Class A

PBLAX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Blue Chip Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$44	0.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$8,485,976
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)28.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	100.08%
Investment Companies	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	33.07%
Communications	26.86%
Financial	21.79%
Industrial	8.77%
Consumer, Non-cyclical	6.36%
Consumer, Cyclical	2.55%
Basic Materials	0.68%
Money Market Funds	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

The Fund's most recent prospectus, statement of additional information, financial statements and additional information, complete schedules of investments for the first and third quarters of each fiscal year, and proxy voting record can be found at www.PrincipalAM.com/prospectuses. Did you know that our Tax Center can provide answers to your tax-related questions on your account? Visit our website at www.Principal.com/tax-centerfor more information.

FV823SARA-0

Class C

PBLCX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$79	1.68%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$8,485,976
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)28.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	100.08%
Investment Companies	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	33.07%
Communications	26.86%
Financial	21.79%
Industrial	8.77%
Consumer, Non-cyclical	6.36%
Consumer, Cyclical	2.55%
Basic Materials	0.68%
Money Market Funds	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARC-0

Class J

PBCJX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class J	$36	0.76%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$8,485,976
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)28.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	100.08%
Investment Companies	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	33.07%
Communications	26.86%
Financial	21.79%
Industrial	8.77%
Consumer, Non-cyclical	6.36%
Consumer, Cyclical	2.55%
Basic Materials	0.68%
Money Market Funds	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARJ-0

Institutional

PBCKX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$31	0.66%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$8,485,976
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)28.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	100.08%
Investment Companies	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	33.07%
Communications	26.86%
Financial	21.79%
Industrial	8.77%
Consumer, Non-cyclical	6.36%
Consumer, Cyclical	2.55%
Basic Materials	0.68%
Money Market Funds	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARI-0

R-3

PGBEX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$54	1.14%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$8,485,976
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)28.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	100.08%
Investment Companies	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	33.07%
Communications	26.86%
Financial	21.79%
Industrial	8.77%
Consumer, Non-cyclical	6.36%
Consumer, Cyclical	2.55%
Basic Materials	0.68%
Money Market Funds	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARR3-0

R-5

PGBGX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$39	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$8,485,976
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)28.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	100.08%
Investment Companies	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	33.07%
Communications	26.86%
Financial	21.79%
Industrial	8.77%
Consumer, Non-cyclical	6.36%
Consumer, Cyclical	2.55%
Basic Materials	0.68%
Money Market Funds	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARR5-0

R-6

PGBHX

Blue Chip Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$27	0.57%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$8,485,976
Total Number of Portfolio Holdings39
Portfolio Turnover Rate (annualized)28.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	100.08%
Investment Companies	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Technology	33.07%
Communications	26.86%
Financial	21.79%
Industrial	8.77%
Consumer, Non-cyclical	6.36%
Consumer, Cyclical	2.55%
Basic Materials	0.68%
Money Market Funds	0.02%
Other Assets and Liabilities	(0.10)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV823SARR6-0

Class J

PBIJX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Bond Market Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class J	$20	0.40%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,831,002
Total Number of Portfolio Holdings4,041
Portfolio Turnover Rate (annualized)42.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	71.12%
Bonds	27.17%
Investment Companies	2.89%
Municipal Bonds	0.10%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Government	49.35%
Mortgage Securities	25.07%
Financial	7.71%
Consumer, Non-cyclical	4.28%
Money Market Funds	2.42%
Communications	2.31%
Utilities	2.28%
Technology	1.88%
Industrial	1.84%
Energy	1.78%
Consumer, Cyclical	1.30%
Basic Materials	0.49%
Exchange-Traded Funds	0.47%
Revenue Bonds	0.05%
General Obligation Unlimited	0.04%
Insured	0.01%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARJ-0

Institutional

PNIIX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$6	0.12%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,831,002
Total Number of Portfolio Holdings4,041
Portfolio Turnover Rate (annualized)42.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	71.12%
Bonds	27.17%
Investment Companies	2.89%
Municipal Bonds	0.10%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Government	49.35%
Mortgage Securities	25.07%
Financial	7.71%
Consumer, Non-cyclical	4.28%
Money Market Funds	2.42%
Communications	2.31%
Utilities	2.28%
Technology	1.88%
Industrial	1.84%
Energy	1.78%
Consumer, Cyclical	1.30%
Basic Materials	0.49%
Exchange-Traded Funds	0.47%
Revenue Bonds	0.05%
General Obligation Unlimited	0.04%
Insured	0.01%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARI-0

R-3

PBOIX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$35	0.69%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,831,002
Total Number of Portfolio Holdings4,041
Portfolio Turnover Rate (annualized)42.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	71.12%
Bonds	27.17%
Investment Companies	2.89%
Municipal Bonds	0.10%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Government	49.35%
Mortgage Securities	25.07%
Financial	7.71%
Consumer, Non-cyclical	4.28%
Money Market Funds	2.42%
Communications	2.31%
Utilities	2.28%
Technology	1.88%
Industrial	1.84%
Energy	1.78%
Consumer, Cyclical	1.30%
Basic Materials	0.49%
Exchange-Traded Funds	0.47%
Revenue Bonds	0.05%
General Obligation Unlimited	0.04%
Insured	0.01%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARR3-0

R-5

PBIQX

Bond Market Index Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$19	0.38%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,831,002
Total Number of Portfolio Holdings4,041
Portfolio Turnover Rate (annualized)42.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
U.S. Government & Government Agency Obligations	71.12%
Bonds	27.17%
Investment Companies	2.89%
Municipal Bonds	0.10%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Government	49.35%
Mortgage Securities	25.07%
Financial	7.71%
Consumer, Non-cyclical	4.28%
Money Market Funds	2.42%
Communications	2.31%
Utilities	2.28%
Technology	1.88%
Industrial	1.84%
Energy	1.78%
Consumer, Cyclical	1.30%
Basic Materials	0.49%
Exchange-Traded Funds	0.47%
Revenue Bonds	0.05%
General Obligation Unlimited	0.04%
Insured	0.01%
Other Assets and Liabilities	(1.28)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV824SARR5-0

Class S

PCSFX

Capital Securities Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Capital Securities Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class S	$0	0.00%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$955,168
Total Number of Portfolio Holdings186
Portfolio Turnover Rate (annualized)38.2%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	96.85%
Investment Companies	2.82%
Preferred Stocks	1.27%
Other Assets and Liabilities	(0.94)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	80.95%
Energy	7.89%
Utilities	6.88%
Money Market Funds	2.67%
Government	1.54%
Consumer, Non-cyclical	0.74%
Exchange-Traded Funds	0.15%
Communications	0.12%
Other Assets and Liabilities	(0.94)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV828SARS-0

Class A

PRDAX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Diversified Real Asset Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$65	1.20%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,661,658
Total Number of Portfolio Holdings511
Portfolio Turnover Rate (annualized)82.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	78.71%
Investment Companies	11.24%
U.S. Government & Government Agency Obligations	10.69%
Senior Floating Rate Interests	0.02%
Preferred Stocks	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	20.87%
Utilities	17.09%
Energy	14.90%
Basic Materials	11.38%
Government	10.69%
Industrial	10.43%
Exchange-Traded Funds	7.35%
Money Market Funds	3.69%
Consumer, Non-cyclical	3.45%
Consumer, Cyclical	0.41%
Communications	0.20%
Closed-End Funds	0.20%
Technology	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARA-0

Institutional

PDRDX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$45	0.83%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,661,658
Total Number of Portfolio Holdings511
Portfolio Turnover Rate (annualized)82.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	78.71%
Investment Companies	11.24%
U.S. Government & Government Agency Obligations	10.69%
Senior Floating Rate Interests	0.02%
Preferred Stocks	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	20.87%
Utilities	17.09%
Energy	14.90%
Basic Materials	11.38%
Government	10.69%
Industrial	10.43%
Exchange-Traded Funds	7.35%
Money Market Funds	3.69%
Consumer, Non-cyclical	3.45%
Consumer, Cyclical	0.41%
Communications	0.20%
Closed-End Funds	0.20%
Technology	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARI-0

R-3

PGDRX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$74	1.36%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,661,658
Total Number of Portfolio Holdings511
Portfolio Turnover Rate (annualized)82.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	78.71%
Investment Companies	11.24%
U.S. Government & Government Agency Obligations	10.69%
Senior Floating Rate Interests	0.02%
Preferred Stocks	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	20.87%
Utilities	17.09%
Energy	14.90%
Basic Materials	11.38%
Government	10.69%
Industrial	10.43%
Exchange-Traded Funds	7.35%
Money Market Funds	3.69%
Consumer, Non-cyclical	3.45%
Consumer, Cyclical	0.41%
Communications	0.20%
Closed-End Funds	0.20%
Technology	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARR3-0

R-6

PDARX

Diversified Real Asset Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$43	0.79%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$2,661,658
Total Number of Portfolio Holdings511
Portfolio Turnover Rate (annualized)82.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	78.71%
Investment Companies	11.24%
U.S. Government & Government Agency Obligations	10.69%
Senior Floating Rate Interests	0.02%
Preferred Stocks	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	20.87%
Utilities	17.09%
Energy	14.90%
Basic Materials	11.38%
Government	10.69%
Industrial	10.43%
Exchange-Traded Funds	7.35%
Money Market Funds	3.69%
Consumer, Non-cyclical	3.45%
Consumer, Cyclical	0.41%
Communications	0.20%
Closed-End Funds	0.20%
Technology	0.01%
Other Assets and Liabilities^{Footnote Reference*}	(0.67)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV832SARR6-0

R-6

PAFIX

Global Macro Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Global Macro Fund (the "Fund") for the period of November 14, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$24^{Footnote Reference*}	0.79%^{Footnote Reference†}

Footnote	Description
Footnote^*	Expenses are for the period from November 14, 2025, date operations commenced, through February 28, 2026. Expenses for the full reporting period would be higher.
Footnote^†	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$160,215
Total Number of Portfolio Holdings136
Portfolio Turnover Rate (annualized)0.0%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Investment Companies	84.68%
Other Assets and Liabilities^{Footnote Reference*}	15.32%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
Other Locations^{Footnote Reference*}	84.68%
Other Assets and Liabilities^{Footnote Reference†}	15.32%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV960SARR6-0

Class A

PMSAX

Global Multi-Strategy Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Global Multi-Strategy Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$89	1.73%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$527,262
Total Number of Portfolio Holdings2,135
Portfolio Turnover Rate (annualized)180.8%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	37.19%
Bonds	29.03%
Investment Companies	25.24%
U.S. Government & Government Agency Obligations	2.02%
Senior Floating Rate Interests	0.56%
Convertible Bonds	0.46%
Preferred Stocks	0.10%
Convertible Preferred Stocks	0.02%
Purchased Options	0.02%
Other Assets and Liabilities^{Footnote Reference*}^{Footnote Reference†}	5.36%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives
Footnote^†	Includes short sales

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
United States	36.37%
Japan	6.74%
Canada	2.57%
Cayman Islands	1.84%
United Kingdom	1.65%
Netherlands	1.59%
Mexico	1.21%
Ireland	0.93%
South Africa	0.91%
Romania	0.84%
Israel	0.70%
Switzerland	0.64%
Brazil	0.63%
Germany	0.57%
Supranational	0.57%
Egypt	0.52%
Colombia	0.52%
Australia	0.50%
Peru	0.49%
Hong Kong	0.48%
Other Locations^{Footnote Reference*}	34.37%
Other Assets and Liabilities^{Footnote Reference†}^{Footnote Reference‡}	5.36%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives
Footnote^‡	Includes short sales

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV838SARA-0

Institutional

PSMIX

Global Multi-Strategy Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$73	1.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$527,262
Total Number of Portfolio Holdings2,135
Portfolio Turnover Rate (annualized)180.8%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	37.19%
Bonds	29.03%
Investment Companies	25.24%
U.S. Government & Government Agency Obligations	2.02%
Senior Floating Rate Interests	0.56%
Convertible Bonds	0.46%
Preferred Stocks	0.10%
Convertible Preferred Stocks	0.02%
Purchased Options	0.02%
Other Assets and Liabilities^{Footnote Reference*}^{Footnote Reference†}	5.36%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives
Footnote^†	Includes short sales

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
United States	36.37%
Japan	6.74%
Canada	2.57%
Cayman Islands	1.84%
United Kingdom	1.65%
Netherlands	1.59%
Mexico	1.21%
Ireland	0.93%
South Africa	0.91%
Romania	0.84%
Israel	0.70%
Switzerland	0.64%
Brazil	0.63%
Germany	0.57%
Supranational	0.57%
Egypt	0.52%
Colombia	0.52%
Australia	0.50%
Peru	0.49%
Hong Kong	0.48%
Other Locations^{Footnote Reference*}	34.37%
Other Assets and Liabilities^{Footnote Reference†}^{Footnote Reference‡}	5.36%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives
Footnote^‡	Includes short sales

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV838SARI-0

R-6

PGLSX

Global Multi-Strategy Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$66	1.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$527,262
Total Number of Portfolio Holdings2,135
Portfolio Turnover Rate (annualized)180.8%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	37.19%
Bonds	29.03%
Investment Companies	25.24%
U.S. Government & Government Agency Obligations	2.02%
Senior Floating Rate Interests	0.56%
Convertible Bonds	0.46%
Preferred Stocks	0.10%
Convertible Preferred Stocks	0.02%
Purchased Options	0.02%
Other Assets and Liabilities^{Footnote Reference*}^{Footnote Reference†}	5.36%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives
Footnote^†	Includes short sales

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
United States	36.37%
Japan	6.74%
Canada	2.57%
Cayman Islands	1.84%
United Kingdom	1.65%
Netherlands	1.59%
Mexico	1.21%
Ireland	0.93%
South Africa	0.91%
Romania	0.84%
Israel	0.70%
Switzerland	0.64%
Brazil	0.63%
Germany	0.57%
Supranational	0.57%
Egypt	0.52%
Colombia	0.52%
Australia	0.50%
Peru	0.49%
Hong Kong	0.48%
Other Locations^{Footnote Reference*}	34.37%
Other Assets and Liabilities^{Footnote Reference†}^{Footnote Reference‡}	5.36%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives
Footnote^‡	Includes short sales

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV838SARR6-0

Institutional

PGSLX

Global Listed Infrastructure Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Global Listed Infrastructure Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$35	0.65%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$126,043
Total Number of Portfolio Holdings41
Portfolio Turnover Rate (annualized)35.6%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.42%
Investment Companies	2.18%
Other Assets and Liabilities	(0.60)%
Total Net Assets	100.00%

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
United States	55.18%
Canada	9.72%
United Kingdom	6.92%
Brazil	5.09%
Australia	4.96%
China	3.98%
Spain	2.98%
Belgium	2.70%
France	1.93%
Hong Kong	1.68%
India	1.17%
Indonesia	1.07%
Italy	1.04%
Other Locations^{Footnote Reference*}	2.18%
Other Assets and Liabilities	(0.60)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV944SARI-0

Institutional

PIDIX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about International Equity Index Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$15	0.28%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,407,425
Total Number of Portfolio Holdings695
Portfolio Turnover Rate (annualized)89.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	97.44%
Investment Companies	2.18%
Preferred Stocks	0.28%
Other Assets and Liabilities^{Footnote Reference*}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
Japan	22.70%
United Kingdom	13.87%
Switzerland	9.86%
France	9.75%
Germany	8.92%
Australia	6.46%
Netherlands	5.34%
Sweden	3.66%
Spain	3.53%
Italy	3.00%
Hong Kong	2.07%
Singapore	1.54%
Denmark	1.52%
Finland	1.13%
Israel	1.01%
Belgium	0.87%
Ireland	0.69%
Norway	0.62%
Austria	0.30%
Luxembourg	0.23%
Other Locations^{Footnote Reference*}	2.83%
Other Assets and Liabilities^{Footnote Reference†}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARI-0

R-3

PIIOX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$45	0.84%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,407,425
Total Number of Portfolio Holdings695
Portfolio Turnover Rate (annualized)89.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	97.44%
Investment Companies	2.18%
Preferred Stocks	0.28%
Other Assets and Liabilities^{Footnote Reference*}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
Japan	22.70%
United Kingdom	13.87%
Switzerland	9.86%
France	9.75%
Germany	8.92%
Australia	6.46%
Netherlands	5.34%
Sweden	3.66%
Spain	3.53%
Italy	3.00%
Hong Kong	2.07%
Singapore	1.54%
Denmark	1.52%
Finland	1.13%
Israel	1.01%
Belgium	0.87%
Ireland	0.69%
Norway	0.62%
Austria	0.30%
Luxembourg	0.23%
Other Locations^{Footnote Reference*}	2.83%
Other Assets and Liabilities^{Footnote Reference†}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARR3-0

R-5

PIIQX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$29	0.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,407,425
Total Number of Portfolio Holdings695
Portfolio Turnover Rate (annualized)89.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	97.44%
Investment Companies	2.18%
Preferred Stocks	0.28%
Other Assets and Liabilities^{Footnote Reference*}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
Japan	22.70%
United Kingdom	13.87%
Switzerland	9.86%
France	9.75%
Germany	8.92%
Australia	6.46%
Netherlands	5.34%
Sweden	3.66%
Spain	3.53%
Italy	3.00%
Hong Kong	2.07%
Singapore	1.54%
Denmark	1.52%
Finland	1.13%
Israel	1.01%
Belgium	0.87%
Ireland	0.69%
Norway	0.62%
Austria	0.30%
Luxembourg	0.23%
Other Locations^{Footnote Reference*}	2.83%
Other Assets and Liabilities^{Footnote Reference†}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARR5-0

R-6

PFIEX

International Equity Index Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$14	0.26%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,407,425
Total Number of Portfolio Holdings695
Portfolio Turnover Rate (annualized)89.1%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	97.44%
Investment Companies	2.18%
Preferred Stocks	0.28%
Other Assets and Liabilities^{Footnote Reference*}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes derivatives

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
Japan	22.70%
United Kingdom	13.87%
Switzerland	9.86%
France	9.75%
Germany	8.92%
Australia	6.46%
Netherlands	5.34%
Sweden	3.66%
Spain	3.53%
Italy	3.00%
Hong Kong	2.07%
Singapore	1.54%
Denmark	1.52%
Finland	1.13%
Israel	1.01%
Belgium	0.87%
Ireland	0.69%
Norway	0.62%
Austria	0.30%
Luxembourg	0.23%
Other Locations^{Footnote Reference*}	2.83%
Other Assets and Liabilities^{Footnote Reference†}	0.10%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies
Footnote^†	Includes derivatives

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV845SARR6-0

Institutional

PISMX

International Small Company Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about International Small Company Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$58	1.10%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$459,937
Total Number of Portfolio Holdings108
Portfolio Turnover Rate (annualized)56.7%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.45%
Investment Companies	2.64%
Other Assets and Liabilities	(1.09)%
Total Net Assets	100.00%

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
Japan	35.71%
Canada	16.37%
United Kingdom	11.83%
Australia	5.29%
Germany	5.08%
France	4.03%
Netherlands	2.95%
Denmark	2.90%
Israel	2.77%
Italy	2.20%
Spain	1.95%
Sweden	1.62%
Portugal	1.07%
Switzerland	1.06%
Singapore	0.97%
Austria	0.97%
Macao	0.90%
Finland	0.78%
Other Locations^{Footnote Reference*}	2.64%
Other Assets and Liabilities	(1.09)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV847SARI-0

R-6

PFISX

International Small Company Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$56	1.06%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$459,937
Total Number of Portfolio Holdings108
Portfolio Turnover Rate (annualized)56.7%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.45%
Investment Companies	2.64%
Other Assets and Liabilities	(1.09)%
Total Net Assets	100.00%

Geographic Allocation

Table Summary
Top Locations	Percent of Net Assets
Japan	35.71%
Canada	16.37%
United Kingdom	11.83%
Australia	5.29%
Germany	5.08%
France	4.03%
Netherlands	2.95%
Denmark	2.90%
Israel	2.77%
Italy	2.20%
Spain	1.95%
Sweden	1.62%
Portugal	1.07%
Switzerland	1.06%
Singapore	0.97%
Austria	0.97%
Macao	0.90%
Finland	0.78%
Other Locations^{Footnote Reference*}	2.64%
Other Assets and Liabilities	(1.09)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes locations other than the top twenty and/or Investment Companies

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV847SARR6-0

Class A

PMOAX

Opportunistic Municipal Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Opportunistic Municipal Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$55	1.08%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$186,003
Total Number of Portfolio Holdings172
Portfolio Turnover Rate (annualized)37.3%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Municipal Bonds	106.90%
Investment Companies	0.83%
Common Stocks	0.03%
Other Assets and Liabilities^{Footnote Reference*}	(7.76)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes inverse floating rate obligations

State Allocation

Table Summary
Top States/Territories	Percent of Net Assets
New York	18.04%
Florida	12.78%
California	10.32%
Alabama	6.72%
Texas	6.67%
Illinois	5.89%
Pennsylvania	4.96%
Wisconsin	4.87%
Utah	4.64%
Georgia	4.42%
Ohio	3.45%
Louisiana	2.78%
Puerto Rico	2.43%
Arkansas	2.25%
Arizona	1.91%
Nevada	1.12%
New Hampshire	1.10%
Virginia	1.02%
Tennessee	0.97%
Connecticut	0.92%
Other States^{Footnote Reference*}	10.50%
Other Assets and Liabilities^{Footnote Reference†}	(7.76)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes states other than the top twenty and/or Investment Companies
Footnote^†	Includes inverse floating rate obligations

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV885SARA-0

Institutional

POMFX

Opportunistic Municipal Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$41	0.80%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$186,003
Total Number of Portfolio Holdings172
Portfolio Turnover Rate (annualized)37.3%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Municipal Bonds	106.90%
Investment Companies	0.83%
Common Stocks	0.03%
Other Assets and Liabilities^{Footnote Reference*}	(7.76)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes inverse floating rate obligations

State Allocation

Table Summary
Top States/Territories	Percent of Net Assets
New York	18.04%
Florida	12.78%
California	10.32%
Alabama	6.72%
Texas	6.67%
Illinois	5.89%
Pennsylvania	4.96%
Wisconsin	4.87%
Utah	4.64%
Georgia	4.42%
Ohio	3.45%
Louisiana	2.78%
Puerto Rico	2.43%
Arkansas	2.25%
Arizona	1.91%
Nevada	1.12%
New Hampshire	1.10%
Virginia	1.02%
Tennessee	0.97%
Connecticut	0.92%
Other States^{Footnote Reference*}	10.50%
Other Assets and Liabilities^{Footnote Reference†}	(7.76)%
Total Net Assets	100.00%

Footnote	Description
Footnote^*	Includes states other than the top twenty and/or Investment Companies
Footnote^†	Includes inverse floating rate obligations

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV885SARI-0

Class A

PMDAX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Small-MidCap Dividend Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$59	1.12%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,665,290
Total Number of Portfolio Holdings75
Portfolio Turnover Rate (annualized)28.3%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	2.26%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	25.58%
Industrial	24.33%
Consumer, Non-cyclical	12.50%
Consumer, Cyclical	11.62%
Technology	9.29%
Energy	5.61%
Utilities	5.03%
Basic Materials	2.55%
Money Market Funds	2.26%
Communications	2.05%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARA-0

Class C

PMDDX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$98	1.87%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,665,290
Total Number of Portfolio Holdings75
Portfolio Turnover Rate (annualized)28.3%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	2.26%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	25.58%
Industrial	24.33%
Consumer, Non-cyclical	12.50%
Consumer, Cyclical	11.62%
Technology	9.29%
Energy	5.61%
Utilities	5.03%
Basic Materials	2.55%
Money Market Funds	2.26%
Communications	2.05%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARC-0

Institutional

PMDIX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$45	0.85%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,665,290
Total Number of Portfolio Holdings75
Portfolio Turnover Rate (annualized)28.3%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	2.26%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	25.58%
Industrial	24.33%
Consumer, Non-cyclical	12.50%
Consumer, Cyclical	11.62%
Technology	9.29%
Energy	5.61%
Utilities	5.03%
Basic Materials	2.55%
Money Market Funds	2.26%
Communications	2.05%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARI-0

R-6

PMDHX

Small-MidCap Dividend Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$41	0.78%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$1,665,290
Total Number of Portfolio Holdings75
Portfolio Turnover Rate (annualized)28.3%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Common Stocks	98.56%
Investment Companies	2.26%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	25.58%
Industrial	24.33%
Consumer, Non-cyclical	12.50%
Consumer, Cyclical	11.62%
Technology	9.29%
Energy	5.61%
Utilities	5.03%
Basic Materials	2.55%
Money Market Funds	2.26%
Communications	2.05%
Other Assets and Liabilities	(0.82)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV898SARR6-0

Class A

PPSAX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2026

This semi-annual shareholder report contains important information about Spectrum Preferred and Capital Securities Income Fund (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.PrincipalAM.com/prospectuses or you can request information by contacting us at 1-800-222-5852 or emailing prospectus@principalfunds.com.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$53	1.05%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,177,627
Total Number of Portfolio Holdings321
Portfolio Turnover Rate (annualized)50.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	87.20%
Preferred Stocks	10.56%
Investment Companies	2.83%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	82.42%
Utilities	7.25%
Energy	5.37%
Money Market Funds	2.07%
Communications	1.40%
Government	1.17%
Exchange-Traded Funds	0.76%
Consumer, Non-cyclical	0.21%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARA-0

Class C

PRFCX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$92	1.82%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,177,627
Total Number of Portfolio Holdings321
Portfolio Turnover Rate (annualized)50.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	87.20%
Preferred Stocks	10.56%
Investment Companies	2.83%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	82.42%
Utilities	7.25%
Energy	5.37%
Money Market Funds	2.07%
Communications	1.40%
Government	1.17%
Exchange-Traded Funds	0.76%
Consumer, Non-cyclical	0.21%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARC-0

Class J

PPSJX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class J	$51	1.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,177,627
Total Number of Portfolio Holdings321
Portfolio Turnover Rate (annualized)50.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	87.20%
Preferred Stocks	10.56%
Investment Companies	2.83%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	82.42%
Utilities	7.25%
Energy	5.37%
Money Market Funds	2.07%
Communications	1.40%
Government	1.17%
Exchange-Traded Funds	0.76%
Consumer, Non-cyclical	0.21%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARJ-0

Institutional

PPSIX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$41	0.81%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,177,627
Total Number of Portfolio Holdings321
Portfolio Turnover Rate (annualized)50.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	87.20%
Preferred Stocks	10.56%
Investment Companies	2.83%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	82.42%
Utilities	7.25%
Energy	5.37%
Money Market Funds	2.07%
Communications	1.40%
Government	1.17%
Exchange-Traded Funds	0.76%
Consumer, Non-cyclical	0.21%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARI-0

R-3

PNARX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-3	$64	1.27%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,177,627
Total Number of Portfolio Holdings321
Portfolio Turnover Rate (annualized)50.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	87.20%
Preferred Stocks	10.56%
Investment Companies	2.83%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	82.42%
Utilities	7.25%
Energy	5.37%
Money Market Funds	2.07%
Communications	1.40%
Government	1.17%
Exchange-Traded Funds	0.76%
Consumer, Non-cyclical	0.21%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARR3-0

R-5

PPARX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-5	$49	0.96%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,177,627
Total Number of Portfolio Holdings321
Portfolio Turnover Rate (annualized)50.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	87.20%
Preferred Stocks	10.56%
Investment Companies	2.83%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	82.42%
Utilities	7.25%
Energy	5.37%
Money Market Funds	2.07%
Communications	1.40%
Government	1.17%
Exchange-Traded Funds	0.76%
Consumer, Non-cyclical	0.21%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

Availability of Additional Information

FV887SARR5-0

R-6

PPREX

Spectrum Preferred and Capital Securities Income Fund

Semi-Annual Shareholder Report February 28, 2026

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
R-6	$36	0.71%^{Footnote Reference*}

Footnote	Description
Footnote^*	Computed on an annualized basis.

Fund Statistics

Net Assets (amount in thousands)$5,177,627
Total Number of Portfolio Holdings321
Portfolio Turnover Rate (annualized)50.9%

Graphical Representation of Holdings

Portfolio Allocation

Table Summary
Asset Weighting	Percent of Net Assets
Bonds	87.20%
Preferred Stocks	10.56%
Investment Companies	2.83%
Convertible Preferred Stocks	0.06%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Sector Allocation

Table Summary
Sector	Percent of Net Assets
Financial	82.42%
Utilities	7.25%
Energy	5.37%
Money Market Funds	2.07%
Communications	1.40%
Government	1.17%
Exchange-Traded Funds	0.76%
Consumer, Non-cyclical	0.21%
Other Assets and Liabilities	(0.65)%
Total Net Assets	100.00%

Changes in and Disagreements with Accountants

During the two most recent fiscal years or any subsequent interim period, there have been no changes in or disagreements with Accountants.

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

Class A

PBLAX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARA-0

Class C

PBLCX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARC-0

Class J

PBCJX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARJ-0

Institutional

PBCKX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARI-0

R-3

PGBEX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARR3-0

R-5

PGBGX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARR5-0

R-6

PGBHX

Blue Chip Fund

What were the Fund costs for the last six months?

Fund Statistics

Graphical Representation of Holdings

Portfolio Allocation

Sector Allocation

Changes in and Disagreements with Accountants

Availability of Additional Information

FV823SARR6-0

Class J