PFG

Business Context and Reporting Period

Company: Principal Financial Group, Inc.
Filing Type: Form 13F-HR (Institutional Investment Manager Holdings Report)
Reporting Period: Quarter ended June 30, 2011
Significant Other Managers: The report is a combination filing that includes holdings for five other managers: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Life Insurance Co.; Principal Financial Services, Inc.; and Principal Management Corporation.

Key Financial Metrics

Total Portfolio Value: $32,102,925,000 (approx. $32.1 billion)
Total Number of Holdings: 4,054 entries
Asset Class: Primarily U.S. Equity securities (Common Stock).
Top Holdings by Share Count:

• General Electric Co: 15,615,210 shares
• Pfizer Inc: 13,806,520 shares
• Microsoft Corp: 10,265,733 shares
• Wells Fargo & Co: 5,857,398 shares
• Exxon Mobil Corp: 5,240,103 shares

Top Holdings by Value (Estimated based on share count):

• General Electric Co
• Pfizer Inc
• Microsoft Corp
• Wells Fargo & Co
• Exxon Mobil Corp
• Johnson & Johnson
• Procter & Gamble Co

Debt and Liquidity: Not applicable. This filing reports equity holdings only and does not disclose the manager's own balance sheet, debt levels, or liquidity positions.

Material Changes vs. Prior Period

The filing text provided is a snapshot of holdings as of June 30, 2011. It does not contain the prior quarter's data (March 31, 2011) or a schedule of purchases and sales. Therefore, material changes in position size, new acquisitions, or divestitures cannot be determined from this document alone.

Guidance, Outlook, and Risks

Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings forecasts, or management commentary on future strategy.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this filing. The portfolio is heavily diversified across sectors including Financials, Healthcare, Technology, Energy, and Consumer Staples. Significant exposure exists to large-cap U.S. equities.

Important Facts for Investor Verification

• Portfolio Size: Verify the total reported value of approximately $32.1 billion against the firm's total assets under management (AUM) to understand the scope of this specific reporting entity.
• Concentration Risk: Confirm the percentage of the total portfolio represented by the top 10 holdings (e.g., GE, Pfizer, Microsoft) to assess concentration risk.
• Manager Attribution: Note that the holdings are aggregated across six different management entities; verify which specific subsidiary manages the assets relevant to your investment product.
• Reporting Lag: Acknowledge that this data reflects positions as of June 30, 2011, and does not reflect any trading activity that occurred after that date.
• Derivatives: The filing lists "Defined" voting authority for most positions but does not explicitly detail the use of derivatives (options, futures) beyond the standard equity holdings reported.