Overview Principal Securities (“we”, “us”, “Firm”) is federally registered with the SEC as an investment adviser and is a member broker-dealer with the Financial Industry Regulatory Authority (“FINRA”). Principal Securities is registered or licensed to conduct business in all fifty states and the District of Columbia. Principal Securities began its operation in 1968, and is headquartered in Des Moines, Iowa. Principal Securities is a member company of Principal Financial Group, a family of financial services companies offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. Principal Securities’ principal business activity is acting as a securities broker-dealer. When acting as a broker-dealer, Principal Securities provides securities-related advice to its brokerage clients that is incidental to the brokerage services provided and for which Principal Securities does not receive any special compensation (i.e., compensation other than the usual and customary brokerage commissions). Brokerage services and incidental advice are provided by individuals who are registered representatives of Principal Securities (“Broker-Dealer Representatives”). Principal Securities does not consider clients who receive only brokerage services or such incidental advice from our Broker-Dealer Representatives to be investment advisory clients (“Advisory Clients”, “you”, “your”). Principal Securities is a wholly owned subsidiary of Principal Financial Services, Inc. which is a wholly owned subsidiary of Principal Financial Group, Inc. Principal Financial Group, Inc. is a publicly held company traded on the NASDAQ. This Brochure only covers the direct advisory programs offered by Principal Securities (“Advisory Programs”). In addition to the programs described in this document, Principal Securities offers wrap fee investment advisory programs that are described in the Principal Managed Account Solutions Wrap Fee Disclosure Brochure. We also offer Financial Planning and Consulting Services, as well as Retirement Plan Consulting Services, which are described in separate Form ADV Part 2A documents that are available on the SEC’s website at www.adviserinfo.sec.gov. As of 12/31/2023, Principal Securities client discretionary assets under management are $8,340,935,383 and non-discretionary assets under management are $3,764,777,565. Principal Securities authorizes individuals who are registered as investment adviser representatives of Principal Securities (“Financial Advisor”) in writing to act on its behalf to offer services as described below, collectively referred to as “Advisory Services”. Principal Securities allows its Financial Advisors to use either Investment Adviser Representative or Financial Advisor titles when offering Advisory Services. Some Financial Advisors or branches use a separate marketing or Doing Business As ("DBA") name and logo that are held out to the public for the purposes of creating a brand specific to that Financial Advisor or branch. Advisory Clients should be aware that if a Financial Advisor of Principal Securities is using a marketing or DBA name, Financial Advisors are offering and providing Advisory Services through Principal Securities. Financial Advisors are required to disclose that Advisory Services are offered through Principal Securities. Financial Advisor vs Broker-Dealer Representative Principal Securities offers both brokerage and investment advisory services. All Financial Advisors are also registered representatives of the Principal Securities broker-dealer. By being dually-registered, a Principal Securities representative can act either in the capacity of a registered representative offering brokerage services (also known as a Broker-Dealer Representative) or in the capacity of an investment adviser representative (referred to here as a Financial Advisor). The programs described in this brochure are investment advisory services that can only be offered by a Financial Advisor that is working in the capacity of an investment advisor representative. For more information regarding the differences between the brokerage and investment advisory services offered by Principal Securities representatives, please see Principal Securities’ Form CRS Client Relationship Summary, available at www.principalsecurities.com. Asset Allocation & Portfolio Management Programs Principal Securities makes available asset allocation and portfolio management programs of unaffiliated third-party money managers (“TPMM(s)”) through its TPMM Programs. An account in a TPMM Program (“Program Account”) is managed by one or more TPMMs on a discretionary basis. As part of the TPMM Programs described below, Principal Securities offers two different arrangements: Investment Adviser - Under the investment adviser arrangement, Principal Securities acts as an investment adviser or co-advisor in a TPMM Program. Principal Securities, through its Financial Advisor, will help you determine your risk tolerance, investment strategy and financial goals to help you choose a TPMM or assist in selecting models or investments. The Financial Advisor will also help with ongoing monitoring of performance of your Program Account to ensure it continues to meet your investment needs. Promoter - Under the promoter arrangement, Principal Securities’ Financial Advisors refer clients to TPMMs that offer asset allocation programs, portfolio management programs, or both, in exchange for a promoter’s fee paid by the TPMM to Principal Securities. These referral arrangements are conducted in accordance with the Rule 206(4)-1 under the Investment Advisers Act of 1940. The Advisory Client will receive a written

disclosure document describing the arrangement Principal Securities has with the TPMM and the fee that you will be charged for the referral to the TPMM. Depending on the TPMM Program, Principal Securities provides some or all of the following services:
• Assists Advisory Clients in evaluating their financial circumstances and objectives and determining which program helps meet those objectives;
• Assists Advisory Clients in selecting the model portfolio available through asset allocation programs (when applicable);
• Assists Advisory Clients in selecting an investment manager available through portfolio management programs (when applicable);
• Assists Advisory Clients in the completion and delivery of necessary paperwork to open an account; and
• Contacts the Advisory Client on an annual basis to determine whether there have been any changes to the Advisory Client’s financial situation and/or investment objectives. Asset Allocation Programs The asset allocation programs offered consist mainly of mutual funds but, depending on the TPMM, may include exchange traded funds (“ETF”) or other securities. The asset allocation programs have several model investment allocation and/or management style portfolios from which an Advisory Client can select. Each model investment portfolio considers the Advisory Client’s investment objectives and risk tolerance. As these are discretionary programs, the TPMM is typically permitted to change the model investment portfolio holdings within your elected allocation type or management style at their own discretion, depending on the program selected. Further information regarding these programs is found in each TPMM’s Form ADV Part 2A or Appendix 1 of Form ADV Part 2A. Principal Securities, through an investment adviser arrangement, offers the following discretionary asset allocation programs:
• Mutual Fund Model Program* by SEI Investment Management Corporation (“SEI” or “SIMC”) Mutual fund asset allocation models developed by SIMC and comprised of SEI Funds (for which SIMC serves as advisor) or unaffiliated fund company investments
• Morningstar® Wealth Platform by Morningstar Investment Services, LLC. (“Morningstar”) * This program is no longer being offered for new accounts. Principal Securities, through a promoter arrangement, offers the following discretionary asset allocation programs:
• Brinker Capital, Inc. (“Brinker”) – Destinations
• Symmetry Partners, LLC (“Symmetry”) - Symmetry Partners Portfolio Program
• The Standard
• CLS Investment Firm, LLC (“CLS”)
• Principal Global Investors, LLC (“Principal Asset Management”) - Principal Asset Allocation Program Portfolio Management Programs The portfolio management programs offered consist of separately managed account models made up of equities, fixed income instruments and other securities. The Advisory Client, with the assistance of the Financial Advisor, analyzes his/her investment objectives and risk tolerance, then selects one of the available portfolios. The portfolios are managed by portfolio managers who are not affiliated with Principal Securities. The portfolios are managed on a discretionary basis (i.e., the portfolio manager determines the investments within an Advisory Client’s portfolio and trades without prior consent or consultation from the Advisory Client). Further information regarding all of these programs is found in each TPMM’s Form ADV Part 2A or Appendix 1 of Form ADV Part 2A. Principal Securities, through an investment adviser arrangement, offers the following portfolio management programs:
• SEI Investment Management Corporation (SEI) – Managed Account Solutions, a discretionary managed account service. SEI acts as investment adviser and individual managed accounts are utilized in this program including Mutual fund asset allocation models developed by SIMC and comprised of SEI Funds.
• AssetMark - AssetMark offers a variety of asset allocation and portfolio management services, including strategist and guided portfolios as well as pre-built and standalone comprehensive investment models. The investment adviser arrangement is no longer offered to new AssetMark accounts.
• Morningstar Investment Services, LLC. - Morningstar® Wealth Platform ETF, Active/Passive, Select Equity Portfolios or Direct Indexing, discretionary managed account service strategies. Morningstar acts as investment adviser and individual managed accounts are utilized in this program. Principal Securities, through a promoter arrangement, offers the following discretionary portfolio management programs:
• Brinker Capital, Inc. (“Brinker”) – Core Asset Manager and Unified Managed Account Programs
• Mariner Wealth Advisors (formerly Vantage Investment Advisors)
• City National Rochdale – Private Client Program
• The Haverford Trust Company
• AssetMark – Offers a variety of asset allocation and portfolio management services, including strategist and guided portfolios as well as pre-built and standalone comprehensive investment models.
• Kestra Advisory Services, LLC – Investment Advisory Services For both investment adviser and promoter arrangements Financial Advisors are available to Advisory Clients on an ongoing basis to receive instructions and to convey to the TPMM any changes in the Advisory Clients’ financial circumstances and/or investment objectives. Upon request, Financial Advisors will conduct a review of the Advisory Clients’ accounts to determine whether the TPMM has managed the account in a manner consistent with the TPMM Program’s investment objectives and policies. Unless otherwise agreed upon, Principal Securities or its Financial Advisors will not participate in the management of any of the portfolios offered by the TPMMs.