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Investment Type: pif

High Yield I Inst Fund (PYHIX)

Quick Facts

High Yield Bond

Investment Strategy

   What's this?
The investment seeks high current income. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds (sometimes called "high yield bonds" or "junk bonds") which are rated at the time of each purchase Ba1 or lower by Moody's and BB+ or lower by S&P. It also invests in bank loans (also known as senior floating rate interests) and securities of foreign issuers. Under normal circumstances, the fund maintains an average portfolio duration that is within 25% of the duration of the Barclays US High Yield 2% Issuer Capped Index.

Morningstar Style Box™

  as of 08/31/2015
What's this?
Investment Style
Stylebox Market Capitalization

Overall Morningstar Star Rating™

  as of 09/30/2015
What's this?

Out of 627 High Yield Bond Funds


Morningstar's Star Ratings reflect risk adjusted performance and are derived from a weighted average of the performance figures associated with its three, five, and ten-year (if applicable) time periods.

Total Returns

Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.

In situations where the net and gross total investment expense figures are different, the mutual fund or the underlying fund in which a Separate Account invests has waived/capped a portion of its management fees through the date displayed in the waiver expiration date or contractual cap expiration date column. Differences may also be shown due to the fund family choosing to pay certain expenses that would normally be payable by the fund. Returns displayed are based on net total investment expense.

Month-End | Quarter-End
Average Annual Total Returns as of 09/30/2015
1 Month3 MonthYTD1 Year3 Year5 Year10 YearSince     
Total Return % -2.74 -4.94 -2.81 -3.39 3.13 5.54 7.23 6.99
Barclays US Corp High Yld 2% Issuer Capped Index % -2.57 -4.83 -2.43 -3.40 3.52 6.14 7.26 ---
High Yield Bond Category % -2.38 -4.46 -2.16 -3.61 2.89 5.21 5.87 ---
Morningstar Percentile Rankings** --- --- --- 51 43 39 6 ---
# of Funds in Category 823 814 792 771 627 534 362 ---
**Morningstar percentile rankings are based on total returns.


  as of 09/30/2015
Total Investment Expense - Gross: 0.64%
Total Investment Expense - Net: 0.64%
Total Investment Expense Gross Per $1,000 Invested: $6.40



30-Day SEC Yield - Subsidized (Net)
as of 08/31/2015:
30-Day SEC Yield - Non-Subsidized (Gross)
as of 08/31/2015:

Growth of $10,000

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Performance assumes reinvestment of all dividends and capital gains. Extended performance is calculated based on the historical performance of the investment option's oldest share class, adjusted for the fees and expenses of the share class shown. Periods of less than one year are not annualized.

Inv Manager or Sub-Advisor

   What's this?
JP Morgan Investment Mgmt Inc.

Neuberger Berman Fixed Inc LLC

Portfolio Managers

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Ann H. Benjamin
Since 07/19/2007

William J. Morgan
Since 07/19/2007
B.A. , Kenyon College

James E. Gibson
Since 07/19/2007
B.S. , University of Cincinnati

James P. Shanahan,Jr.
Since 07/19/2007
J.D. , University of Cincinnati

Thomas P. O'Reilly
Since 07/19/2007

Russ Covode
Since 12/31/2011

Daniel J. Doyle
Since 03/01/2014

© 2015 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Returns shown for periods of less than one year are not annualized.

Insurance products and plan administrative services, if applicable, are provided by Principal Life Insurance Company. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities are offered through Princor Financial Services Corporation, 800-547-7754, member SIPC and/or independent broker/dealers. Securities sold by a Princor® Registered Representative are offered through Princor. Principal Funds Distributor, Princor and Principal Life are members of the Principal Financial Group®, Des Moines, IA 50392. Certain investment options may not be available in all states or U.S. commonwealths.

The full name of this investment option is Principal Funds, Inc. - Principal High Yield I Inst Fund.

Investors should carefully consider a mutual fund's 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, or calling 1-800-547-7754. Read the prospectus carefully before investing.

Not FDIC Insured
May Lose Value - Not a Deposit - No Bank Guarantee
Not Insured by any Federal Government Agency

Fees and expenses are only one of several factors that participants and beneficiaries should consider when making investment decisions.  The cumulative effect of fees and expenses can substantially reduce the growth of a participant's or beneficiary's retirement account.  Participants and beneficiaries can visit the Employee Benefit Security Administration's website for an example demonstrating the long-term effect of fees and expenses.

Barclays US Corp High Yld 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated. The index limits the maximum exposure to any one issuer to 2%.

Effective January 2, 2008, this portfolio is co-sub-advised by JP Morgan and Neuberger Berman Fixed Income LLC (formerly named Lehman Brothers Asset Management). Prior to January 2, 2008 Post Advisory Group was a third sub-advisor for this portfolio. Performance results displayed reflect all sub-advisors managing this portfolio during the time periods displayed.

Fixed-income and asset allocation investment options that invest in mortgage securities are subject to increased risk due to real estate exposure.

High yield investment options are subject to greater credit risk and volatility that is associated with high yield bonds.

Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Neither the principal of bond investment options nor their yields are guaranteed by the U.S. government.

Not all funds associated with the institutional class shares of the Principal Funds series are registered in every state. These funds will be appropriately registered for use upon selection for your retirement plan.