowthStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:PassiveStrategyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007175Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019630Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019630Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019630Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019631Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019631Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019631Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019631Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019627Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019627Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019627Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019627Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019628Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019628Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019628Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019628Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000149260Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000149260Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000149260Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000149260Member 2016-01-01 2025-12-31 0000898745 ck0000898745:Russell2000GrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:Russell2000GrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:Russell2000GrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:Russell2000GrowthIndexReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007175Member ck0000898745:C000019630Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007203Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:C000019720Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:C000019716Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:C000019717Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:C000175485Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:IndexFundRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:IndustryConcentrationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007203Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000175485Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019719Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019719Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019719Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019720Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019720Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019720Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019720Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019716Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019716Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019716Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019716Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019717Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019717Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019717Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019717Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000175485Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000175485Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000175485Member 2016-01-01 2025-12-31 0000898745 ck0000898745:SandPSmallcap600ReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:SandPSmallcap600ReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:SandPSmallcap600ReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:SandPSmallcap600ReflectsNoDeductionForFeesExpensesOrTaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007203Member ck0000898745:C000019719Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000007169Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:C000076717Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:C000019585Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:C000019586Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:C000149259Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:EquitySecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:EquitySecuritiesRiskSmallerCompaniesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:EquitySecuritiesRiskValueStyleRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:PassiveStrategyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:RealEstateSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000007169Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019589Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019589Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019589Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000076717Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000076717Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000076717Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000076717Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019585Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019585Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019585Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019585Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000019586Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000019586Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000019586Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000019586Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000149259Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000149259Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000149259Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000149259Member 2016-01-01 2025-12-31 0000898745 ck0000898745:Russell2000ValueIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2026-03-01 2026-03-01 0000898745 ck0000898745:Russell2000ValueIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2025-01-01 2025-12-31 0000898745 ck0000898745:Russell2000ValueIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2021-01-01 2025-12-31 0000898745 ck0000898745:Russell2000ValueIndexreflectsnodeductionforfeesexpensesortaxesIndexMember 2016-01-01 2025-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000007169Member ck0000898745:C000019589Member 2025-01-01 2025-12-31 0000898745 ck0000898745:S000014237Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:C000038736Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:C000158782Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:CounterpartyRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:FixedIncomeSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:GeographicConcentrationRisk1Member 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:HighYieldSecuritiesRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:IndustrialRevenueBondRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:InverseFloatingRateInvestmentsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:LeverageRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:MunicipalObligationsRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:PortfolioDurationRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:S000014237Member ck0000898745:RedemptionAndLargeTransactionRiskMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038734Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038734Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsAndSalesMember 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038734Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000898745 ck0000898745:C000038736Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000038736Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000038736Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000038736Member 2016-01-01 2025-12-31 0000898745 ck0000898745:C000158782Member 2026-03-01 2026-03-01 0000898745 ck0000898745:C000158782Member 2025-01-01 2025-12-31 0000898745 ck0000898745:C000158782Member 2021-01-01 2025-12-31 0000898745 ck0000898745:C000158782Member 2016-01-01 2025-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2016-01-01 2016-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2017-01-01 2017-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2018-01-01 2018-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2019-01-01 2019-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2020-01-01 2020-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2021-01-01 2021-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2022-01-01 2022-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2023-01-01 2023-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2024-01-01 2024-12-31 0000898745 ck0000898745:S000014237Member ck0000898745:C000038734Member 2025-01-01 2025-12-31 iso4217:USD pure 485BPOS 2026-02-27 0000898745 false -0.0019 0.0688 -0.0020 0.0833 0.0483 0.0198 -0.1070 0.0555 0.0237 0.0354 0.0508 0.0415 -0.0025 0.0862 0.0784 -0.0203 -0.1301 0.0542 0.0123 0.0675 0.0359 0.0448 -0.0209 0.0944 0.0922 -0.0092 -0.1439 0.0510 0.0059 0.0698 0.0930 0.0985 -0.0567 0.1341 0.0153 0.0825 -0.1151 0.0828 0.0505 0.0617 -0.0038 0.2808 -0.1766 0.2235 0.1699 0.0916 -0.2010 0.1717 0.0457 0.3218 0.1515 0.2054 -0.0538 0.2843 0.0617 0.2191 -0.1084 0.1077 0.1505 0.1523 0.1123 -0.0161 0.1475 0.0783 -0.0299 -0.0930 0.1120 0.0740 0.1604 0.0836 0.4073 -0.2112 0.1721 0.1933 0.0043 -0.2289 0.1252 0.0581 0.3642 0.0005 0.1430 -0.0370 0.2392 -0.0420 0.2302 -0.2703 0.1040 0.0034 0.0706 0.0141 0.0135 0.0051 0.0615 0.0249 -0.0180 -0.1213 0.0443 0.0045 0.0754 0.0170 0.0206 0.0034 0.0000 0.0145 0.0497 0.0512 0.0413 0.1462 0.0776 -0.0479 0.1330 0.0608 0.0539 -0.0855 0.1237 0.0706 0.0665 0.0383 0.0301 -0.0158 0.0805 0.1059 0.0535 -0.1208 0.0349 0.0166 0.0664 -0.0468 0.3883 -0.2365 0.3210 0.1397 0.1268 -0.2527 0.1586 0.0767 0.3545 0.0040 0.3310 0.0328 0.3442 0.3552 0.2137 -0.3426 0.4010 0.2467 0.1114 0.1142 0.2123 -0.0483 0.3095 0.1788 0.2810 -0.1843 0.2574 0.2453 0.1748 0.1317 0.1686 -0.0590 0.2647 0.0320 0.2435 -0.0502 0.0997 0.1450 0.1091 0.0993 0.2493 -0.0693 0.4248 0.1796 0.2497 -0.2337 0.2555 0.1968 0.0133 0.2042 0.1596 -0.1132 0.2602 0.1343 0.2438 -0.1322 0.1616 0.1360 0.0722 0.1526 0.1462 -0.1091 0.2667 0.0651 0.3118 -0.0600 0.1107 0.1202 0.0609 0.0004 0.0062 0.0157 0.0188 0.0038 0.0000 0.0124 0.0479 0.0494 0.0398 0.0161 0.2559 -0.1786 0.2083 0.0408 0.1119 -0.0489 0.2261 0.0114 0.4011 0.0883 0.2064 -0.0352 0.3217 0.1838 0.2757 -0.1637 0.2500 0.2586 0.1320 0.0448 0.0827 -0.0346 0.1242 0.0970 0.0413 -0.1344 0.1049 0.0629 0.1011 0.0555 0.1319 -0.0470 0.1628 0.1187 0.0744 -0.1360 0.1117 0.0669 0.1059 0.0541 0.1461 -0.0611 0.1800 0.1231 0.0880 -0.1471 0.1180 0.0719 0.1090 0.0602 0.1676 -0.0640 0.2048 0.1370 0.1094 -0.1522 0.1331 0.0817 0.1214 0.0541 0.1802 -0.0776 0.2196 0.1422 0.1242 -0.1716 0.1475 0.0866 0.1291 0.0533 0.1970 -0.0734 0.2347 0.1570 0.1411 -0.1747 0.1653 0.1015 0.1424 0.0503 0.2025 -0.0821 0.2448 0.1561 0.1496 -0.1842 0.1792 0.1116 0.1517 0.0558 0.2139 -0.0831 0.2579 0.1634 0.1660 -0.1852 0.1944 0.1253 0.1665 0.0520 0.2166 -0.0907 0.2623 0.1610 0.1675 -0.1912 0.1994 0.1287 0.1714 0.0572 0.2253 -0.0900 0.2724 0.1647 0.1777 -0.1885 0.2038 0.1332 0.1777 0.0568 0.2269 -0.0922 0.2752 0.1660 0.1815 -0.1882 0.2040 0.1329 0.1773 -0.0936 0.2735 0.1687 0.1820 -0.1883 0.2030 0.1327 0.1774 0.1325 0.1765 0.0469 0.0762 -0.0275 0.1182 0.1011 0.0515 -0.1320 0.1077 0.0737 0.1115 0.0637 0.1178 -0.0452 0.1518 0.1183 0.0809 -0.1361 0.1109 0.0743 0.1123 0.0702 0.1351 -0.0544 0.1717 0.1262 0.0996 -0.1435 0.1208 0.0850 0.1209 0.0751 0.1523 -0.0654 0.1924 0.1361 0.1196 -0.1517 0.1324 0.0929 0.1312 0.0789 0.1681 -0.0730 0.2091 0.1473 0.1391 -0.1675 0.1493 0.1044 0.1441 0.0831 0.1814 -0.0799 0.2268 0.1512 0.1560 -0.1736 0.1647 0.1180 0.1557 0.0867 0.1916 -0.0859 0.2385 0.1540 0.1712 -0.1790 0.1818 0.1349 0.1724 0.0906 0.1982 -0.0906 0.2478 0.1577 0.1840 -0.1827 0.1938 0.1481 0.1853 0.0929 0.2049 -0.0946 0.2558 0.1593 0.1911 -0.1849 0.2032 0.1581 0.1963 0.0944 0.2104 -0.0982 0.2616 0.1577 0.1973 -0.1850 0.2035 0.1582 0.1988 0.0967 0.2133 -0.0993 0.2645 0.1610 0.2007 -0.1852 0.2030 0.1580 0.1990 -0.1020 0.2701 0.1649 0.2030 -0.1854 0.2034 0.1578 0.1991 0.1576 0.1986 0.0551 0.0864 -0.0463 0.3061 -0.0352 0.3916 -0.2544 0.1291 0.0514 0.0087 0.0631 0.1465 -0.0539 0.1957 0.1083 0.1322 -0.1647 0.1564 0.1224 0.1358 0.0591 0.1089 -0.0406 0.1549 0.0903 0.0917 -0.1483 0.1169 0.0855 0.1122 0.0653 0.1933 -0.0701 0.2354 0.1253 0.1721 -0.1810 0.1893 0.1485 0.1517 0.0645 0.0781 -0.0248 0.1287 0.0669 0.0645 -0.1346 0.0906 0.0639 0.0954 0.0572 0.2169 -0.0893 0.2686 0.1511 0.1942 -0.1908 0.2142 0.1655 0.1648 0.0225 0.0180 0.0090 0.0450 0.0385 -0.0095 -0.0396 0.0575 0.0489 0.0530 0.1679 0.1241 -0.1100 0.2707 0.2163 0.1960 -0.2040 0.1534 0.0671 0.1479 0.0925 0.2632 -0.0542 0.3359 0.4206 0.0724 -0.2855 0.1643 0.1379 0.1274 0.2618 0.1301 -0.0874 0.2258 0.1122 0.2620 -0.1633 0.1580 0.0845 0.0591 0.2528 0.0692 -0.1439 0.2319 0.0362 0.3234 -0.0924 0.2001 0.0498 0.0817 -0.0082 0.0642 0.0043 0.0879 0.0479 0.0274 -0.1177 0.0665 0.0186 0.0375 N-1A PRINCIPAL FUNDS, INC. 2026-03-01 CALIFORNIA MUNICIPAL FUND Objective <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks to provide as high a level of current income that is exempt from federal and state personal income tax as is consistent with prudent investment management and preservation of capital.</span> Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0.0100 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0040 0.0025 0.0100 0.0014 0.0014 0.0014 0.0006 0.0013 0.0010 0.0020 0.0027 0.0024 0.0085 0.0167 0.0064 -0.0004 0.0085 0.0167 0.0060 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 459 636 829 1385 270 526 907 1758 61 201 353 795 With respect to Class C shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 170 526 907 1758 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 52.2% of the average value of its portfolio.</span></div> 0.522 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in California municipal obligations (securities issued by or on behalf of state or local governments and other public authorities). Generally, these municipal obligations pay interest that is exempt from state personal income tax and federal income tax. These obligations may include bonds that generate interest payments that are subject to the federal individual alternative minimum tax. The Fund’s investment in municipal obligations include industrial revenue bonds. The Fund invests up to 20% of its net assets in below-investment-grade bonds (sometimes called “high yield bonds” or “junk bonds”), which are rated at the time of purchase Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&amp;P Global Ratings (“S&amp;P Global”). If the bond has been rated by only one of the rating agencies, that rating will determine the bond's rating; if the bond is rated differently by the rating agencies, the highest rating will be used; and if the bond has not been rated by either of the rating agencies, those selecting such investments will determine the bond's quality. The Fund also invests in inverse floating rate obligations (variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates), which are generally more volatile than other types of municipal obligations and may involve leverage.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund maintains an average portfolio duration that is within ±50% of the duration of the Bloomberg California Municipal Bond Index, which as of January 31, 2026 was 6.25 years. The Fund is not managed to a particular maturity.</span> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in California municipal obligations (securities issued by or on behalf of state or local governments and other public authorities). securities issued by or on behalf of state or local governments and other public authorities Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Geographic Concentration Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that invests significant portions of its assets in municipal obligations and bonds in particular geographic areas (a particular state, such as California, or a particular country or region) has greater exposure than other funds to economic conditions and developments in those areas.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Industrial Revenue Bond Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition and performance of industrial revenue bonds. These revenue bonds are issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, port, and parking facilities. These bonds are normally secured only by the revenues from the project and not by state or local government tax payments. Consequently, the credit quality of these bonds is dependent upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Inverse Floating Rate Investments Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inverse floating rate investments are extremely sensitive to changes in interest rates and, in some cases, their market value may be extremely volatile.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Leverage Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Leverage created by borrowing or certain types of transactions or investments may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase volatility of the Fund’s net asset value, or diminish the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Municipal Obligations Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Principal and interest payments on municipal securities may not be guaranteed by the issuing body and may be payable only from a particular source. That source may not perform as expected, and payment obligations may not be made or made on time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">5.67</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(7.07)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.0567 Lowest return for a quarter during the period of the bar chart above: 2022-03-31 -0.0707 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes -0.0032 -0.0039 0.0172 Class A Return After Taxes on Distributions -0.0032 -0.0039 0.0172 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0119 0.0033 0.0195 Class C Return Before Taxes 0.0168 -0.0045 0.0144 Institutional Class Return Before Taxes 0.0368 0.0062 0.0235 Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0425 0.0080 0.0234 Bloomberg California Municipal Index (reflects no deduction for fees, expenses, or taxes) 0.0411 0.0076 0.0229 <div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg Municipal Bond Index is the Fund's primary broad-based securities market index. The Bloomberg California Municipal Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Bloomberg California Municipal Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. CORE FIXED INCOME FUND Objective <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks to provide a high level of current income consistent with preservation of capital.</span> Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0225 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0033 0.0033 0.0033 0.0033 0.0033 0.0033 0.0025 0.0015 0.0025 0.0013 0.0009 0.0011 0.0032 0.0026 0.0001 0.0071 0.0057 0.0044 0.0090 0.0059 0.0034 -0.0001 0.0071 0.0057 0.0043 0.0090 0.0059 0.0034 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 296 447 611 1088 158 183 318 714 44 140 245 554 92 287 498 1108 60 189 329 738 35 109 191 431 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 58 183 318 714 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13.4% of the average value of its portfolio.</span></div> 0.134 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed-income securities. The Fund invests primarily in a diversified pool of investment-grade fixed-income securities, which includes corporate securities, U.S. government securities, asset-backed securities and mortgage-backed securities (securitized products), bank loans, and foreign securities. Investment grade securities are rated BBB- or higher by S&amp;P Global Ratings (“S&amp;P Global”) or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), at the time of purchase. If the 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 is 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. The Fund is not managed to a particular maturity. Under normal circumstances, the Fund maintains an average portfolio duration that is within ±25% of the duration of the Bloomberg US Aggregate Index, which as of January 31, 2026 was 5.76 years.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed-income securities. fixed-income securities, which includes corporate securities, U.S. government securities, asset-backed securities and mortgage-backed securities (securitized products), bank loans, and foreign securities Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investing in real estate securities subjects the fund to the risks associated with the real estate market (which are similar to the risks associated with direct ownership in real estate), including declines in real estate values, loss due to casualty or condemnation, property taxes, interest rate changes, increased expenses, cash flow of underlying real estate assets, regulatory changes (including zoning, land use, and rents), and environmental problems, as well as to the risks related to the management skill and creditworthiness of the issuer.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">6.75</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(5.80)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.0675 Lowest return for a quarter during the period of the bar chart above: 2022-03-31 -0.0580 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0439 -0.0105 0.0196 Class A Return After Taxes on Distributions 0.0297 -0.0215 0.0080 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0258 -0.0126 0.0100 Class J Return Before Taxes 0.0600 -0.0044 0.0233 Institutional Class Return Before Taxes 0.0702 -0.0033 0.0249 Class R-3 Return Before Taxes 0.0662 -0.0077 0.0201 Class R-5 Return Before Taxes 0.0685 -0.0049 0.0231 Class R-6 Return Before Taxes 0.0713 -0.0023 0.0257 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. CORE PLUS BOND FUND Objective The Fund seeks to provide current income and, as a secondary objective, capital appreciation. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0042 0.0042 0.0042 0.0042 0.0042 0.0025 0.0015 0.0025 0.0022 0.0024 0.0015 0.0034 0.0028 0.0001 0.01 0.0001 0.01 0.0001 0.0090 0.0082 0.0058 0.0102 0.0071 -0.0009 -0.0009 0.0081 0.0082 0.0049 0.0102 0.0071 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 455 643 846 1433 184 262 455 1014 50 177 315 717 104 325 563 1248 73 227 395 883 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 84 262 455 1014 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 165.0% of the average value of its portfolio.</span></div> 1.650 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. Bonds include securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; asset-backed securities and mortgage-backed securities (securitized products, including collateralized mortgage obligations); and corporate bonds. The Fund also invests in other debt securities, including foreign securities and emerging market securities. The Fund invests in investment-grade securities and, with respect to up to 25% of its assets, in below-investment-grade securities (sometimes called “high yield” or “junk”), which are rated at the time of purchase Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&amp;P Global Ratings (“S&amp;P Global”). If the 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. The Fund is not managed to a particular maturity. Under normal circumstances, the Fund maintains an average portfolio duration that is within ±25% of the duration of the Bloomberg US Aggregate Index, which as of January 31, 2026 was 5.76 years. The Fund’s strategies may result in the active and frequent trading of the Fund’s portfolio securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund enters into dollar roll transactions, which may involve leverage. The Fund invests in derivatives, including Treasury futures, credit index futures, and interest rate swaps to manage the fixed-income exposure (including for hedging purposes) and credit default swaps to increase or decrease, in an efficient manner, exposures to certain sectors or individual issuers. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. Bonds include securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; asset-backed securities and mortgage-backed securities (securitized products, including collateralized mortgage obligations); and corporate bonds. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures and Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> These derivative instruments involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the fund and the price of the instruments; possible lack of a liquid secondary market for an instrument and the resulting inability to close it when desired; counterparty risk; and if the fund has insufficient cash, it may have to sell securities from its portfolio to meet any applicable daily variation margin requirements.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures and Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> These derivative instruments involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the fund and the price of the instruments; possible lack of a liquid secondary market for an instrument and the resulting inability to close it when desired; counterparty risk; and if the fund has insufficient cash, it may have to sell securities from its portfolio to meet any applicable daily variation margin requirements.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hedging Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that implements a hedging strategy using derivatives and/or securities could expose the fund to the risk that can arise when a change in the value of a hedge does not match a change in the value of the asset it hedges. In other words, the change in value of the hedge could move in a direction that does not match the change in value of the underlying asset, resulting in a risk of loss to the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Portfolio Turnover Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">High portfolio turnover (more than 100%) caused by active and frequent trading of portfolio securities may result in accelerating the realization of taxable gains and losses, lower fund performance, and increased brokerage costs.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Leverage Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Leverage created by borrowing or certain types of transactions or investments may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase volatility of the Fund’s net asset value, or diminish the Fund’s performance.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investing in real estate securities subjects the fund to the risks associated with the real estate market (which are similar to the risks associated with direct ownership in real estate), including declines in real estate values, loss due to casualty or condemnation, property taxes, interest rate changes, increased expenses, cash flow of underlying real estate assets, regulatory changes (including zoning, land use, and rents), and environmental problems, as well as to the risks related to the management skill and creditworthiness of the issuer.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;margin-top:5pt;padding-left:36pt"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">7.36</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(6.07)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.0736 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 -0.0607 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0295 -0.0158 0.0158 Class A Return After Taxes on Distributions 0.0116 -0.0286 0.0019 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0172 -0.0172 0.0064 Class J Return Before Taxes 0.0602 -0.0084 0.0198 Institutional Class Return Before Taxes 0.0745 -0.0053 0.0232 Class R-3 Return Before Taxes 0.0683 -0.0104 0.0178 Class R-5 Return Before Taxes 0.0714 -0.0072 0.0210 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. DIVERSIFIED INCOME FUND Objective <div style="margin-bottom:6pt;padding-left:63pt;text-align:justify;text-indent:-63pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks income.</span></div> Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0.0100 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0066 0.0066 0.0066 0.0066 0.0025 0.0100 0.0012 0.0014 0.0012 0.0006 0.0004 0.0004 0.0004 0.0004 0.0107 0.0184 0.0082 0.0076 -0.0009 -0.0003 0.0107 0.0184 0.0073 0.0073 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 480 703 943 1632 287 579 995 1957 75 253 446 1005 75 240 419 939 With respect to Class C shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 187 579 995 1957 Portfolio Turnover <div style="margin-bottom:8pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 92.9% of the average value of its portfolio.</span></div> 0.929 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund generally invests a majority of its assets in fixed-income securities, such as investment-grade corporate bonds, high yield bonds (also known as “junk” bonds), preferred securities, securitized products, and emerging market debt securities, in an effort to provide incremental yields over a portfolio of government securities. Such securities include instruments with variable or floating interest rates. The fixed-income portion of the Fund is not managed to a particular maturity or duration. The Fund invests in foreign, including emerging market, securities. The Fund uses derivative strategies. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In managing the Fund, Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, determines the Fund's strategic asset allocation among actively managed and passively managed (index) strategies that are executed by PGI and multiple sub-advisors. PGI has considerable latitude in allocating the Fund's assets among the general investment categories listed below. The Fund uses strategies and sub-advisors to varying degrees and may change allocations, add new or eliminate existing strategies and sub-advisors, and temporarily or permanently reduce allocations from time to time such that the Fund would have little or no assets allocated to a particular strategy or sub-advisor.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Investment-grade corporate securities, which are rated at the time of purchase Baa3 or higher by Moody’s Investors Service (“Moody’s”) or BBB- or higher by S&amp;P Global Ratings (“S&amp;P Global”).</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">High yield and other income-producing securities, including bank loans and corporate bonds. “High yield” securities are below investment grade securities (sometimes called “junk”), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&amp;P Global. These securities offer a higher yield than other, higher rated securities, but they carry a greater degree of risk and are considered speculative with respect to the issuer's ability to pay interest and to repay principal. This portion of the Fund also invests in currency forwards and currency options to hedge currency risk.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Preferred securities, focusing primarily on the financial services and utility industries.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Diversified portfolio of fixed-income securities, including those issued by governments and their agencies and corporate entities in emerging markets. This portion of the Fund also invests in interest rate swaps or Treasury futures to manage fixed-income exposure; credit default swaps to increase or decrease in an efficient manner exposures to certain sectors or individual issuers; total return swaps to increase or decrease in an efficient manner exposures to certain sectors; and currency forwards and currency options to hedge currency risk and express views on the direction of currency.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Securitized products such as asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities, which are bonds secured by first mortgages on commercial real estate.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Asset Allocation Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund’s selection and weighting of asset classes and allocation among sub-advisors may cause it to underperform other funds with a similar investment objective.</span></div> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Bank Loans Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in economic conditions are likely to cause issuers of bank loans (also known as senior floating rate interests) to be unable to meet their obligations. In addition, the value of the collateral securing the loan (if any) may decline, causing a loan to be substantially unsecured. Underlying credit agreements governing the bank loans, reliance on market makers, priority of repayment, and overall market volatility may harm the liquidity of loans.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency Contracts. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives related to currency contracts involve the specific risk of government action that would restrict the ability of the Fund to deliver or receive currency.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency Contracts. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives related to currency contracts involve the specific risk of government action that would restrict the ability of the Fund to deliver or receive currency.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Floating and Variable Rate Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The market prices of securities with variable and floating interest rates are generally less sensitive to interest rate changes than are the market prices of securities of fixed interest rates. Floating and variable rate securities may decline in value if market interest rates or interest rates paid by them do not move as expected. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hedging Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that implements a hedging strategy using derivatives and/or securities could expose the fund to the risk that can arise when a change in the value of a hedge does not match a change in the value of the asset it hedges. In other words, the change in value of the hedge could move in a direction that does not match the change in value of the underlying asset, resulting in a risk of loss to the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index (Passive) Strategy Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An index (passive) fund (or passive strategy that is part of a fund) has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between an index strategy’s performance and index performance may also be affected by the type of passive investment approach used (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of shares.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Preferred Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because preferred securities have a lower priority claim on assets or earnings than senior bonds and other debt instruments in a company’s capital structure, they are subject to greater credit and liquidation risk than more senior debt instruments. In addition, preferred securities are subject to other risks, such as limited or no voting rights, deferring or skipping distributions, interest rate risk, and redeeming the security prior to any stated maturity date.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (June 12, 2017), the performance shown in the table for Class R-6 shares is that of the Fund’s Institutional Class shares, adjusted to reflect the fees and expenses of Class R-6 shares. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;margin-top:5pt;padding-left:36pt;text-align:justify"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">8.39</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(17.02)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-12-31 0.0839 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1702 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0220 0.0218 0.0380 Class A Return After Taxes on Distributions -0.0008 0.0009 0.0182 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0135 0.0080 0.0210 Class C Return Before Taxes 0.0436 0.0218 0.0356 Institutional Class Return Before Taxes 0.0649 0.0329 0.0453 Class R-6 Return Before Taxes 0.0649 0.0332 0.0455 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. DIVERSIFIED INTERNATIONAL FUND Objective <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks long-term growth of capital.</span> Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0.0074 0.0074 0.0074 0.0074 0.0025 0.0015 0.0025 0.0023 0.0022 0.0017 0.0040 0.0034 0.0002 0.0122 0.0111 0.0091 0.0139 0.0108 0.0076 -0.0005 0.0000 0.0122 0.0111 0.0086 0.0139 0.0108 0.0076 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 667 916 1183 1946 213 353 612 1352 88 285 499 1115 142 440 761 1669 110 343 595 1317 78 243 422 942 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 113 353 612 1352 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38.2% of the average value of its portfolio.</span></div> 0.382 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in foreign equity securities. The Fund has no limitation on the percentage of assets that are invested in any one country or denominated in any one currency, but the Fund typically invests in foreign securities of at least 20 countries. Primary consideration is given to securities of issuers of developed areas (for example, Japan, Western Europe, Canada, Australia, Hong Kong, and Singapore); however, the Fund also invests in emerging market securities. The Fund invests in equity securities regardless of market capitalization size (small, medium, or large) and style (growth or value).</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (March 1, 2019), the performance shown in the table for Class R-6 shares is that of the Fund’s Class R-3 shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class R-3 shares, the historical performance of the Class R-3 shares is used. These adjustments result in performance for such periods that is no higher than the historical performance of the Class R-3 shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;margin-top:5pt;padding-left:36pt"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">17.41</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(22.11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1741 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2211 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.2495 0.0594 0.0722 Class A Return After Taxes on Distributions 0.2419 0.0484 0.0646 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.1570 0.0445 0.0574 Class J Return Before Taxes 0.3133 0.0729 0.0798 Institutional Class Return Before Taxes 0.3266 0.0755 0.0827 Class R-3 Return Before Taxes 0.3205 0.0702 0.0772 Class R-5 Return Before Taxes 0.3241 0.0736 0.0806 Class R-6 Return Before Taxes 0.3273 0.0764 0.0815 MSCI ACWI Ex USA Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3239 0.0791 0.0841 <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. EQUITY INCOME FUND Objective The Fund seeks to provide current income and long-term growth of income and capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0050 0.0050 0.0050 0.0050 0.0025 0.0100 0.0015 0.0025 0.0010 0.0013 0.0009 0.0004 0.0033 0.0027 0.0085 0.0163 0.0074 0.0054 0.0108 0.0077 -0.0002 0.0085 0.0163 0.0074 0.0052 0.0108 0.0077 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 632 806 995 1541 266 514 887 1724 176 237 411 918 53 171 300 675 110 343 595 1317 79 246 428 954 With respect to Class C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 166 514 887 1724 76 237 411 918 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16.7% of the average value of its portfolio.</span></div> 0.167 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities. The Fund defines dividend-paying equity securities as securities that produced dividend income within the last rolling 12 months. The Fund usually invests in equity securities of companies with large and medium market capitalizations. The Fund invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued. The Fund also invests in securities of foreign issuers.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in dividend-paying equity securities. The Fund defines dividend-paying equity securities as securities that produced dividend income within the last rolling 12 months. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (October 9, 2018), the performance shown in the table for Class J shares is that of the Fund’s Class A shares, adjusted to reflect the fees and expenses of Class J shares. However, where the adjustment for fees and expenses results in performance for Class J shares that is higher than the historical performance of the Class A shares, the historical performance of the Class A shares is used without respect to sales charges. These adjustments result in performance for such periods that is no higher than the historical performance of Class A shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">15.59</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(25.44)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-12-31 0.1559 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2544 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0889 0.0857 0.1045 Class A Return After Taxes on Distributions 0.0651 0.0691 0.0900 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0694 0.0656 0.0828 Class C Return Before Taxes 0.1332 0.0896 0.1041 Class J Return Before Taxes 0.1432 0.0991 0.1114 Institutional Class Return Before Taxes 0.1560 0.1018 0.1147 Class R-3 Return Before Taxes 0.1495 0.0956 0.1085 Class R-5 Return Before Taxes 0.1529 0.0990 0.1119 Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1459 Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes) 0.1591 0.1133 0.1053 <div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 1000 Index is the Fund's primary broad-based securities market index. The Russell 1000 Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Russell 1000 Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. FINISTERRE EMERGING MARKETS TOTAL RETURN BOND FUND Objective The Fund seeks to generate total returns from current income and capital appreciation. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0009 0.0001 0.0085 0.0000 0.0085 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 87 271 471 1049 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 125.7% of the average value of its portfolio.</span></div> 1.257 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds that are tied economically to an emerging market, and in derivatives on such investments. Emerging markets are generally defined to include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States. The Fund also invests in fixed-income securities, including convertible bonds, credit- and index-linked securities, non-registered and restricted securities (including those issued in reliance on Rule 144A and Regulation S), securities issued by distressed or bankrupt issuers, and securities issued by the U.S government or U.S. government-sponsored enterprises. The Fund’s strategies may result in the active and frequent trading of the Fund’s portfolio securities. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund considers a security to be tied economically to an emerging market if one or more of the following criteria is present: (i) the issuer or guarantor of the security has its principal place of business or principal office in an emerging market; (ii) the principal trading market for the security is in an emerging market; (iv) the issuer or guarantor of the security derives a majority of its revenue from emerging markets; or (iv) the currency of settlement of the security is the currency of an emerging market. Emerging markets include frontier markets.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund uses derivatives to enhance return and to hedge and manage investment risks. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. Specifically, the Fund uses forward contracts, futures, options, and swaps. The Fund invests in cash and cash equivalents to support certain of these investments, as well as for other purposes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s investment process focuses primarily on market level analysis of global markets and political developments and their impact on individual countries and companies in emerging markets. The Fund uses a top-down portfolio construction process, blending both fundamental and technical considerations. The investment strategy provides considerable flexibility to invest in various asset classes, capital structures, maturities, and currencies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests, without limitation, in high yield securities (also known as “junk”) rated at the time of purchase Ba1 or lower by Moody’s Investors Services, Inc., and BB+ or lower by S&amp;P Global Ratings (“S&amp;P Global”). If the 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. The Fund’s holdings range in maturity from overnight to 30 years or more and are not subject to any minimum credit rating standard.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds that are tied economically to an emerging market, and in derivatives on such investments. Emerging markets are generally defined to include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Convertible Securities Risk. </span>Convertible securities are securities that are convertible into common stock. Convertible securities are subject to credit and interest rate risks associated with fixed-income securities and to stock market risk associated with equity securities. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span>Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency Contracts. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives related to currency contracts involve the specific risk of government action that would restrict the ability of the Fund to deliver or receive currency. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency Contracts. </span>Derivatives related to currency contracts involve the specific risk of government action that would restrict the ability of the Fund to deliver or receive currency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span>Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Distressed Investments Risk. </span>A fund’s investment in instruments involving loans, loan participations, bonds, notes, non-performing and sub-performing mortgage loans, many of which are not publicly traded, may involve a substantial degree of risk for the following reasons. These instruments may become illiquid and the prices of such instruments may be extremely volatile. Valuing such instruments may be difficult and a fund may lose all of its investment, or it may be required to accept cash or securities with a value less than the fund’s original investment. Issuers of distressed securities are typically in a weak financial condition and may default, in which case the fund may lose its entire investment. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Defensive Strategy Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because emerging market debt markets are particularly susceptible to adverse market, economic, political, and other conditions, the Fund is more prone to take a defensive position and invest a significant portion of its assets in cash and cash equivalents in response to abnormal market conditions. In taking a large cash position, the Fund’s performance may be adversely affected as the Fund may not be able to benefit from an upswing in the market. Further, the Fund may be unable to pursue or achieve its investment objective when employing such a defensive strategy. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Frontier Markets Risk. </span>Frontier markets are emerging markets, but generally have small economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging markets are magnified in frontier markets. Frontier markets typically have low trading volumes and the potential for extreme price volatility and illiquidity. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Defensive Strategy Risk. </span>Because emerging market debt markets are particularly susceptible to adverse market, economic, political, and other conditions, the Fund is more prone to take a defensive position and invest a significant portion of its assets in cash and cash equivalents in response to abnormal market conditions. In taking a large cash position, the Fund’s performance may be adversely affected as the Fund may not be able to benefit from an upswing in the market. Further, the Fund may be unable to pursue or achieve its investment objective when employing such a defensive strategy. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Frontier Markets Risk. </span>Frontier markets are emerging markets, but generally have small economies or less mature capital markets than more developed emerging markets, and, as a result, the risks of investing in emerging markets are magnified in frontier markets. Frontier markets typically have low trading volumes and the potential for extreme price volatility and illiquidity. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hedging Risk. </span>A fund that implements a hedging strategy using derivatives and/or securities could expose the fund to the risk that can arise when a change in the value of a hedge does not match a change in the value of the asset it hedges. In other words, the change in value of the hedge could move in a direction that does not match the change in value of the underlying asset, resulting in a risk of loss to the Fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Portfolio Turnover Risk. </span>High portfolio turnover (more than 100%) caused by active and frequent trading of portfolio securities may result in accelerating the realization of taxable gains and losses, lower fund performance, and increased brokerage costs. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span>High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Leverage Risk. </span>Leverage created by borrowing or certain types of transactions or investments may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase volatility of the Fund’s net asset value, or diminish the Fund’s performance. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span>Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span>Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span>Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Volatility Mitigation Risk. </span>Volatility mitigation strategies may increase the Fund’s transaction costs, which could increase losses or reduce gains. These strategies may not protect the Fund from market declines and may reduce the Fund’s participation in market gains. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Life of Fund returns are measured from the date the Fund’s shares were first sold (July 11, 2016).</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance 2016-07-11 Total Returns as of December 31 <div style="margin-bottom:6pt;margin-top:5pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">9.76</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(11.00)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0976 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 -0.1100 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1604 0.0405 0.0561 Institutional Class Return After Taxes on Distributions 0.1329 0.0157 0.0319 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0949 0.0195 0.0323 Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0817 -0.0215 0.0039 JPM EMBI Equal Weighted Index1 (reflects no deduction for fees, expenses, or taxes) 0.1405 0.0184 Finisterre Emerging Markets Total Return Bond Blended Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1405 0.0184 0.0340 JPM GBI-EM Global Diversified Index (reflects no deduction for fees, expenses, or taxes) 0.1926 0.0112 0.0261 JPM EMBI Global Diversified Index (reflects no deduction for fees, expenses, or taxes) 0.1430 0.0178 0.0335 JPM CEMBI Broad Diversified Index (reflects no deduction for fees, expenses, or taxes) 0.0873 0.0248 0.0409 <div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg Global Aggregate Index is the Fund's primary broad-based securities market index. Effective March 1, 2026, the Fund changed its secondary index to the JPM EMBI Equal Weighted Index because it more closely aligns with the Fund's investment approach. The JPM EMBI Equal Weighted Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. Prior to March 1, 2026, the Fund's secondary index was the Finisterre Emerging Markets Total Return Bond Blended Index. Performance of each component of the blended index is also shown. The weightings for the Finisterre Emerging Markets Total Return Bond Blended Index are: 33.33% JPM GBI-EM Global Diversified Index; 33.33% JPM EMBI Global Diversified Index; and 33.33% JPM CEMBI Broad Diversified Index.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The JPM EMBI Equal Weighted Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. Prior to March 1, 2026, the Fund's secondary index was the Finisterre Emerging Markets Total Return Bond Blended Index. Performance of each component of the blended index is also shown. GLOBAL EMERGING MARKETS FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0.0095 0.0095 0.0095 0.0095 0.0095 0.0025 0.0015 0.0025 0.0025 0.0025 0.0022 0.0036 0.0030 0.0005 0.0145 0.0135 0.0117 0.0156 0.0125 0.0100 0.0000 -0.0004 -0.0006 0.0145 0.0131 0.0111 0.0156 0.0125 0.0100 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 689 983 1299 2190 233 424 736 1620 113 366 638 1415 159 493 850 1856 127 397 686 1511 102 318 552 1225 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 133 424 736 1620 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32.3% of the average value of its portfolio.</span></div> 0.323 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies. The Fund considers “emerging market” to mean any country that is not in the MSCI World Index. Generally, emerging markets include all countries except the United States, Canada, Japan, Australia, Singapore, New Zealand, and most nations located in Western Europe. The Fund also includes Mainland China and its administrative and other districts such as Hong Kong and Macau in its definition of “emerging market.” The Fund considers a security to be tied economically to an emerging market if one or more of the following criteria is present: (i) the issuer or guarantor of the security has its principal place of business or principal office in an emerging market; (ii) the principal trading market for the security is in an emerging market; (iii) the issuer or guarantor of the security derives a majority of its revenue from emerging markets; or (iv) the currency of settlement of the security is the currency of an emerging market.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in equity securities regardless of market capitalization (small, medium, or large) and style (growth or value).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in and have direct access to China A shares listed on the Shanghai Stock Connect program (“SSE”) via the Shanghai-Hong Kong Stock Connect and Shenzhen Hong Kong Stock Connect Schemes.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of emerging market companies. The Fund considers “emerging market” to mean any country that is not in the MSCI World Index. Generally, emerging markets include all countries except the United States, Canada, Japan, Australia, Singapore, New Zealand, and most nations located in Western Europe. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">China Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests a significant portion of its assets in securities of issuers located or operating in China and its administrative and other districts such as Hong Kong and Macau. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.</span> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">China Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests a significant portion of its assets in securities of issuers located or operating in China and its administrative and other districts such as Hong Kong and Macau. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Class R-3 shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class R-3 shares, the historical performance of the Class R-3 shares is used. These adjustments result in performance for such periods that is no higher than the historical performance of the Class R-3 shares.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2019, the Fund experienced a significant one-time gain of approximately $0.11/share as the result of a settlement in a litigation proceeding. If such gain had not been recognized, the total return amounts expressed herein would have been lower.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">19.56</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(24.38)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1956 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2438 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.2894 0.0351 0.0718 Class A Return After Taxes on Distributions 0.2816 0.0300 0.0682 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.1750 0.0270 0.0585 Class J Return Before Taxes 0.3563 0.0487 0.0794 Institutional Class Return Before Taxes 0.3686 0.0506 0.0816 Class R-3 Return Before Taxes 0.3626 0.0455 0.0762 Class R-5 Return Before Taxes 0.3669 0.0487 0.0795 Class R-6 Return Before Taxes 0.3701 0.0516 0.0819 MSCI Emerging Markets Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3357 0.0420 0.0842 <span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:2.65pt">During 2019, the Fund experienced a significant one-time gain of approximately $0.11 per share as a result of a settlement in a litigation proceeding. If such gain had not been recognized, the total return amounts shown for periods that include the year ended December 31, 2019 would have been lower.</span> <div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. GLOBAL REAL ESTATE SECURITIES FUND Objective The Fund seeks to generate a total return. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0088 0.0088 0.0088 0.0088 0.0088 0.0025 0.0025 0.0023 0.0013 0.0033 0.0027 0.0002 0.0136 0.0101 0.0146 0.0115 0.0090 -0.0007 0.0136 0.0094 0.0146 0.0115 0.0090 February 28, 2027; Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 681 957 1254 2095 96 315 551 1230 149 462 797 1746 117 365 633 1398 92 287 498 1108 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 22.1% of the average value of its portfolio.</span></div> 0.221 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. and non-U.S. companies principally engaged in the real estate industry. For the Fund’s investment policies, a real estate company has at least 50% of its assets, income, or profits derived from products or services related to the real estate industry. Real estate companies include real estate investment trusts (“REITs”) and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as those whose products and services relate to the real estate industry, such as building supply manufacturers, mortgage lenders, and mortgage servicing companies. The Fund invests in equity securities regardless of market capitalization (small, medium or large). The Fund invests in value equity securities and growth equity securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests a significant percentage of its portfolio in REITs and foreign REIT-like entities. REITs are pooled investment vehicles that invest in income producing real estate, real estate related loans, or other types of real estate interests. REITs in the U.S. are corporations or business trusts that are permitted to eliminate corporate-level federal income taxes by meeting certain requirements of the Internal Revenue Code. Some foreign countries have adopted REIT structures that are very similar to those in the U.S. Similarities include pass-through tax treatment and portfolio diversification. Other countries have REIT structures that are significantly different than the structure in the U.S., while some countries have not adopted a REIT-like structure at all.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal market conditions, the Fund holds investments tied economically to at least 3 countries and invests a percentage of its net assets in securities of foreign issuers equal to at least the lesser of 40% or the percentage foreign issuers in FTSE EPRA/NAREIT Developed Index minus 10%.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund concentrates its investments (invest more than 25% of its net assets) in securities in the real estate industry.</span></div> 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. and non-U.S. companies principally engaged in the real estate industry. a real estate company has at least 50% of its assets, income, or profits derived from products or services related to the real estate industry. Real estate companies include real estate investment trusts (“REITs”) and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as those whose products and services relate to the real estate industry, such as building supply manufacturers, mortgage lenders, and mortgage servicing companies The Fund concentrates its investments (invest more than 25% of its net assets) in securities in the real estate industry. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Industry Concentration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that concentrates investments in a particular industry or group of industries has greater exposure than other funds to market, economic, and other factors affecting that industry or group of industries. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Real Estate.</span> A fund concentrating in the real estate industry is subject to the risks associated with direct ownership of real estate, securities of companies in the real estate industry, and/or real estate investment trusts. These risks are explained more fully below in Real Estate Investment Trusts (REITs) Risk and Real Estate Securities Risk. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Real Estate.</span> A fund concentrating in the real estate industry is subject to the risks associated with direct ownership of real estate, securities of companies in the real estate industry, and/or real estate investment trusts. These risks are explained more fully below in Real Estate Investment Trusts (REITs) Risk and Real Estate Securities Risk. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Investment Trusts (“REITs”) Risk. </span>In addition to risks associated with investing in real estate securities, REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, risks of default by borrowers, and self-liquidation. Investment in REITs also involves risks similar to risks of investing in small market capitalization companies, such as limited financial resources, less frequent and limited volume trading, and may be subject to more abrupt or erratic price movements than larger company securities. A REIT could fail to qualify for tax-free pass-through of income under the Internal Revenue Code. Fund shareholders will indirectly bear their proportionate share of the expenses of REITs in which the fund invests. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Securities Risk. </span>Investing in real estate securities subjects the fund to the risks associated with the real estate market (which are similar to the risks associated with direct ownership in real estate), including declines in real estate values, loss due to casualty or condemnation, property taxes, interest rate changes, increased expenses, cash flow of underlying real estate assets, regulatory changes (including zoning, land use, and rents), and environmental problems, as well as to the risks related to the management skill and creditworthiness of the issuer. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Classes R-3 and R-5 shares (March 1, 2016), the performance shown in the table for these newer classes is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;margin-top:5pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">15.65</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(25.65)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.1565 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2565 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0114 0.0012 0.0278 Class A Return After Taxes on Distributions 0.0041 -0.0049 0.0187 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0092 -0.0004 0.0190 Institutional Class Return Before Taxes 0.0757 0.0166 0.0377 Class R-3 Return Before Taxes 0.0698 0.0112 0.0324 Class R-5 Return Before Taxes 0.0728 0.0145 0.0358 Class R-6 Return Before Taxes 0.0761 0.0170 0.0380 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 FTSE EPRA NAREIT Developed Net Tax Index (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.0958 0.0276 0.0325 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The MSCI ACWI NR USD Index is the Fund's primary broad-based securities market index. The FTSE EPRA/NAREIT Developed Index NTR is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The FTSE EPRA/NAREIT Developed Index NTR is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. GOVERNMENT & HIGH QUALITY BOND FUND Objective The Fund seeks to provide a high level of current income consistent with safety and liquidity. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0225 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0015 0.0015 0.0025 0.0016 0.0023 0.0009 0.0033 0.0027 0.0080 0.0087 0.0058 0.0107 0.0076 -0.0005 -0.0009 -0.0009 0.0080 0.0087 0.0053 0.0098 0.0067 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 305 475 659 1193 189 278 482 1073 54 181 319 721 100 331 581 1298 68 234 414 934 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 89 278 482 1073 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 268.0% of the average value of its portfolio.</span></div> 2.680 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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&amp;P Global Ratings (“S&amp;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&amp;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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> 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&amp;P Global Ratings (“S&amp;P Global”) or Aaa by Moody’s Investors Service, Inc. 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). Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span>Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span>Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Portfolio Turnover Risk. </span>High portfolio turnover (more than 100%) caused by active and frequent trading of portfolio securities may result in accelerating the realization of taxable gains and losses, lower fund performance, and increased brokerage costs. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span>Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Securities Risk. </span>Investing in real estate securities subjects the fund to the risks associated with the real estate market (which are similar to the risks associated with direct ownership in real estate), including declines in real estate values, loss due to casualty or condemnation, property taxes, interest rate changes, increased expenses, cash flow of underlying real estate assets, regulatory changes (including zoning, land use, and rents), and environmental problems, as well as to the risks related to the management skill and creditworthiness of the issuer. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span>Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk). With respect to securities that are delivered in TBA transactions, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span>Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span>Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">7.52</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q3 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(5.49)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.0752 Lowest return for a quarter during the period of the bar chart above: 2022-09-30 -0.0549 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0516 -0.0098 0.0067 Class A Return After Taxes on Distributions 0.0367 -0.0191 -0.0039 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0303 -0.0114 0.0005 Class J Return Before Taxes 0.0656 -0.0058 0.0086 Institutional Class Return Before Taxes 0.0794 -0.0026 0.0118 Class R-3 Return Before Taxes 0.0745 -0.0071 0.0074 Class R-5 Return Before Taxes 0.0765 -0.0040 0.0104 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 Bloomberg US Agency Fixed Rate MBS Index (reflects no deduction for fees, expenses, or taxes) 0.0858 0.0015 0.0159 <div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The Bloomberg US Agency Fixed Rate MBS Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Bloomberg US Agency Fixed Rate MBS Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. GOVERNMENT MONEY MARKET FUND Objective The Fund seeks as high a level of current income as is considered consistent with preservation of principal and maintenance of liquidity. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0.0006 0.0001 0.0001 0.0001 0.0022 0.0017 -0.0002 -0.0002 0.0020 0.0015 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 69 122 278 15 53 94 215 Principal Investment Strategies The Fund will invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully by cash or government securities (government securities can include shares of other government money market funds). The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and repurchase agreements that are collateralized by government securities. A government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the United States Congress; or any certificate of deposit for any of the foregoing. Specifically, the Fund will invest in U.S. treasury bills, bonds, and other obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities (which will include instruments with variable or floating interest rates), as well as shares of other government money market funds. The Fund seeks to maintain a stable net asset value of $1.00 per share. The Fund maintains a dollar weighted average portfolio maturity of 60 days or less. As with all mutual funds, the value of the Fund’s assets may rise or fall. The Fund will invest at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized fully by cash or government securities (government securities can include shares of other government money market funds). The Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in government securities and repurchase agreements that are collateralized by government securities. A government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the United States Congress; or any certificate of deposit for any of the foregoing. You could lose money by investing in the Fund. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span>Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Floating and Variable Rate Securities Risk. </span>The market prices of securities with variable and floating interest rates are generally less sensitive to interest rate changes than are the market prices of securities of fixed interest rates. Floating and variable rate securities may decline in value if market interest rates or interest rates paid by them do not move as expected. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Company Securities Risk. </span>A fund that invests in another investment company (for example, another fund or an exchange-traded fund (or ETF)) is subject to the risks associated with direct ownership of the securities in which such investment company invests. Fund shareholders indirectly bear their proportionate share of the expenses of each such investment company. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Repurchase Agreement Risk. </span>If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span>Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span>Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (December 12, 2022), the performance shown in the table for Class R-6 shares is that of the Fund’s Institutional Class shares.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Life of Fund returns are measured from the date the Fund’s shares were first sold (December 20, 2017).</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance 2017-12-20 2017-12-20 Total Returns as of December 31 <div style="margin-bottom:6pt;margin-top:5pt;padding-left:36pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">1.32</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">0.00</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.0132 Lowest return for a quarter during the period of the bar chart above: 2022-03-31 0.0000 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.0413 0.0311 0.0245 Class R-6 Return Before Taxes 0.0418 0.0315 0.0247 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0181 Bloomberg US Treasury Bellwethers 3 Month Index (reflects no deduction for fees, expenses, or taxes) 0.0423 0.0323 0.0262 <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Bond Index is the Fund's primary broad-based securities market index. The Bloomberg U.S. Treasury Bellwethers 3 Month Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> The Bloomberg U.S. Treasury Bellwethers 3 Month Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. HIGH YIELD FUND Objective The Fund seeks to provide a high level of current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0.0100 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0050 0.0050 0.0025 0.0100 0.0014 0.0018 0.0011 0.0001 0.0001 0.0001 0.0001 0.0001 0.0090 0.0169 0.0062 0.0052 -0.0001 0.0090 0.0169 0.0061 0.0052 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 463 651 855 1441 272 533 918 1788 62 198 345 773 53 167 291 653 With respect to Class C shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 172 533 918 1788 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40.3% of the average value of its portfolio.</span></div> 0.403 Principal Investment Strategies <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds and bank loans (sometimes called “high yield” or “junk”), which are rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&amp;P Global Ratings (“S&amp;P Global”). If the bond or bank loan has been rated by only one of the rating agencies, that rating will determine the rating of the bond or bank loan; if the bond or bank loan is rated differently by the rating agencies, the highest rating will be used; and if the bond or bank loan has not been rated by either of those agencies, those selecting such investments will determine the quality of the bond or bank loan. The Fund also invests in investment grade bank loans (also known as senior floating rate interests) and securities of foreign issuers. Under normal circumstances, the Fund maintains an average portfolio duration that is within ±20% of the duration of the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index, which as of January 31, 2026 was 2.91 years. The Fund is not managed to a particular maturity.</span> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds and bank loans (sometimes called “high yield” or “junk”), which are rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&amp;P Global Ratings (“S&amp;P Global”). below investment grade bonds and bank loans (sometimes called “high yield” or “junk”), which are rated Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&amp;P Global Ratings (“S&amp;P Global”) Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Bank Loans Risk. </span>Changes in economic conditions are likely to cause issuers of bank loans (also known as senior floating rate interests) to be unable to meet their obligations. In addition, the value of the collateral securing the loan (if any) may decline, causing a loan to be substantially unsecured. Underlying credit agreements governing the bank loans, reliance on market makers, priority of repayment, and overall market volatility may harm the liquidity of loans. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span>High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span>Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Class A shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class A shares, the historical performance of the Class A shares is used (without respect to sales charges, which are not applicable to Class R-6). These adjustments result in performance for such periods that is no higher than the historical performance of the Class A shares.</span></div> The following information provides some indication of the risks of investing in the Fund. . Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">8.73</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(12.01)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0873 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1201 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0271 0.0356 0.0534 Class A Return After Taxes on Distributions 0.0008 0.0120 0.0297 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0159 0.0167 0.0305 Class C Return Before Taxes 0.0485 0.0353 0.0512 Institutional Class Return Before Taxes 0.0703 0.0464 0.0608 Class R-6 Return Before Taxes 0.0713 0.0473 0.0612 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 Bloomberg US Corporate High Yield 2% Issuer Capped Index (reflects no deduction for fees, expenses, or taxes) 0.0862 0.0450 0.0652 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Bond Index is the Fund's primary broad-based securities market index. The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. INFLATION PROTECTION FUND Objective The Fund seeks to provide current income and real (after inflation) total returns. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0010 0.0010 0.0010 0.0010 0.0015 0.0025 0.0027 0.0001 0.0033 0.0027 0.0052 0.0011 0.0068 0.0037 Fees have been restated to reflect current fees. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 153 167 291 653 11 35 62 141 69 218 379 847 38 119 208 468 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 53 167 291 653 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 155.4% of the average value of its portfolio.</span> 1.554 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in inflation-indexed bonds of varying maturities issued by the U.S. government. In managing the Fund, Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor uses a sampling strategy designed to track the Bloomberg U.S. TIPS Index (the “Index”). The index is composed of investment grade U.S. treasury inflation-protected securities (“TIPS”). As of January 31, 2026, the Index was composed of 47 issues. The Index is rebalanced monthly to reflect securities that have dropped out of or entered the Index in the preceding month. Generally, the Fund makes corresponding changes to its portfolio shortly after Index changes are made public. The Fund typically does not purchase all of the securities in the Index. Under normal circumstances, the Fund maintains an average portfolio duration that is in line with the duration of the Index, which as of January 31, 2026, was 6.48 years. The Fund's strategies may result in the active and frequent trading of the Fund's portfolio securities.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Portfolio Turnover Risk. </span>High portfolio turnover (more than 100%) caused by active and frequent trading of portfolio securities may result in accelerating the realization of taxable gains and losses, lower fund performance, and increased brokerage costs. <div style="margin-bottom:6pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span>Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span>Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to March 1, 2026, the strategy of the Fund differed from its current strategy. Accordingly, performance of the Fund for periods prior to March 1, 2026, may not be representative of the performance the Fund would have achieved had the Fund been following its current strategy.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">4.72</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(6.33)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0472 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 -0.0633 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.0664 0.0077 0.0272 Institutional Class Return After Taxes on Distributions 0.0469 -0.0114 0.0136 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0393 -0.0018 0.0153 Class J Return Before Taxes 0.0522 0.0039 0.0217 Class R-3 Return Before Taxes 0.0608 0.0022 0.0215 Class R-5 Return Before Taxes 0.0638 0.0053 0.0246 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 Bloomberg US Treasury TIPS Index (reflects no deduction for fees, expenses, or taxes) 0.0701 0.0112 0.0309 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The Bloomberg US Treasury TIPS Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The Bloomberg US Treasury TIPS Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. INTERNATIONAL BOND FUND Objective <div style="margin-bottom:6pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks to provide current income and capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0005 0.0053 -0.0001 0.0052 Based on estimated expenses for the current fiscal year. February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 53 169 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This Fund is new and does not have a portfolio turnover rate to disclose.</span></div> Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. For purposes of the Fund’s 80% policy, bonds include derivative instruments or other instruments that have economic characteristics similar to bonds. The Fund invests primarily in non-U.S. dollar-denominated, investment grade bonds of issuers of developed and emerging markets, including China. Bonds include debt obligations of any maturity, such as bonds, notes, bills, and debentures and may be denominated and issued in the local currency or another currency. The Fund's assets are invested in issuers located in at least three countries (excluding the United States) and combined exposure to foreign securities, foreign currencies, and other foreign investments equal to at least 40% of the Fund’s net assets. Investment grade bonds are rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P Global") or Baa3 by Moody’s Investor Service, Inc. (“Moody’s”), at the time of purchase. If the 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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is not managed to a particular maturity. Under normal circumstances, the Fund maintains an average portfolio duration that is within ±20% of the duration of the Bloomberg Global Aggregate ex USD Index, which as of January 31, 2026 was 6.69 years . The Fund’s strategies may result in the active and frequent trading of the Fund’s portfolio securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in derivatives, including credit default swaps, currency contracts, forwards contracts, and interest rate swaps for currency hedging purposes. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. For purposes of the Fund’s 80% policy, bonds include derivative instruments or other instruments that have economic characteristics similar to bonds. The Fund invests primarily in non-U.S. dollar-denominated, investment grade bonds of issuers of developed and emerging markets, including China. Bonds include debt obligations of any maturity, such as bonds, notes, bills, and debentures and may be denominated and issued in the local currency or another currency. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency Contracts. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives related to currency contracts involve the specific risk of government action that would restrict the ability of the Fund to deliver or receive currency.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency Contracts. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives related to currency contracts involve the specific risk of government action that would restrict the ability of the Fund to deliver or receive currency.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">China Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.</span></div> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">China Investment Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Frequent Trading Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Active and frequent trading of portfolio assets may result in accelerating the realization of taxable gains and losses, lower Fund performance, and increased transaction costs.</span></div> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Hedging Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that implements a hedging strategy using derivatives and/or securities could expose the fund to the risk that can arise when a change in the value of a hedge does not match a change in the value of the asset it hedges. In other words, the change in value of the hedge could move in a direction that does not match the change in value of the underlying asset, resulting in a risk of loss to the Fund.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Sovereign Debt Risk.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No performance information is shown because the Fund has not yet had a calendar year of performance. The performance is benchmarked against the Bloomberg Global Aggregate ex USD Index. Performance information provides an indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div> No performance information is shown because the Fund has not yet had a calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance INTERNATIONAL EQUITY FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0060 0.0025 0.0017 0.0035 0.0029 0.0002 0.0077 0.0120 0.0089 0.0062 0.0000 0.0077 0.0120 0.0089 0.0062 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 79 246 428 954 122 381 660 1455 91 284 493 1096 63 199 346 774 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 96.3% of the average value of its portfolio.</span></div> 0.963 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund defines equity securities to include common stock, preferred stock, and exchange-traded funds (ETFs) and mutual funds that invest primarily in equity securities. The Fund invests primarily in foreign equity securities, including emerging market securities, such as China. The Fund typically invests in foreign securities of at least ten countries. The Fund invests in equity securities of small, medium, and large market capitalization companies.</span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued. The Fund also invests in growth equity securities, an investment strategy that emphasizes buying equity securities of companies whose potential for growth of capital and earnings is expected to be above average.</span> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund defines equity securities to include common stock, preferred stock, and exchange-traded funds (ETFs) and mutual funds that invest primarily in equity securities. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">China Investment Risk. </span>The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">China Investment Risk. </span>The Fund invests a significant portion of its assets in securities of issuers located or operating in China. Investing in China involves certain heightened risks and considerations, including, among others: frequent trading suspensions and government interventions (including by nationalizing assets); currency exchange rate fluctuations or blockages; limits on using brokers and on foreign ownership; different financial reporting standards; higher dependence on exports and international trade; political and social instability; infectious disease outbreaks; regional and global conflicts; increased trade tariffs, embargoes, and other trade limitations; custody and other risks associated with programs used to access Chinese securities; and uncertainties in tax rules that could result in unexpected tax liabilities for the Fund. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities. Moreover, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Institutional Class shares, adjusted to reflect the fees and expenses of Class R-6 shares. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">22.05</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(22.85)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2205 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2285 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.3545 0.0730 0.0803 Institutional Class Return After Taxes on Distributions 0.3396 0.0547 0.0673 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.2151 0.0537 0.0629 Class R-3 Return Before Taxes 0.3477 0.0679 0.0750 Class R-5 Return Before Taxes 0.3519 0.0713 0.0784 Class R-6 Return Before Taxes 0.3563 0.0741 0.0810 MSCI ACWI Ex USA Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3239 0.0791 0.0841 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. LARGECAP GROWTH FUND I Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0060 0.0060 0.0060 0.0025 0.0015 0.0025 0.0010 0.0005 0.0009 0.0033 0.0027 0.0001 0.0095 0.0080 0.0069 0.0118 0.0087 0.0061 -0.0002 -0.0002 -0.0002 -0.0002 -0.0002 -0.0002 0.0093 0.0078 0.0067 0.0116 0.0085 0.0059 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 640 834 1045 1651 180 253 442 988 68 219 382 857 118 373 647 1430 87 276 480 1071 60 193 338 760 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 80 253 442 988 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34.7% of the average value of its portfolio.</span></div> 0.347 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in growth equity securities of companies with large market capitalizations. For this Fund, large market capitalization growth equity securities are securities (i) with market capitalizations within the range of companies comprising the Russell 1000</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Index (as of January 30, 2026, this was between approximately $1.2 billion and $4.7 trillion), and (ii) that are included within at least one of the following growth indices: the MSCI All Country World IMI Growth Index, the S&amp;P 1500 Growth Index, or the Russell 3000 Growth Index. The Fund also invests in equity securities of companies with medium market capitalizations.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is primarily actively managed by the sub-advisors. In addition, Principal Global Investors, LLC may invest up to 30% of the Fund’s assets using an index sampling strategy designed to match the performance of the Russell 1000</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth Index.</span></div>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. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in growth equity securities of companies with large market capitalizations. For this Fund, large market capitalization growth equity securities are securities (i) with market capitalizations within the range of companies comprising the Russell 1000<span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> Index (as of January 30, 2026, this was between approximately $1.2 billion and $4.7 trillion), and (ii) that are included within at least one of the following growth indices: the MSCI All Country World IMI Growth Index, the S&amp;P 1500 Growth Index, or the Russell 3000 Growth Index. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div><span><br/></span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Non-Diversification Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A non-diversified fund may invest a high percentage of its assets in the securities of a small number of issuers and is more likely than diversified funds to be significantly affected by a specific security’s poor performance.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Passive Strategy Risk. </span>A portion of the Fund seeks to match the performance of a specified index. However, the correlation between the performance of this portion of the Fund and index performance may be affected by many factors, such as Fund expenses, the timing of cash flows into and out of the Fund, changes in securities markets, and changes in the composition of the index. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">27.72</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(21.61)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2772 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 -0.2161 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0502 0.0792 0.1391 Class A Return After Taxes on Distributions 0.0120 0.0431 0.1089 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0517 0.0565 0.1084 Class J Return Before Taxes 0.1044 0.0933 0.1480 Institutional Class Return Before Taxes 0.1141 0.0945 0.1496 Class R-3 Return Before Taxes 0.1086 0.0892 0.1439 Class R-5 Return Before Taxes 0.1123 0.0927 0.1476 Class R-6 Return Before Taxes 0.1148 0.0954 0.1504 Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1459 Russell 1000 Growth Index (reflects no deduction for fees, expenses, or taxes) 0.1856 0.1532 0.1813 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 1000 Index is the Fund's primary broad-based securities market index. The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Russell 1000 Growth Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. LARGECAP S&P 500 INDEX FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0150 0 0 0 0 0.0025 0.0100 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0008 0.0008 0.0008 0.0008 0.0008 0.0015 0.0015 0.0025 0.0008 0.0004 0.0002 0.0033 0.0027 0.0031 0.0027 0.0010 0.0066 0.0035 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 181 248 322 537 128 87 152 343 10 32 56 128 67 211 368 822 36 113 197 443 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 28 87 152 343 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 4.2% of the average value of its portfolio.</span></div> 0.042 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 &amp; Poor’s</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (“S&amp;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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note:    </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“Standard &amp; Poor’s 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">” and “S&amp;P 500</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">” are trademarks of S&amp;P Global and have been licensed by Principal. The Fund is not sponsored, endorsed, sold, or promoted by S&amp;P Global, and S&amp;P Global makes no representation regarding the advisability of investing in the Fund.</span></div> <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 &amp; Poor’s</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> (“S&amp;P”) 500 Index (the “Index”). in equity securities of companies that compose the Standard &amp; Poor’s<span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> (“S&amp;P”) 500 Index (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. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span>A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span>Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Industry Concentration Risk. </span>A fund that concentrates investments in a particular industry or group of industries has greater exposure than other funds to market, economic, and other factors affecting that industry or group of industries. <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Non-Diversification Risk</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. From time to time, the Fund may operate as a non-diversified fund under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Fund’s Index. A non-diversified fund may invest a high percentage of its assets in the securities of a small number of issuers and is more likely than diversified funds to be significantly affected by a specific security’s poor performance.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">20.38</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(19.67)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2038 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1967 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.1572 0.1362 0.1415 Class A Return After Taxes on Distributions 0.1496 0.1230 0.1276 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0982 0.1059 0.1140 Class J Return Before Taxes 0.1649 0.1403 0.1441 Institutional Class Return Before Taxes 0.1774 0.1423 0.1463 Class R-3 Return Before Taxes 0.1707 0.1360 0.1399 Class R-5 Return Before Taxes 0.1742 0.1396 0.1434 S&P 500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts After-tax returns are shown for Class A shares only and would be different for the other share classes. LARGECAP VALUE FUND III Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0068 0.0068 0.0068 0.0015 0.0025 0.0011 0.0002 0.0033 0.0027 0.0001 0.0001 0.0001 0.0001 0.0095 0.0071 0.0127 0.0096 -0.0003 -0.0003 -0.0003 -0.0003 0.0092 0.0068 0.0124 0.0093 Fees have been restated to reflect current fees. February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 194 300 523 1164 69 224 392 880 126 400 694 1531 95 303 528 1175 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 94 300 523 1164 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 60.5% of the average value of its portfolio.</span></div> 0.605 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in value companies with large market capitalizations. For this Fund, value companies with large market capitalizations are those (i) with market capitalizations within the range of companies comprising the Russell 1000</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Index (as of January 30, 2026, this range was between approximately $1.2 billion and $4.7 trillion), and (ii) included within at least one of the following value indices: the MSCI All Country World IMI Value Index, the S&amp;P 1500 Value Index, or the Russell 3000 Value Index. The Fund also invests in equity securities of companies with medium market capitalizations and in other investment companies (for example, an exchange-traded fund (ETF)).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is primarily actively managed by the sub-advisors. In addition, Principal Global Investors, LLC may invest up to 30% of the Fund’s assets using an index sampling strategy designed to match the performance of the Russell 1000</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in value companies with large market capitalizations. For this Fund, value companies with large market capitalizations are those (i) with market capitalizations within the range of companies comprising the Russell 1000<span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> Index (as of January 30, 2026, this range was between approximately $1.2 billion and $4.7 trillion), and (ii) included within at least one of the following value indices: the MSCI All Country World IMI Value Index, the S&amp;P 1500 Value Index, or the Russell 3000 Value Index. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Company Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that invests in another investment company (for example, another fund or an exchange-traded fund (or ETF)) is subject to the risks associated with direct ownership of the securities in which such investment company invests. Fund shareholders indirectly bear their proportionate share of the expenses of each such investment company.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Passive Strategy Risk. </span>A portion of the Fund seeks to match the performance of a specified index. However, the correlation between the performance of this portion of the Fund and index performance may be affected by many factors, such as Fund expenses, the timing of cash flows into and out of the Fund, changes in securities markets, and changes in the composition of the index. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">16.32</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(26.91)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-12-31 0.1632 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2691 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1091 0.1053 0.1036 Institutional Class Return After Taxes on Distributions 0.0610 0.0798 0.0831 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0973 0.0803 0.0807 Class J Return Before Taxes 0.0970 0.1023 0.1004 Class R-3 Return Before Taxes 0.1034 0.0991 0.0974 Class R-5 Return Before Taxes 0.1060 0.1025 0.1008 Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1459 Russell 1000 Value Index (reflects no deduction for fees, expenses, or taxes) 0.1591 0.1133 0.1053 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 1000 Index is the Fund's primary broad-based securities market index. The Russell 1000 Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The Russell 1000 Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. MIDCAP FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0025 0.0100 0.0015 0.0025 0.0009 0.0015 0.0005 0.0011 0.0032 0.0026 0.0001 0.0090 0.0171 0.0076 0.0067 0.0113 0.0082 0.0057 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 637 821 1021 1597 274 539 928 1804 178 243 422 942 68 214 373 835 115 359 622 1375 84 262 455 1014 58 183 318 714 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 174 539 928 1804 78 243 422 942 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13.7% of the average value of its portfolio.</span></div> 0.137 Principal Investment Strategies <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 (MidCap). For this Fund, companies with medium market capitalizations (MidCap) are those with market capitalizations within the range of companies comprising the Russell MidCap</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Index (as of January 30, 2026, this was between approximately $1.2 billion and $88.7 billion). The Fund also invests in foreign securities.</span> 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 (MidCap). For this Fund, companies with medium market capitalizations (MidCap) are those with market capitalizations within the range of companies comprising the Russell MidCap<span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> Index Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Class R-3 shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class R-3 shares, the historical performance of the Class R-3 shares is used. These adjustments result in performance for such periods that is no higher than the historical performance of the Class R-3 shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">24.72</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(23.89)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2472 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2389 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes -0.0424 0.0662 0.1146 Class A Return After Taxes on Distributions -0.0554 0.0549 0.1028 Class A Return After Taxes on Distributions and Sale of Fund Shares -0.0156 0.0509 0.0922 Class C Return Before Taxes -0.0043 0.0698 0.1142 Class J Return Before Taxes 0.0051 0.0799 0.1227 Institutional Class Return Before Taxes 0.0156 0.0811 0.1240 Class R-3 Return Before Taxes 0.0109 0.0760 0.1187 Class R-5 Return Before Taxes 0.0144 0.0794 0.1222 Class R-6 Return Before Taxes 0.0165 0.0820 0.1243 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 Russell MidCap Index (reflects no deduction for fees, expenses, or taxes) 0.1060 0.0867 0.1101 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 3000 Index is the Fund's primary broad-based securities market index. The Russell MidCap Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Russell MidCap Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. MIDCAP S&P 400 INDEX FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0025 0.0008 0.0010 0.0033 0.0027 0.0001 0.0038 0.0025 0.0073 0.0042 0.0016 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 139 122 213 480 26 80 141 318 75 233 406 906 43 135 235 530 16 52 90 205 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 39 122 213 480 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16.2% of the average value of its portfolio.</span></div> 0.162 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 &amp; Poor’s (“S&amp;P”) MidCap 400 Index (the “Index”). The Index is designed to represent U.S. equities with risk/return characteristics of the mid cap universe. As of January 30, 2026, the market capitalization range of the companies comprising the Index was between approximately $1.8 billion and $35.5 billion. Each component stock of the Index is weighted in proportion to its total market value. The Index is rebalanced quarterly.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note:    </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“Standard &amp; Poor’s MidCap 400” and “S&amp;P MidCap 400” are trademarks of S&amp;P Global and have been licensed by Principal. The Fund is not sponsored, endorsed, sold, or promoted by S&amp;P Global, and S&amp;P Global makes no representation regarding the advisability of investing in the Fund.</span></div> 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 &amp; Poor’s (“S&amp;P”) MidCap 400 Index (the “Index”). equity securities of companies that compose the Standard &amp; Poor’s (“S&amp;P”) MidCap 400 Index (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. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span>Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Industry Concentration Risk. </span>A fund that concentrates investments in a particular industry or group of industries has greater exposure than other funds to market, economic, and other factors affecting that industry or group of industries. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Class R-3 shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class R-3 shares, the historical performance of the Class R-3 shares is used. These adjustments result in performance for such periods that is no higher than the historical performance of the Class R-3 shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">24.32</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(29.79)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-12-31 0.2432 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2979 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.0722 0.0884 0.1046 Institutional Class Return After Taxes on Distributions 0.0496 0.0661 0.0836 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0564 0.0658 0.0805 Class J Return Before Taxes 0.0609 0.0868 0.1026 Class R-3 Return Before Taxes 0.0672 0.0831 0.0991 Class R-5 Return Before Taxes 0.0707 0.0865 0.1025 Class R-6 Return Before Taxes 0.0731 0.0892 0.1047 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes) 0.0750 0.0912 0.1072 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P MidCap 400 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P MidCap 400 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. MIDCAP VALUE FUND I Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0025 0.0015 0.0025 0.0018 0.0009 0.0011 0.0032 0.0026 0.0001 0.0108 0.0089 0.0076 0.0122 0.0091 0.0066 -0.0002 -0.0002 -0.0007 -0.0002 -0.0002 -0.0002 0.0106 0.0087 0.0069 0.0120 0.0089 0.0064 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 652 873 1111 1793 189 282 491 1094 70 236 415 936 122 385 668 1476 91 288 502 1118 65 209 366 821 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 89 282 491 1094 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79.6% of the average value of its portfolio.</span></div> 0.796 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 with medium market capitalizations (MidCap). For this Fund, value companies with medium market capitalizations are (i) those with market capitalizations within the range of companies comprising the Russell MidCap</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Index (as of January 30, 2026, this range was between approximately $1.2 billion and $88.7 billion), and (ii) included within at least one of the following value indices: the MSCI All Country World IMI Value Index, the S&amp;P 1500 Value Index, or the Russell 3000 Value Index. The Fund invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is primarily actively managed by the sub-advisors. In addition, Principal Global Investors, LLC may invest up to 30% of the Fund’s assets using an index sampling strategy designed to match the performance of the Russell MidCap</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index.</span></div> 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 with medium market capitalizations (MidCap). For this Fund, value companies with medium market capitalizations are (i) those with market capitalizations within the range of companies comprising the Russell MidCap<span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> Index (as of January 30, 2026, this range was between approximately $1.2 billion and $88.7 billion), and (ii) included within at least one of the following value indices: the MSCI All Country World IMI Value Index, the S&amp;P 1500 Value Index, or the Russell 3000 Value Index. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Classes A and R-6 shares (April 2, 2019), the performance shown in the table for these newer classes is that of the Fund’s Institutional Class shares, adjusted to reflect the fees and expenses of the newer class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">20.14</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(29.46)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2014 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2946 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.0609 0.1023 0.0996 Institutional Class Return After Taxes on Distributions 0.0438 0.0767 0.0791 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0483 0.0764 0.0760 Class A Return Before Taxes -0.0014 0.0860 0.0894 Class J Return Before Taxes 0.0489 0.1005 0.0972 Class R-3 Return Before Taxes 0.0551 0.0970 0.0941 Class R-5 Return Before Taxes 0.0587 0.1004 0.0975 Class R-6 Return Before Taxes 0.0606 0.1030 0.1003 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 Russell MidCap Value Index (reflects no deduction for fees, expenses, or taxes) 0.1105 0.0983 0.0978 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 3000 Index is the Fund's primary broad-based securities market index. The Russell MidCap Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The Russell MidCap Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. MONEY MARKET FUND Objective The Fund seeks as high a level of current income as is considered consistent with preservation of principal and maintenance of liquidity. Fees and Expenses of the Fund <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Shareholder Fees (fees paid directly from your investment) 0 0 0.0100 0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0039 0.0039 0.0000 0.0015 0.0007 0.0004 0.0001 0.0001 0.0047 0.0059 0.0000 -0.0015 0.0047 0.0044 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 148 151 263 591 145 174 314 724 With respect to Classes A and J shares, you would pay the following expenses if you did not redeem your shares: 48 151 263 591 45 174 314 724 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks to maintain a stable net asset value of $1.00 per share by investing its assets in a portfolio of high quality, short-term money market instruments such as those issued by banks, corporations (U.S. and non-U.S.), municipalities, and the U.S. government. Such instruments include certificates of deposit, banker’s acceptances, commercial paper, treasury bills, bonds, repurchase agreements, and shares of other money market funds. The Fund maintains a dollar-weighted average portfolio maturity of 60 days or less. As with all mutual funds, the value of the Fund’s assets may rise or fall.</span></div> You could lose money by investing in the Fund. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commercial Paper Risk. </span>The value of the Fund’s investment in commercial paper, which is generally unsecured, is susceptible to changes in interest rates and the issuer’s financial condition or credit quality. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investments in commercial paper are subject to the risk that the issuer cannot issue enough new commercial paper to satisfy its outstanding obligations. In addition, under certain circumstances commercial paper may become illiquid or may suffer from reduced liquidity. <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Discretionary Liquidity Fee Risk</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may charge a liquidity fee of up to 2% of the value of shares redeemed if the Fund’s Board of Directors (or PGI, in accordance with Board-approved guidelines) determines that doing so is in the best interests of the Fund. Accordingly, your redemptions from the Fund may be subject to a liquidity fee when you sell your shares at certain times.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Repurchase Agreement Risk. </span>If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span>Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span>Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">1.28</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">0.00</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.0128 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 0.0000 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0398 0.0297 0.0193 Class J Return Before Taxes 0.0301 0.0300 0.0191 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 Bloomberg US Treasury Bellwethers 3 Month Index (reflects no deduction for fees, expenses, or taxes) 0.0423 0.0323 0.0221 <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The Bloomberg U.S. Treasury Bellwethers 3 Month Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> The Bloomberg U.S. Treasury Bellwethers 3 Month Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. OVERSEAS FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0088 0.0088 0.0025 0.0006 0.0035 0.0094 0.0148 -0.0003 -0.0002 0.0091 0.0146 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 93 297 517 1152 149 466 806 1767 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 77.5% of the average value of its portfolio.</span></div> 0.775 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities that are tied economically to countries outside the U.S. The Fund considers a security to be tied economically to countries outside the U.S. (a “foreign security”) if one or more of the following criteria is present: (i) the issuer or guarantor of the security has its principal place of business or principal office outside the U.S.; (ii) the principal trading market for the security is a trading market outside the U.S.; (iii) the issuer or guarantor of the security derives a majority of its revenue from outside the U.S.; or (iv) the currency of settlement of the security is the currency of a country outside of the U.S.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in emerging market securities. The Fund invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued. The Fund invests in equity securities of small, medium, and large market capitalization companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is primarily actively managed by the sub-advisors. In addition, Principal Global Investors, LLC may invest up to 30% of the Fund’s assets using an index sampling strategy designed to match the performance of the MSCI EAFE Value Index.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities that are tied economically to countries outside the U.S. The Fund considers a security to be tied economically to countries outside the U.S. (a “foreign security”) if one or more of the following criteria is present: (i) the issuer or guarantor of the security has its principal place of business or principal office outside the U.S.; (ii) the principal trading market for the security is a trading market outside the U.S.; (iii) the issuer or guarantor of the security derives a majority of its revenue from outside the U.S.; or (iv) the currency of settlement of the security is the currency of a country outside of the U.S. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span>Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). The Schedule of Investments included in the Fund’s annual and semi-annual reports identify the countries in which the Fund had invested, as of the date of the reports; to the extent a Fund has significant investments in issuers or securities tied to a certain country or region, it will be particularly susceptible to economic, political, regulatory or other events or conditions affecting such country or region. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Passive Strategy Risk. </span>A portion of the Fund seeks to match the performance of a specified index. However, the correlation between the performance of this portion of the Fund and index performance may be affected by many factors, such as Fund expenses, the timing of cash flows into and out of the Fund, changes in securities markets, and changes in the composition of the index. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">23.03</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(31.40)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-12-31 0.2303 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.3140 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.4011 0.1294 0.0925 Institutional Class Return After Taxes on Distributions 0.3683 0.1020 0.0752 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.2560 0.0953 0.0707 Class R-3 Return Before Taxes 0.3931 0.1231 0.0864 MSCI EAFE Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3122 0.0892 0.0818 MSCI EAFE Value Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.4225 0.1336 0.0869 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The MSCI EAFE Index is the Fund's primary broad-based securities market index. The MSCI EAFE Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The MSCI EAFE Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL CAPITAL APPRECIATION FUND Objective The Fund seeks to provide long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0041 0.0041 0.0041 0.0041 0.0025 0.0025 0.0007 0.0004 0.0033 0.0027 0.0073 0.0045 0.0099 0.0068 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 620 771 934 1407 46 144 252 567 101 315 547 1213 69 218 379 847 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55.8% of the average value of its portfolio.</span></div> 0.558 Principal Investment Strategies <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in equity securities of U.S. companies with any market capitalization, but it has a greater exposure to large market capitalization companies than small or medium market capitalization companies. Although there is no restriction on the size of the companies in which the Fund invests, most of the Fund's investments typically include companies with a market capitalization over $10 billion at the time of purchase. Those managing the Fund’s investments seek to invest in securities of businesses that they believe are trading at a discount to their private market value (i.e., the value of the business if it was sold), have a competitive advantage, and/or that have barriers to entry in their respective industries.</span> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">19.69</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(19.46)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1969 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1946 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0697 0.1242 0.1354 Class A Return After Taxes on Distributions 0.0490 0.1111 0.1117 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0558 0.0970 0.1033 Institutional Class Return Before Taxes 0.1353 0.1404 0.1457 Class R-3 Return Before Taxes 0.1292 0.1342 0.1393 Class R-5 Return Before Taxes 0.1326 0.1377 0.1428 Russell 1000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1459 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. PRINCIPAL LIFETIME STRATEGIC INCOME FUND Objective The Fund seeks current income, and as a secondary objective, capital appreciation. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0000 0.0000 0.0025 0.0015 0.0025 0.0013 0.0003 0.0002 0.0033 0.0027 0.0046 0.0046 0.0046 0.0046 0.0046 0.0084 0.0064 0.0048 0.0104 0.0073 0.0000 -0.0002 0.0084 0.0064 0.0046 0.0104 0.0073 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 458 633 823 1373 165 205 357 798 47 152 267 602 106 331 574 1271 75 233 406 906 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 65 205 357 798 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24.4% of the average value of its portfolio.</span> 0.244 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests according to an asset allocation strategy designed for investors primarily seeking current income and secondarily capital appreciation. The Fund’s asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies, securitized products, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-24" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span>Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span>Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span>Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span>Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span>Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span>Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">8.31</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(8.45)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0831 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 -0.0845 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0596 0.0232 0.0421 Class A Return After Taxes on Distributions 0.0418 0.0081 0.0275 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0396 0.0132 0.0282 Class J Return Before Taxes 0.0935 0.0330 0.0479 Institutional Class Return Before Taxes 0.1047 0.0347 0.0498 Class R-3 Return Before Taxes 0.0984 0.0289 0.0440 Class R-5 Return Before Taxes 0.1030 0.0323 0.0473 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date Retirement Income Index (reflects no deduction for fees, expenses, or taxes) 0.1166 0.0415 0.0532 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2015 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment): 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0025 0.0003 0.0033 0.0027 0.0046 0.0046 0.0046 0.0049 0.0104 0.0073 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 157 274 616 106 331 574 1271 75 233 406 906 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27.3% of the average value of its portfolio.</span></div> 0.273 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies, securitized products, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-26" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span>Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span>Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span>Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span>Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk). <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span>Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span>Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">11.02</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(9.54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1102 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.0954 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1059 0.0402 0.0607 Institutional Class Return After Taxes on Distributions 0.0714 0.0171 0.0381 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0771 0.0253 0.0419 Class R-3 Return Before Taxes 0.0996 0.0344 0.0549 Class R-5 Return Before Taxes 0.1031 0.0375 0.0581 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date 2015 Index (reflects no deduction for fees, expenses, or taxes) 0.1215 0.0491 0.0634 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2020 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0000 0.0000 0.0025 0.0015 0.0025 0.0008 0.0002 0.0001 0.0032 0.0026 0.0047 0.0047 0.0047 0.0047 0.0047 0.0080 0.0064 0.0048 0.0104 0.0073 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 454 621 803 1328 165 205 357 798 49 154 269 604 106 331 574 1271 75 233 406 906 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 65 205 357 798 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25.6% of the average value of its portfolio.</span> 0.256 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-28" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">12.29</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(11.66)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1229 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1166 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0677 0.0349 0.0596 Class A Return After Taxes on Distributions 0.0402 0.0130 0.0402 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0513 0.0218 0.0422 Class J Return Before Taxes 0.1015 0.0446 0.0657 Institutional Class Return Before Taxes 0.1131 0.0463 0.0674 Class R-3 Return Before Taxes 0.1063 0.0404 0.0613 Class R-5 Return Before Taxes 0.1100 0.0436 0.0647 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes) 0.1272 0.0535 0.0681 <div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2025 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0025 0.0001 0.0032 0.0026 0.0048 0.0048 0.0048 0.0049 0.0105 0.0074 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 157 274 616 107 334 579 1283 76 237 411 918 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 30.0% of the average value of its portfolio.</span> 0.300 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-30" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:5pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">14.07</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(13.80)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1407 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1380 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1214 0.0527 0.0745 Institutional Class Return After Taxes on Distributions 0.0865 0.0308 0.0555 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0876 0.0356 0.0544 Class R-3 Return Before Taxes 0.1151 0.0468 0.0684 Class R-5 Return Before Taxes 0.1180 0.0499 0.0718 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date 2025 Index (reflects no deduction for fees, expenses, or taxes) 0.1398 0.0607 0.0757 <div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2030 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0000 0.0000 0.0025 0.0015 0.0025 0.0007 0.0002 0.0001 0.0032 0.0026 0.0050 0.0050 0.0050 0.0050 0.0050 0.0082 0.0067 0.0051 0.0107 0.0076 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 456 627 813 1350 168 214 373 835 52 164 285 640 109 340 590 1306 78 243 422 942 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 68 214 373 835 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32.1% of the average value of its portfolio.</span></div> 0.321 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-32" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">15.42</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(15.80)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1542 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1580 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0869 0.0476 0.0727 Class A Return After Taxes on Distributions 0.0603 0.0275 0.0544 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0633 0.0324 0.0534 Class J Return Before Taxes 0.1204 0.0576 0.0789 Institutional Class Return Before Taxes 0.1323 0.0593 0.0807 Class R-3 Return Before Taxes 0.1256 0.0533 0.0746 Class R-5 Return Before Taxes 0.1297 0.0567 0.0779 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2030 Index (reflects no deduction for fees, expenses, or taxes) 0.1513 0.0707 0.0841 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2035 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0025 0.0001 0.0032 0.0026 0.0052 0.0052 0.0052 0.0053 0.0109 0.0078 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 54 170 296 665 111 347 601 1329 80 249 433 966 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 37.2% of the average value of its portfolio.</span> 0.372 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-34" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">17.13</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(17.37)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1713 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1737 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1424 0.0667 0.0871 Institutional Class Return After Taxes on Distributions 0.1154 0.0478 0.0690 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0965 0.0476 0.0653 Class R-3 Return Before Taxes 0.1366 0.0606 0.0810 Class R-5 Return Before Taxes 0.1393 0.0639 0.0842 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2035 Index (reflects no deduction for fees, expenses, or taxes) 0.1680 0.0819 0.0932 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2040 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0000 0.0000 0.0025 0.0015 0.0025 0.0009 0.0003 0.0001 0.0032 0.0026 0.0054 0.0054 0.0054 0.0054 0.0054 0.0088 0.0072 0.0055 0.0111 0.0080 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 635 815 1011 1575 174 230 401 894 56 176 307 689 113 353 612 1352 82 255 444 990 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 74 230 401 894 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38.9% of the average value of its portfolio.</span> 0.389 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-36" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:389.25pt"><tr><td style="width:1.0pt"></td><td style="width:277.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">17.96</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(18.87)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1796 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1887 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0887 0.0600 0.0836 Class A Return After Taxes on Distributions 0.0620 0.0400 0.0648 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0660 0.0427 0.0626 Class J Return Before Taxes 0.1441 0.0740 0.0918 Institutional Class Return Before Taxes 0.1555 0.0759 0.0937 Class R-3 Return Before Taxes 0.1496 0.0698 0.0875 Class R-5 Return Before Taxes 0.1526 0.0731 0.0909 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2040 Index (reflects no deduction for fees, expenses, or taxes) 0.1820 0.0918 0.1006 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts After-tax returns are shown for Class A shares only and would be different for the other share classes. The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2045 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0025 0.0001 0.0032 0.0026 0.0056 0.0056 0.0056 0.0057 0.0113 0.0082 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 58 183 318 714 115 359 622 1375 84 262 455 1014 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44.6% of the average value of its portfolio.</span> 0.446 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-38" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">18.90</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(19.94)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1890 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1994 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1665 0.0830 0.0986 Institutional Class Return After Taxes on Distributions 0.1397 0.0643 0.0815 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1128 0.0611 0.0757 Class R-3 Return Before Taxes 0.1602 0.0768 0.0925 Class R-5 Return Before Taxes 0.1632 0.0801 0.0957 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2045 Index (reflects no deduction for fees, expenses, or taxes) 0.1948 0.0984 0.1054 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2050 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0000 0.0000 0.0025 0.0015 0.0025 0.0013 0.0006 0.0001 0.0032 0.0026 0.0058 0.0058 0.0058 0.0058 0.0058 0.0096 0.0079 0.0059 0.0115 0.0084 0.0000 0.0096 0.0079 0.0059 0.0115 0.0084 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 643 839 1052 1663 181 252 439 978 60 189 329 738 117 365 633 1398 86 268 466 1037 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 81 252 439 978 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44.7% of the average value of its portfolio.</span> 0.447 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-40" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">19.45</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(20.88)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1945 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2088 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.1071 0.0719 0.0921 Class A Return After Taxes on Distributions 0.0819 0.0533 0.0751 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0779 0.0527 0.0704 Class J Return Before Taxes 0.1631 0.0858 0.0999 Institutional Class Return Before Taxes 0.1751 0.0880 0.1023 Class R-3 Return Before Taxes 0.1682 0.0819 0.0962 Class R-5 Return Before Taxes 0.1723 0.0853 0.0996 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2050 Index (reflects no deduction for fees, expenses, or taxes) 0.1956 0.1013 0.1079 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2055 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0025 0.0001 0.0033 0.0027 0.0058 0.0058 0.0058 0.0059 0.0116 0.0085 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 189 329 738 118 368 638 1409 87 271 471 1049 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48.3% of the average value of its portfolio.</span></div> 0.483 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-42" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">19.93</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(21.46)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1993 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2146 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1777 0.0895 0.1037 Institutional Class Return After Taxes on Distributions 0.1527 0.0723 0.0884 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1193 0.0669 0.0808 Class R-3 Return Before Taxes 0.1709 0.0835 0.0975 Class R-5 Return Before Taxes 0.1741 0.0868 0.1009 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2055 Index (reflects no deduction for fees, expenses, or taxes) 0.2006 0.1027 0.1091 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2060 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0000 0.0015 0.0025 0.0020 0.0001 0.0033 0.0027 0.0058 0.0058 0.0058 0.0058 0.0093 0.0059 0.0116 0.0085 0.0000 0.0093 0.0059 0.0116 0.0085 February 28, 2027; Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 195 296 515 1143 60 189 329 738 118 368 638 1409 87 271 471 1049 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 95 296 515 1143 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47.4% of the average value of its portfolio.</span></div> 0.474 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-44" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div>The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance. The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">20.12</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(21.80)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2012 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2180 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1773 0.0902 0.1043 Institutional Class Return After Taxes on Distributions 0.1534 0.0737 0.0901 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1185 0.0676 0.0817 Class J Return Before Taxes 0.1637 0.0864 0.1004 Class R-3 Return Before Taxes 0.1708 0.0841 0.0981 Class R-5 Return Before Taxes 0.1749 0.0876 0.1015 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2060 Index (reflects no deduction for fees, expenses, or taxes) 0.1994 0.1026 0.1098 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2065 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0025 0.0003 0.0033 0.0027 0.0058 0.0058 0.0058 0.0061 0.0116 0.0085 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 62 195 340 762 118 368 638 1409 87 271 471 1049 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48.3% of the average value of its portfolio.</span></div> 0.483 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-46" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Life of Fund returns are measured from the date the Fund’s shares were first sold (September 6, 2017).</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance 2017-09-06 Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">20.50</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(21.97)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2050 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2197 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1774 0.0901 0.1017 Institutional Class Return After Taxes on Distributions 0.1573 0.0765 0.0894 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1163 0.0680 0.0791 Class R-3 Return Before Taxes 0.1703 0.0841 0.0959 Class R-5 Return Before Taxes 0.1743 0.0875 0.0993 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1449 S&P Target Date 2065+ Index (reflects no deduction for fees, expenses, or taxes) 0.2017 0.1043 0.1066 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME 2070 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0000 0.0015 0.0025 0.0321 0.0007 0.0036 0.0030 0.0058 0.0058 0.0058 0.0058 0.0394 0.0065 0.0119 0.0088 -0.0306 -0.0002 0.0000 0.0000 0.0088 0.0063 0.0119 0.0088 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 190 919 1766 3963 64 206 360 809 121 378 654 1443 90 281 488 1084 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 90 919 1766 3963 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47.9% of the average value of its portfolio.</span></div> 0.479 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”). Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Strategic Income Fund. At that time, the Fund may be combined with the Principal LifeTime Strategic Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-indent:-58.5pt"><img alt="PrincipalLifetimePortfolios_bw.jpg" id="i-48" src="ck0000898745-20260227_g24.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span>Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.15pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.15pt">Futures. </span>Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span>Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span>Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. </span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span>Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span>Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span>Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span>Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span>Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Life of Fund returns are measured from the date the Fund’s shares were first sold (March 1, 2023).</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance 2023-03-01 2023-03-01 2023-03-01 2023-03-01 Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">9.57%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(1.69)%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2025-06-30 0.0957 Lowest return for a quarter during the period of the bar chart above: 2024-12-31 -0.0169 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1765 0.1642 Institutional Class Return After Taxes on Distributions 0.1617 0.1540 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1123 0.1269 Class J Return Before Taxes 0.1631 0.1638 Class R-3 Return Before Taxes 0.1698 0.1575 Class R-5 Return Before Taxes 0.1735 0.1615 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.2198 S&P Target Date 2065+ Index (reflects no deduction for fees, expenses, or taxes) 0.2017 0.1768 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund's performance compares with returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID INCOME FUND Objective The Fund seeks current income, and as a secondary objective, capital appreciation. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0004 0.0034 0.0007 0.0029 0.0029 0.0029 0.0048 0.0063 0.0036 -0.0029 -0.0005 0.0048 0.0034 0.0031 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 149 154 269 604 35 172 322 759 32 111 197 451 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 49 154 269 604 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27.3% of the average value of its portfolio.</span></div> 0.273 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests according to an asset allocation strategy designed for investors primarily seeking current income and secondarily capital appreciation. The Fund’s asset allocation is designed for investors who are approximately 10 years beyond the normal retirement age of 65. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), securitized products, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div><img alt="HybridFunds_bw.jpg" id="i-50" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:375.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:48.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:48.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">7.43</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(8.44)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0743 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 -0.0844 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1115 0.0383 0.0499 Institutional Class Return After Taxes on Distributions 0.0944 0.0237 0.0373 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0687 0.0246 0.0346 Class J Return Before Taxes 0.1008 0.0365 0.0478 Class R-6 Return Before Taxes 0.1126 0.0387 0.0503 Bloomberg US. Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date Retirement Income Index (reflects no deduction for fees, expenses, or taxes) 0.1166 0.0415 0.0532 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date Retirement Income Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2015 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0003 0.0017 0.0007 0.0029 0.0029 0.0029 0.0047 0.0046 0.0036 -0.0012 -0.0005 0.0047 0.0034 0.0031 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 148 151 263 591 35 136 246 568 32 111 197 451 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 48 151 263 591 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19.5% of the average value of its portfolio.</span></div> 0.195 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), securitized products, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-52" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">9.79</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(8.93)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0979 Lowest return for a quarter during the period of the bar chart above: 2022-06-30 -0.0893 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1123 0.0439 0.0613 Institutional Class Return After Taxes on Distributions 0.0960 0.0294 0.0488 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0694 0.0291 0.0443 Class J Return Before Taxes 0.1001 0.0424 0.0593 Class R-6 Return Before Taxes 0.1124 0.0443 0.0617 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date 2015 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1215 0.0491 0.0634 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2015 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2020 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0002 0.0010 0.0002 0.0029 0.0029 0.0029 0.0046 0.0039 0.0031 -0.0005 0.0000 0.0046 0.0034 0.0031 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 147 148 258 579 35 120 214 488 32 100 174 393 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 47 148 258 579 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28.1% of the average value of its portfolio.</span></div> 0.281 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), securitized products, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-54" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">11.16</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(10.35)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1116 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1035 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1209 0.0512 0.0688 Institutional Class Return After Taxes on Distributions 0.1000 0.0349 0.0553 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0773 0.0347 0.0505 Class J Return Before Taxes 0.1097 0.0499 0.0669 Class R-6 Return Before Taxes 0.1213 0.0516 0.0691 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes) 0.1272 0.0535 0.0681 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2020 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2025 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0001 0.0008 0.0002 0.0028 0.0028 0.0028 0.0044 0.0036 0.0030 -0.0003 0.0000 0.0044 0.0033 0.0030 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 145 141 246 555 34 113 199 453 31 97 169 381 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 45 141 246 555 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24.4% of the average value of its portfolio.</span></div> 0.244 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), securitized products, U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="padding-left:58.5pt;text-align:justify;text-indent:-58.5pt"><img alt="HybridFunds_bw.jpg" id="i-56" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.15pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.15pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">12.56</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(12.50)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1256 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1250 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1312 0.0587 0.0763 Institutional Class Return After Taxes on Distributions 0.1137 0.0438 0.0638 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0820 0.0410 0.0572 Class J Return Before Taxes 0.1201 0.0574 0.0745 Class R-6 Return Before Taxes 0.1315 0.0588 0.0764 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 S&P Target Date 2025 Index (reflects no deduction for fees, expenses, or taxes) 0.1398 0.0607 0.0757 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2025 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2030 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0002 0.0006 0.0001 0.0028 0.0028 0.0028 0.0045 0.0034 0.0029 -0.0001 0.0045 0.0033 0.0029 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 146 144 252 567 34 108 190 430 30 93 163 368 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 46 144 252 567 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25.4% of the average value of its portfolio.</span></div> 0.254 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use futures, options, swaps (including, for example, credit default, interest rate, and currency swaps), and forwards in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-58" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Default Swaps.</span> Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection “buyer” in a credit default contract may be obligated to pay the protection “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction. <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Forward Contracts, Futures, and Swaps. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">14.20</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(14.39)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1420 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1439 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1441 0.0661 0.0836 Institutional Class Return After Taxes on Distributions 0.1280 0.0513 0.0709 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0900 0.0472 0.0635 Class J Return Before Taxes 0.1327 0.0649 0.0816 Class R-6 Return Before Taxes 0.1446 0.0665 0.0839 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2030 Index (reflects no deduction for fees, expenses, or taxes) 0.1513 0.0707 0.0841 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;margin-top:1pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2030 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2035 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0002 0.0007 0.0002 0.0027 0.0027 0.0027 0.0044 0.0034 0.0029 -0.0002 0.0044 0.0032 0.0029 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 145 141 246 555 33 107 189 429 30 93 163 368 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 45 141 246 555 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28.3% of the average value of its portfolio.</span></div> 0.283 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of large market capitalization companies, fixed-income securities, domestic and foreign securities, securities denominated in foreign currencies, investment companies (including index funds), U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-60" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">15.37</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(16.18)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1537 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1618 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1557 0.0753 0.0911 Institutional Class Return After Taxes on Distributions 0.1397 0.0608 0.0789 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0974 0.0549 0.0703 Class J Return Before Taxes 0.1451 0.0741 0.0890 Class R-6 Return Before Taxes 0.1566 0.0758 0.0915 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2035 Index (reflects no deduction for fees, expenses, or taxes) 0.1680 0.0819 0.0932 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2035 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2040 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0003 0.0006 0.0002 0.0029 0.0029 0.0029 0.0047 0.0035 0.0031 -0.0001 0.0047 0.0034 0.0031 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 148 151 263 591 35 112 196 442 32 100 174 393 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 48 151 263 591 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 29.8% of the average value of its portfolio.</span></div> 0.298 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), U.S. government and U.S. government-sponsored securities, and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-62" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">16.41</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(17.67)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1641 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1767 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1724 0.0862 0.0985 Institutional Class Return After Taxes on Distributions 0.1575 0.0721 0.0864 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1079 0.0639 0.0768 Class J Return Before Taxes 0.1614 0.0848 0.0963 Class R-6 Return Before Taxes 0.1725 0.0865 0.0989 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2040 Index (reflects no deduction for fees, expenses, or taxes) 0.1820 0.0918 0.1006 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2040 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2045 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0004 0.0008 0.0002 0.0030 0.0030 0.0030 0.0049 0.0038 0.0032 -0.0003 0.0000 0.0049 0.0035 0.0032 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 150 157 274 616 36 119 210 477 33 103 180 406 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 50 157 274 616 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35.2% of the average value of its portfolio.</span></div> 0.352 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-64" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table for is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">17.28</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(18.83)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1728 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1883 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1853 0.0947 0.1044 Institutional Class Return After Taxes on Distributions 0.1694 0.0806 0.0927 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1168 0.0711 0.0823 Class J Return Before Taxes 0.1740 0.0930 0.1022 Class R-6 Return Before Taxes 0.1861 0.0950 0.1048 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2045 Index (reflects no deduction for fees, expenses, or taxes) 0.1948 0.0984 0.1054 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2045 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2050 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0006 0.0008 0.0002 0.0031 0.0031 0.0031 0.0052 0.0039 0.0033 -0.0003 0.0000 0.0052 0.0036 0.0033 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 153 167 291 653 37 122 216 490 34 106 185 418 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 53 167 291 653 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 33.7% of the average value of its portfolio.</span></div> 0.337 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-66" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">18.00</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(19.78)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1800 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1978 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1963 0.1011 0.1088 Institutional Class Return After Taxes on Distributions 0.1810 0.0875 0.0973 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1238 0.0766 0.0862 Class J Return Before Taxes 0.1846 0.0991 0.1065 Class R-6 Return Before Taxes 0.1966 0.1014 0.1090 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2050 Index (reflects no deduction for fees, expenses, or taxes) 0.1956 0.1013 0.1079 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2050 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2055 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0011 0.0010 0.0003 0.0031 0.0031 0.0031 0.0057 0.0041 0.0034 -0.0005 -0.0001 0.0057 0.0036 0.0033 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 158 183 318 714 37 127 225 513 34 108 190 430 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 58 183 318 714 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 33.7% of the average value of its portfolio.</span></div> 0.337 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-68" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">18.35</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(20.52)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1835 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2052 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1988 0.1027 0.1102 Institutional Class Return After Taxes on Distributions 0.1845 0.0898 0.0994 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1251 0.0781 0.0878 Class J Return Before Taxes 0.1859 0.1000 0.1075 Class R-6 Return Before Taxes 0.1994 0.1031 0.1105 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2055 Index (reflects no deduction for fees, expenses, or taxes) 0.2006 0.1027 0.1091 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2055 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2060 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0020 0.0016 0.0005 0.0031 0.0031 0.0031 0.0066 0.0047 0.0036 -0.0005 -0.0011 -0.0003 0.0061 0.0036 0.0033 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 162 206 363 818 37 140 252 581 34 113 199 453 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 62 206 363 818 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 33.5% of the average value of its portfolio.</span></div> 0.335 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-70" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table is that of the Fund’s Institutional Class shares, adjusted to reflect the respective fees and expenses of each class. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">18.71</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(20.90)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1871 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2090 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1990 0.1032 0.1114 Institutional Class Return After Taxes on Distributions 0.1854 0.0912 0.1012 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1249 0.0788 0.0889 Class J Return Before Taxes 0.1862 0.1005 0.1085 Class R-6 Return Before Taxes 0.1992 0.1035 0.1116 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P Target Date 2060 Index (reflects no deduction for fees, expenses, or taxes) 0.1994 0.1026 0.1098 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2060 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2065 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0038 0.0055 0.0011 0.0031 0.0031 0.0031 0.0084 0.0086 0.0042 -0.0023 -0.0050 -0.0009 0.0061 0.0036 0.0033 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 162 245 443 1016 37 224 428 1014 34 126 226 521 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 62 245 443 1016 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34.6% of the average value of its portfolio.</span></div> 0.346 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, the Fund considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div><div style="text-align:justify"><img alt="HybridFunds_bw.jpg" id="i-72" src="ck0000898745-20260227_g38.jpg" style="-sec-ix-redline:true;height:537px;margin-bottom:5pt;vertical-align:text-bottom;width:696px"/></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Life of Fund returns are measured from the date the Fund’s shares were first sold (September 6, 2017).</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class J shares (March 1, 2018), the performance shown in the table for Class J shares is that of the Fund’s Institutional Class shares, adjusted to reflect the fees and expenses of Class J shares. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares, which were first sold on September 6, 2017.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2018, Class R-6 experienced a one-time loss of approximately $0.33 per share as a result of a large redemption. If such loss had not been recognized, the total return amounts expressed herein would have been higher. During May of 2019, Class R-6 experienced a one-time gain of approximately $0.35 per share as a result of a reimbursement by PGI, the investment advisor. If such gain had not been recognized, the total return amounts expressed herein would have been lower.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance 2017-09-06 Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">19.12</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(21.10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1912 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2110 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1991 0.1036 0.1079 Institutional Class Return After Taxes on Distributions 0.1868 0.0933 0.0984 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1240 0.0795 0.0851 Class J Return Before Taxes 0.1862 0.1006 0.1049 Class R-6 Return Before Taxes 0.1988 0.1038 0.1082 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1449 S&P Target Date 2065+ Index (reflects no deduction for fees, expenses, or taxes) 0.2017 0.1043 0.1066 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. PRINCIPAL LIFETIME HYBRID 2070 FUND Objective The Fund seeks a total return consisting of long-term growth of capital and current income. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0000 0.0000 0.0000 0.0015 0.0134 0.0160 0.0079 0.0031 0.0031 0.0031 0.0180 0.0191 0.0110 -0.0119 -0.0155 -0.0077 0.0061 0.0036 0.0033 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 162 450 863 2018 37 449 887 2106 34 273 531 1271 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 62 450 863 2018 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 49.5% of the average value of its portfolio.</span></div> 0.495 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund operates as a “target date fund” that invests according to an asset allocation strategy designed for investors having a retirement investment goal close to the year in the Fund’s name. The Fund is a fund of funds and invests in underlying funds of Principal Exchange-Traded Funds (“PETF”) and Principal Funds, Inc. (“PFI”), with a majority of the Fund’s assets invested in index funds. Its underlying funds consist of domestic and foreign equity funds, fixed-income funds, real asset funds, and other funds that aim to offer diversification beyond traditional equity and fixed-income securities. The asset class diversification of the Fund is designed to moderate overall price volatility. The Fund may add, remove, or substitute underlying funds at any time.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is managed with strategic or long-term asset class targets and target ranges. There is a rebalancing strategy that aligns with the target weights to identify asset classes that are either overweight or underweight. The Fund may shift asset class targets in response to normal evaluative processes, the shortening time horizon of the Fund, or changes in market forces or Fund circumstances.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In selecting underlying funds and target weights, Principal Global Investors, LLC (“PGI”), the Fund’s investment advisor, considers both quantitative measures (e.g., past performance, expected levels of risk and returns, expense levels, diversification, and style consistency) and qualitative factors (e.g., organizational stability, investment experience, investment and risk management processes, and information, trading, and compliance systems). There are no minimum or maximum percentages of assets that the Fund must invest in a specific asset class or underlying fund.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The underlying funds invest in growth and value stocks of small, medium, and large market capitalization companies, fixed-income securities, domestic and foreign (including those in emerging markets) securities, securities denominated in foreign currencies, investment companies (including index funds), and derivatives. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The underlying funds principally use equity index futures and options in order to gain exposure to a variety of securities or asset classes or attempt to reduce risk.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s asset allocation will become more conservative as the Fund reaches its stated target year and the Fund’s strategy becomes more risk adverse. Approximately 10 years after its target year, the Fund’s underlying fund allocation is expected to match that of the Principal LifeTime Hybrid Income Fund. At that time, the Fund may be combined with the Principal LifeTime Hybrid Income Fund if the Board of Directors determines that the combination is in the best interests of Fund shareholders. It is expected that at the target date in the Fund’s name, the shareholder will begin gradually withdrawing the account’s value.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Target Date Fund Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A target date fund should not be selected based solely on age or retirement date because there is no guarantee that this Fund will provide adequate income at or through retirement.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Options. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Options involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the options; counterparty risk; difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets); and an insufficient liquid secondary market for particular options.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span>The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Life of Fund returns are measured from the date the Fund’s shares were first sold (March 1, 2023).</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance 2023-03-01 2023-03-01 2023-03-01 Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="-sec-ix-redline:true;border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">9.93%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(1.56)%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2025-06-30 0.0993 Lowest return for a quarter during the period of the bar chart above: 2025-03-31 -0.0156 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1986 0.1810 Institutional Class Return After Taxes on Distributions 0.1884 0.1723 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.1221 0.1403 Class J Return Before Taxes 0.1853 0.1833 Class R-6 Return Before Taxes 0.1983 0.1815 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.2198 S&P Target Date 2065+ Index (reflects no deduction for fees, expenses, or taxes) 0.2017 0.1768 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P Target Date 2065+ Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. REAL ESTATE SECURITIES FUND Objective The Fund seeks to generate a total return. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0025 0.0100 0.0015 0.0025 0.0015 0.0028 0.0015 0.0011 0.0033 0.0027 0.0002 0.0119 0.0207 0.0109 0.0090 0.0137 0.0106 0.0081 -0.0004 0.0119 0.0207 0.0109 0.0086 0.0137 0.0106 0.0081 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 665 907 1168 1914 310 649 1114 2174 211 347 601 1329 88 283 495 1104 139 434 750 1646 108 337 585 1294 83 259 450 1002 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 210 649 1114 2174 111 347 601 1329 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18.5% of the average value of its portfolio.</span></div> 0.185 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry. A real estate company has at least 50% of its assets, income, or profits derived from products or services related to the real estate industry. Real estate companies include real estate investment trusts (“REITs”) and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as those whose products and services relate to the real estate industry, including building supply manufacturers, mortgage lenders, and mortgage servicing companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">REITs are pooled investment vehicles that invest in income-producing real estate, real estate-related loans, or other types of real estate interests. REITs are corporations or business trusts that are permitted to eliminate corporate level federal income taxes by meeting certain requirements of the Internal Revenue Code.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in equity securities regardless of market capitalization (small, medium, or large). The Fund invests in growth and value equity securities. The Fund concentrates its investments (invest more than 25% of its net assets) in securities in the real estate industry.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of companies principally engaged in the real estate industry. A real estate company has at least 50% of its assets, income, or profits derived from products or services related to the real estate industry. Real estate companies include real estate investment trusts (“REITs”) and companies with substantial real estate holdings such as paper, lumber, hotel, and entertainment companies, as well as those whose products and services relate to the real estate industry, including building supply manufacturers, mortgage lenders, and mortgage servicing companies. The Fund concentrates its investments (invest more than 25% of its net assets) in securities in the real estate industry. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Industry Concentration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that concentrates investments in a particular industry or group of industries has greater exposure than other funds to market, economic, and other factors affecting that industry or group of industries. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Real Estate.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A fund concentrating in the real estate industry is subject to the risks associated with direct ownership of real estate, securities of companies in the real estate industry, and/or real estate investment trusts. These risks are explained more fully below in Real Estate Investment Trusts (REITs) Risk and Real Estate Securities Risk.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Real Estate.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A fund concentrating in the real estate industry is subject to the risks associated with direct ownership of real estate, securities of companies in the real estate industry, and/or real estate investment trusts. These risks are explained more fully below in Real Estate Investment Trusts (REITs) Risk and Real Estate Securities Risk.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Non-Diversification Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A non-diversified fund may invest a high percentage of its assets in the securities of a small number of issuers and is more likely than diversified funds to be significantly affected by a specific security’s poor performance.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Investment Trusts (“REITs”) Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to risks associated with investing in real estate securities, REITs are dependent upon management skills, are not diversified, and are subject to heavy cash flow dependency, risks of default by borrowers, and self-liquidation. Investment in REITs also involves risks similar to risks of investing in small market capitalization companies, such as limited financial resources, less frequent and limited volume trading, and may be subject to more abrupt or erratic price movements than larger company securities. A REIT could fail to qualify for tax-free pass-through of income under the Internal Revenue Code. Fund shareholders will indirectly bear their proportionate share of the expenses of REITs in which the fund invests.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investing in real estate securities subjects the fund to the risks associated with the real estate market (which are similar to the risks associated with direct ownership in real estate), including declines in real estate values, loss due to casualty or condemnation, property taxes, interest rate changes, increased expenses, cash flow of underlying real estate assets, regulatory changes (including zoning, land use, and rents), and environmental problems, as well as to the risks related to the management skill and creditworthiness of the issuer.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Class R-3 shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class R-3 shares, the historical performance of the Class R-3 shares is used. These adjustments result in performance for such periods that is no higher than the historical performance of the Class R-3 shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2019</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">17.29</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(22.76)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2019-03-31 0.1729 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2276 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes -0.0469 0.0326 0.0492 Class A Return After Taxes on Distributions -0.0541 0.0234 0.0395 Class A Return After Taxes on Distributions and Sale of Fund Shares -0.0261 0.0232 0.0362 Class C Return Before Taxes -0.0102 0.0357 0.0484 Class J Return Before Taxes 0.0000 0.0456 0.0565 Institutional Class Return Before Taxes 0.0120 0.0479 0.0589 Class R-3 Return Before Taxes 0.0069 0.0427 0.0537 Class R-5 Return Before Taxes 0.0102 0.0459 0.0569 Class R-6 Return Before Taxes 0.0125 0.0485 0.0590 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 FTSE NAREIT All Equity REIT Index (reflects no deduction for fees, expenses, or taxes) 0.0227 0.0485 0.0577 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 3000 Index is the Fund's primary broad-based securities market index. The FTSE NAREIT All Equity REIT Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of an index of funds with similar investment objectives.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The FTSE NAREIT All Equity REIT Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of an index of funds with similar investment objectives. SAM (STRATEGIC ASSET MANAGEMENT) BALANCED PORTFOLIO Objective The Fund seeks to provide as high a level of total return (consisting of reinvested income and capital appreciation) as is consistent with reasonable risk. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0027 0.0027 0.0027 0.0027 0.0027 0.0025 0.0100 0.0015 0.0025 0.0007 0.0009 0.0003 0.0002 0.0033 0.0027 0.0046 0.0046 0.0046 0.0046 0.0046 0.0046 0.0105 0.0182 0.0091 0.0075 0.0131 0.0100 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 651 866 1098 1762 285 573 985 1935 193 290 504 1120 77 240 417 930 133 415 718 1579 102 318 552 1225 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 185 573 985 1935 93 290 504 1120 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying funds' performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44.7% of the average value of its portfolio.</span> 0.447 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SAM Portfolios operate as funds of funds and invest principally in funds and exchange-traded funds (“ETFs”) of Principal Funds, Inc. and Principal Exchange-Traded Funds (“Underlying Funds”). Each SAM Portfolio generally categorizes each Underlying Fund as a fixed-income, equity, or specialty fund based on its investment profile. Each SAM Portfolio typically allocates its assets among Underlying Funds, and within predetermined percentage ranges, as determined by the SAM Portfolio in accordance with its outlook for the economy, the financial markets, and the relative market valuations of the Underlying Funds. The asset class diversification of the SAM Portfolio is designed to moderate overall price volatility and cushion severe losses in any one investment sector.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund generally invests:</span></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">between 20% and 60% of its assets in fixed-income funds, and less than 40% in any one fixed-income fund; such funds generally invest in fixed-income instruments such as corporate bonds;</span></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">between 40% and 80% of its assets in equity funds, and less than 30% in any one equity fund; such funds generally invest in equity securities of domestic and foreign companies (including in emerging markets), including small, medium, and large market capitalization companies, and growth and value stock; and</span></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">less than 20% of its assets in specialty funds, and less than 20% in any one specialty fund; such funds generally offer unique combinations of traditional equity securities and fixed-income securities or use alternative investment strategies that aim to offer diversification beyond traditional equity and fixed-income securities and include investments in such assets as infrastructure, commodities, currencies, and natural resources companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may temporarily exceed these percentage ranges and may alter the percentage ranges when it deems appropriate.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span>Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption. Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">13.09</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(15.43)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1309 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1543 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0732 0.0566 0.0725 Class A Return After Taxes on Distributions 0.0444 0.0373 0.0553 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0576 0.0402 0.0537 Class C Return Before Taxes 0.1173 0.0604 0.0720 Class J Return Before Taxes 0.1271 0.0702 0.0803 Institutional Class Return Before Taxes 0.1388 0.0719 0.0819 Class R-3 Return Before Taxes 0.1329 0.0659 0.0759 Class R-5 Return Before Taxes 0.1363 0.0693 0.0793 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 SAM Balanced Blended Index (except as noted for MSCI ACWI Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1622 0.0657 0.0796 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 SAM Balanced Blended Index (except as noted for MSCI EAFE Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1526 0.0715 0.0861 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 MSCI EAFE Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3122 0.0892 0.0818 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective March 1, 2026, the Fund changed its primary broad-based securities market index to the MSCI ACWI Index NTR because it more closely aligns with the Fund's investment approach. Prior to March 1, 2026, the Fund's primary broad-based securities market index was the Russell 3000 Index. The SAM Balanced Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. Performance of each component of the blended index is also shown. Effective as of March 1, 2026, the Fund changed the weightings of the SAM Balanced Blended Index to the following because such weightings more closely align with the Fund's investment approach: 60% MSCI ACWI Index NTR and 40% Bloomberg US Aggregate Index. Prior to March 1, 2026, the components and weightings of the SAM Balanced Blended Index were as follows: 45% Russell 3000 Index, 40% Bloomberg US Aggregate Index, and 15% MSCI EAFE Index NTR. The blended index returns reflect the allocations described in the preceding sentences and are as of December 31, 2025.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The SAM Balanced Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. SAM (STRATEGIC ASSET MANAGEMENT) CONSERVATIVE BALANCED PORTFOLIO Objective The Fund seeks to provide a high level of total return (consisting of reinvestment of income and capital appreciation), consistent with a moderate degree of principal risk. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0027 0.0027 0.0027 0.0027 0.0027 0.0025 0.0100 0.0015 0.0025 0.0007 0.0012 0.0002 0.0003 0.0033 0.0027 0.0043 0.0043 0.0043 0.0043 0.0043 0.0043 0.0102 0.0182 0.0087 0.0073 0.0128 0.0097 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 648 857 1082 1729 285 573 985 1927 189 278 482 1073 75 233 406 906 130 406 702 1545 99 309 536 1190 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 185 573 985 1927 89 278 482 1073 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32.3% of the average value of its portfolio.</span> 0.323 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SAM Portfolios operate as funds of funds and invest principally in funds and exchange-traded funds (“ETFs”) of Principal Funds, Inc. and Principal Exchange-Traded Funds (“Underlying Funds”). Each SAM Portfolio generally categorizes each Underlying Fund as a fixed-income, equity, or specialty fund based on its investment profile. Each SAM Portfolio typically allocates its assets among Underlying Funds, and within predetermined percentage ranges, as determined by the SAM Portfolio in accordance with its outlook for the economy, the financial markets, and the relative market valuations of the Underlying Funds. The asset class diversification of the SAM Portfolio is designed to moderate overall price volatility and cushion severe losses in any one investment sector.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund generally invests:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">between 40% and 80% of its assets in fixed-income funds, and less than 40% in any one fixed-income fund; such funds generally invest in fixed-income instruments such as high yield securities (or “junk” bonds), securitized products, and corporate bonds;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">between 20% and 60% of its assets in equity funds, and less than 30% in any one equity fund; such funds generally invest in equity securities of domestic and foreign companies (including in emerging markets), including small, medium, and large market capitalization companies, and growth and value stock; and</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">less than 20% of its assets in specialty funds, and less than 20% in any one specialty fund; such funds generally offer unique combinations of traditional equity securities and fixed-income securities or use alternative investment strategies that aim to offer diversification beyond traditional equity and fixed-income securities and include investments in such assets as infrastructure, commodities, currencies, and natural resources companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may temporarily exceed these percentage ranges and may alter the percentage ranges when it deems appropriate.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:389.25pt"><tr><td style="width:1.0pt"></td><td style="width:277.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">10.32</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(11.74)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1032 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1174 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0507 0.0346 0.0533 Class A Return After Taxes on Distributions 0.0279 0.0198 0.0393 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0391 0.0229 0.0380 Class C Return Before Taxes 0.0936 0.0383 0.0529 Class J Return Before Taxes 0.1044 0.0483 0.0612 Institutional Class Return Before Taxes 0.1162 0.0496 0.0626 Class R-3 Return Before Taxes 0.1097 0.0439 0.0568 Class R-5 Return Before Taxes 0.1138 0.0472 0.0601 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 SAM Conservative Balanced Blended Index (except as noted for MSCI ACWI Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1321 0.0426 0.0602 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 SAM Conservative Balanced Blended Index (except as noted for MSCI EAFE Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1259 0.0464 0.0645 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 MSCI EAFE Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3122 0.0892 0.0818 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The SAM Conservative Balanced Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. Performance of each component of the blended index is also shown. Effective as of March 1, 2026, the Fund changed the weightings of the SAM Conservative Balanced Blended Index to the following because such weightings more closely align with the Fund's investment approach: 60% Bloomberg US Aggregate Index and 40% MSCI ACWI Index NTR. Prior to March 1, 2026, the components and weightings of the SAM Conservative Balanced Blended Index were as follows: 60% Bloomberg US Aggregate Index, 30% Russell 3000 Index, and 10% MSCI EAFE Index NTR. The blended index returns reflect the allocations described in the preceding sentences and are as of December 31, 2025.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The SAM Conservative Balanced Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. SAM (STRATEGIC ASSET MANAGEMENT) CONSERVATIVE GROWTH PORTFOLIO Objective The Fund seeks to provide long-term capital appreciation. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0027 0.0027 0.0027 0.0027 0.0027 0.0025 0.0100 0.0015 0.0025 0.0007 0.0009 0.0003 0.0003 0.0033 0.0027 0.0049 0.0049 0.0049 0.0049 0.0049 0.0049 0.0108 0.0185 0.0094 0.0079 0.0134 0.0103 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 654 875 1113 1795 288 582 1001 1968 196 300 520 1155 81 252 439 978 136 425 734 1613 105 328 569 1259 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 188 582 1001 1968 96 300 520 1155 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41.9% of the average value of its portfolio.</span> 0.419 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SAM Portfolios operate as funds of funds and invest principally in funds and exchange-traded funds (“ETFs”) of Principal Funds, Inc. and Principal Exchange-Traded Funds (“Underlying Funds”). Each SAM Portfolio generally categorizes each Underlying Fund as a fixed-income, equity, or specialty fund based on its investment profile. Each SAM Portfolio typically allocates its assets among Underlying Funds, and within predetermined percentage ranges, as determined by the SAM Portfolio in accordance with its outlook for the economy, the financial markets, and the relative market valuations of the Underlying Funds. The asset class diversification of the SAM Portfolio is designed to moderate overall price volatility and cushion severe losses in any one investment sector.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund generally invests:</span></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">between 0% and 40% of its assets in fixed-income funds, and less than 30% in any one fixed-income fund; such funds generally invest in fixed-income instruments such as corporate bonds;</span></div><div style="margin-bottom:3pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">between 60% and 100% of its assets in equity funds, and less than 40% in any one equity fund; such funds generally invest in equity securities of domestic and foreign companies (including in emerging markets), including small, medium, and large market capitalization companies, and growth and value stock; and</span></div><div style="margin-bottom:6pt;padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">less than 20% of its assets in specialty funds, and less than 20% in any one specialty fund; such funds generally offer unique combinations of traditional equity securities and fixed-income securities or use alternative investment strategies that aim to offer diversification beyond traditional equity and fixed-income securities and include investments in such assets as infrastructure, commodities, currencies, and natural resources companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may temporarily exceed these percentage ranges and may alter the percentage ranges when it deems appropriate.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">15.98</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(19.15)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1598 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.1915 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0885 0.0737 0.0890 Class A Return After Taxes on Distributions 0.0554 0.0533 0.0705 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0726 0.0544 0.0677 Class C Return Before Taxes 0.1324 0.0774 0.0884 Class J Return Before Taxes 0.1433 0.0877 0.0969 Institutional Class Return Before Taxes 0.1544 0.0893 0.0986 Class R-3 Return Before Taxes 0.1488 0.0833 0.0926 Class R-5 Return Before Taxes 0.1522 0.0866 0.0959 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 SAM Conservative Growth Blended Index (except as noted for MSCI ACWI Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1926 0.0888 0.0987 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 SAM Conservative Growth Blended Index (except as noted for MSCI EAFE Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1795 0.0966 0.1073 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 MSCI EAFE Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3122 0.0892 0.0818 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective March 1, 2026, the Fund changed its primary broad-based securities market index to the MSCI ACWI Index NTR because it more closely aligns with the Fund's investment approach. Prior to March 1, 2026, the Fund's primary broad-based securities market index was the Russell 3000 Index.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SAM Conservative Growth Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. Performance of each component of the blended index is also shown. Effective as of March 1, 2026, the Fund changed the weightings of the SAM Conservative Growth Blended Index to the following because such weightings more closely align with the Fund's investment approach:</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">80% MSCI ACWI Index NTR and 20% Bloomberg US Aggregate Index. Prior to March 1, 2026, the components and weightings of the SAM Conservative Growth Blended Index were as follows: 60% Russell 3000 Index, 20% Bloomberg US Aggregate Index, and 20% MSCI EAFE Index NTR. The blended index returns reflect the allocations described in the preceding sentences and are as of December 31, 2025.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The SAM Conservative Growth Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. SAM (STRATEGIC ASSET MANAGEMENT) FLEXIBLE INCOME PORTFOLIO Objective The Fund seeks to provide a high level of total return (consisting of reinvestment of income with some capital appreciation). Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0027 0.0027 0.0027 0.0027 0.0027 0.0025 0.0100 0.0015 0.0025 0.0007 0.0011 0.0002 0.0005 0.0033 0.0027 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0100 0.0179 0.0085 0.0073 0.0126 0.0095 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 473 681 907 1554 282 563 970 1897 187 271 471 1049 75 233 406 906 128 400 692 1523 97 303 525 1166 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 182 563 970 1897 87 271 471 1049 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 23.9% of the average value of its portfolio.</span> 0.239 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SAM Portfolios operate as funds of funds and invest principally in funds and exchange-traded funds (“ETFs”) of Principal Funds, Inc. and Principal Exchange-Traded Funds (“Underlying Funds”). Each SAM Portfolio generally categorizes each Underlying Fund as a fixed-income, equity, or specialty fund based on its investment profile. Each SAM Portfolio typically allocates its assets among Underlying Funds, and within predetermined percentage ranges, as determined by the SAM Portfolio in accordance with its outlook for the economy, the financial markets, and the relative market valuations of the Underlying Funds. The asset class diversification of the SAM Portfolio is designed to moderate overall price volatility and cushion severe losses in any one investment sector.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund generally invests:</span></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">between 55% and 95% of its assets in fixed-income funds, and less than 40% in any one fixed-income fund; such funds generally invest in fixed-income instruments such as high yield securities (or “junk” bonds), securitized products, corporate bonds, and U.S. government securities;</span></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">between 5% and 45% of its assets in equity funds, and less than 30% in any one equity fund; such funds generally invest in equity securities of domestic and foreign companies, including small, medium, and large market capitalization companies, and growth and value stock; and</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">less than 20% of its assets in specialty funds, and less than 20% in any one specialty fund; such funds generally offer unique combinations of traditional equity securities and fixed-income securities or use alternative investment strategies that aim to offer diversification beyond traditional equity and fixed-income securities and include investments in such assets as infrastructure, commodities, currencies, and natural resources companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may temporarily exceed these percentage ranges and may alter the percentage ranges when it deems appropriate.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">7.69</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(8.81)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0769 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.0881 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0542 0.0242 0.0427 Class A Return After Taxes on Distributions 0.0414 0.0123 0.0302 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0341 0.0145 0.0290 Class C Return Before Taxes 0.0770 0.0242 0.0403 Class J Return Before Taxes 0.0873 0.0338 0.0484 Institutional Class Return Before Taxes 0.0988 0.0351 0.0497 Class R-3 Return Before Taxes 0.0923 0.0295 0.0441 Class R-5 Return Before Taxes 0.0964 0.0327 0.0473 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 SAM Flexible Income Blended Index (except as noted for MSCI ACWI Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1098 0.0252 0.0453 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 SAM Flexible Income Blended Index (except as noted for MSCI EAFE Index NTR, reflects no deduction for fees, expenses, or taxes) 0.1044 0.0281 0.0487 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 MSCI EAFE Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3122 0.0892 0.0818 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The SAM Flexible Income Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. Performance of each component of the blended index is also shown. Effective as of March 1, 2026, the Fund changed the weightings of the SAM Flexible Income Blended Index to the following because such weightings more closely align with the Fund's investment approach:</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">75% Bloomberg US Aggregate Index and 25% MSCI ACWI Index NTR. Prior to March 1, 2026, the components and weightings of the SAM Flexible Income Blended Index were as follows: 75% Bloomberg US Aggregate Index, 20% Russell 3000 Index, and 5% MSCI EAFE Index NTR. The blended index returns reflect the allocations described in the preceding sentences and are as of December 31, 2025.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The SAM Flexible Income Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. SAM (STRATEGIC ASSET MANAGEMENT) STRATEGIC GROWTH PORTFOLIO Objective The Fund seeks to provide long-term capital appreciation. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0027 0.0027 0.0027 0.0027 0.0027 0.0027 0.0025 0.0100 0.0015 0.0025 0.0007 0.0011 0.0004 0.0003 0.0033 0.0027 0.0052 0.0052 0.0052 0.0052 0.0052 0.0052 0.0111 0.0190 0.0098 0.0082 0.0137 0.0106 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 657 883 1128 1827 293 597 1026 2016 200 312 542 1201 84 262 455 1014 139 434 750 1646 108 337 585 1294 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 193 597 1026 2016 100 312 542 1201 Portfolio Turnover <span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund and each underlying fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s and the underlying fund's performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 44.8% of the average value of its portfolio.</span> 0.448 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SAM Portfolios operate as funds of funds and invest principally in funds and exchange-traded funds (“ETFs”) of Principal Funds, Inc. and Principal Exchange-Traded Funds (“Underlying Funds”). Each SAM Portfolio generally categorizes each Underlying Fund as a fixed-income, equity, or specialty fund based on its investment profile. Each SAM Portfolio typically allocates its assets among Underlying Funds, and within predetermined percentage ranges, as determined by the SAM Portfolio in accordance with its outlook for the economy, the financial markets, and the relative market valuations of the Underlying Funds. The asset class diversification of the SAM Portfolio is designed to moderate overall price volatility and cushion severe losses in any one investment sector.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund generally invests:</span></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">between 75% and 100% of its assets in equity funds, and less than 50% in any one equity fund; such funds generally invest in equity securities of domestic and foreign companies (including in emerging markets), including small, medium, and large market capitalization companies, and growth and value stock; and</span></div><div style="margin-bottom:3pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">less than 20% of its assets in specialty funds, and less than 20% in any one specialty fund; such funds generally offer unique combinations of traditional equity securities or use alternative investment strategies that aim to offer diversification beyond traditional equity securities and include investments in such assets as infrastructure, commodities, currencies, and natural resources companies.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may temporarily exceed these percentage ranges and may alter the percentage ranges when it deems appropriate.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fund of Funds Risk. </span>Fund shareholders bear indirectly their proportionate share of the expenses of other investment companies (for example, other mutual funds or exchange-traded funds) in which the Fund invests (“underlying funds”). The Fund’s selection and weighting of asset classes and allocation of investments in underlying funds may cause it to underperform other funds with a similar investment objective. The Fund’s performance and risks correspond directly to the performance and risks of the underlying funds in which it invests, proportionately in accordance with the weightings of such investments, and there is no assurance that the underlying funds will achieve their investment objectives. Management of the Fund entails potential conflicts of interest: the Fund invests in affiliated underlying funds; and PGI and its affiliates may earn different fees from different underlying funds and may have an incentive to allocate more Fund assets to underlying funds from which they receive higher fees. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Emerging Markets Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Currency Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">19.17</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(22.15)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.1917 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2215 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.1006 0.0853 0.0992 Class A Return After Taxes on Distributions 0.0715 0.0673 0.0805 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0790 0.0645 0.0761 Class C Return Before Taxes 0.1457 0.0889 0.0986 Class J Return Before Taxes 0.1564 0.0993 0.1072 Institutional Class Return Before Taxes 0.1686 0.1011 0.1090 Class R-3 Return Before Taxes 0.1616 0.0949 0.1029 Class R-5 Return Before Taxes 0.1655 0.0984 0.1063 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 SAM Strategic Growth Blended Index (except as noted for MSCI ACWI Index NTR, reflects no deduction for fees, expenses, or taxes) 0.2157 0.1061 0.1126 MSCI ACWI Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.2234 0.1119 0.1172 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 SAM Strategic Growth Blended Index (except as noted for MSCI EAFE Index NTR, reflects no deduction for fees, expenses, or taxes) 0.2015 0.1149 0.1222 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 MSCI EAFE Index NTR (reflects withholding taxes on foreign dividends, but no deduction for fees, expenses, or other taxes) 0.3122 0.0892 0.0818 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective March 1, 2026, the Fund changed its primary broad-based securities market index to the MSCI ACWI Index NTR because it more closely aligns with the Fund's investment approach. Prior to March 1, 2026, the Fund's primary broad-based securities market index was the Russell 3000 Index. The SAM Strategic Growth Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. Performance of each component of the blended index is also shown. Effective as of March 1, 2026, the Fund changed the weightings of the SAM Strategic Growth Blended Index to the following because such weightings more closely align with the Fund's investment approach: 95% MSCI ACWI Index NTR and 5% Bloomberg US Aggregate Index. Prior to March 1, 2026, the weightings for SAM Strategic Growth Blended Index were as follows: 70% Russell 3000 Index, 25% MSCI EAFE Index NTR, and 5% Bloomberg US Aggregate Index. The blended index returns reflect the allocations described in the preceding sentences and are as of December 31, 2025.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The SAM Strategic Growth Blended Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with returns of indices of funds with similar investment objectives. SHORT-TERM INCOME FUND Objective The Fund seeks to provide as high a level of current income as is consistent with prudent investment management and stability of principal. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0225 0 0 0 0 0 0.0100 0.0100 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0034 0.0034 0.0034 0.0034 0.0034 0.0034 0.0015 0.0100 0.0015 0.0025 0.0010 0.0019 0.0009 0.0004 0.0032 0.0026 0.0001 0.0001 0.0001 0.0001 0.0001 0.0001 0.0060 0.0154 0.0059 0.0039 0.0092 0.0061 Fees have been restated to reflect current fees. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 285 413 552 958 257 486 839 1581 160 189 329 738 40 125 219 493 94 293 509 1131 62 195 340 762 With respect to Classes C and J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 157 486 839 1581 60 189 329 738 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 42.3% of the average value of its portfolio.</span></div> 0.423 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks to achieve its investment objective by investing in a broad range of high-quality, fixed-income securities. The Fund invests primarily in high-quality short-term bonds and other fixed-income securities that, at the time of purchase, are rated BBB- or higher by S&amp;P Global Ratings (“S&amp;P Global”) or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”). If the 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. The Fund’s investments also include corporate securities, government securities, mortgage-backed and asset-backed securities (securitized products), and foreign securities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund maintains an effective maturity of five years or less and an average portfolio duration that is within ±30% of the duration of the Bloomberg Credit 1-3 Year Index, which as of January 31, 2026 was 1.80 years.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in derivatives, including Treasury futures and credit index futures, for hedging purposes and to manage 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.</span></div> Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund’s initial investment. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Futures. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Futures contracts involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Real Estate Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investing in real estate securities subjects the fund to the risks associated with the real estate market (which are similar to the risks associated with direct ownership in real estate), including declines in real estate values, loss due to casualty or condemnation, property taxes, interest rate changes, increased expenses, cash flow of underlying real estate assets, regulatory changes (including zoning, land use, and rents), and environmental problems, as well as to the risks related to the management skill and creditworthiness of the issuer.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securitized Products Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Government-Sponsored Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities issued by U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. government.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">3.37</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(2.48)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.0337 Lowest return for a quarter during the period of the bar chart above: 2022-03-31 -0.0248 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0289 0.0166 0.0216 Class A Return After Taxes on Distributions 0.0137 0.0060 0.0121 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0169 0.0081 0.0124 Class C Return Before Taxes 0.0331 0.0117 0.0164 Class J Return Before Taxes 0.0440 0.0216 0.0241 Institutional Class Return Before Taxes 0.0552 0.0235 0.0262 Class R-3 Return Before Taxes 0.0496 0.0181 0.0208 Class R-5 Return Before Taxes 0.0529 0.0213 0.0238 Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 Bloomberg Credit 1-3 Year Index (reflects no deduction for fees, expenses, or taxes) 0.0582 0.0246 0.0264 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Bloomberg US Aggregate Index is the Fund's primary broad-based securities market index. The Bloomberg Credit 1-3 Year Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Bloomberg Credit 1-3 Year Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. SMALLCAP FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of Principal Funds, Inc. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0 0 0 0 0 0.0100 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0072 0.0072 0.0072 0.0072 0.0072 0.0072 0.0025 0.0015 0.0025 0.0014 0.0010 0.0016 0.0033 0.0027 0.0001 0.0111 0.0097 0.0088 0.0130 0.0099 0.0073 -0.0003 0.0111 0.0097 0.0085 0.0130 0.0099 0.0073 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 657 883 1128 1827 199 309 536 1190 87 278 485 1082 132 412 713 1568 101 315 547 1213 75 233 406 906 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 99 309 536 1190 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31.4% of the average value of its portfolio.</span></div> 0.314 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 small market capitalizations. For this Fund, companies with small market capitalizations are those with market capitalizations within the range of companies comprising the Russell 2000</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Index (as of January 30, 2026, this was between approximately $10.0 million and $38.2 billion). Those managing the Fund’s investments seek to invest in securities of companies that they believe have improving and sustainable business fundamentals, rising investor expectations, and attractive relative valuations.</span></div> 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 small market capitalizations. For this Fund, companies with small market capitalizations are those with market capitalizations within the range of companies comprising the Russell 2000<span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> Index Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole. </span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Class R-3 shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class R-3 shares, the historical performance of the Class R-3 shares is used. These adjustments result in performance for such periods that is no higher than the historical performance of the Class R-3 shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:375.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:48.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:48.25pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">28.39</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(30.54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.2839 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.3054 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes 0.0849 0.0491 0.0867 Class A Return After Taxes on Distributions 0.0714 0.0399 0.0729 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0599 0.0371 0.0665 Class J Return Before Taxes 0.1398 0.0627 0.0946 Institutional Class Return Before Taxes 0.1512 0.0642 0.0965 Class R-3 Return Before Taxes 0.1456 0.0593 0.0912 Class R-5 Return Before Taxes 0.1492 0.0626 0.0946 Class R-6 Return Before Taxes 0.1519 0.0652 0.0967 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 Russell 2000 Index (reflects no deduction for fees, expenses, or taxes) 0.1281 0.0609 0.0962 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 3000 Index is the Fund's primary broad-based securities market index. The Russell 2000 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. The Russell 2000 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. SMALLCAP GROWTH FUND I Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0.0085 0.0085 0.0015 0.0025 0.0013 0.0012 0.0033 0.0027 0.0002 0.0003 0.0003 0.0003 0.0003 0.0003 0.0116 0.0100 0.0146 0.0115 0.0090 -0.0002 -0.0002 -0.0002 -0.0002 -0.0003 0.0114 0.0098 0.0144 0.0113 0.0087 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 216 366 636 1407 100 316 551 1223 147 460 796 1745 115 363 631 1396 89 284 496 1105 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 116 366 636 1407 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70.1% of the average value of its portfolio.</span></div> 0.701 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in growth equity securities of companies with small market capitalizations. For this Fund, growth equity securities of companies with small market capitalizations are (i) those with market capitalizations within the range of companies comprising the Russell 2000 Index (as of January 30, 2026, this range was between $10.0 million and $38.2 billion) and (ii) included within at least one of the following growth indices: the MSCI All Country World IMI Growth Index, the S&amp;P 1500 Growth Index, or the Russell 3000 Growth Index.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is primarily actively managed by the sub-advisors. In addition, Principal Global Investors, LLC may invest up to 30% of the Fund’s assets using an index sampling strategy designed to match the performance of the Russell 2000</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth Index.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in growth equity securities of companies with small market capitalizations. For this Fund, growth equity securities of companies with small market capitalizations are (i) those with market capitalizations within the range of companies comprising the Russell 2000 Index (as of January 30, 2026, this range was between $10.0 million and $38.2 billion) and (ii) included within at least one of the following growth indices: the MSCI All Country World IMI Growth Index, the S&amp;P 1500 Growth Index, or the Russell 3000 Growth Index. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Style Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Growth investing entails the risk that if growth companies do not increase their earnings at a rate expected by investors, the market price of their stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Passive Strategy Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A portion of the Fund seeks to match the performance of a specified index. However, the correlation between the performance of this portion of the Fund and index performance may be affected by many factors, such as Fund expenses, the timing of cash flows into and out of the Fund, changes in securities markets, and changes in the composition of the index.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q2 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">33.84</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(22.08)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-06-30 0.3384 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.2208 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.1274 0.0274 0.1098 Institutional Class Return After Taxes on Distributions 0.1038 0.0107 0.0900 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0905 0.0182 0.0849 Class J Return Before Taxes 0.1152 0.0256 0.1073 Class R-3 Return Before Taxes 0.1225 0.0227 0.1044 Class R-5 Return Before Taxes 0.1250 0.0257 0.1077 Class R-6 Return Before Taxes 0.1283 0.0284 0.1106 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes) 0.1301 0.0318 0.0957 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 3000 Index is the Fund's primary broad-based securities market index. The Russell 2000 Growth Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The Russell 2000 Growth Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. SMALLCAP S&P 600 INDEX FUND Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0.0015 0.0015 0.0015 0.0015 0.0025 0.0009 0.0010 0.0033 0.0027 0.0002 0.0039 0.0025 0.0073 0.0042 0.0017 -0.0004 0.0039 0.0021 0.0073 0.0042 0.0017 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 140 125 219 493 22 76 137 314 75 233 406 906 43 135 235 530 17 55 96 217 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 40 125 219 493 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35.9% of the average value of its portfolio.</span></div> 0.359 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 &amp; Poor’s (“S&amp;P”) SmallCap 600 Index (the “Index”). The Index is designed to represent U.S. equities with risk/return characteristics of the small cap universe. As of January 30, 2026, the market capitalization range of the companies comprising the Index was between approximately $194.0 million and $9.8 billion. Each component stock of the Index is weighted in proportion to its total market value. The Index is rebalanced quarterly.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> “Standard &amp; Poor’s SmallCap 600” and “S&amp;P SmallCap 600” are trademarks of S&amp;P Global and have been licensed by Principal. The Fund is not sponsored, endorsed, sold, or promoted by S&amp;P Global, and S&amp;P Global makes no representation regarding the advisability of investing in the Fund.</span></div> 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 &amp; Poor’s (“S&amp;P”) SmallCap 600 Index (the “Index”). equity securities of companies that compose the Standard &amp; Poor’s (“S&amp;P”) SmallCap 600 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. Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Index Fund Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Index funds use a passive investment approach and generally do not attempt to manage market volatility, use defensive strategies, or reduce the effect of any long-term periods of poor investment performance. Therefore, the Fund may hold securities that present risks that an investment advisor researching individual securities might seek to avoid. An index fund has operating and other expenses while an index does not. As a result, over time, index funds tend to underperform the index. The correlation between fund performance and index performance may also be affected by the type of passive investment approach used by a fund (sampling or replication), changes in securities markets, changes in the composition of the index, and the timing of purchases and sales of fund shares. Errors or delays in compiling or rebalancing the Index may impact the performance of the Fund and increase transaction costs.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Industry Concentration Risk. </span>A fund that concentrates investments in a particular industry or group of industries has greater exposure than other funds to market, economic, and other factors affecting that industry or group of industries. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For periods prior to the inception date of Class R-6 shares (November 22, 2016), the performance shown in the table for Class R-6 shares is that of the Fund’s Class R-3 shares, adjusted to reflect the fees and expenses of Class R-6 shares. However, where the adjustment for fees and expenses results in performance for Class R-6 shares that is higher than the historical performance of the Class R-3 shares, the historical performance of the Class R-3 shares is used. These adjustments result in performance for such periods that is no higher than the historical performance of the Class R-3 shares.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance 2016-11-22 Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">31.18</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(32.65)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-12-31 0.3118 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.3265 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.0591 0.0703 0.0956 Institutional Class Return After Taxes on Distributions 0.0312 0.0476 0.0747 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0497 0.0519 0.0733 Class J Return Before Taxes 0.0474 0.0682 0.0935 Class R-3 Return Before Taxes 0.0532 0.0647 0.0900 Class R-5 Return Before Taxes 0.0567 0.0680 0.0934 Class R-6 Return Before Taxes 0.0591 0.0708 0.0956 S&P 1500 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1702 0.1396 0.1446 S&P SmallCap 600 Index (reflects no deduction for fees, expenses, or taxes) 0.0602 0.0731 0.0981 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The S&amp;P 1500 Index is the Fund's primary broad-based securities market index. The S&amp;P SmallCap 600 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The S&P SmallCap 600 Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. SMALLCAP VALUE FUND II Objective The Fund seeks long-term growth of capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0088 0.0088 0.0088 0.0088 0.0088 0.0015 0.0025 0.0019 0.0013 0.0033 0.0027 0.0005 0.0001 0.0001 0.0001 0.0001 0.0001 0.0123 0.0102 0.0147 0.0116 0.0094 -0.0002 -0.0008 -0.0002 -0.0002 -0.0005 0.0121 0.0094 0.0145 0.0114 0.0089 Fees have been restated to reflect current fees. February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 223 388 674 1487 96 317 555 1241 148 463 801 1756 116 366 636 1407 91 295 515 1150 With respect to Class J shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 123 388 674 1487 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 89.9% of the average value of its portfolio.</span></div> 0.899 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 small market capitalizations. For this Fund, companies with small market capitalizations are those with market capitalizations of one or both of the following: $3.5 billion or less, or within the range of companies composing the Russell 2000</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index (as of January 30, 2026, this range was between approximately $16.0 million and $32.4 billion). The Fund invests in value equity securities, an investment strategy that emphasizes buying equity securities that appear to be undervalued.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund is primarily actively managed by the sub-advisors. In addition, Principal Global Investors, LLC may invest up to 30% of the Fund’s assets using an index sampling strategy designed to match the performance of the Russell 2000</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value Index.</span></div> 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 small market capitalizations. For this Fund, companies with small market capitalizations are those with market capitalizations of one or both of the following: $3.5 billion or less, or within the range of companies composing the Russell 2000<span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span> Value Index Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Equity Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A variety of factors can negatively impact the value of equity securities held by a fund, including a decline in the issuer’s financial condition, unfavorable performance of the issuer’s sector or industry, or changes in response to overall market and economic conditions. A fund’s principal market segment(s) (such as market capitalization or style) may underperform other market segments or the equity markets as a whole.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div><div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Companies Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investments in smaller companies may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may have limited product lines, markets, or financial resources; lack the competitive strength of larger companies; have less experienced managers; or depend on a few key employees. Their securities often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than securities of larger companies.</span></div> <div style="margin-bottom:6pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Style Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Value investing entails the risk that value stocks may continue to be undervalued by the market for extended periods, including the entire period during which the stock is held by a fund, or the events that would cause the stock price to increase may not occur as anticipated or at all. Moreover, a stock that appears to be undervalued actually may be appropriately priced at a low level and, therefore, would not be profitable for the fund.</span></div> <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Passive Strategy Risk. </span>A portion of the Fund seeks to match the performance of a specified index. However, the correlation between the performance of this portion of the Fund and index performance may be affected by many factors, such as Fund expenses, the timing of cash flows into and out of the Fund, changes in securities markets, and changes in the composition of the index. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Institutional Class shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:54pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">31.34</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2020</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(35.49)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2020-12-31 0.3134 Lowest return for a quarter during the period of the bar chart above: 2020-03-31 -0.3549 Average Annual Total ReturnsFor the periods ended December 31, 2025 Institutional Class Return Before Taxes 0.0817 0.1036 0.0913 Institutional Class Return After Taxes on Distributions 0.0583 0.0738 0.0670 Institutional Class Return After Taxes on Distributions and Sale of Fund Shares 0.0611 0.0735 0.0664 Class J Return Before Taxes 0.0685 0.1004 0.0874 Class R-3 Return Before Taxes 0.0757 0.0977 0.0855 Class R-5 Return Before Taxes 0.0799 0.1014 0.0889 Class R-6 Return Before Taxes 0.0822 0.1042 0.0917 Russell 3000 Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes) 0.1259 0.0888 0.0927 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Russell 3000 Index is the Fund's primary broad-based securities market index. The Russell 2000 Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only and would be different for the other share classes. The Russell 2000 Value Index is included as an additional index for the Fund as it shows how the Fund’s performance compares with the returns of an index of funds with similar investment objectives. TAX-EXEMPT BOND FUND Objective The Fund seeks to provide a high level of income that is exempt from federal income tax while protecting investors’ capital. Fees and Expenses of the Fund <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in “Choosing a Share Class and The Costs of Investing” beginning on page 398 of the Fund’s Prospectus, Appendix B to the Prospectus titled “Intermediary-Specific Sales Charge Waivers and Reductions,” and “Multiple Class Structure” beginning on page 69 of the Fund’s Statement of Additional Information.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If you purchase Institutional Class shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.</span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. 100000 Shareholder Fees (fees paid directly from your investment) 0.0375 0 0 0.0100 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0040 0.0025 0.0100 0.0019 0.0019 0.0019 0.0008 0.0023 0.0013 0.0027 0.0042 0.0032 0.0092 0.0182 0.0072 -0.0008 0.0092 0.0182 0.0064 February 28, 2027 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 465 657 865 1464 285 573 985 1901 65 222 393 887 With respect to Class C shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example): 185 573 985 1901 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 53.2% of the average value of its portfolio.</span></div> 0.532 Principal Investment Strategies <div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in tax-exempt bonds</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (securities issued by or on behalf of state or local governments and other public authorities). </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Many of these are from California, Illinois, and New York. Generally, municipal obligations pay interest that is exempt from federal income tax. The Fund’s investment in municipal obligations include industrial revenue bonds. The Fund also invests in inverse floating rate obligations (variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates), which are generally more volatile than other types of municipal obligations and may involve leverage. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in investment-grade securities and, with respect to up to 20% of its net assets, in below-investment-grade bonds (sometimes called “high yield bonds” or “junk bonds”). Below-investment-grade bonds are rated, at the time of purchase, Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB+ or lower by S&amp;P Global Ratings (“S&amp;P Global”). The Fund’s total investment in below-investment-grade bonds plus investment-grade bonds rated Baa by Moody’s or BBB by S&amp;P Global, at the time of purchase, will not exceed 40% of the Fund’s net assets. If the bond has been rated by only one of the rating agencies, that rating will determine the bond’s rating; if the bond is rated differently by the rating agencies, the highest rating will be used; and if the bond has not been rated by either of the rating agencies, those selecting such investments will determine the bond’s quality. </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund maintains an average portfolio duration that is within ±50% of the duration of the Bloomberg Municipal Bond Index, which </span><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">as of January 31, 2026 was 6.42 years.</span><span style="-sec-ix-redline:true;background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund is not managed to a particular maturity.</span></div> <span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in tax-exempt bonds</span> (securities issued by or on behalf of state or local governments and other public authorities). securities issued by or on behalf of state or local governments and other public authorities Many factors affect that value, and it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Counterparty Risk. </span>Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations. <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-Income Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Geographic Concentration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A fund that invests significant portions of its assets in municipal obligations and bonds in particular geographic areas (a particular state, such as California, or a particular country or region) has greater exposure than other funds to economic conditions and developments in those areas.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">High Yield Securities Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">High yield fixed-income securities (commonly referred to as “junk bonds”) are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Industrial Revenue Bond Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Fund will be sensitive to, and its performance will depend to a greater extent on, the overall condition and performance of industrial revenue bonds. These revenue bonds are issued by or on behalf of public authorities to obtain funds to finance various public and/or privately operated facilities, including those for business and manufacturing, housing, sports, pollution control, airport, mass transit, port, and parking facilities. These bonds are normally secured only by the revenues from the project and not by state or local government tax payments. Consequently, the credit quality of these bonds is dependent upon the ability of the user of the facilities financed by the bonds and any guarantor to meet its financial obligations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Inverse Floating Rate Investments Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inverse floating rate investments are extremely sensitive to changes in interest rates and, in some cases, their market value may be extremely volatile.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Leverage Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Leverage created by borrowing or certain types of transactions or investments may impair the Fund’s liquidity, cause it to liquidate positions at an unfavorable time, increase volatility of the Fund’s net asset value, or diminish the Fund’s performance.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Municipal Obligations Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Principal and interest payments on municipal securities may not be guaranteed by the issuing body and may be payable only from a particular source. That source may not perform as expected, and payment obligations may not be made or made on time.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Portfolio Duration Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund’s average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.</span></div> <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Redemption and Large Transaction Risk. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of the Fund’s shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.</span></div> Performance <div style="margin-bottom:6pt;text-align:justify"><span style="-sec-ix-redline:true;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The bar chart shows the investment returns of the Fund’s Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund’s average annual total returns compare with those of one or more broad measures of market performance.</span></div> The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.principalam.com/mutualfundperformance These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. Total Returns as of December 31 <div style="margin-bottom:6pt;padding-left:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:384.75pt"><tr><td style="width:1.0pt"></td><td style="width:273.25pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:52.75pt"></td><td style="width:1.0pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Highest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q4 2023</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">6.34</span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Lowest return for a quarter during the period of the bar chart above:</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Q1 2022</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(7.11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">%</span></td></tr></table></div> Highest return for a quarter during the period of the bar chart above: 2023-12-31 0.0634 Lowest return for a quarter during the period of the bar chart above: 2022-03-31 -0.0711 Average Annual Total ReturnsFor the periods ended December 31, 2025 Class A Return Before Taxes -0.0013 -0.0034 0.0174 Class A Return After Taxes on Distributions -0.0013 -0.0034 0.0174 Class A Return After Taxes on Distributions and Sale of Fund Shares 0.0144 0.0042 0.0204 Class C Return Before Taxes 0.0195 -0.0045 0.0146 Institutional Class Return Before Taxes 0.0403 0.0070 0.0240 Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes) (reflects no deduction for fees, expenses, or taxes) 0.0425 0.0080 0.0234 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes. Includes interest expense from inverse floaters. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.46% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.43% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.80% for Class A and 0.48% for Institutional Class shares. It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Includes 0.01% of expenses associated with the reclaim of foreign taxes paid. The expense is not subject to the contractual expense limit. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.68% for Institutional Class shares. In addition, for Class R-6, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Includes 0.01% of expenses associated with consulting fees. The expense is not subject to the contractual expense limit. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.85% for Institutional Class shares. In addition, for Class R-6, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.04%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.52% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.85% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. The JPM EMBI Equal Weighted Index has an inception date of December 31, 2020. Accordingly, index performance is not available for periods prior to that date. Includes 0.01% of expenses associated with consulting fees. The expense is not subject to the contractual expense limit. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 1.45% for Class A, 1.30% for Class J and 1.10% for Institutional Class shares. It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. During 2019, the Fund experienced a significant one-time gain of approximately $0.11 per share as a result of a settlement in a litigation proceeding. If such gain had not been recognized, the total return amounts shown for periods that include the year ended December 31, 2019 would have been lower. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.94% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.53% for Institutional Class, 0.98% for Class R-3, and 0.67% for Class R-5 shares. It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees in an amount equal to all Acquired Fund Fees and Expenses. It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund's expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.20% for Institutional Class Shares. In addition, for Class R-6, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.00%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expense and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.60% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year Fees have been restated to reflect current fees. Based on estimated expenses for the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.04% for Class R-6 shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.79% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees by 0.016% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement may mutually agree to terminate the fee waiver prior to the end of the period. Fees have been restated to reflect current fees. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees by 0.02% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees by an amount equal to the Fund's acquired fund fees and expenses represented by the Fund's investment in a particular unaffiliated exchange-traded fund that pursues a pure value investment strategy. It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees by 0.02% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund's expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.69% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Funds Distributor, Inc. (the "Distributor") has contractually agreed to limit the Distribution Fees attributable to Class J. The waiver will reduce the Fund's Distribution Fees by 0.15%. It is expected that the fee waiver will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and the Distributor, the parties to the agreement, may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.50% for Class A shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI") has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees by 0.02% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.91% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.38% for Class A and 0.00% for Institutional Class shares. It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.38% for Class A shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.38% for Class J shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund's expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.30% for Class J, 0.05% for Institutional Class, 0.62% for Class R-3, and 0.31% for Class R-5 shares. It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.30% for Class J and 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.30% for Class J and 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. During 2018, Class R-6 experienced a one-time loss of approximately $0.33 per share as a result of a large redemption. If such loss had not been recognized, the total return amounts expressed herein would have been higher. During May of 2019, Class R-6 experienced a one-time gain of approximately $0.35 per share as a result of a reimbursement by PGI, the investment advisor. If such gain had not been recognized, the total return amounts expressed herein would have been lower. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.30% for Class J and 0.05% for Institutional Class shares. In addition, for Class R-6 shares, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.86% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, he Fund may reimburse PGI for expenses incurred during the current fiscal year. Fees have been restated to reflect current fees. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.85% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees by 0.02% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.01% for Class R-6 shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.21% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year. Fees have been restated to reflect current fees. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to waive a portion of the Fund's management fees through the period ending February 28, 2027. The fee waiver will reduce the Fund's management fees by 0.02% (expressed as a percent of average net assets on an annualized basis). It is expected that the fee waiver will continue through the period disclosed; however, Principal Funds, Inc. and PGI, the parties to the agreement may mutually agree to terminate the fee waiver prior to the end of the period. Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.93% for Institutional Class shares. In addition, for Class R-6, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02%, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year Includes interest expense from inverse floaters Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund’s expenses by paying, if necessary, expenses normally payable by the Fund, (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.45% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 28, 2027; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year.