Under normal circumstances, the Fund primarily invests in equity securities, focusing on value stocks. For security selection and portfolio construction, Principal Global Investors, LLC uses a proprietary quantitative model designed to identify equity securities of mid- to large-capitalization companies in the S&P 500 Index that exhibit higher degrees of shareholder yield meaning how much money a company distributes to shareholders through dividends and share repurchases. As of September 30, 2023, the market capitalization range of the companies in the S&P 500 Index was between approximately dollar 4.0 billion and dollar 2.7 trillion. The model includes securities that have paid a regular dividend in the prior year.