Principal High Yield I Inst  PYHIX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
High Yield Bond Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   3.82 Yrs
   Avg Credit Quality
   B
As of 2009-10-31
Day Change
$ -0.01
  
NAV (2009-11-20)
$ 10.75
  
YTD Return % (2009-11-20)
47.26%
  
Total Assets ($ mil)
1,036
View Data Definitions
  Performance    
Growth of $10,000 Fund: Principal High Yield I Inst
(from 2004-12-29 to 2009-10-31) Category: High Yield Bond
Index: BarCap US Agg Bond TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2004-12-29 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 47.26 54.30 6.95 --- --- 6.54
+/- Category 6.31 18.72 4.34 --- --- ---
+/- BarCap US Agg Bond TR USD 40.35 41.81 0.50 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 43.84 23.12 6.88 --- --- 6.31
Month-End (as of 2009-10-31) 46.16 44.36 7.02 --- --- 6.54
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 39.43 4.64 --- --- ---
On Distribution & Sale of Shares --- 27.73 4.32 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 471 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
US Government 0.00
US Treasuries 0.00
TIPS 0.00
US Agency 0.00
Mortgage 0.00
Mortgage Pass-Thru 0.00
Mortgage CMO 0.00
Mortgage ARM 0.00
Credit 89.15
US Corporate 86.10
Asset-Backed 2.96
Convertible 0.02
Municipal 0.08
Corporate Inflation-Protected 0.00
Foreign 6.65
Foreign Corp 6.65
Foreign Govt 0.00
Cash 4.20
Bond Quality % of Bonds
AAA 5.1
AA 0.0
A 0.3
BBB 3.1
BB 23.7
B 36.8
Below B 29.3
Not Rated 1.6
 
Asset Allocation
% of Net Assets
Cash 4.2
Stocks 0.2
Bonds 95.4
Other 0.3
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-10-31 Data through 2009-10-31
 
Holding Status
Total Number of Stock Holdings 5 Turnover % 68
Total Number of Bond Holdings 619 30 Day SEC Yield % 8.32
% of Assets in Top 10 Holdings 10.02 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Sprint Cap 6.88% 2028-11-15 16,715 12,536 1.24
Texas Competitive Electric Holdings Company, Term Loan T1 2014-10-10 15,904 12,114 1.19
Roseton Danskammer Pt 2001 7.67% 2016-11-08 12,648 12,016 1.18
Gmac 144A 8% 2031-11-01 12,576 10,752 1.06
Sabine Pass Lng L P 7.5% 2016-11-30 12,480 10,546 1.04
Amer Gen Fin Medtm Srnt Be 6.9% 2017-12-15 14,760 10,272 1.01
Ford Motor Credit Co 8.7% 2014-10-01 9,125 9,115 0.90
Ual Inc, Term Loan B 2014-02-01 10,275 8,027 0.79
Engy Future Hldgs 11.25% 2017-11-01 11,764 7,647 0.75
Liberty Mut Grp 144A 10.75% 2058-06-15 7,225 7,586 0.75
Data through 2009-10-31
  Other Information
Fund Inception: 2004-12-29
Portfolio Manager  (Start Date)
Ann H. Benjamin  (2007-07-19)
Benjamin is a vice president of Neuberger Berman Management Inc. and a managing director of Neuberger Berman, LLC. She also manages high yield portfolios for Lehman Brothers Asset Management LLC and its predecessor ("LBAM"), an affiliate of Neuberger Berman. Benjamin has managed money for LBAM since 1997. She has been in the industry for over 24 years.
James E. Gibson  (2007-07-19)
James E. Gibson is Chief Operating Officer and Chief Investment Officer of Valley Forge Asset Management Corp. Mr. Gibson is also a director of VFAM. Mr. Gibson began his career as an investment advisor for Midland Wallwyn Corp. Before joining VFAM, Mr. Gibson was a senior portfolio manager for PNC Bank. He has over twenty years of experience in investment management and holds the following licenses: Series 4, 7, 24, 63 and 65.
William J. Morgan  (2007-07-19)
Morgan is the president, chairman, and a portfolio manager with Pacholder Associates, Inc., which he co-founded in 1983. He is also a portfolio manager with Banc One Partners.
Thomas P. O'Reilly  (2007-07-19)
O'Reilly is a vice president of Neuberger Berman Management Inc. and a managing director of Neuberger Berman, LLC. He also manages high yield portfolios for Lehman Brothers Asset Management LLC and its predecessor ("LBAM"), an affiliate of Neuberger Berman. O'Reilly has managed money for LBAM since 1997. He has been in the industry for over 15 years. O'Reilly holds the Chartered Financial Analyst designation.
James Shanahan  (2007-07-19)
Shanahan is managing director and portfolio manager with JPMorgan Investment Advisors since March 2005. Prior to that time he held the same role at Banc One High Yield Partners, LLC and Pacholder Associates, Inc.
Sales Charge %
(taken from prospectus dated 2009-03-01)
Front: None
Deferred: None
Expense Ratio % 0.65
based on net assets
(taken from annual report dated 2008-10-31)
Correspondence Information

Principal Financial Group 711 High St
Des Moines,  IA  50392
USA
Telephone:
800-222-5852
515-247-5476
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.