Principal LargeCap Growth Fund I R-5 Class PPUPX

Despite indicating that T. Rowe Price would be removed as a subadvisor of Principal LargeCap Growth I on June 30, 2026, Principal's supplemental filing just one week later, on July 7, noted that T. Rowe Price will remain on board to oversee "certain private investments." As of May 2026 (the last public portfolio as of this writing), private stakes held less than 0.5% of the fund's assets and included self-driving car company Waymo and payments firm Stripe. Such stocks aren't traded on a regular basis, and that might have made it hard for the Principal fund to exit its stakes before T. Rowe Price's removal. (That's one reason why Principal has asked new subadvisor Alger not to put private investments into this fund even though Alger typically has a few such positions in its related strategy.) So, T. Rowe Price will continue subadvising this fund, but only in a limited—and likely temporary—capacity until it wraps up those private investments. The fund's pillar ratings and Morningstar Medalist Ratings are unchanged.