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FUNDS INC Form N-CSRS Filed 2018-04-24 SECURITIES AND EXCHANGE COMMISSION FORM N-CSRS Certified semi-annual shareholder report of registered management investment companies filed on Form N-CSR Filing Date: 2018-04-24 | Period of Report: 2018-02-28 SEC Accession No. 0000898745-18-000341 (HTML Version on secdatabase.com) FILER PRINCIPAL FUNDS INC Mailing Address Business Address PRINCIPAL FINANCIAL 711 HIGH STREET CIK:898745| IRS No.: 000000000 | State of Incorp.:MD | Fiscal Year End: 1031 GROUP DES MOINES IA 50392 Type: N-CSRS | Act: 40 | File No.: 811-07572 | Film No.: 18770909 DES MOINES IA 50392 515-248-4745 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Due to size constraints, this filing is being made in two related submissions. This submission is the second of the two related submissions. The accession number of the previous related submissions is as follows: 0000898745-18-000340 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document EE11865PFI Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document EE11865PFI | 01/2017 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Letter from the President 1 Financial Statements 2 Notes to Financial Statements 25 Schedules of Investments 56 Financial Highlights (Includes performance information)170 Shareholder Expense Example 182 Supplemental Information 184 Not FDIC or NCUA insured Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GLOBAL INVESTMENT MANAGEMENT ASSET ALLOCATION EXPERTISE RETIREMENT LEADERSHIP Mike Beer President, Principal Funds Dear Shareholder, What happens after growth peaks? A bit of deceleration. A synchronized pickup in global growth has been happening for some time. It started in early 2016 after the commodity rout ended; then, gathered steam in 2017. Japan, the Eurozone, and the United States grew above trend. Chinese growth decelerated, but the slowdown was smooth. Commodity prices and global trade perked up nicely. Confidence and other survey measures soared, hitting record high after record high in some cases. Economic data kept surprising on the upside, especially in Europe. Investors and businesses finally realized the post-financial crisis growth slump was over. But, when things are so good they cant get any better, they usually dont. So, world growth may have reached its best pace and be starting to lose just a bit of momentum. Commodity prices are likely very near a peak. J.P. Morgans global summary of business surveys seems to be past its top. Other country confidence surveys may also have crested. Investors have gotten used to stronger growth, so, economic surprises, i.e., when data beats expectations, are harder to find. All major U.S. consumer confidence indices are at or near record highs. However, some key statistics including retail sales, industrial production, new-and existing-home sales, and durable goods orders did slow in January. Consumer spending growth remained vigorous at 3.8%. The United States not only has strong underlying domestic demand, but, fiscal stimulus from the tax package and a new budget should provide extra support, especially for capital spending. The Federal Reserve should still be accommodative even if the committee raises rates two or three times in 2018. Because markets tend to fluctuate, we believe the most prudent approach for investing is to select a portfolio allocation that is broadly 1 diversified both across and within asset classes. We encourage you to work closely with your financial professional to select and monitor those investments best suited to helping you work toward and realize your financial goals. Our focus at Principal Funds has always been on consistent, long-term performance for our investors. Our investment strategies cover a wide range of asset classes to help you diversify your portfolio as you save for the futurewhether you are investing for goals that are years down the road, or closer at hand. 1 Asset allocation and diversification do not ensure a profit or protect against a loss. Past performance does not guarantee future results. *All data cited from February 2018 Principal Economic Insights by Robert Baur, Robin Anderson, and the economic committee, available at principalfunds.com/ commentary. 1 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document STATEMENTS OF ASSETS AND LIABILITIES PRINCIPAL FUNDS, INC. February 28, 2018 (unaudited) Dynamic Floating Diversified Rate High Real Income Asset Amounts in thousands, except per share amounts Blue Chip Fund (a) Fund Fund Investment in securities--at cost $ 2,151,664 $ 3,927,862 $ 10,903 Investment in affiliated Funds--at cost $ 3,975 $ 63,431 $ 1,067 Foreign currency--at cost $ $ 26,060 $ Assets Investment in securities--at value $ 2,781,589 $ 4,015,099 $ 10,939 Investment in affiliated Funds--at value 3,975 63,431 1,067 Foreign currency--at value 26,091 Cash 1 8,922 Deposits with counterparty 12,695 Receivables: Dividends and interest 2,538 7,058 59 Expense reimbursement from Manager 2 233 6 Expense reimbursement from Distributor 1 Foreign currency contracts 11,891 Fund shares sold 1,159 5,364 Investment securities sold 61,235 253 OTC swap agreements--at value (premiums paid $0, $0 and $0) 933 Variation margin on futures 14,853 Variation margin on swaps 55 Prepaid directors' expenses 1 Prepaid expenses 14 Total Assets 2,789,280 4,227,860 12,324 Liabilities Accrued management and investment advisory fees 1,384 2,546 6 Accrued distribution fees 70 38 1 Accrued service fees 3 Accrued transfer agent fees 35 786 1 Accrued chief compliance officer fees 1 Accrued directors' expenses 4 1 Accrued professional fees 12 70 27 Accrued other expenses 45 14 Cash overdraft 22 Deposits from counterparty 610 Payables: Foreign currency contracts 12,911 Fund shares redeemed 3,743 6,981 Investment securities purchased 3,906 78,118 632 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Options and swaptions contracts written (premiums received $0, $1,248 and $0) 1,225 OTC swap agreements--at value (premiums received $0, $0 and $0) 602 Unrealized loss on unfunded loan commitments Variation margin on futures 16,685 Variation margin on swaps 132 Total Liabilities 9,153 120,754 704 Net Assets Applicable to Outstanding Shares $ 2,780,127 $ 4,107,106 $ 11,620 Net Assets Consist of: Capital shares and additional paid-in-capital $ 2,113,350 $ 4,257,455 $ 12,637 Accumulated undistributed (overdistributed) net investment income (loss) 2,490 9,695 9 Accumulated undistributed (overdistributed) net realized gain (loss) 34,362 (257,345 ) (1,062 ) Net unrealized appreciation (depreciation) of investments 629,925 98,180 36 Net unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currency (879 ) Total Net Assets $ 2,780,127 $ 4,107,106 $ 11,620 Capital Stock (par value: $.01 per share): Shares authorized 1,450,000 2,075,000 200,000 Net Asset Value Per Share: Class A: Net Assets $ 107,829 $ 103,868 $ 4,426 Shares Issued and Outstanding 4,924 9,091 476 Net Asset Value per share $ 21.90 $ 11.43 $ 9.30 Maximum Offering Price $ 23.17 $ 11.88 $ 9.66 Class C: Net Assets $ 57,540 $ 23,663 N/A Shares Issued and Outstanding 2,714 2,109 (b) (b) Net Asset Value per share $ 21.20 $ 11.22 Class J: Net Assets $ 47,523 N/A N/A Shares Issued and Outstanding 2,149 (b) Net Asset Value per share $ 22.11 Class T: Net Assets $ 17 N/A N/A Shares Issued and Outstanding 1 Net Asset Value per share $ 22.07 Maximum Offering Price $ 22.64 Institutional: Net Assets $ 102,857 $ 2,534,972 $ 7,194 Shares Issued and Outstanding 4,645 221,624 768 Net Asset Value per share $ 22.14 $ 11.44 $ 9.38 R-3: Net Assets $ 7,415 $ 82 N/A Shares Issued and Outstanding 337 7 Net Asset Value per share $ 21.97 $ 11.42 R-4: Net Assets $ 1,443 $ 11 N/A Shares Issued and Outstanding 66 1 Net Asset Value per share $ 22.05 $ 11.44 R-5: Net Assets $ 8,148 $ 11 N/A Shares Issued and Outstanding 369 1 Net Asset Value per share $ 22.09 $ 11.44 R-6: Net Assets $ 2,447,355 $ 1,444,499 N/A Shares Issued and Outstanding 110,494 126,298 Net Asset Value per share $ 22.15 $ 11.44 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document (a) Consolidated financial statement, see "Basis for Consolidation" in Notes to Financial Statements. (b) Redemption price per share is equal to net asset value per share less any applicable
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