Request URL: https://www.principal.com/InvestmentProfiles/overview.faces
Investment Type: access

Artisan Mid Cap Institutional Fund (APHMX)

Quick Facts Ticker: APHMX Inception Date: 07/03/2000 Extended Performance Inception Date: 06/27/1997 Morningstar Category: Mid Cap Growth Total Net Assets (mil): $3,806.81	Investment Strategy    What's this? The investment seeks long-term capital growth. The fund normally invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. The advisor defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap(R) Index and less than three times the weighted average market capitalization of companies in the index.
Morningstar Style Box™   as of 09/30/2025    What's this?	Overall Morningstar Star Rating™   as of 11/30/2025    What's this? Out of 470 Mid Cap Growth Funds Morningstar's Star Ratings reflect risk adjusted performance and are derived from a weighted average of the performance figures associated with its three, five, and ten-year (if applicable) time periods.

Total Returns

Returns shown for periods of less than one year are not annualized. All returns displayed here are after Total Investment Expense of the investment option.

The Year-to-Date Change represents an unannualized rate of return (change in value) since the start of the year. All returns shown here are after the Total Investment Expense of the investment option.

In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the fund. Performance when shown reflects the application of net expenses of the fund.

Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For more performance information, including the most recent month-end performance, visit principal.com.

Month-End | Quarter-End

Average Annual Total Returns as of 11/30/2025

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Total Return % -0.38 5.09 18.45 13.19 15.42 4.16 11.12 9.22 Russell Midcap Growth Index % -2.12 -2.65 10.13 3.29 16.74 7.94 12.39 --- Mid Cap Growth Category % -1.39 0.76 8.73 1.72 12.95 5.21 10.71 --- Morningstar Percentile Rankings** --- --- --- 10 26 64 36 --- # of Funds in Category 494 493 491 491 470 442 367 ---

* Inception Date: 07/03/2000 ; Extended Performance Inception Date: 06/27/1997

**Morningstar percentile rankings are based on total returns.

Expenses   as of 11/30/2025 Total Investment Expense - Gross: 0.96% Total Investment Expense - Net: 0.96% Total Investment Expense Gross Per $1,000 Invested: $9.60

Inv Manager or Sub-Advisor

   What's this?

Artisan Partners

Portfolio Managers

   What's this?

James D. Hamel , CFA Since 10/01/2001 B.S. , University of Minnesota, Minneapolis

Matthew H. Kamm , CFA Since 01/13/2010 M.B.A. , New York University

Jason L. White , CFA Since 01/28/2011 B.S. , United States Naval Academy

Jay C. Warner Since 01/07/2022

© 2025 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Carefully consider the Fund's objectives, risks, charges, and expenses. Contact your financial professional or visit principal.com for a prospectus, or summary prospectus if available, containing this and other information. Please read it carefully before investing. For information on this or other investment options, visit principal.com, or call 800-547-7754. A mutual fund's share price and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost. Investment and Insurance products are: * Not insured by the FDIC or Any Federal Government Agency * Not a Deposit or Other Obligation of, or Guaranteed by Credit Union or Bank * Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested For a Mutual Fund investment option, Total Investment Expense gross equals the sum of (a) the total fund operating expenses plus (b) if the mutual fund invests in other mutual funds, the weighted-average management fee of those other mutual funds, as listed in the most recent prospectus. The actual Total Investment Expense may change if the mutual fund investment option's allocation of assets to other mutual funds changes. Any operating expenses of a mutual fund or underlying mutual fund that are part of net Total Investment Expense are obtained from the mutual fund's most recent prospectus. The operating expenses shown as part of net Total Investment Expense include voluntary expense limits and fee credit. Insurance products and plan administrative services provided through Principal Life Insurance Company®. Securities offered through Principal Securities, Inc., 800-547-7754, member SIPC and/or independent broker-dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392. Certain investment options and contract riders may not be available in all states or U.S. commonwealths. Investing involves risk, including possible loss of principal. Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions. The cumulative effect of fees and expenses can substantially reduce the growth of a participant's or beneficiary's retirement account. Participants and beneficiaries can visit the Employee Benefit Security Administration's website for an example demonstrating the long-term effect of fees and expenses. Various mutual funds may have different types of fees disclosed in their prospectus, including sales loads (sales charge), exchange fees, account fees and purchase fees. The mutual funds made available by Principal Life Insurance Company for retirement plans through the Mutual Fund Network typically have many of these fees waived. Please review the Prospectus of the particular mutual fund, including the Statement of Additional Information, for a full understanding of the fees imposed by that mutual fund. Be sure to pay attention to the specific share class made available under the retirement plan because different share classes may have vastly different fee structures and schedules. Small-cap and mid-cap investment options are subject to more fluctuation in value and may have additional risks than other investment options with stocks of larger, more stable companies. For investment options, returns for all time periods, except the Since Inception time frame, may include the historical performance of the oldest share class of the investment, adjusted to reflect a portion of the fees and expenses of this share class. Since Inception returns display the actual return of this share class and do not reflect the adjusted returns of the oldest share class. Please see the fund's prospectus or if CIT, the applicable fact sheet for more information on specific expenses, and the investment options most recent shareholder report for actual date of first sale. For a CIT, you may need to contact the plan sponsor or plan advisor, if applicable. Expenses are deducted from income earned by the investment option. As a result, dividends and investment results will differ for each share class.