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Principal Funds Names Karrie McMillan to Board of Directors

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Principal Funds announced today the naming of Karrie McMillan, former general counsel of the Investment Company Institute (ICI), to its board of directors.

McMillan was ICI’s chief legal officer during the financial crisis and subsequent reform efforts, overseeing a legal department of 19 attorneys, including experts in the Investment Company Act, the Employee Retirement Income Security Act (ERISA) and the tax code. She worked closely with commissioners and staff from the U.S. Securities and Exchange Commission (SEC) and senior executives of ICI member companies, representing fund complexes of all sizes and business models.

Prior to her work at ICI, McMillan was a partner in the asset management group at Willkie Farr & Gallagher LLP and a partner at Shearman & Sterling LLP, where she helped start the Washington, D.C.-based asset management group. McMillan also served at the SEC’s Division of Investment Management in the Office of Chief Counsel.

“We are pleased to welcome Karrie to our board. We believe her extensive knowledge of the mutual fund industry and experience in government and private practice will serve Principal Funds’ shareholders well,” said Nora Everett, president and CEO of Principal Funds.

McMillan earned a bachelor’s degree in history from the College of William and Mary and a J.D. from the University of Virginia School of Law.

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About Principal Funds
Principal Funds is a leading provider of mutual funds, with $118.5 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(R). For more information, visit www.principalfunds.com.

About the Principal Financial Group
The Principal Financial Group(R) (The Principal(R))3 is a global investment management leader offering 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(R), the Principal Financial Group has $517.9 billion in assets under management4 and serves some 19.4 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.

Carefully consider a fund’s objectives, risks, charges, and expenses. Contact your financial professional or visit principalfunds.com for a prospectus, or summary prospectus if available, containing this and other information. Please read it carefully before investing.

Investing involves risk, including possible loss of principal.

Principal Funds are distributed by Principal Funds Distributor, Inc.

1 As of June 30, 2014. Includes all share classes of the Principal Funds, Inc. and Principal Variable Contracts Funds, Inc.
2 Strategic Insight Mutual Fund Lifecycle Report Q2 2014.
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, 2014.

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