PFG

SEC Filing Summary: Principal Financial Group Inc. (13F-HR)

Business Context and Reporting Period

Reporting Manager: Principal Financial Group, Inc.
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended June 30, 2004
Submission Date: August 11, 2004
Scope: This report discloses equity holdings for Principal Financial Group and four other included managers (Principal Global Investors, Principal Real Estate Investors, Principal Life Insurance Co, and Principal Financial Services). The filing covers 2,012 distinct security entries.

Key Financial Metrics

Total Portfolio Value: $17,595,022,000 (Reported as $17,595,022 in thousands)
Number of Holdings: 2,012 entries
Top 5 Holdings by Share Count:

1. Microsoft Corp. (9,248,242 shares)
2. General Electric Co. (8,246,153 shares)
3. Cisco Systems, Inc. (7,015,641 shares)
4. Pfizer, Inc. (6,869,210 shares)
5. Exxon Mobil Corp. (5,593,665 shares)

Notable Sector Exposure: Significant positions in Technology (Microsoft, Cisco, Intel, Oracle), Healthcare (Pfizer, Merck, Johnson & Johnson), Financials (Bank of America, Citigroup, JPMorgan Chase), and Energy (Exxon Mobil, ChevronTexaco).

Material Changes and Portfolio Composition

Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (March 31, 2004); therefore, specific material changes in holdings or value cannot be calculated from this document alone.
Portfolio Structure: The portfolio is highly diversified across large-cap U.S. equities. Voting authority is predominantly "Sole" or "Shared" with "Defined" investment discretion. Several holdings are listed with "None" voting authority, indicating potential non-voting shares or specific account structures.

Guidance, Outlook, and Risks

Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing represents a snapshot of long-only equity positions as of the period end. Investors should note that the portfolio includes significant exposure to cyclical sectors (Energy, Materials) and technology, which may be subject to market volatility.

Key Facts for Investor Verification

• Valuation Basis: The total value of $17.6 billion represents the aggregate value of reportable equity securities held by the manager and its affiliates as of June 30, 2004.
• Concentration Risk: While diversified, the top 10 holdings represent a substantial portion of the portfolio's share count, particularly in mega-cap technology and healthcare firms.
• Affiliate Aggregation: The reported value includes holdings from four subsidiary managers; investors should verify if specific subsidiary performance is required for analysis.
• Missing Data: This filing does not disclose short positions, derivatives, or non-equity assets (such as bonds or cash), which may constitute a significant portion of the firm's total assets under management.