PLAN AND DECLARATION OF TRUST OF
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
Delaware Charter Guarantee & Trust Company, conducting business as Principal Trust
Company (“Principal Trust Company”), does hereby establish a collective investment trust, to be
known as the "Principal TrustSM Target Date Collective Investment Funds," as of March 1, 2008,
as provided in this Plan and Declaration of Trust:
ARTICLE I.
ESTABLISHMENT OF FUNDS; DEFINITIONS
SECTION 1.1 ESTABLISHMENT AND PURPOSE. The purpose of this Plan and
Declaration of Trust is to establish and create individual collective investment funds to be
maintained by the Trustee exclusively for the collective investment and reinvestment of moneys
contributed on behalf of eligible employees' pension, profit-sharing and other employee benefit
trusts, as specified by Section 2.1.
SECTION 1.2 DEFINITIONS. As used herein, unless the context otherwise requires or
specifically provides, these terms shall have the following meanings:
"Affiliate" means any entity controlled by, controlling or under common control with
another entity.
"Authorizing Fiduciary" means a trustee, administrator or other named fiduciary
authorized to bind an Eligible Trust in accordance with its governing documents.
"Code" means the Internal Revenue Code of 1986, as amended.
"Eligible Trust" means an employees' pension, profit-sharing or other trust eligible to
participate in the Funds, as further defined by Section 2.1.
"ERISA" means the Employee Retirement Income Security Act of 1974, as amended.
"Fund" means any or all of the individual funds provided for under Section 1.3, as the
context indicates.
"Liquidating Account" means an account established under Section 5.4.
This document contains information classified as restricted internal use. No part may be copied
or disclosed without prior consent of the Principal Financial Group.
"Net Asset Value" (NAV), in the case of a mutual fund investment, means the price per
mutual fund share represented as a dollar amount.
"Participating Trust" means any Eligible Trust, moneys of which are invested in any one
or more of the Funds.
"Schedule" means a schedule attached hereto for purposes of establishing a individual
Fund under this Trust, as further described by Section 1.3.
"Trust" means this plan and declaration of trust, and any amendments hereto.
"Trustee" means Principal Trust Company, or its successor, in its capacity as trustee of
the Funds.
"Unit(s)" means a proportionate undivided interest in a Fund or of any class of a Fund, as
described by Section 4.1.
"Valuation Date" is defined by Section 4.2.
SECTION 1.3 INDIVIDUAL FUNDS; INVESTMENT POLICY. The assets held under
this Trust shall be subdivided at the discretion of the Trustee into one or more separate bookkeeping
accounts for investment purposes (each "Fund"). Each Fund shall be separately held, managed,
administered, valued, invested, reinvested, distributed, accounted for, and otherwise dealt with as if it
were a separate and distinct collective investment trust, and to the fullest extent of the law, the assets
of any Fund shall not be liable for the liability of any other Fund. The Trustee at its discretion may
direct that any Fund shall provide for one or more classes of units whose rights and obligations,
including the obligation to pay management or other fees with respect to the fund, may differ. Each
Fund shall be governed by a Schedule attached to this Trust setting forth the name, investment
objective, special valuation procedures (if any), classes of units, and any other special provisions
relating to such Fund. The Trustee may at any time and from time to time establish additional
Funds by amendment of this Trust attaching an additional Schedule hereto. None of the Funds shall
be bound by any other investment policy or investment guidelines applicable to individual
Participating Trusts. If in contravention of any law or regulation, no investment of the Funds
shall be made in any security issued by any sponsor of any Participating Trust or in any security
issued by the Trustee or Affiliate.
SECTION 1.4 EFFECT OF THE TRUST. With respect to any moneys invested in the
Funds by any Participating Trust, the Authorizing Fiduciary of the Participating Trust and all
other persons interested therein shall be bound by the provisions of this Trust as the same may be
amended from time to time pursuant to its terms.
SECTION 1.5 COMPLIANCE WITH STATUTES AND REGULATIONS.
Notwithstanding any other provision of the Trust, the Funds shall be administered in conformity
with all applicable laws of the State of Delaware and of the United States and all rules and
2
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
regulations from time to time promulgated under the authority of such laws, including
specifically, the fiduciary provisions under ERISA and the regulations thereunder and the
regulations issued by the Office of the Comptroller of the Currency's at 12 C.F.R. § 9.18(a)(2), to
the extent not inconsistent with Delaware law. If any of the provisions of this Trust are in any
way contrary to or inconsistent with any such laws, rules or regulations prevailing from time to
time, the Trustee shall comply with the requirements of such laws, rules or regulations on their
effective dates, rather than with the provisions of this Trust. The Trustee shall incur no liability
for following such laws, rules or regulations.
ARTICLE II.
PARTICIPATION
SECTION 2.1 ELIGIBLE TRUSTS. Eligible Trust means any one of the following:
(a)
a retirement, pension, profit sharing, stock bonus or other employee benefit trust or
fund forming a part of a plan or plans qualified under Section 401(a) of the Code and exempt under
Section 501(a) of the Code (including without limitation any such trust or fund under a plan
maintained by Principal Trust Company or any Affiliate for its own employees or employees of one
or more Affiliates), other than a trust described in subsections (b) or (c), below;
(b)
a retirement, pension, profit sharing, stock bonus or other employee benefit trust or
fund forming a part of a plan qualified under Section 401(a) of the Code and exempt under Section
501(a) of the Code, which covers employees, some of whom are employees within the meaning
of Section 401(c) of the Code, provided that the employee benefit plan of which such trust or
fund is a part qualifies to participate in the Trust under Securities and Exchange Commission
Rule 180 (under the Securities Act of 1933) or another applicable rule or exemption;
(c)
an employee benefit trust established with respect to any governmental plan as
defined by Section 414(d) of the Code, other than a plan funded by an annuity contract described in
Section 403(b) of the Code, which has been established by an employer for the exclusive benefit of
employees or their beneficiaries if under the plan it is impossible prior to the satisfaction of liabilities
with respect to such employees and their beneficiaries for any part of the corpus or income to be used
for or diverted to purposes other than the exclusive benefit of such employees or their beneficiaries;
(d)
a collective trust fund established, operated and maintained by a bank or trust
company, which limits admission thereto as set forth in this Article II, but only if such trust is exempt
from income taxation under Section 501(a) of the Code;
(e)
a separate account of an insurance company licensed to do business in one or more
states, which limits admission thereto as set forth in this Article II; and
(f)
any other plan or trust permitted by applicable law to invest in the Funds, as
determined by the Trustee in its sole discretion;
3
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
provided that, to the extent of the participation in the Funds by any of the above trusts or funds and to
the extent required by law, the governing documents of such trust or fund, and each plan or trust
investing therein in the care of a collective trust fund or insurance company separate account, shall
authorize either the investment of moneys thereof in the Trust or the investment of moneys
thereof in a collective investment fund maintained by the Trustee and also provide that the
governing documents under which this Trust or any such collective investment funds are
maintained shall constitute a part of the plan pursuant to which such trust is administered.
SECTION 2.2 PARTICIPATING TRUSTS. Investment in the Trust shall be made only
by an Eligible Trust if accepted as a Participating Trust by the Trustee in its sole discretion,
which acceptance may be evidenced by the Trustee accepting money deposited by the Eligible
Trust and awarding Units of participation in a Fund for the account of the Participating Trust. As
a condition of participation in any or all of the Funds, the Trustee may require an Authorizing
Fiduciary to complete a participation agreement in such form as may be determined by the
Trustee from time to time.
SECTION 2.3 SEPARATION IF PARTICIPATING TRUST IS DISQUALIFIED. If at
any time it should be determined by the Trustee in its sole discretion that any Participating Trust
no longer qualifies to invest in the Funds, the Trustee shall as soon as practicable withdraw the
participation of such Participating Trust from the Funds. Any resulting cost to the Funds shall be
borne solely by such Participating Trust. The Authorizing Fiduciary of a Participating Trust
shall immediately notify the Trustee in writing if such Participating Trust ceases to be an Eligible
Trust; such notice shall not be treated as received by the Trustee until actually received.
SECTION 2.4 EXCLUSIVE BENEFIT. The Funds are created for the exclusive benefit
of the participants and beneficiaries of the Participating Trusts. No part of the corpus or income
of a Fund which equitably belongs to, or is distributed to, any Participating Trust may be used
for or diverted to any purposes other than for the exclusive benefit of the participants or their
beneficiaries entitled to benefits under such Participating Trust.
SECTION 2.5 PROHIBITION AGAINST ASSIGNMENT. A Participating Trust may
not assign any part of its equity or interest in the Funds.
ARTICLE III.
POWERS OF TRUSTEE
SECTION 3.1 INVESTMENT POWERS OF THE TRUSTEE. The Trustee shall have
the exclusive management and control of the Funds, including the power to:
(a)
invest and reinvest in any property, real or personal, tangible or intangible, or part
interest therein, wherever situated throughout the world, without regard to the proportion such
property or property of a similar character held in the Funds may bear to the entire amount so held,
including, but not limited to, domestic or foreign, capital, common and preferred stocks, warrants,
4
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
convertible securities, personal, corporate, partnership, trust and governmental obligations, exchangetraded funds, derivative instruments and transactions of any kind, trust and participation certificates,
oil, mineral or gas properties, royalty interests or rights, including equipment pertaining thereto,
leaseholds, mortgages and other interests in realty, notes and other evidences of indebtedness or
ownership, secured or unsecured, contracts and chooses in action and the capital or common stock of
any entity organized or otherwise acquired pursuant to subsection (j) of Section 3.2. hereof;
(b)
sell, exchange, lend, convey, transfer or dispose of options with respect to, any
property, whether real or personal, domestic or foreign, at any time held by it, and any sale may be
made by private contract or by public auction, and for cash or upon credit, or partly for cash and
partly upon credit, as the Trustee may deem advisable;
(c)
grant, purchase, sell, exercise, permit to expire, and otherwise to acquire, dispose of,
hold and generally deal in any manner with and in all forms of options whether foreign or domestic;
purchase, sell, hold and generally deal in and with all futures contracts (and any options on such
contracts), whether foreign or domestic, and including without limitation futures and forward
contracts with respect to financial instruments, currencies and any group or index of securities (or
any interest therein based upon the value thereof), and enter into swap and other derivative
transactions of any kind, whether foreign or domestic, including without limitation interest rate,
currency and equity swaps and caps and floors; and in connection with any of the foregoing, to
deposit any property as collateral with any broker, dealer, agent or other financial institution, to grant
security interests in such collateral and to execute or cause to be executed any and all required
documents (including without limitation customer account agreements), all on such terms and
conditions as the Trustee shall determine;
(d)
invest in deposits of Principal Trust Company (or any Affiliate) that bear a
reasonable rate of interest;
(e)
invest and reinvest all or any part of the Funds through the medium of any common,
collective or commingled trust fund, including any collective investment fund, established, operated
and maintained by Principal Trust Company or any of its Affiliates (including any other individual
Fund), as the same may have heretofore been or may hereafter be established or amended, which is
exempt under the provisions of Section 501(a) of the Code, and during such period of time as an
investment through any such medium shall exist the declaration of trust of such fund shall constitute
a part of this Trust;
(f)
invest and reinvest all or any part of the Funds through any insurance company
separate account, including a separate account maintained by Principal Life Insurance Company
or any of its Affiliates;
(g)
invest and reinvest all or any part of the Funds through any open-end company
investment company (mutual fund), including those managed by an Affiliate of Principal Trust
Company; and
5
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
(h)
to invest and reinvest without making distinction between principal and income
except to the extent deemed appropriate by the Trustee to enable the Trustee to maintain proper
records and value the Funds (and classes of each Fund) on any Valuation Date.
The Trustee shall not be limited or restricted in the making of investments to those of the character
authorized by the laws of any State or foreign country or by any rule of court or other authority for
trust investments. In investing and reinvesting the assets of the Funds, the Trustee may do so
irrespective of the size of the investment, the size, location, or nature of the enterprise involved, the
ready marketability of the investment, or the fact that the investment may be in foreign securities and
enterprises controlled by the laws of foreign countries whose laws may not be similar to those of the
United States of America and whose laws may impose foreign taxation on income or assets of the
Funds, and the Trustee in so investing and reinvesting shall not be liable for any loss to, depreciation
in the value of, or foreign taxation of, the Funds.
SECTION 3.2 ADDITIONAL POWERS OF TRUSTEE. In addition to the powers
otherwise herein granted to the Trustee, the Trustee is authorized and empowered in its discretion,
but not by way of limitation:
(a)
to retain any property, real or personal, tangible or intangible, received as a result of
the exercise of any of the powers herein granted, whether or not investment in such property is
authorized by Section 3.1;
(b)
to retain, manage, operate, repair, develop, preserve, improve, mortgage or lease for
any period any property or any oil, mineral or gas properties, interests or rights held by the Trustee or
held by any entity organized by it or in which it has an interest pursuant to subsection (j) of this
Section 3.2, upon such terms and conditions as the Trustee deems proper, either alone or by joining
with others; using other trust assets for any such purposes if the Trustee deems it advisable; to
modify, extend, renew or otherwise adjust any or all of the provisions of any such mortgage or lease,
including the waiver of rentals, if the Trustee deems it advisable; and to make provision for the
amortization of the investment in or depreciation of the value of such property if the Trustee deems it
advisable; from time to time to advance such sums of money as may be required for the maintenance
of any real property or interest therein; to vacate and abandon any real property; to develop, alter,
improve or repair any real property and to adjust boundaries thereon; to demolish or erect buildings
on any real property and to grant easements thereon; to partition and to pay any sums necessary for
equality of partition in connection with any real property and to perfect the title thereof;
(c)
to compromise, compound and settle any debt or obligation due to or from it as
Trustee hereunder and to reduce the rate of interest on, to extend or otherwise modify, or to foreclose
upon default or otherwise enforce any such obligation;
(d)
to vote in person or by proxy on any stocks, bonds or other securities held by it; to
exercise any options appurtenant to any stocks, bonds or other securities for the conversion thereof
into other stocks, bonds or securities, or to exercise any rights, warrants or similar instruments to
6
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
subscribe for additional stocks, bonds or other securities and to make any and all necessary payments
therefor; to join in, or to dissent from, and to oppose, the reorganization, recapitalization,
consolidation, liquidation, sale or merger of corporations or properties in which it may be interested
as Trustee, upon such terms and conditions as it may deem advisable; and to appoint one or more
individuals or corporations as voting trustees under voting trust agreements and to delegate to such
voting trustees discretion to vote;
(e)
to make, execute, acknowledge and deliver any and all deeds, leases, mortgages,
assignments, documents of transfer and conveyance and any and all other instruments that may be
necessary or appropriate to carry out the powers herein granted;
(f)
to borrow or raise moneys at any time and from time to time for the purposes of the
Funds to the extent that the Trustee shall deem desirable and upon such terms and conditions as the
Trustee in its absolute discretion may deem desirable or proper, and for any sum so borrowed to issue
its promissory note as Trustee and to secure the repayment thereof by pledging all or any part of the
assets of the Funds; and no person loaning money to the Trustee shall be bound to see to the
application of the money loaned or to inquire into the validity, expediency or propriety of any such
borrowing;
(g)
to cause or authorize any investments from time to time held by it to be registered in,
or transferred into its name as Trustee, or the name of its nominee, or in the name of any other
nominee, or to retain them unregistered or in form permitting transferability by delivery; and to
deposit any such investments in or with any depositary, sub-custodian, clearing corporation, or any
central system for handling of investments, or any nominee thereof; but the books and records of the
Trustee shall at all times show that all such investments are part of the Funds;
(h)
to loan any securities at any time held by it to brokers, dealers or other financial
institutions upon such security as the Trustee determines, and during the term of any such loan to
permit the loaned securities to be transferred into the name of and voted by the borrower or others;
(i)
to exercise all conversion, subscription, voting and other rights of whatsoever nature
pertaining to any such property and to grant proxies, discretionary or otherwise, with respect thereto;
(j)
to form a corporation or corporations or any other entity under the laws of any
jurisdiction, to participate in the forming of any such corporation or corporations or entity or acquire
an interest in or otherwise make use of any corporation or corporations or entity already formed, for
the purpose of investing in and holding title to any property which the Trustee is authorized to
acquire under Section 3.1, and with the power to exercise with respect thereto any or all of the
powers, functions and duties set forth in this Section 3.2;
(k)
to participate in and consent to any plan of reorganization, consolidation, merger,
combination, dissolution, recapitalization, liquidation or similar plan and any action thereunder, or
the deposit of any property with any protective, reorganization or similar committee, the delegation
7
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
of discretionary powers thereto, the sharing in the payment of its expenses and compensation and the
payment of any assessments levied with respect to such property; to receive and retain property under
any such plan whether or not the same is of the class in which fiduciaries are authorized by law or
any rule of court to invest funds;
(l)
in the acquisition, disposition and management of investments for the Funds, to
acquire and hold any securities or other property even though Principal Trust Company (or any of
its Affiliates), in its individual or any other capacity, shall have invested or may thereafter invest its
own or other funds in the same securities or related property or related securities or other property the
interest, principal or other avails of which may be payable at different rates or different times or may
have a different rank or priority; and to acquire and hold any securities or other property even though
in connection therewith Principal Trust Company (or any of its Affiliates), in its individual or any
other capacity, may receive compensation reasonably and customarily due in the course of its regular
activities;
(m)
to abandon, settle, compromise, extend, renew, modify, release, adjust or submit to
arbitration in whole or in part and without the order or decree of any court any and all claims and
suits whether such action shall increase or decrease the assets held hereunder;
(n)
in the event of any default in respect of any investment held hereunder, to exercise
such powers in the collection or realization of such investment as the Trustee shall determine
including without limitation the following specification: in the event of foreclosure or any
proceedings for the collection or realization of any mortgage or mortgages held hereunder to
exchange any such mortgage or mortgages for any other property; to purchase such property at any
foreclosure or other sale or to acquire such property by deed without foreclosure; to retain property
bought in foreclosure or taken over without foreclosure for such period of time as may be deemed
proper; to delegate to any person or corporation any or all powers of the Trustee, discretionary or
otherwise, in respect of the collection or realization of any investment held hereunder;
(o)
to employ such counsel, accountants, custodians, sub-custodians, depositaries,
brokers, appraisers, pricing services, third-party recordkeepers, and other agents (any of which may
be an Affiliate) as it shall deem advisable, and to pay their reasonable expenses and compensation
from the assets of the Funds in accordance with Section 7.2;
(p)
for the purpose of investing in and holding title to real or personal property or part
interests therein, wherever situated, to appoint one or more individuals or corporations as a co-trustee
or sub-trustee or to join with one or more individuals or corporations, including itself, acting as
trustees of other pension trusts, profit sharing trusts or employee benefit trusts in the establishment of
one or more sub-trusts; such co-trustees or sub-trustees upon being appointed may be authorized to
act with one or more than one or all of the powers, authorities, discretions, duties and functions of the
Trustee under this Article III, including without limitation by the reference thereto power to receive
and hold property, real or personal, or part interest therein, oil, mineral or gas properties, royalty
interests or rights, including equipment pertaining thereto, leaseholds, mortgages and other interests
8
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
in realty, situated in any State in which the co-trustee or sub-trustee is authorized to act as trustee of
pension trusts, profit sharing trusts or other employee benefit trusts; and to pay the reasonable
expenses and compensation of such co-trustee and sub-trustee;
(q)
to establish such rules and procedures for the administration of the Funds as the
Trustee in its sole discretion determines appropriate from time to time, such as without limitation
rules with respect to the timing of requests for admissions and withdrawals from a Fund and
frequent trading by Participating Trusts;
(r)
to advertise or publicize the Funds in such manner as may be consistent with
applicable laws; and
(s)
to do all other acts whether or not expressly authorized which it may deem necessary
or proper for the protection of the property held hereunder or otherwise for the benefit of the Funds
or any individual Fund.
SECTION 3.3 INVESTMENT ADVISERS. In connection with its investment
management responsibilities hereunder, the Trustee may employ or appoint upon such terms as
the Trustee may determine in its sole discretion one or more investment advisers registered under
the Investment Advisers Act of 1940 or exempt from such registration, to provide investment
advice with respect to any one or more Funds. Any such adviser may but need not be an
Affiliate of the Trustee. The Trustee shall establish specific written guidelines, policies and
procedures to be followed by any such adviser. The Trustee may execute any contract or
documents as the Trustee may deem to be necessary or useful, appoint such adviser as a cofiduciary hereunder, and pay such adviser reasonable compensation, provided that (a) any such
contract shall be terminable by the Trustee at will; (b) the custody, control and management of
all assets of the Funds shall remain with the Trustee, (c) except as permitted by law, the Trustee
shall not delegate discretionary authority to such adviser and all investment transactions shall be
placed by the Trustee, and (d) the employment of an adviser shall not result in additional
expenses charged to any Fund or any Participating Trust, except as specifically provided by the
Schedule governing such Fund.
SECTION 3.4 CUSTODY AND LOCATION OF INVESTMENTS. Any assets of the
Funds representing foreign investments may be kept by Principal Trust Company in its foreign
offices if in the custody of other persons, custodians and agents throughout the world, in a manner
consistent with Section 404(b) of ERISA and the regulations thereunder.
SECTION 3.5 OWNERSHIP OF ASSETS. No Participating Trust shall be deemed to
have individual ownership of any asset in the Funds, but each shall have a proportionate
undivided interest in the Funds and shall share ratably with the others in the income, profits or
losses thereof. All the assets of the Funds shall at all times be considered as assets held by the
Trustee as fiduciary and title thereto shall be vested solely in the Trustee.
9
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
SECTION 3.6 RIGHT TO RETAIN CASH UNINVESTED. The Trustee in its sole
discretion may keep such portion of the Funds in cash and unproductive of income as it from
time to time considers advisable.
SECTION 3.7 THIRD PERSONS NOT OBLIGED TO SEE TO APPLICATION OF
PAYMENTS. No person dealing with the Trustee shall be under any obligation to make any
inquiry concerning the authority of the Trustee hereunder or see to the application of any
payments made to the Trustee.
ARTICLE IV.
UNITS; VALUATION
SECTION 4.1 DIVISION INTO UNITS. The Trustee will calculate the value of an
individual Fund for each Valuation Date by multiplying the number of units held by each
Participating Trust by the applicable dollar value for one unit ("Unit Value"). Where the Trustee
has designated that a Fund shall issue more than one class of units, Unit Value shall be
determined separately for each such class.
(a)
Contributions by a Participating Trust to a Fund increase the number of Fund
units credited to the Participating Trust. Transfers and payments from a Fund by a Participating
Trust reduce the number of units. The increase or decrease in the number of units is calculated by
dividing the dollar amount of the contribution, transfer, or payment by the applicable Unit Value.
(b)
The Trustee will calculate the Unit Value applicable to each Fund investment on
each Valuation Date. The Unit Value will be based upon the total value of the individual Fund
and the number of existing units.
(c)
When crediting contributions and transfers added to an individual Fund, the
Trustee will use the Unit Value applicable to the individual Fund for the Valuation Date on
which the Trustee accepts the contribution or transfer. If the Trustee accepts the contribution or
transfer on a date other than a Valuation Date, the Trustee will use the Unit Value for the next
following Valuation Date. The Trustee reserves the right to change the unit value recordkeeping
system upon 30 days notice to each Participating Trust.
SECTION 4.2 VALUATION DATE. "Valuation Date" means the date the Trustee
determines the value of an individual Fund. Valuation Dates will occur on dates determined by
the Trustee, but at least on the last business day of a calendar month. Valuation will occur at the
end of each such day, according to the Trustee’s then-current procedures.
SECTION 4.3 METHOD OF VALUING FUND ASSETS. The value of the Fund's
assets is the market value of such assets less Operating Expenses accrued but not deducted, if
any.
10
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
(a)
To the extent that Fund invests in a mutual fund, the value of such investment is
the number of mutual fund shares held multiplied by the mutual fund's NAV for that Valuation
Date.
(b)
To the extent that a Participating Trust invests in securities other than mutual
funds, the Trustee shall value assets of the Funds at market value unless such value is not readily
ascertainable. Securities listed on any exchange shall be valued according to the close price on
any such exchange for the security in question on the Valuation Date. If no sale has been
reported for that day, the security shall be valued by reference to the bid and asked prices on the
Valuation Date. The Trustee may adopt special valuation methods for a Fund by describing such
methods in the Fund Schedule.
(c)
If there is no readily available market, asset value is the fair market value of the
assets held in such Participating Trust's account as determined in good faith by the Trustee.
Where applicable, the Trustee will apply generally accepted accounting practices and applicable
law to determine the fair market value of the assets.
SECTION 4.4 OPERATING EXPENSES. "Operating Expenses" are those charges that
the Trustee determines, in its sole discretion, must be paid in order to operate a Fund or obtain
investments for a Fund. Operating Expenses include, but are not limited to, Trustee fees and
expenses as set out in Article VII, and any fees, taxes and expenses associated with the operation
of an individual Fund (or a specific Fund class). Operating Expenses will be deducted from the
Fund's account associated with a particular charge on the next Valuation Date after the Operating
Expenses have been paid or are immediately payable. In accordance with the Trustee's thencurrent procedures, various Funds may share in the payment of certain Operating Expenses and,
in some cases, we may use certain fees paid to the Trustee or its Affiliates by third parties to
offset Operating Expenses incurred by a Fund's account which would otherwise be payable from
that Fund.
ARTICLE V.
ADMISSIONS AND WITHDRAWALS
SECTION 5.1 ADMISSIONS AND WITHDRAWALS. Moneys of a Participating
Trust may be deposited in a Fund, and Units owned by a Participating Trust may be redeemed,
only as of a Valuation Date and on the basis of the value of the Fund and of the Units into which
it is divided, determined as of such Valuation Date. The admission or withdrawal shall be
effected within a reasonable time, normally not to exceed three (3) business days but up to 30
days, following each such Valuation Date at the discretion of the Trustee.
The Trustee may set such requirements as it may determine in its sole discretion with
respect to minimum contributions or withdrawals, or the frequency of permitted contributions or
11
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
withdrawals; and the Trustee shall be free to waive any such requirements in its sole discretion
with respect to any Participating Trust.
Notwithstanding anything in this Trust to the contrary, withdrawals from the Funds or
any individual Fund shall be made only if, when, and in such manner and over such unlimited
period of time as the Trustee, in its sole and absolute discretion, may determine to be consistent
with the nature of the Funds or any Fund, or as appropriate to prevent inequities among
Participating Trusts, or as may be required for a fair and orderly liquidation.
SECTION 5.2 NOTICE OF INTENTION WITH RESPECT TO ADMISSIONS AND
WITHDRAWALS. Except as otherwise provided herein, no Participating Trust shall be initially
admitted to or permanently withdrawn from the Funds or an individual Fund unless an
Authorizing Fiduciary's notice of intention of taking such action for such Participating Trust
shall have been entered in the records of the Trustee and approved by the Trustee on or before
the Valuation Date pursuant to reasonable procedures as determined from time to time by the
Trustee and communicated to Authorizing Fiduciaries. No such request or notice may be
canceled or countermanded after the Valuation Date.
SECTION 5.3 MANNER OF MAKING ADMISSIONS AND WITHDRAWALS.
Admissions to and withdrawals from the Funds may be made, at the Trustee's discretion, in
whole or in part, either in cash or in assets at the current value of such assets. The Trustee shall
determine the value of any asset transferred in kind in accordance with Article IV.
SECTION 5.4 SEGREGATION OF INVESTMENTS; LIQUIDATING ACCOUNTS.
Before any admission to or withdrawal from any of the Funds, the Trustee shall determine
whether any investment then held in the Fund has ceased to be eligible as an investment for the
Fund. If the Trustee determines that any investment then held has ceased to be eligible as an
investment of a Fund, the Trustee may, prior to permitting any further admission to or
withdrawal from the Funds, either sell such investment or segregate and place the investment in a
Liquidating Account to be maintained and administered solely for the benefit of, and the
proceeds thereof shall be distributed ratably to, the Participating Trusts interested in the Fund
holding such investment at the time such investment was set apart to a Liquidating Account. In
addition, the Trustee may segregate and place in a Liquidating Account any other investment
which the Trustee, in its sole and absolute discretion, deems advisable to liquidate to prevent any
loss or prejudice to any Participating Trust because of a withdrawal from the Funds. The Trustee
shall be entitled to compensation and reimbursement of expenses with respect to a Liquidating
Account to the same extent that the Trustee would be so entitled if the assets of the Liquidating
Account had remained a part of a Fund. Each Liquidating Account shall be audited in
accordance with Section 6.2, except that the report of such audit need not show the valuation of
any item in such Liquidating Account. After an asset of any Fund has been set apart to a
Liquidating Account, it shall continue to be subject to and be governed by all the provisions of
the Fund so far as the same may be applicable thereto. The Trustee shall have the powers and
authority set forth in Article III as to any assets held in a Liquidating Account; provided that
12
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
(a) no further money shall be invested in any Liquidating Account, and (b) to the extent
allowable by applicable law and solely to protect any investment held therein, the Trustee may
borrow moneys from others, or advance its own moneys with interest at the prevailing rate on the
security of the investments held in such Liquidating Account.
ARTICLE VI.
ACCOUNTS AND RECORDS
SECTION 6.1 TRUSTEE RECORDS. The Trustee shall maintain full records and
books of account setting forth all moneys of each Participating Trust contributed to any one or
more of the Funds (including if applicable the specific class of a Fund) and the Units of
participation of each Participating Trust in each Fund (and if applicable, class of a Fund). The
Trustee shall also keep records of all transactions of each of the Funds, which at all times shall
show the proportionate interest of each Participating Trust in the Funds. Such records and books
of account shall be kept in such form as the Trustee may determine.
SECTION 6.2 AUDITORS. At least once during each period of twelve months an audit
shall be made of the Funds by competent auditors. Such auditors may be either independent
public accountants or the Trustee's internal auditors to the extent permitted by law; provided,
however, in either case they shall be appointed by and responsible only to the Board of Directors
of the Trustee and shall deliver their report of audit to the Board of Directors. The auditors shall
be required to make only such examination of the accounts and records as they deem reasonably
necessary, subject to the requirements of applicable law and the directions of the Board of
Directors of the Trustee. The auditors shall incur no liability for any act done or suffered by
them in good faith and in the exercise of reasonable care.
The Trustee shall pay the reasonable compensation and expenses of any independent
public accountant out of the Funds, or from a Liquidating Account for services with respect to
such Liquidating Account. Notwithstanding the foregoing, the Trustee may not charge the Funds
or a Liquidating Account with the expense of any audit made by its own auditors.
SECTION 6.3 TRUSTEE REPORTS. The Trustee shall prepare and provide or make
available a copy of a financial report for each Fund annually to each Authorizing Fiduciary of
each Participating Trust with an interest in such Fund. The financial report shall be based on the
audit of such Fund and shall disclose the fees and expenses of the Fund and such other
information as may be required by applicable law. The Trustee shall include in its financial
report or provide upon request all such information as may be necessary to enable the
Authorizing Fiduciary or other fiduciary with respect to a Participating Trust to make such tax or
information returns as may be required by applicable laws. If an Authorizing Fiduciary does not
file with the Trustee an objection to one or more specific items in any report of the Trustee
within six (6) months from the date of such report, or within six (6) months after the Trustee's
adjustment of a previously delivered report, such report or adjusted report shall be deemed
13
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
approved and the Trustee shall be relieved from all liability, responsibility and accountability
with respect to all matters contained in such report.
All accounting records, reports of valuation and audits under this Trust shall be open for
inspection, during the Trustee's normal business hours, by any Authorizing Fiduciary or any person
duly designated by an Authorizing Fiduciary for that purpose upon reasonable advance written notice
to the Trustee.
SECTION 6.4 FISCAL YEAR. The fiscal year of the Funds shall be the 12-month
period commencing each 1st day of March, or such other period as specified for a Fund on the
applicable Schedule.
SECTION 6.5 SETTLEMENT OF ACCOUNTS. The Trustee may file at its discretion,
or, if required by subsequent legislation or regulation, shall file, in the appropriate court in the
State of Delaware, at the expense of the Funds, accounts of its administration of the Funds, and
any Liquidating Account. The confirmation of such accounts, upon such prior notice of audit to
parties in interest as may be prescribed by statute, regulation or rule of court, shall operate as a
full and complete discharge of its liability to the Participating Trusts which may at any time be or
become interested in the Funds, or in any Liquidating Account, and to all persons who may then
have, or who may thereafter acquire any interest in such Participating Trusts in respect of the
transactions set forth in such accounts.
ARTICLE VII.
TRUSTEE COMPENSATION AND EXPENSES
SECTION 7.1 COMPENSATION. The Trustee may charge and pay itself from the
assets of any Fund or any class of a Fund a fee for the management or administration of the Fund
or such global class of the Fund; provided that (a) any such fees must be specifically set forth in
the Schedule applicable to such Fund, and before such Schedule is effective with respect to the
Participating Trust, it must be provided to an Authorizing Fiduciary of each Participating Trust
that will directly or indirectly pay such fees, and (b) the fees may not exceed any maximum
compensation limits as may be prescribed from time to time by regulation, order or ruling. If the
Schedule for a Fund (or any class of a Fund) does not specify a management fee to be paid to the
Trustee from the assets of such Fund (or class of the Fund), the Trustee may be compensated by
a Participating Trust directly for its services relating to the Participating Trust's participation in
the Fund under a separate agreement between the Trustee and an Authorizing Fiduciary.
SECTION 7.2 TRUSTEE EXPENSES. Except for those costs and expenses allocated by
the Trustee to an individual Participating Trust, the Trustee may reimburse itself out of the Funds for
its reasonable direct costs and expenses incurred by it in the administration and management of the
Funds, including without limitation: legal fees and expenses; the reasonable fees of independent
public accountants and such counsel, accountants, custodians, sub-custodians, depositaries, brokers,
appraisers, pricing services, third party recordkeepers, and other agents as may be employed by the
14
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
Trustee from time to time. In addition, the Trustee shall be entitled to be reimbursed out of the
Funds for any and all taxes or assessments paid by it with respect to the Funds or any asset or the
income thereof, pursuant to any statute or regulation requiring such payment.
Notwithstanding the foregoing, the Trustee may charge to a Fund the compensation and
expenses of an adviser employed by the Trustee under Section 3.3 only if so provided by the
Schedule governing the Fund, which Schedule shall be provided to an Authorizing Fiduciary of
each Participating Trust that will directly or indirectly pay such fees before such Schedule is
effective with respect to each such Participating Trust.
ARTICLE VIII.
AMENDMENT AND TERMINATION
SECTION 8.1 AMENDMENT OF TRUST. (a) The Trustee acting by its Board of
Directors may amend this Trust from time to time and such amendment shall take effect as
provided by Section 8.1(b) or (c). Any such amendment shall be in writing and filed with the
original Trust, together with a certified copy of a resolution of the Board of Directors of the
Trustee approving such amendment.
(b) Any amendment made to conform the Trust to any amendment of the rules and
regulations of the United States Comptroller of the Currency and/or the Internal Revenue Service
or other governmental bodies having jurisdiction shall take effect as of the effective date of the
amendment to such rules and regulations. Any amendment required to qualify the Trust under
the provisions of Section 501(a) of the Code, by its terms, may be retroactive.
(c) Unless previously approved in writing by an Authorizing Fiduciary of each
Participating Trust or effective under Section 8.1(b), no amendment shall take effect until a
Valuation Date which is not less than sixty (60) days after notice of such amendment has been
furnished to an Authorizing Fiduciary of each Participating Trust. If an Authorizing Fiduciary to
whom such notice is furnished files an objection with the Trustee on or before five (5) days
before the Valuation Date on which such amendment will take effect, the Trustee may withdraw
the participation of the Participating Trust on behalf of which such objection was filed on the
Valuation Date as of which such amendment is to take effect.
(d) No amendment may, directly or indirectly, operate to deprive any Participating Trust
of its beneficial interest in any Fund, as it is constituted on the effective date of the amendment.
Otherwise any amendment shall be binding on all persons, including, but not limited to, all
Participating Trusts in the Funds as of the effective date and their Authorizing Fiduciaries.
SECTION 8.2 MERGER OR CONSOLIDATION OF TRUST. Subject to applicable
law, the Trustee acting by its Board of Directors may merge into or consolidate with the Funds
any one or more collective trust funds established by the Trustee; provided that (a) the surviving
trust shall fully comply with all applicable requirements of applicable law, (b) each Participating
15
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
Trust in the Funds so merged or consolidated shall receive an interest in the surviving or
resulting collective trust fund equal in value to the interest of the Participating Trust immediately
before such transaction, and (c) any such transaction that affects the rights and responsibilities of
a Participating Trust, and which was not previously approved in writing by an Authorizing
Fiduciary with respect to such Participating Trust, shall not be effective until thirty (30) days
after notice thereof has been provided by the Trustee to the Authorizing Fiduciary of the
Participating Trust. Expenses pertaining to any such merger or consolidation shall be borne by
the Trustee and may not be charged to the Funds.
SECTION 8.3 AMENDMENT OF SCHEDULES. In addition to amendments allowed
under Section 8.1, the Trustee may amend any Schedule from time to time, including without
limitation the fees payable to the Trustee and/or to any adviser as set forth therein, provided that,
unless such amendment was previously approved in writing by an Authorizing Fiduciary of each
Participating Trust affected by a Schedule amendment, no such amendment shall take effect until
a Valuation Date which is not less than sixty (60) days after notice of such amendment has been
furnished to an Authorizing Fiduciary of each Participating Trust in the Fund governed by such
Schedule. If an Authorizing Fiduciary to whom such notice is furnished files an objection with
the Trustee on or before five (5) days before the Valuation Date on which such amendment is to
take effect, the Trustee may withdraw the participation of the Participating Trust on behalf of
which such objection was filed on such Valuation Date. Any such amendment shall be in
writing and filed with the original Trust, together with a certified copy of a resolution approving
such amendment.
SECTION 8.4 REORGANIZATION OR MERGER OF INDIVIDUAL FUNDS. The
Trustee may at any time reorganize or reestablish any of the individual Funds, or any unit class
of any Fund, as a new or existing Fund or unit class of any Fund, or merge or consolidate any of
the individual Funds or any unit class of a individual Fund into or with other Funds; provided,
that (a) each Participating Trust in any individual Fund or class of a Fund so reorganized,
reestablished, merged or consolidated shall receive an interest in the survivor or successor Fund
or class of a Fund equal in value to the interest of the Participating Trust immediately before
such transaction, (b) any such transaction that affects the rights and responsibilities of a
Participating Trust, and which was not previously approved in writing by an Authorizing
Fiduciary of a Participating Trust, shall not be effective until thirty (30) days after notice thereof
has been provided by the Trustee to the Participating Trust, and (c) expenses pertaining to any
such transaction shall be borne by the Trustee and may not be charged to the Funds.
SECTION 8.5 TERMINATION OF TRUST. The Board of Directors of the Trustee may
at any time in its discretion by resolution terminate this Trust and direct its liquidation.
Thereafter, no further Participating Trusts shall be admitted and all assets then held under this
Trust shall be deemed transferred to a Liquidating Account to be held and disposed pursuant to
Section 5.4.
16
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
ARTICLE IX.
MISCELLANEOUS
SECTION 9.1 DISCRETION OF THE TRUSTEE TO BE ABSOLUTE. Whenever in
this Trust it is provided that the Trustee may exercise any power, or any act or thing may be done
by the Trustee involving the exercise of discretion, the discretion of the Trustee, when exercised
in good faith and with reasonable care, shall be absolute and uncontrolled, and its determination,
when so made, to act or refrain from acting, or to exercise such power or refrain from so doing,
and as to the time or times and the manner in which action is to be taken, or such power
exercised, shall be binding upon each Participating Trust, the Authorizing Fiduciary thereof, and
each person having or claiming any interest in such Participating Trust.
SECTION 9.2 RESPONSIBILITY OF TRUSTEE. The Trustee shall act in good faith
and with the care and skills a prudent person would use in an enterprise of like character and
with like aims. This standard of care is intended to be co-extensive with and not in addition to
the fiduciary duties and standard of care applicable to the Trustee under ERISA. The Trustee
may consult counsel with respect to the meaning and construction of this Trust or any provision
hereof, or concerning its powers, obligation, rights and duties hereunder, and the Trustee shall
not be liable or responsible for any action taken or omitted by it in good faith pursuant to the
opinion of such counsel, except as otherwise provided under applicable law. The Trustee and
each member of the Board of Directors, each officer and employee of the Trustee, each
investment adviser, and any other person designated to act on behalf of the Trustee under Section
9.3 shall not have any responsibility or liability for any act or omission on the part of any
Authorizing Fiduciary or other fiduciary of any Participating Trust, except as otherwise required
by applicable law. To the fullest extent permitted by applicable law, the Trustee and each
member of the Board of Directors, each officer and employee of the Trustee, investment adviser
and any other person designated to act on behalf of the Trustee under Section 9.3 shall be
indemnified out of the assets of the Funds for any claims, losses, costs, expenses and damages it
may incur by reason of any action taken or omitted to be taken in good faith and in the exercise
of due care, including attorneys’ fees, judgments and amounts paid in defense or settlement
thereof if such amounts are the reasonable expenses of defending any action brought with respect
to any action so taken or omitted.
SECTION 9.3 ACTION BY THE TRUSTEE. Except for those powers specifically
reserved to the Board of Directors of the Trustee under this Trust, the Trustee may act hereunder
by resolution of the Board of Directors, or by action of an investment committee of the Trustee
or any other person designated in writing by the Board of Directors to act on behalf of the
Trustee.
SECTION 9.4 REPRESENTATION IN JUDICIAL PROCEEDINGS. In any judicial
proceeding affecting any property or security constituting in whole or in part the Funds or any
Liquidating Account, each Participating Trust and each and every person having or claiming to
have any interest in any Participating Trust and in the Fund or in any Liquidating Account shall
17
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
be deemed to be fully represented by the Trustee for all purposes if the Trustee shall be a party to
such proceeding and as such, duly before the tribunal in which such proceeding shall be pending.
SECTION 9.5 EFFECT OF MISTAKES. Unless otherwise provided under applicable
law, no mistake made in good faith and in the exercise of due care in connection with the
administration or investment of the Funds shall be deemed to be a violation of the Trustee's
duties under this Trust if, promptly after the discovery of the mistake, the Trustee takes whatever
action may be practicable under the circumstances to remedy the mistake.
SECTION 9.6 DELAWARE LAW TO CONTROL. The powers and duties of the
Trustee and all questions of interpretation of this Trust shall be governed by the laws of the State
of Delaware except as required under applicable federal laws.
SECTION 9.7 NOTICES; ELECTRONIC COMMUNICATION. Where any notice may
be or is required to be given by the Trustee to any person, such notice shall be given by service
thereof upon such person personally, either within or without the State of Delaware, or by
mailing to such person at the last address of the person appearing upon the general address files
kept by the Trustee. Notwithstanding the foregoing, the Trustee may provide any notice or
report or other communication by electronic or other means, to the extent permitted by
applicable law.
SECTION 9.8 TITLE AND SUBTITLES. Titles of the articles and the titles or subtitles
of the sections are placed herein for convenience of reference only, and in case of any conflict,
the text of this Trust, other than such titles or sub-titles, shall in each and every instance be
controlling.
SECTION 9.9 WORDS OF GENDER OR NUMBER. Unless the context otherwise
requires, words denoting the singular number may, and where necessary shall, be construed as
denoting the plural number, and words of the plural number may, and where necessary shall, be
construed as denoting the singular number, and words of the masculine gender may, and where
necessary shall, be construed as denoting the feminine gender or the neuter gender.
SECTION 9.10 SUCCESSORS AND ASSIGNS. This Trust and all the provisions
thereof shall be binding upon and inure to the benefit of the Trustee and its successors, the
auditors and their successors, each of the Participating Trusts and their successors, and each
other person having or claiming to have any interest in any Participating Trust, the Funds or any
Liquidating Account.
APPROVAL OF THE TRUST
This Plan and Declaration of Trust was approved by a resolution of the Board of
Directors of Principal Trust Company, adopted by action thereof, on April 30, 2008.
18
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
In Witness Whereof, Principal Trust Company has caused this Plan and Declaration of
Trust of the Principal Trust Target Date Collective Investment Funds to be signed and its seal to
be hereunto affixed and duly attested, by its authorized officers, this 30th day of April, 2008.
DELAWARE CHARTER &
GUARANTEE TRUST COMPANY, conducting
business as Principal Trust Company
By:
President and CEO
19
Plan and Declaration of Trust of Principal TrustSM Target Date Collective Investment Funds
AMENDED
PRINCIPAL TRUSTSM INCOME FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Income Fund"
2.
Investment Objective: The investment objective for the Principal TrustSM Income Fund is to
seek current income and, as a secondary objective, capital appreciation.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Income Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee that
varies depending on the share class selected. The Service Fee included in the share class selected by the
Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Income Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None
Principal TrustSM Income Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2010 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2010 Fund."
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2010 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2010.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2010 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2010 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2010 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2015 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2015 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2015 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2015.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2015 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2015 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2015 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2020 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2020 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2020 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2020.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2020 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2020 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2020 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2025 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2025 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2025 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2025.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2025 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2025 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2025 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2030 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2030 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2030 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2030.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2030 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2030 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2030 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2035 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2035 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2035 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2035.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2035 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2035 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2035 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2040 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2040 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2040 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2040.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2040 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2040 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2040 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2045 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2045 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2045 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2045.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2045 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2045 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2045 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2050 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2050 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2050 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2050.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2050 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2050 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2050 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
AMENDED
PRINCIPAL TRUSTSM TARGET 2055 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2055 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2055 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2055.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2055 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2055 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2055 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
09/13
PRINCIPAL TRUSTSM TARGET 2060 FUND SCHEDULE
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by amendment 4 effective January 1, 2014)
1.
Name; Establishment of Fund: The collective investment fund established by this Schedule
shall be the "Principal TrustSM Target 2060 Fund”.
2.
Investment Objective: The investment objective of the Principal TrustSM Target 2060 Fund is to
seek total return consisting of long-term growth of capital and current income, consistent with the
investment strategy of an investor who expects to retire in 2060.
3.
Investment Classes and Fees:
Service Fee. There are multiple share classes available under the Principal TrustSM
Target 2060 Fund. With the exception of the I Share Class and the Z Share Class, there is a Service Fee
that varies depending on the share class selected. The Service Fee included in the share class selected by
the Authorizing Fiduciary is identified on the attached Share Class Appendix.
Non-Advisory Trustee Fee. All share classes include a Non-Advisory Trustee Fee of four
(4) basis points.
Operating Expenses. Operating Expenses may be paid from one or more Funds, as
described in Sections 4.4 and Article VII of the Trust.
Underlying Investment Expenses. The fees and expenses described above are in addition
to fees charged by underlying investments in the Principal TrustSM Target 2060 Fund.
4.
Fund Restrictions. Withdrawals are generally permitted on any business day.
The Trustee has adopted policies and procedures intended to discourage frequent trading and market
timing. Participants and beneficiaries of Participating Trusts may transact one “round trip” in a Fund in
any rolling 30-day period. A "round trip" is defined as two transactions, a purchase and a redemption, in
a Fund within 30 calendar days. A transaction is defined as an exchange or non-scheduled rebalance
requested by a participant or beneficiary of a Participating Trust, or requested by an investment adviser on
behalf of a participant or beneficiary.
A participant or beneficiary of a Participating Trust, or his or her investment adviser, may direct the
Trustee to transfer Units from the Fund. Requests to transfer Units from the Fund include exchanges and
non-scheduled rebalancing transactions that result in canceling Units in the Fund. A participant or
beneficiary, or his or her adviser, will not be permitted to initiate a transaction that will transfer Units into
a Fund within 30 days of a transaction that resulted in canceling Units from the same Fund.
5.
Other Special Terms: None.
Principal TrustSM Target 2060 Fund Schedule
(Must accompany Participation Agreement and applicable Share Class Appendix)
Principal Trust Target Date Collective Investment FundsSM
01/14
I SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
The I Share Class includes no Service Fee.
I Share Class
Service Fee
.00%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
I Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
I10 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
The I10 Share Class includes the following Service Fee:
I10 Share Class
Service Fee
.10%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
I10 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
I15 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 5 effective June 1, 2015)
The I15 Share Class includes the following Service Fee:
I15 Share Class
Service Fee
.15%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
I15 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
06/15
I25 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
The I25 Share Class includes the following Service Fee:
I25 Share Class
Service Fee
.25%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
I25 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
R6 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 2 effective July 7, 2009)
The R6 Share Class includes the following Service Fee:
R6 Share Class
Service Fee
.40%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
R6 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
R5 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 2 effective July 7, 2009)
The R5 Share Class includes the following Service Fee:
R5 Share Class
Service Fee
.50%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
R5 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
R4 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 2 effective July 7, 2009)
The R4 Share Class includes the following Service Fee:
R4 Share Class
Service Fee
.60%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
R4 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
R3 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 2 effective July 7, 2009)
The R3 Share Class includes the following Service Fee:
R3 Share Class
Service Fee
.80%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
R3 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
R2 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 2 effective July 7, 2009)
The R2 Share Class includes the following Service Fee:
R2 Share Class
Service Fee
1.00%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
R2 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
R1 SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 2 effective July 7, 2009)
The R1 Share Class includes the following Service Fee:
R1 Share Class
Service Fee
1.10%
Please see the accompanying Schedules for information on other fees and expenses that may be
paid from the Principal TrustSM Target Date Collective Investment Funds.
R1 Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/09
Z SHARE CLASS APPENDIX
PRINCIPAL TRUSTSM TARGET DATE COLLECTIVE INVESTMENT FUNDS
(added by Amendment 3 effective May 17, 2013)
Z Share Class
Service Fee
Fee Credit
.00%
see explanation below
Please see the accompanying Schedules for information on other fees and expenses that
may be paid from the Principal TrustSM Target Date Collective Investment Funds.
Fee Credit
The Funds invests in other mutual funds and separate accounts that produce revenue sharing that
may be used to offset recordkeeping expenses for services provided to a Participating Trust (for
purposes of this Appendix, “Revenue Sharing”). A fee credit (“Fee Credit”) will be made to
each Fund to which this Appendix applies, in an amount equal to the Revenue Sharing received
for the purpose of reducing the Revenue Sharing to zero. The Fee Credit will be based on, and
limited to, the amount of the Revenue Sharing, if any, provided by the underlying investment
options in which a Fund invests. The Fee Credit reduces the amount of the Revenue Sharing
paid to Principal Life as the recordkeeper and has the effect of reducing the total expense of each
Fund to which this Appendix applies.
The Fee Credit, if any, is credited pro rata (i.e., 1/365th of x percent) on each Valuation Date for
the number calendar days within the “Valuation Period” ending on such valuation date. For
purposes of this Appendix, “Valuation Period” means the number of days between the end of one
Valuation Date and the end of the next following Valuation Date.
Z Share Class Appendix
(Must accompany Participation Agreement and applicable Schedules)
Principal Trust Target Date Collective Investment FundsSM
09/13