“The Fund strives to outperform its benchmark, the Bloomberg Barclays U.S. Corporate Investment Grade Bond Index, over a full market cycle. The Fund seeks to provide current income and, as a secondary objective, capital appreciation by investing in primarily investment-grade corporate bonds,” according to Principal.

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IG may include global exposures as its pool of fixed income securities covers foreign securities, corporate securities, securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, and securities issued or guaranteed by foreign governments payable in U.S. dollars. Additionally, it may invest in other investment companies, including exchange-traded funds that invest in fixed income securities.

The fund does not have a specific target maturity but it will maintain an average portfolio duration that is within 10% of the duration of the Bloomberg Barclays U.S. Corporate Investment Grade Bond Index, which showed a 7.50 year duration as of March 30, 2018. The benchmark Bloomberg Barclays U.S. Corporate Investment Grade Bond Index is comprised of investment grade, fixed-rate, taxable corporate bonds, which includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers.

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