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Principal Capital Appreciation Fund broadens investment strategy

The Principal Capital Appreciation Fund is the new name of the former Principal West Coast Equity Fund, effective June 30, 2009.

Broader investment opportunities
The new name reflects a revised investment strategy, which allows the Fund to invest in companies that meet its criteria across the United States.

With a larger universe of high-quality businesses exposed to the Fund's comprehensive screening process, the portfolio manager can take advantage of a wider range of investment opportunities at comparatively low current prices.

The strategy may also extend the Fund's appeal to a larger pool of investors, which in turn can increase assets under management and ultimately may result in decreased expenses.

A notice of the change in name and investment strategy was sent to shareholders in late April.

A highly rated fund
The Principal Capital Appreciation Fund (CMNWX) was recently recognized by Lipper, Inc. as a Lipper Leader: Best Multi-Cap Core Fund over Ten Years. It is highly ranked among its peers, with expense ratios below category averages.

For more information
If you have questions about the Fund, please contact your financial professional.

Past performance is no guarantee of future results. This fund may have experienced recent negative performance.

Before investing, you should carefully consider a fund's investment objectives, risks, charges, and expenses. Contact your financial professional, visit principalfunds.com, or call 800-222-5852 to obtain a prospectus containing this and other information. Read the prospectus carefully before investing.

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.

Small-cap and mid-cap stocks may have additional risks, including greater price volatility.

The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (effective return) value within each eligible classification determines the fund classification winner over 3, 5, or 10 years. Capital Appreciation Fund - 3 yrs: 32/622 funds, 5 yrs: 25/442 funds, 10 yrs: 1/184 funds.

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To obtain a prospectus, download online or call Customer Service at 1.800.222.5852

While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that The Principal^® is not rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements. For more information about our funds, including their full names, please see the Principal Funds, Inc. prospectus or call Customer Service at 1.800.222.5852.

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.

This Web site was created and is maintained by Principal Funds Distributor, Inc. exclusively, and not by the Directors of the funds.

Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc., member of the Principal Financial Group^®. Principal Funds Distributor, Principal Shareholder Services, Principal Management Corporation and its affiliates, and Principal Funds, Inc. are collectively referred to as Principal Funds.

Not FDIC or NCUA/NCUSIF insured - May lose value - No bank guarantee - Not a deposit - Not insured by any federal government agency