Fund Information: Portfolio Management: Commentary

Get the latest fund updates from our portfolio management team. Each commentary provides a comprehensive view of the fund over the last period and explains the factors that have helped drive performance. Individual fund commentary as of 6/30/09 unless otherwise noted.

denotes audio-only commentary

Weekly Economic Commentary		Financial Market & Economic Overview
On the Other Hand: weekly economic commentary by Robert F. Baur, Ph.D. Current Issue Archives		Economic Review & Outlook – Edge Asset Management, December 2009

Asset Allocation Portfolios/Funds		Large U.S. Equity Funds
SAM Flexible Income Portfolio SAM Conservative Balanced Portfolio SAM Balanced Portfolio SAM Conservative Growth Portfolio SAM Strategic Growth Portfolio Principal LifeTime 2010 Fund Principal LifeTime 2020 Fund Principal LifeTime 2030 Fund Principal LifeTime 2040 Fund Principal LifeTime 2050 Fund Principal LifeTime Strategic Income Fund		Equity Income Fund Disciplined LargeCap Blend LargeCap Blend Fund I LargeCap Blend Fund II LargeCap Growth Fund LargeCap Growth Fund I LargeCap Growth Fund II LargeCap S&P 500 Index Fund LargeCap Value Fund LargeCap Value Fund III Capital Appreciation Fund
Small/Mid U.S. Equity Funds		International Equity Funds
MidCap Blend Fund MidCap Growth Fund III MidCap Stock Fund MidCap Value Fund II Real Estate Securities Fund SmallCap Blend Fund SmallCap Growth Fund SmallCap Growth Fund II SmallCap Value Fund		Diversified International Fund Global Real Estate Securities Fund International Emerging Markets Fund International Growth Fund
Specialty Funds
Global Diversified Income Fund
Fixed Income Funds		Short-Term Fixed Income Funds
Bond & Mortgage Securities Fund California Municipal Fund High Yield Fund Income Fund Inflation Protection Fund Government & High Quality Bond Fund Preferred Securities Fund Tax-Exempt Bond Fund		Short-Term Bond Fund Short-Term Income Fund Money Market Fund

The information provided is for educational purposes only and should not be interpreted as an offer to sell, a solicitation, or a recommendation for any security. Additionally, it should not be considered tax or legal advice. Please consult a qualified tax or legal advisor. Past performance is no guarantee of future results. 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.

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To obtain a prospectus, order 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