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Principal to add Opportunistic Municipal, Blue Chip funds to lineup
By Toni Weeks
San Diego, March 30 - Principal Funds, Inc. will add two new funds to its lineup, according to an N-1A filing with the Securities and Exchange Commission.
The Blue Chip Fund will be available with an institutional share class, and the Opportunistic Municipal Fund will be available in class A and class C shares. Ticker symbols have not yet been determined.
The Blue Chip Fund will seek long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of companies with large market capitalizations. The fund will target growth equity securities with market capitalizations similar to companies in the Russell 1000 Growth index.
K. William Nolin will be the portfolio manager.
There will be no shareholder fees. Management fees will be 0.7%. Including other fees and a fee waiver with the adviser, total annual fund operating expenses are expected to by 0.75%.
The Opportunistic Municipal Fund will seek to provide a high level of income exempt from federal income tax while protecting capital. Under normal circumstances, it will invest at least 80% of its net assets in municipal obligations.
Douglas J. Gaylor will be the portfolio manager.
Class A shares will incur a 3.75% maximum sales charge. Both share classes are subject to a 1% maximum deferred sales charge.
Management fees will be 0.5%. Including other fees and a fee waiver with the adviser, total annual fund operating expenses are expected to be 0.97% for class A shares and 1.72% for class C shares.
Des Moines-based Principal Management Corp. will be the investment adviser.
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