Our sustainable investing focus

Our sustainable investing focus encompasses three critical elements: our commitment to sustainable investing, offering products and solutions that align with a variety of sustainable investment approaches, and an emphasis on stewardship and engagement

Commitment

Partnering with Principal Asset Management enables global investors to align their sustainability goals with customized investment solutions tailored to their values and preferences.

At Principal Asset Management:

Acting in clients’ best interests comes first and foremost. Our approach to sustainable investing is always driven by that priority.
We recognize that client needs and expectations vary across segments and geographies and that we must be consultative and offer choice.
By collaborating with our clients in personal and customized ways, we seek to better understand what types of engagements and investments best support their values and goals.

Principal Asset Management sustainable investing integration evolution

1990s

Began managing custom screened, socially responsible mandates for some institutional clients

2010s

Became a signatory to the Principles for Responsible Investing (PRI)
Became a signatory to the Financial Reporting Council UK Stewardship Code

2020s

Began offering sustainable investing integration capabilities
Began producing internal ESG ratings
Published sustainable investing guiding policies
Formed Principal Asset Management Sustainable Investment Council
Formed Principal Asset Management Sustainable Investing Oversight Committee

Products and integration

Creating sustainable investment options and solutions that precisely address individual investor needs requires a commitment to innovation. Our differentiated global investment capabilities help us respond to client demands and meet investors' objectives.

As of December 31, 2023, we have more than 100 actively managed strategies globally that have integrated principles of sustainable investing across asset classes, ranging from Foundational incorporation to more Enhanced, Thematic, and Impact strategies.
All investment teams have access to robust analytics to screen and measure sustainability-related factors, which complement their sustainable investing processes.
We are actively involved in initiatives that support improved stewardship across asset classes, including launching new funds and converting funds to meet Sustainable Finance Disclosure Regulations in Europe.
In addition to aligning at an enterprise level with Sustainable Development Goals (SDGs) introduced by the United Nations, we endeavor to align product offerings with SDGs where possible and where consistent with the specific team’s strategy.

Investment team sustainable investing capabilities

Investment Group	ESG Integrated Solutions	Global Equity	U.S. Equity	Regional Equity	Global Fixed Income	U.S. Fixed Income	Regional Fixed Income	Real Estate	Asset Allocation	Alternatives
Principal Aligned
Principal Alternative Credit
Principal Asset Allocation
Principal Claritas
Principal Dynamic Growth
Principal Edge
Principal Equities
Principal Finisterre
Principal Fixed Income
Principal Morley
Principal Origin
Principal Real Estate
Post Advisory Group
Spectrum Asset Management

The table below highlights the different approaches that each investment team takes to sustainable investing to best complement their investment expertise.

Asset class	Investment team	Our approach
Alternative credit	Principal Alternative Credit	Our sustainable investing approach incorporates four foundational pillars of analysis embedded throughout the investment process: 1) Sustainability of the borrower’s business model, 2) Sustainability of the cash flows to support the investment, 3) Sustainability of capital formation, and 4) Sustainability of our role in the conversation. By analyzing how traditional ESG factors inform each of the four pillars of sustainability, we believe that we will be able to appropriately identify key risk considerations and generate attractive risk-adjusted returns for clients while being mindful of the role we play as capital provider in enhancing corporate sustainability.
Asset allocation	Principal Asset Allocation	Our sustainable investing process focuses on measurement, activation, and management of related factors at the asset class and strategy level. We generally prefer that our sub-advisors be signatories to the Pillars of Responsible Investing (PRI). This ensures that we are we engaging with investment partners who share our belief that ESG issues may impact the performance of investment portfolios. Further, we prefer that each sub-advisor submit an ESG policy, which details their individual philosophy and ESG methodology.
Equity	Principal Aligned	Our process involves frequent discussions with former employees, customers, suppliers, etc. to fully understand the health of the stakeholder ecosystem. We generally have small-to-zero weight in industries known for heavy environmental costs as they tend to be capital intensive, commoditized businesses without a competitive advantage.
Equity	Principal Dynamic Growth	Our approach to ESG considerations is informed by our active avoidance of unresolved or anticipated major controversies from a risk management perspective, which has naturally led to strategies with low fossil fuel involvement.
Equity	Principal Edge	Our proprietary qualitative industry ranking approach evaluates ESG factors and focuses on diversity, carbon emissions, and pay equity within the context of each sector, recognizing leaders and laggards.
Equity	Principal Equities	Our proprietary ESG ratings framework incorporates both risk considerations and change catalysts associated with ESG-related issues.
Equity	Principal Origin	Our focus on the quality and sustainability of financial returns, which is central to our investment process, results in consistently avoiding companies with larger carbon footprints.
Fixed income	Principal Finisterre	Our ESG-integrated quantitative process is used to detect opportunities and exclusions to enhance and improve a portfolio’s ESG footprint.
Fixed income	Principal Fixed Income	Integrating ESG considerations into our process is a natural extension of what we’ve always done. Incorporating ESG research into our Fundamentals, Technicals, Valuations (FTV) framework helps provide guidance for decisions within a portfolio.
Fixed income	Post Advisory Group	We consider various ESG factors during the analysis and due diligence of each issuer, which is encapsulated through our proprietary Value Scoring Model tool.
Fixed income	Spectrum Asset Management	Tiered-risk approach measures the severity of ESG issues, which is part of the qualitative assessment in our proprietary credit analysis. We weight ESG risks and opportunities, along with other qualitative and quantitative credit metrics.
Equity, fixed income, alternative	Principal Claritas	ESG metrics are evaluated qualitatively during the analysis process, then if applicable may be quantitatively applied to reflect a higher discount rate or explanation of potential liability to be reflected in the company’s valuation.
Real estate	Principal Real Estate	We believe integration of ESG into our investment management process helps reduce risk, improve a property’s competitive stature, and increase tenant attraction and retention by providing a foundation to deliver positive financial and ESG outcomes. As fiduciaries for our investors, we understand, quantify, and act upon ESG through our sustainable investing platform, the Pillars of Responsible Property Investing.

Sustainable investing continuum

Sustainable investing offers the potential to enhance security analysis by providing a holistic view of the environmental, social, and governance (ESG) factors driving risk and return. The sustainable investing continuum displayed below is defined by Principal Asset Management and encompasses all types of investing apart from non-ESG investing.

Screening

The exclusion or inclusion of certain sectors, companies or practices based on specific ESG criteria.

ESG Integration:

Foundational

An investment strategy in which Environmental, Social, and/or Governance (ESG) characteristics are considered, alongside other non-ESG characteristics, when making investment decisions with the goal of achieving risk and return objectives.

ESG Integration:

Enhanced Features

An investment strategy that integrates Environmental, Social, and/or Governance (ESG) characteristics into the investment process with the goal of achieving risk and return objectives while committing to the promotion of specific ESG criteria using enhanced product features such as, for example, specific sector exclusions, security exclusions, or carbon risk management frameworks.

Thematic

An investment strategy focused on themes or assets specifically related to sustainability (e.g., clean energy, green technology, or sustainable agriculture), with the goal of achieving risk and return objectives.

Impact

An investment strategy with targeted investments (e.g., community investing) aimed at addressing social or environmental challenges. These targeted investments are intended to generate measurable environmental or social impact while aligning to the goal of achieving risk and return objectives.

Strategy alignment with SDGs

Introduced by the United Nations, the Sustainable Development Goals (SDGs) are intended as a blueprint to achieve a better and more sustainable future for all. They address the global challenges society faces, including those related to poverty, inequality, climate change, environmental degradation, peace, and justice. At Principal Asset Management, we endeavor to align special initiatives and product offerings with the SDGs, where possible, and where consistent with the specific investment strategy.

Goal 2: Zero Hunger

Global Sustainable Food Strategy
Goal 3: Global Health and Wellbeing

Muni Impact Strategy
Corporate Sustainability Bond
Pillars of Responsible Property Investing initiative
Goal 4: Quality Education

Muni Impact Strategy
Goal 6: Clean Water and Sanitation

Global Sustainable Listed Infrastructure Strategy
Muni Impact Strategy
Pillars of Responsible Property Investing initiative
Goal 7: Affordable and Clean Energy

Global Sustainable Listed Infrastructure Strategy
Corporate Sustainability Bond
Pillars of Responsible Property Investing initiative
Goal 8: Decent Work and Economic Growth

Global Sustainable Listed Infrastructure Strategy
Pillars of Responsible Property Investing initiative
Goal 9: Industry, Innovation, and Infrastructure

Global Sustainable Listed Infrastructure Strategy
Pillars of Responsible Property Investing initiative
Corporate Sustainability Bond
Goal 11: Sustainable Cities and Communities

Global Sustainable Listed Infrastructure Strategy
Pillars of Responsible Property Investing initiative
Corporate Sustainability Bond
Goal 12: Responsible Consumption and Production

Pillars of Responsible Property Investing initiative
Goal 13: Climate Action

Global Sustainable Listed Infrastructure Strategy
Pillars of Responsible Property Investing initiative
Goal 15: Life on Land

Pillars of Responsible Property Investing initiative
Claritas Private Equity Timber Strategy
Goal 17: Partnerships for the Goals

Commitment of Principal and Principal Asset Management as signatories/participants of organizations committed to promoting sustainability values

Stewardship and engagement

We empower our investment teams to adopt and develop specific protocols that align with their asset classes, strategies, and approaches to stewardship and engagement

Engagement with corporates and participation in industry and sector collaborative engagements are core responsibilities for our investment professionals

- Stewardship activities are a part of each investment team’s separate philosophy and process.
- We use our equity shareholder advantage to create direct engagement opportunities. For fixed income and real estate, engagement revolves around direct communication with issuers.
- To further enhance our research process and help facilitate direct engagement with corporates, we augment our internal processes with the use of numerous third-party providers and broker-dealers.
- We have a dedicated committee responsible for developing and monitoring our proxy voting policy across vote themes, while also
  providing oversight of all proxy voting related matters. This includes the services of our third-party proxy research and administration provider, Institutional Shareholder Services (ISS).
- To ensure the sustainability risks are appropriately considered, we review all prospectuses and transaction documents with underwriters, and if necessary, our peers. We actively negotiate covenants and pricing to reflect those considerations.

2023 Principal Equities shareholder meeting summary

Category	Number
Votable meetings	4,839
Meetings voted	4,806
Proxy contests voted	10
Meetings with against management votes	2,470
Meetings with against ISS votes	435

Our proxy voting record is indicative of the independence of our process

Proxy voting

We have a dedicated committee responsible for developing and monitoring our proxy voting policy across all vote themes, as well as providing oversight of all matters related to proxy voting, including the services of our third-party proxy research and administration provider, Institutional Shareholder Services (ISS).

A client may authorize Asset Management to vote proxies and may obtain a summary report relating to their account by contacting their relationship manager. A client may also obtain a copy of our complete proxy voting policies and procedures upon request.

For further information, including a Corporate Liaison wishing to engage on a vote, please contact us.

Proxy voting results

Proxy Voting Policies and Procedures

Affiliations with organizations focused on sustainability issues

Organization	Principal Entity Affiliation	Since
United States Green Building Council	Principal Asset Management (Real Estate)	2007
ENERGY STAR Partner	Principal Asset Management (Real Estate)	2009
Principles for Responsible Investment (PRI)	Principal Asset Management	2010
CDP	Principal Financial Group	2011
Better Building Alliance	Principal Asset Management (Real Estate)	2014
Global Real Estate Sustainability Benchmark (GRESB)	Principal Asset Management (Real Estate)	2014
CEO Action for Diversity & Inclusion	Principal Financial Group	2020
Sustainable Development Goals (SDGs)	Principal Financial Group	2020
Investor Alliance for Human Rights	Principal Asset Management	2021
The Council of Institutional Investors	Principal Asset Management	2021
The International Corporate Governance Network	Principal Asset Management	2021
United Nations Global Compact	Principal Financial Group	2021
CFA Institute DEI Code (USA & Canada)	Principal Financial Group	2023

Signatories and recognition

Signatory to the Financial Reporting Council UK Stewardship Code (2022)¹

Joined the United Nations Global Compact (January 2021).

Signatory to the Principles for Responsible Investment since 2010.

GRESB 4-Star rating (2023)
U.S. Core strategy, 8th consecutive year
European Core strategy², 4th consecutive year
European Office strategy, 2nd consecutive year

In order to receive a ranking, the Firm paid GRESB an application fee to be evaluated and use the ranking.

ENERGY STAR Partner of the Year 2016-2024,
Sustained Excellence 2018-2024³

Learn more about sustainability efforts at Principal

Governance and Oversight

Aligned collaboration between investment management and the enterprise:

Principal Financial Group Board

The Nominating and Governance Committee of the Principal Financial Group Board of Directors oversees our corporate environmental and sustainability commitment. The Committee monitors risks and mitigation related to our environmental, sustainability, and corporate governance (ESG) responsibilities.

Principal Financial Group Sustainability Task Force

Principal Financial Group has a Sustainability Task Force which is made up of members appointed by Chairman and CEO Dan Houston. The members are leaders across the organization and report quarterly to the Principal Board of Directors. The role of the Sustainability Task Force is to ensure that material issues are integrated into and help guide our business decisions, drive our comprehensive sustainability strategy, and continually engage with stakeholders. This keeps us aligned with internal goals and third-party standards, including those of the U.N. Global Compact, which we joined at the participant level in January 2021, as well as other business groups such as the Business Roundtable and the CEO Action for Diversity and inclusion.

Principal Asset Management Sustainable Investing Oversight Committee

The Sustainable Investing Oversight Committee classifies, reviews, approves, and assures implementation of products and strategies Principal Asset Management actively markets in accordance with appropriate sustainable investing definitions. It also reviews alignment of product classifications and capabilities on a periodic basis to assure alignment remains appropriate. Additionally, the Committee reviews global policy accord recommendations and regulatory/industry policy submissions and identifies critical risks affecting sustainability support within the firm. The Committee meets at least quarterly.

Principal Asset Management Sustainable Investment Council

The objective of the Sustainable Investment Council is to be the connective hub of sustainable investing information in the firm; establish consistency across investment teams; share best practices and provide support to all investment teams; assist investment teams in formulating strategy and reporting; sharpen our sustainable investing stories at the firm and strategy level; and serve as the liaison between Principal Asset Management and the broader Principal organization. The Council meets quarterly.

Investment Teams’ Working Groups

Our investment teams also have dedicated sustainable investing working groups which comprise cross-functional representation from portfolio managers, traders, and analysts, and work closely with the Principal Asset Management Sustainable Investing Leadership Team to share ideas for ESG integration and evaluate how related issues can be incorporated into our investment processes most effectively.

Principal Asset Management sustainable investing leadership team

Our sustainable investing leadership team helps ensure our investment professionals have the information and resources needed to create and maintain investment products and solutions for clients.

Chris Reddy

Executive Managing Director

Principal Asset Management
Jeff Vorwerk, CIMA^®

Managing Director

Sustainable Investing & Investment Team Governance
Daniela Spassova, CFA^®

Senior Director

Sustainable Investing
Syd Del Cid

Senior Sustainable Investing Analyst

Research
Ryan Fitzgerald

Senior Sustainable Investing Analyst

Stewardship & Engagement
Ross Jones

Senior Sustainable Investing Analyst
Stewardship & Engagement

¹ Awarded to Principal Asset Management (a trade name of Principal Global Investors, LLC), Financial Reporting Council UK Stewardship Code, 2021.

²2016-2023 Global Real Estate Sustainability Benchmark (GRESB) assessments for Principal Real Estate’s U.S. Core strategy representing data from 31 December 2015 to 31 December 2022; 2020–2023 GRESB assessments for Principal Real Estate’s European Core strategy representing data from 31 December 2019 to 31 December 2022; 2022-2023 GRESB assessments for Principal Real Estate’s European Office strategy representing data from 31 December 2021 to 31 December 2022. 4-star rating reflects top 40% worldwide performance.

For information on the methodology used for the GRESB 4-star rating please visit: https://www.gresb.com/nl-en/resources/2024-real-estate-scoring-document/.

³ Energy Star, 2024 Energy Star Partner of the Year, awarded to Principal Real Estate Investors. Each year, the EPA honors organizations that have made outstanding contributions to protecting the environment through energy efficiency. March 2024, U.S. Environmental Protection Agency.

ESG criteria may present additional advantages or risks and does not protect against market risks or volatility. You should not make any investment assumptions based solely on the information contained herein. There is no assurance that any ESG component in our investing strategy will be successful.

Principal Real Estate is a trade name of Principal Real Estate Investors, LLC, an affiliate of Principal Global Investors.

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This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

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"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"Principal Global Investors, LLC, the issuer of this website, is a branch registered in the Dubai International Financial Centre and is authorized by the Dubai Financial Services Authority as a representative office.

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Principal Global Investors, LLC and the other member firms of Principal Global Investors (collectively, the ""Firms"")* do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client's investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor's investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for ""sophisticated institutional investors/professional clients"". If you are not a ""sophisticated institutional investor/professional client"", you may not access this website and you should select the ""Decline"" link below.

By selecting the ""Accept"" button below, and entering this website, you agree to these terms and confirm and represent that you are a "" sophisticated institutional investor/professional client""."