PRINCIPAL TRUST TARGET DATE FUNDS SUMMARY

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1 Date Collective Investment s PRINCIPAL TRUST TARGET DATE FUNDS SUMMARY The date of this summary is October 28, 2015 This summary includes key information about the Trust Date Collective Investment s (each a or collectively, the s ). This description is merely a summary of, and should be read in conjunction with, the Declaration of Trust, prospectus for s, Inc. and the applicable Fact Sheet for each. The s are part of a collective investment trust for which Delaware Charter Guarantee & Trust Company d/b/a Trust Company ( Trust ) acts as Trustee pursuant to the Declaration of Trust, and are only available to certain retirement plans and their individual participants. Trust has retained Management Corporation ( PMC ) as the investment advisor with respect to the s. PMC is an affiliate of Trust. The is not a registered investment company, but the Trust is regulated under the state of Delaware banking law. The s are designed to meet the needs of a plan participant that wants an investment option suited to the participant's particular investment time horizon and that tends to be more accepting of risk in the early years of his or her time horizon and becomes more risk-averse as he or she nears the investment goal (for example, retirement). Trust manages the s to align, over time, underlying investments with the changing risk tolerance of the associated investment time horizon. These s are sometimes referred as target date funds. The target date s offered are: Trust Income ; Trust 2010 ; Trust 2015 ; Trust 2020 ; Trust 2025 ; Trust 2030 ; Trust 2035 ; Trust 2040 ; Trust 2045 ; Trust 2050 ; Trust 2055 ; and, Trust Objective: The investment objective of the Trust Income is to seek current income and, as a secondary objective, capital appreciation. The investment objective of each of the other Trust Date s is to seek a 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 the year identified in each respective s name. Main Strategies and Risks To pursue its goal, each generally invests in other open-ended mutual funds, insurance company separate accounts and collective trust funds that Trust considers appropriate based on the remaining time horizon of a particular and the expected risk tolerance of those investors associated with that time horizon. The underlying selection of investment options provides each with exposure to a broad range of asset classes, which may include but are not limited to: domestic and foreign equity, investment grade and non-investment grade fixed-income, preferred securities, Treasury Inflation Protected Securities (TIPS), Real Estate Investment trusts (REITS), diversified real assets, direct real estate investments, derivatives, and fundof-hedge fund vehicles. The s contain a mix of capital appreciation and capital preservation. In the case of Trust Income, the assets are invested in underlying investment options which are also intended to provide income, growth, and inflation protection. An important element of the s investment philosophy is the utilization of large passive or index investment option allocations within the key domestic equity and fixed income asset classes. The s all embody an investment philosophy based on the notion that the US equity and fixed income markets are relatively efficient and the ability to earn excess returns (or alpha ) in these markets is difficult. Furthermore, a s active risk budget may be better spent investing in less efficient asset classes such as international equity, global emerging markets, REITS, diversified real assets, high yield bonds, preferred securities, and hedge funds where the probabilities of earning excess returns are greater. The s market or beta exposure in the US equity asset class is gained by investing in a capitalization-weighted combination of the S&P 500, 400, and 600 Indexes. The fixed income beta exposure is gained by investing in an unaffiliated Barclays Aggregate Bond Index strategy.

2 The purpose of the passive core allocations is twofold. First, the use of passive index strategies will generally reduce the total cost of each. Second, passive index strategies are expected to reduce the relative volatility of investment performance. The s reflect a passive rebalancing strategy based on pre-defined asset class targets and suitable target ranges. After Trust sets the percentage of assets to be allocated to a particular asset class, PMC advises Trust with respect to the selection of the underlying investment options for each asset class and the target weights for each underlying investment option. Shifts in asset class targets or underlying investment options may occur in response to the normal evaluative processes of PMC, the shortening time horizon of a, market forces, or circumstances which indicate that changes in allocations may be appropriate. Trust may, at any time, add, remove, or substitute underlying investment options in which a invests. In recommending underlying investment options and target weights, PMC considers, among other things, quantitative measures, such as past performance, expected levels of risk and returns, expense levels, diversification of existing funds, and style consistency. In addition, qualitative factors such as organizational stability, investment experience, consistency of investment process, risk management processes, and information, trading, and compliance systems of the underlying investment option s sub-advisor are also evaluated. There are no minimum or maximum percentages of assets that a must invest in a specific asset class or underlying investment options. Trust determines whether to use cash flows or asset transfers or both to achieve the target weights established from time to time for underlying investment options. As each approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservative investment options and reducing exposure to typically more aggressive investment options. The asset allocation for each is regularly re-adjusted within a time frame that extends years beyond the target date, at which point it reaches its most conservative allocation. The s assume the value of an investor s account will be withdrawn gradually during retirement. At that time, the may be combined with the Trust Income if Trust determines that the combination is in the best interests of a and its investors. Neither the principal nor the underlying assets of the s are guaranteed at any time, including the target date. Investment risk remains at all times. There can be no assurance that any will achieve its investment objective. The net asset value of each s shares is affected by changes in the value of the securities it owns. Each s performance is directly related to the performance of the underlying investment options. The ability of each to meet its investment objective depends on the ability of the underlying investment options to achieve their investment objectives. The s are designed as "buy and hold" investments. The broad diversification of each is designed to cushion severe losses in any one investment sector and moderate a s overall price swings. However, a s share prices will fluctuate as the prices of the underlying investment options rise or fall with changing market conditions. As with all investment options, as the values of a s assets rise or fall, the s share price changes. If you sell shares when their value is less than the price you paid, you will lose money. Each is subject to the particular risks of the underlying investment options in the proportions in which the invests in them. The principal risks of investing in a that are inherent because the invests in open-ended mutual funds, insurance company separate accounts and other collective investment trusts, in alphabetical order, are: Asset Allocation Risk Conflict of Interest Risk Index Investment Risk Risk of Being an Underlying Date Risk There are also principal risks of investing in the that are inherent in the underlying funds. Definitions for each of the principal risks, in alphabetical order, are below in the Risk Definition section.

3 While all of the risks defined below apply to each, the greater the investment by each in investment options that invest primarily in stocks, the greater the potential exposure to the following risks: Equity Security Risk Growth Stock Risk Value Stock Risk The greater the investment by each in investment options that invest primarily in bonds or other forms of fixed-income securities, the greater the potential exposure to certain risks, including: Fixed-Income Securities Risk Portfolio Duration Risk Prepayment Risk U.S. Government Securities Risk U.S. Government Sponsored Securities Risk The greater the investment by each in investment options that invest in foreign investments, the greater the potential exposure to certain risks, including: Currency Risk Derivatives Risk Emerging Markets Risk Foreign Securities Risk Risk Definition: The principal risks of investing in a that are inherent because the invests in open-ended mutual funds, insurance company separate accounts and other collective investment trusts, in alphabetical order, are: Asset Allocation Risk A fund's selection and weighting of asset classes may cause it to underperform other funds with a similar investment objective. Conflict of Interest Risk PMC may serve in the same or similar capacity for the underlying investment options. Conflicts may arise as PMC seeks to fulfill its responsibilities to the s and the underlying investment options. Because Trust, PMC, and their affiliated companies may earn different fees from the underlying investment options in which the s invest, there may be a conflict between the interests of the s and the economic interests of Trust and its affiliates. Generally, ERISA requires that these conflicts be disclosed to and approved by the plan fiduciary who selects the s as investments for the plan. Index Investment Risk More likely than not, an index fund will underperform the index due to cash flows and the fees and expenses of the fund. Risk of Being an Underlying A fund is subject to the risk of being an underlying fund to the extent that a fund of funds invests in the fund. An underlying fund of a fund of funds may experience relatively large redemptions or investments as the fund of funds periodically reallocates or rebalances its assets. These transactions may cause the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times it would not otherwise do so, and may as a result increase transaction costs and adversely affect underlying fund performance. Date Risk There is no guarantee that this will provide adequate income at or through retirement.

4 The principal risks of investing in the that are inherent in the underlying funds, in alphabetical order, are: Counterparty Risk Counterparty risk is the risk that the counterparty to a derivatives contract or repurchase agreement, the borrower of a portfolio s securities, or other obligation, will be unable or unwilling to make timely principal, interest, or settlement payments, or otherwise to honor its obligations. Currency Risk Risks of investing in securities denominated in, or that trade in, foreign (non-u.s.) currencies include changes in foreign exchange rates and foreign exchange restrictions. Derivatives Risk Transactions in derivatives (such as options, futures, currency contracts, and swaps) may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so and produce disproportionate losses. Emerging Market Risk Investments in emerging market countries may have more risk than those in developed market countries because the emerging markets are less developed and more illiquid. Emerging market countries can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. Equity Securities Risk Equity securities (common, convertible preferred stocks and other securities whose values are tied to the price of stocks, such as rights, warrants and convertible debt securities) could decline in value if the issuer's financial condition declines or in response to overall market and economic conditions. A fund's principal market segment(s), such as large cap, mid cap or small cap stocks, or growth or value stocks, may underperform other market segments or the equity markets as a whole. Investments in smaller companies and mid-size companies may involve greater risk and price volatility than investments in larger, more mature companies. Fixed-Income Securities Risk Fixed-income securities are subject to interest rate risk and credit quality risk. The market value of fixedincome securities generally declines when interest rates rise, and an issuer of fixed-income securities could default on its payment obligations. Foreign Securities Risk The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies). Growth Stock Risk If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. Index Investment Risk More likely than not, an index fund will underperform the index due to cash flows and the fees and expenses of the fund. Investment Company Securities Risk shareholders bear indirectly their proportionate share of the expenses of other investment companies in which the fund invests. Portfolio Duration Risk Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund's average portfolio duration, the more sensitive the fund will be to changes in interest rates.

5 Prepayment Risk Unscheduled prepayments on mortgage-backed and asset-backed securities may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk). Real Estate Securities Risk Real estate securities are subject to the risks associated with direct ownership of real estate, including declines in value, adverse economic conditions, increases in expenses, regulatory changes and environmental problems. Investing in securities of companies in the real estate industry, subjects a fund to the special risks associated with the real estate market including factors such as loss to casualty or condemnation, changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use and rents, and the management skill and creditworthiness of the issuer. Risk of Being an Underlying A fund is subject to the risk of being an underlying fund to the extent that a fund of funds invests in the fund. An underlying fund of a fund of funds may experience relatively large redemptions or investments as the fund of funds periodically reallocates or rebalances its assets. These transactions may cause the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times it would not otherwise do so, and may as a result increase transaction costs and adversely affect underlying fund performance. Small and Medium Market Capitalization Companies Investments in companies with smaller capitalizations may involve greater risk and price volatility than investments in larger, more mature companies. Smaller companies may be developing or marketing new products or services for which markets are not yet established and may never become established. While small, unseasoned companies may offer greater opportunities for capital growth than larger, more established companies, they also involve greater risks and should be considered speculative. U.S. Government Securities Risk Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. U.S. Government Sponsored Securities Risk Securities issued by U.S. government-sponsored or -chartered enterprises such as the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Federal Home Loan Banks are not issued or guaranteed by the U.S. Treasury. Value Stock Risk The market may not recognize the intrinsic value of value stocks for a long time, or they may be appropriately priced at the time of purchase.

6 Underlying Investment Options The estimated target allocation of the s assets in underlying investment options as of 10/28/2015 is shown in the table below. PRINCIPAL TRUST TARGET DATE FUNDS Underlying Investment Option Income S&P 500 Sep. Acct % 18.40% 22.75% 27.35% 31.35% 34.65% 37.70% 40.25% 42.15% 43.85% 45.15% 45.15% S&P 400 Sep. Acct. 2.35% 4.10% 5.05% 6.05% 7.00% 7.70% 8.35% 8.95% 9.40% 9.75% 10.50% 10.50% S&P 600 Sep. Acct. 1.10% 2.05% 2.55% 3.00% 3.45% 3.85% 4.15% 4.45% 4.65% 4.85% 5.00% 5.00% Diversified International 4.00% 7.00% 8.60% 10.40% 11.95% 13.25% 14.40% 15.40% 16.10% 16.75% 16.80% 16.80% Intl. Small Company I5 Sep. Acct. 0.80% 1.35% 1.75% 2.05% 2.35% 2.60% 2.85% 3.00% 3.20% 3.30% 3.40% 3.40% Intl. Emerging Markets 0.60% 1.05% 1.35% 1.60% 1.80% 2.00% 2.15% 2.30% 2.40% 2.50% 2.60% 2.60% Origin Emerging Markets 0.60% 1.05% 1.30% 1.55% 1.80% 1.95% 2.15% 2.30% 2.40% 2.50% 2.55% 2.55% Inflation Protection 12.00% 8.70% 6.75% 4.00% 3.10% 2.30% 1.50% 1.00% Bond Market Index Sep. Acct 38.50% 30.00% 29.65% 26.50% 24.30% 20.00% 16.75% 12.35% 9.20% 6.50% 4.50% 4.50% Diversified Real Asset CIT 3.00% 4.80% 5.25% 4.50% 4.40% 4.20% 4.00% 3.50% 3.50% 3.00% 2.50% 2.50% Global Real Estate Securities 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.00% 5.00% 5.00% High Yield I 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% Global Diversified Income 9.50% 8.50% 7.50% 6.50% 5.50% 4.00% Short-Term Income 17.00% 13.00% 7.50% 4.00% Performance Performance information for the s is available on the Rates and Values page at or through another site in accordance with written notification provided to the Authorizing Fiduciary. Multiple share classes are available with varying fees. Reports At least quarterly, an unaudited report of the performance of the and a statement of its capital account will be provided on the Rates and Values page at or through another site in accordance with written notification provided to the Authorizing Fiduciary. Each plan will also receive annual tax information and audited financial statements. The Trustee will file annual reports of the (Form 5500) with the Department of Labor and will take commercially reasonable steps to assist plans with their participant disclosure obligations.

7 Investment Advisor PMC serves as investment advisor to Trust. Through the Investment Advisory Agreement with Trust, PMC provides investment advisory services and certain corporate administrative services for the s. The Board of Directors of Trust is responsible for oversight, management, and operation of the s. The Investment Committee of Trust reviews the recommendations of PMC and monitors the s. The Investment Committee reports directly to the Board of Directors. The portfolio advisors appointed by PMC for each are James Fennessey, Randy L. Welch and Jeffrey R. Tyler. Messrs. Fennessey, Welch and Tyler share day-to-day advisory responsibilities, which are described as follows. Messrs. Fennessey, Welch and Tyler develop, implement, and monitor the s strategic or longterm asset class targets and target ranges within investment guidelines established by Trust. Messrs. Fennessey, Welch and Tyler also recommend and monitor the underlying strategies used in each and rebalance each as needed. These individuals, operating as a team, share authority and responsibility for investment research with no limitation on the authority of one portfolio manager in relation to another. James Fennessey, CFA. Mr. Fennessey is a Portfolio Manager for PMC. Mr. Fennessey has over 12 years of investment experience and has been with the Financial Group since He serves as Director of the Manager Research Team that is responsible for analyzing, interpreting and coordinating investment performance data and evaluation of the investment managers under the due diligence program. Mr. Fennessey graduated from Truman State University with a B.S. in Business Administration, with an emphasis in Finance and a minor in Economics. Mr. Fennessey has earned the right to use the Chartered Financial Analyst designation. Randy L. Welch Mr. Welch is a Senior Vice President and Portfolio Manager of PMC. Mr. Welch joined the Financial Group in 1989 and oversees the functions of the Investment Services group, which includes investment manager research, investment consulting, performance analysis, and attribution. He has been managing the s since their inception in He also serves as a Portfolio Manager on the multimanaged core/satellite funds. Mr. Welch is also responsible for the due diligence program that monitors investment managers used by the s. Mr. Welch has FINRA Series 7, 24, 63, and 66 registrations and is an affiliate member of the Chartered Financial Analysts (CFA) Institute. Mr. Welch earned his undergraduate degree from Grand View University and an M.B.A. from Drake University. Jeffrey R. Tyler, CFA. Mr. Tyler is a Portfolio Manager for PMC. Mr. Tyler joined the Financial Group in Previously, Mr. Tyler was the Chief Investment Officer at EXOS Partners, a financial advisory firm in San Francisco. Prior to EXOS, Mr. Tyler was at American Century Investments from , where he led the asset allocation team. He began at Benham Capital Management where he managed a variety of fixed income portfolios, and eventually managed the Fixed Income department. From , Jeff was a member of the quantitative equity group and developed the Asset Allocation team at American Century. He was responsible for the design and management of several investment products, including the Strategic Asset Allocation s, the Learning Quest 529 funds, and the Livestrong target date series of portfolios. Mr. Tyler received his B.A. Degree in Economics from the University of California at Santa Barbara and earned his Masters of Management from J.L. Kellogg Graduate School of Management at Northwestern University. Mr. Tyler has earned the right to use the Chartered Financial Analyst designation. Investments in Trust Date Collective Investment s are not bank deposits, are not FDIC insured, are not insured by any federal government agency, are not guaranteed by the Trustee or any affiliate, and may be subject to investment risk, including possible loss of value.