DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Funds President and CEO Nora Everett has been elected to the Investment Company Institutes (ICI) Board of Governors. Everett, one of seven new members, will serve a three-year term expiring September 30, 2015.

ICI is the national association of U.S. investment companies, including mutual funds, exchange-traded funds, closed-end funds and unit investment trusts. Members of ICI manage total assets of $13.5 trillion and serve over 90 million shareholders.

ICI has a longstanding commitment to promoting education, transparency and high ethical standards within the investment industry for the benefit of fund shareholders, said Everett. Its an honor to be chosen to serve on this board. Im looking forward to working with my ICI colleagues on critical issues impacting our mutual fund investors and their retirement savings.

Everett joined the Principal Financial Group (PFG) ^® in 1991 and was promoted to senior vice president in 2004. She became president of Principal Funds in 2008. Prior to joining The Principal^®, Everett practiced law in Washington, D.C. She earned her bachelors degree and Phi Beta Kappa honors from Iowa State University and her J.D. degree from William & Mary Law School.

Everett serves on several boards, including Principal Funds, Principal International, Origin Asset Management, Finisterre Capital and the Community Foundation of Greater Des Moines.

About Principal Funds
Principal Funds is a leading provider of mutual funds, with $77.2 billion in assets under management.¹ Principal Funds brings expertise in global investment management, asset allocation and retirement leadership to financial professionals and investors. Including its target-risk and target-date offerings, Principal Funds is the fifth largest manager of lifecycle funds in the industry.² The companies that make up Principal Funds are members of the Principal Financial Group ^®. For more information, visit www.principalfunds.com.

About the Principal Financial Group
The Principal Financial Group ^® (The Principal ^®)³ is a global investment management leader including retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500^®, the Principal Financial Group has $367.1 billion in assets under management⁴ and serves some 18.2 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

The Principal LifeTime Funds, which are target-date funds, invest in underlying Principal Funds. Each Principal LifeTime Fund is managed toward a particular target (retirement) date, or the approximate date the participant or investor starts withdrawing money. As each Principal LifeTime Fund approaches its target date, the investment mix becomes more conservative by increasing exposure to generally more conservative investment options and reducing exposure to typically more aggressive investment options. The asset allocation for each Principal LifeTime Fund is regularly re-adjusted within a timeframe that extends 10-15 years beyond the target date, at which point it reaches its most conservative allocation. Principal LifeTime Funds assume the value of the investor's account will be withdrawn gradually during retirement. Neither the principal nor the underlying assets of the Principal LifeTime Funds are guaranteed at any time, including the target date. Investment risk remains at all times.

Investors should carefully consider a funds investment objectives, risks, charges, and expenses prior to investing. A prospectus, or summary prospectus if available, containing this and other information can be obtained by contacting a financial professional, visiting principalfunds.com, or calling 800-222-5852. 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.

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.

¹ As of June 30, 2012. Includes all share classes of the Principal Funds, Inc. and Principal Variable Contracts Funds, Inc.
² FRC Mutual Fund Lifecycle Report Q112.
³ The Principal Financial Group and The Principal are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
⁴ As of June 30, 2012.

The Principal Financial Group
Jaime Naig, 515-247-0798
naig.jaime@principal.com

Source: The Principal Financial Group

Copyright Business Wire 2012