485BPOS 1 filingbody.htm PEA FOR FILING OF TAX OPINIONS filingbody.htm - Generated by SEC Publisher for SEC Filing
As filed with the Securities and Exchange Commission on March 20, 2012. 
 
Registration No. 333-178050 
 
U.S. SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 
 
FORM N-14 
 
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] 
 
[ ] Pre-Effective Amendment No. 
[XX] Post-Effective Amendment No. 1 
 
PRINCIPAL FUNDS, INC. 
f/k/a Principal Investors Fund, Inc. 
(Exact name of Registrant as specified in charter) 
 
680 8th Street, Des Moines, Iowa 50392-2080 
(Address of Registrant's Principal Executive Offices) 
 
515-248-3842 
(Registrant's Telephone Number, Including Area Code) 
 
Michael D. Roughton 
Counsel, Principal Funds, Inc. 
711 High Street 
Des Moines, Iowa 50392-2080 
(Name and Address of Agent for Service) 
 
Copies of all communications to: 
John W. Blouch                                                
Dykema Gossett PLLC                                     
1300 I Street, N.W. 
Washington, D.C. 20005-3353                           
202-906-8714; 202-906-8669 (Fax)                     

 

Approximate date of proposed public offering: As soon as practicable after this Registration Statement 
becomes effective. 
 
Title of Securities Being Registered: A, B, C, J, R-1, R-2, R-3, R-4, R-5, and Institutional Class 
Shares common stock, par value $.01 per share. 
 
No filing fee is due because an indefinite number of shares have been registered in reliance on Section 24(f) 
under the Investment Company Act of 1940, as amended. 
 
It is proposed that this filing will become effective immediately upon filing pursuant to paragraph (b). 
 
This Post-Effective Amendment No. 1 to the Registration Statement of Principal Funds, Inc. (the "Fund") on 
Form N-14 (File No. 333-178050) (the "Registration Statement") consists of the following: (1) Facing Page of 
the Registration Statement; and (2) Part C of the Registration Statement (including signature page). 
 
This Post-Effective Amendment No. 1 hereby incorporates Part A and Part B from the Fund's definitive 
combined information statement/prospectus and statement of additional information as filed on 
December 13, 2011. This Post-Effective Amendment is being filed for the sole purpose of adding the final 
tax opinions as an Exhibit to Part C of the Registration Statement. 

 


PART C
 
OTHER INFORMATION
 
Item 15. Indemnification 
 
Under Section 2-418 of the Maryland General Corporation Law, with respect to any proceedings 
against a present or former director, officer, agent or employee (a "corporate representative") of the 
Registrant, the Registrant may indemnify the corporate representative against judgments, fines, penalties, 
and amounts paid in settlement, and against expenses, including attorneys' fees, if such expenses were 
actually incurred by the corporate representative in connection with the proceeding, unless it is 
established that:   
 
(i)  The act or omission of the corporate representative was material to the matter giving rise 
to the proceeding; and   
 
  1.  Was committed in bad faith; or 
 
  2.  Was the result of active and deliberate dishonesty; or 
 
(ii)  The corporate representative actually received an improper personal benefit in money, 
property, or services; or   
 
(iii)  In the case of any criminal proceeding, the corporate representative had reasonable 
cause to believe that the act or omission was unlawful. 
 
If a proceeding is brought by or on behalf of the Registrant, however, the Registrant may not 
indemnify a corporate representative who has been adjudged to be liable to the Registrant. Under the 
Registrant's Articles of Incorporation and Bylaws, directors and officers of the Registrant are entitled to 
indemnification by the Registrant to the fullest extent permitted under Maryland law and the Investment 
Company Act of 1940. Reference is made to Article VI, Section 7 of the Registrant's Articles of 
Incorporation, Article 12 of the Registrant's Bylaws and Section 2-418 of the Maryland General 
Corporation Law.   
 
The Registrant has agreed to indemnify, defend and hold the Distributor, its officers and directors, 
and any person who controls the Distributor within the meaning of Section 15 of the Securities Act of 
1933, free and harmless from and against any and all claims, demands, liabilities and expenses 
(including the cost of investigating or defending such claims, demands or liabilities and any counsel fees 
incurred in connection therewith) which the Distributor, its officers, directors or any such controlling 
person may incur under the Securities Act of 1933, or under common law or otherwise, arising out of or 
based upon any untrue statement of a material fact contained in the Registrant's registration statement or 
prospectus or arising out of or based upon any alleged omission to state a material fact required to be 
stated in either thereof or necessary to make the statements in either thereof not misleading, except 
insofar as such claims, demands, liabilities or expenses arise out of or are based upon any such untrue 
statement or omission made in conformity with information furnished in writing by the Distributor to the 
Registrant for use in the Registrant's registration statement or prospectus: provided, however, that this 
indemnity agreement, to the extent that it might require indemnity of any person who is also an officer or 
director of the Registrant or who controls the Registrant within the meaning of Section 15 of the Securities 
Act of 1933, shall not inure to the benefit of such officer, director or controlling person unless a court of 
competent jurisdiction shall determine, or it shall have been determined by controlling precedent that such 
result would not be against public policy as expressed in the Securities Act of 1933, and further provided, 
that in no event shall anything contained herein be so construed as to protect the Distributor against any 
liability to the Registrant or to its security holders to which the Distributor would otherwise be subject by 
reason of willful misfeasance, bad faith, or gross negligence, in the performance of its duties, or by 
reason of its reckless disregard of its obligations under this Agreement. The Registrant's agreement to 
indemnify the Distributor, its officers and directors and any such controlling person as aforesaid is 
expressly conditioned upon the Registrant being promptly notified of any action brought against the 
Distributor, its officers or directors, or any such controlling person, such notification to be given by letter or 
telegram addressed to the Registrant. 

 


Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted 
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or 
otherwise, the registrant has been advised that in the opinion of the Securities and Exchange 
Commission such indemnification is against public policy as expressed in the Act and is, therefore, 
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment 
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in 
the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling 
person in connection with the securities being registered, the registrant will, unless in the opinion of its 
counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction 
the question whether such indemnification by it is against public policy as expressed in the Act and will be 
governed by the final adjudication of such issue. 
 
Item 16.  Exhibits.   
 
Unless otherwise stated, all filing references are to File No. 33-59474 
 
(1)     a.  Articles of Amendment and Restatement dated 6/14/02 -- Filed as Ex-99.A.1.C on 12/30/02 (Accession No. 
  0001126871-02-000036)   
b.  Articles of Amendment dated 5/23/05 -- Filed as Ex-99.A on 09/08/05 (Accession No. 0000898786-05- 
  000254)   
c.  Articles of Amendment dated 9/30/05 -- Filed as Ex-99.A on 11/22/05 (Accession No. 0000870786-05- 
  000263)   
d.  Articles of Amendment dated 7/7/06 (Incorporated by reference from exhibit #1(2)b to registration statement 
  No. 333-137477 filed on Form N-14 on 9/20/06 Accession No. 0000009713-06-000062) 
e.  Articles of Amendment -- Filed as Ex-99.B1 on 09/12/97 (Accession No. 0000898745-97-000023) 
f.  Articles of Amendment dated 06/04/08 -- Filed as Ex-99.A on 07/17/08 (Accession No. 0000009713-08- 
  000060)   
g.  Articles of Amendment dated 06/30/09 – Filed as Ex-99.A(1)h on 10/07/09 (Accession No. 0000898745- 
  09-000489)   
h.  Articles of Amendment dated 09/30/09 – Filed as Ex-99.A(1)h on 10/29/10 (Accession No. 0000898745-10- 
  000490)   
i.  Articles Supplementary dated 9/25/02 -- Filed as Ex-99.A.4.D on 12/30/02 (Accession No. 0001126871-02- 
  000036)   
j.  Articles Supplementary dated 2/5/03 – Filed as Ex-99.A on 02/25/03 (Accession No. 0000870786-03- 
  000031)   
k.  Articles Supplementary dated 4/30/03 -- Filed as Ex-99.A4F on 09/11/03 (Accession No. 0000870786-03- 
  000169)   
l.  Articles Supplementary dated 6/10/03 -- Filed as Ex-99.A4G on 09/11/03 (Accession No. 0000870786-03- 
  000169)   
m.  Articles Supplementary dated 9/9/03 -- Filed as Ex-99.A4H on 09/11/03 (Accession No. 0000870786-03- 
  000169)   
n.  Articles Supplementary dated 11/6/03 – Filed as Ex-99.A on 12/15/03 (Accession No. 0000870786-03- 
  000202)   
o.  Articles Supplementary dated 1/29/04-- Filed as Ex-99.A on 02/26/04 (Accession No. 0001127048-04- 
  000033)   
p.  Articles Supplementary dated 3/8/04-- Filed as Ex-99.A on 07/27/04 (Accession No. 0000870786-04- 
  000163)   
q.  Articles Supplementary dated 6/14/04 – Filed as Ex-99.A on 09/27/2004 (Accession No. 0000870786-04- 
  000207)   
r.  Articles Supplementary dated 9/13/04 – Filed as Ex-99.A on 12/13/04 (Accession No. 0000870786-04- 
  000242)   
s.  Articles Supplementary dated 10/1/04 – Filed as Ex-99.A on 12/13/04 (Accession No. 0000870786-04- 
  000242)   
t.  Articles Supplementary dated 12/13/04 -- Filed as Ex-99.A on 02/28/05 (Accession No. 0000870786-05- 
  000065)   
u.  Articles Supplementary dated 2/4/05 – Filed as Ex-99.A on 05/16/05 (Accession No. 0000870786-05- 
  000194)   
v.  Articles Supplementary dated 2/24/05 – Filed as Ex-99.A on 05/16/05 (Accession No. 0000870786-05- 
  000194)   
w.  Articles Supplementary dated 5/6/05 – Filed as Ex-99.A on 09/08/05 (Accession No. 0000870786-05- 
  000254)   

 


  x.  Articles Supplementary dated 9/20/06 (Incorporated by reference from exhibit #1(4)t to registration 
    statement No. 333-137477 filed on Form N-14 on 9/20/06 Accession No. 0000009713-06-000062) 
  y.  Articles Supplementary dated 1/12/07 -- Filed as Ex-99.A on 01/16/07 (Accession No. 0000898745-07- 
    000011) 
  z.  Articles Supplementary dated 1/22/07 -- Filed as Ex-99.A on 07/18/07 (Accession No. 0000898745-07- 
    000086) 
  aa.  Articles Supplementary dated 7/24/07 -- Filed as Ex-99.A on 09/28/07 (Accession No. 0000898745-07- 
    000152) 
  bb.  Articles Supplementary dated 09/13/07 -- Filed as Ex-99.A on 12/14/07 (Accession No. 0000898745-07- 
    000184) 
  cc.  Articles Supplementary dated 1/3/08 -- Filed as Ex-99.A.4.Y on 02/20/08 (Accession No. 0000950137-08- 
    002501 
  dd.  Articles Supplementary dated 3/13/08 -- Filed as Ex-99.A4Z on 05/01/08 (Accession No. 0000950137-08- 
    006512) 
  ee.  Articles Supplementary dated 06/23/08 -- Filed as Ex-99.A on 07/17/08 (Accession No. 0000009713-08- 
    000060) 
  ff.  Articles Supplementary dated 09/10/08 Initial Capital Agreement dtd 5/1/08 -- Filed as Ex-99.A.4 on 
    12/12/08 (Accession No. 0000898745-08-000166) 
  gg.  Articles Supplementary dated 10/31/08 – Filed as Ex-99.A.4 on 12/12/08 (Accession No. 0000898745-08- 
    000166) 
  hh.  Articles Supplementary dated 01/13/09 – Filed as Ex-99.A(4)dd on 10/07/09 (Accession No. 0000898745- 
    09-000489) 
  ii.  Articles Supplementary dated 03/10/09 – Filed as Ex-99.A(4)ee on 10/07/09 (Accession No. 0000898745- 
    09-000489) 
  jj.  Articles Supplementary dated 05/01/09 – Filed as Ex-99.A(4)ff on 10/07/09 (Accession No. 0000898745-09- 
    000489) 
  kk.  Articles Supplementary dated 06/19/09 – Filed as Ex-99.A(4)gg on 10/07/09 (Accession No. 0000898745- 
    09-000489) 
  ll.  Articles Supplementary dated 09/25/09 – Filed as Ex-99.A(2)ee on 10/29/10 (Accession No. 0000898745- 
    10-000490) 
  mm.  Articles Supplementary dated 01/28/10 – Filed as Ex-99.A(2)ff on 10/29/10 (Accession No. 0000898745-10- 
    000490) 
  nn.  Articles Supplementary dated 05/03/10 – Filed as Ex-99(a)(2)(gg) on 07/29/10 (Accession No. 
    0000898745-10-000394) 
  oo.  Articles Supplementary dated 08/05/10 – Filed as Ex-99.(a)(2)hh on 07/11/11 Accession No.: 0000898745- 
    11-000480 
  pp.  Articles Supplementary dated 09/29/10 – Filed as Ex-99.(a)(2)ii on 07/11/11 Accession No.: 0000898745- 
    11-000480 
  qq.  Articles Supplementary dated 11/02/10 – Filed as Ex-99.(a)(2)jj on 07/11/11 Accession No.: 0000898745- 
    11-000480 
  rr.  Articles Supplementary dated 01/28/11 – Filed as Ex-99.(a)(2)kk on 07/11/ Accession No.: 0000898745-11- 
    000480 
  ss.  Articles Supplementary dated 03/09/11 – Filed as Ex-99.(a)(2)ll on 07/11/11 Accession No.: 0000898745- 
    11-000480 
  tt.  Articles Supplementary dated 06/21/11 – Filed as Ex-99.(a)(2)mm on 07/11/11 Accession No.: 
    0000898745-11-000480 
 
(2)  By-laws dtd 06/26/11 – Filed as Ex-99.(b)(1) on 07/11/11 Accession No.: 0000898745-11-000480 
 
(3)  N/A     
 
(4)  Forms of Plans of Reorganization (filed herewith as Appendix A to the Proxy Statement/Prospectus) 
 
(5)  Included in Exhibits 1 and 2 hereto. 
 
(6)  (1)  a.  Amended and Restated Management Agreement dated 09/06/2011 – Filed as Ex-(d)(1)g on 
      10/12/2011 (Accession Number: 0000898745-11-000711) 
 
  (2)  a.  Amended & Restated Sub-Advisory Agreement with PGI dtd 09/12/11 – Filed as Ex-(d)(29)a on 
      10/12/2011 (Accession Number: 0000898745-11-000711) 

 


(7)  (1)  a.  Amended & Restated Distribution Agreement for A, B, C, J, P, R-1, R-2, R-3, R-4, R-5 and Institutional 
      Classes dtd 09/27/10 – Filed as Ex-99.(e)(1)a on 07/11/11 Accession No. 0000898745-11-000480 
 
  (2)  a.  Selling Agreement--Advantage Classes – Filed as Ex-99.(e)(2)a on 11/04/10 (Accession No. 
      0000898745-10-000494). 
 
    b.  Selling Agreement—A, C, J, Institutional, R-1, R-2, R-3, R-4 and R-5 Class Shares – Filed as Ex- 
      99.(e)(2)b on 11/04/10 (Accession No. 0000898745-10-000494). 
 
(8)  N/A     
 
(9)  (1)  a.  Domestic Portfolio Custodian Agreement with Bank of New York -- Filed as Ex-99.B8.A on 04/12/1996 
      (Accession No. 0000898745-96-000012) 
    b.  Domestic Funds Custodian Agreement with Bank of New York -- Filed as Ex-99.G1.B on 12/05/00 
      (Accession No. 0000898745-00-000021) 
    c.  Domestic and Global Custodian Agreement with Bank of New York -- Filed as Ex-99.G on 11/22/05 
      (Accession No. 0000870786-05-000263) 
 
(10)  Rule 12b-1 Plan 
 
  (1)  a.  Class A Plan – Amended & Restated dtd 06/06/11 – Filed as Ex-99.(m)(1)g on 07/11/11 Accession No.: 
      0000898745-11-000480 
 
  (2)  a.  Class B Plan – Amended & Restated dtd 12/14/10 – Filed as Ex-99.(m)(2)c on 07/11/11 Accession No.: 
      0000898745-11-000480 
 
  (3)  a.  Class C Plan – Amended & Restated dtd 12/14/10 – Filed as Ex-99.(m)(3)d on 07/11/11 Accession No.: 
      0000898745-11-000480 
 
  (4)  a.  Class J Plan – Amended & Restated dtd 12/14/10 – Filed as Ex-99.(m)(4)e on 07/11/11 Accession No.: 
      0000898745-11-000480 
 
  (5)  a.  Class R-1 Plan – Amended & Restated Distribution Plan and Agreement dtd 12/14/10 10 – Filed as Ex- 
      99.(m)(5)b on 07/11/11 Accession No.: 0000898745-11-000480 
 
  (6)  a.  Class R-2 Plan – Amended & Restated Distribution Plan and Agreement dtd 12/14/10 – Filed as Ex- 
      99.(m)(6)b on 07/11/11 Accession No.: 0000898745-11-000480 
 
  (7)  a.  Class R-3 Plan – Amended & Restated Distribution Plan and Agreement dtd 12/14/10 – Filed as Ex- 
      99.(m)(7)b on 07/11/11 Accession No.: 0000898745-11-000480 
 
  (8)  a.  Class R-4 Plan – Amended & Restated Distribution Plan and Agreement dtd 12/14/10 – Filed as Ex- 
      99.(m)(8)b on 07/11/11 Accession No.: 0000898745-11-000480 
 
(11)  Opinion and Consent of counsel, regarding legality of issuance of shares and other matters (previously filed as 
  Exhibit to Form N-14 filed on December 18, 2011 Accession # 0000898745-11-000786) 
 
12(a) Opinion of Carolyn F. Kolks, Assistant Tax Counsel to Acquired Fund (PFI – SmallCap Growth
  Fund), on tax matters * 
 
12(b) Opinion of Carolyn F. Kolks, Assistant Tax Counsel to Acquired Fund (PFI – SmallCap Value Fund),
  on tax matters * 
 
12(c) Opinion of Randy Bergstrom, Assistant Tax Counsel to Acquiring Fund (PFI – SmallCap Blend
  Fund), on tax matters * 
 
12(d) Opinion of Randy Bergstrom, Assistant Tax Counsel to Acquiring Fund (PFI – SmallCap Blend
  Fund), on tax matters * 
 
(13)  N/A     

 


(14)  Consent of Independent Registered Public Accountants 
 
  (a)  Consent of Ernst & Young LLP (previously filed on 11/18/2011) 
 
(15)    N/A   
 
(16)  (a)  Powers of Attorney (previously filed as Exhibit to Form N-14 filed on December 18, 2011 Accession # 
    0000898745-11-000786) 
 
(17)  (a)  Prospectuses dated 03/01/11, as supplemented 
    (1)  The Prospectus for Class A, B, and C shares, dated March 1, 2011, included in Post-Effective 
      Amendment No. 90 to the registration statement on Form N-1A (File No. 33-59474) filed on 
      February 23, 2011; 
 
    (2)  The Prospectus for Institutional Class shares, dated March 1, 2011, included in Post-Effective 
      Amendment No. 91 to the registration statement on Form N-1A (File No. 33-59474) filed on 
      February 23, 2011; 
 
    (3)  The Prospectus for Class J shares, dated March 1, 2011, included in Post-Effective Amendment No. 
      89 to the registration statement on Form N-1A (File No. 33-59474) filed on February 23, 2011; 
 
    (4)  The Prospectus for R-1, R-2, R-3, R-4, and R-5 Class shares, dated March 1, 2011, included in Post- 
      Effective Amendment No. 92 to the registration statement on Form N-1A (File No. 33-59474) filed on 
      February 23, 2011; 
 
    (5)  Supplements to the Class A, B, and C shares Prospectus dated and filed March 14, 2011, March 15, 
      2011, and June 16, 2011, and July 20, 2011; 
 
    (6)  Supplements to the Institutional Class shares Prospectus dated and filed March 14, 2011, June 16, 
2011; July 20, 2011, August 29, 2011, September 16, 2011, and October 31, 2011;
 
   
(7) Supplements to the Class J shares Prospectus dated and filed March 14, 2011, June 16, 2011; July 20,
      2011, August 29, 2011, September 16, 2011, and October 31, 2011; 
 
    (8)  Supplements to the R-1, R-2, R-3, R-4, and R-5 Class shares Prospectus dated and filed March 14, 
      2011, June 16, 2011; July 20, 2011, August 29, 2011, September 16, 2011, and October 31, 2011 
 
  (b)  Statement of Additional Information dated March 1, 2011, included in Post-Effective Amendment No. 89 to 
    the registration statement on Form N-1A (File No. 33-59474) filed on February 23, 2011; and supplements 
thereto dated and filed on March 14, 2011, June 16, 2011, July 20, 2011, September 16, 2011,
    September 21, 2011, and October 31, 2011. 
 
  (c)  (1)  Semi-Annual Report of Principal Funds, Inc. for the semi-annual period ended April 30, 2011 (filed on 
      Form N-CSRS on June 30, 2011) 
 
    (2)  Annual Report of Principal Funds, Inc. for the fiscal year ended October 31, 2010 (filed on Form N- 
      CSR on December 29, 2010) 
 
*  Filed herein. 
**  To be filed by amendment. 
 
Item 17.  Undertakings 
 
  (1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered 
through the use of a prospectus which is a part of this Registration Statement by any person or party who 
is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, the 
reoffering prospectus will contain the information called for by the applicable registration form for re- 
offerings by persons who may be deemed underwriters, in addition to the information called for by the 
other items of the applicable form. 

 


(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above 
will be filed as part of an amendment to the Registration Statement and will not be used until the 
amendment is effective, and that, in determining any liability under the Securities Act of 1933, each post- 
effective amendment shall be deemed to be a new registration statement for the securities offered therein, 
and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. 
 
(3) The undersigned Registrant agrees to file a post-effective amendment to this Registration 
Statement which will include an opinion of counsel regarding the tax consequences of the proposed 
reorganization. 

 


SIGNATURES
 
 
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the 
Registrant has duly caused this Amendement to the Registration Statement to be signed on its behalf by 
the undersigned, duly authorized in the City of Des Moines and State of Iowa, on the 20th of March, 2012. 

 

Principal Funds, Inc. 
             (Registrant) 
 
 
/s/ N. M. Everett 
___________________________ 
N. M. Everett 
President, Chief Executive Officer and Director 

 

Attest: 
 
 
/s/ Beth C. Wilson 
___________________________ 
Beth C. Wilson 
Vice President and Secretary 

 


Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement 
has been signed below by the following persons in the capacities and on the dates indicated. 
 
Signature  Title  Date          
 
 
___________________________   Chairman of the Board  March 20, 2012 
R. C. Eucher     
 
/s/ N. M. Everett     
___________________________   President, Chief Executive  March 20, 2012 
N. M. Everett  Officer and Director (Principal   
  Executive Officer)   
 
/s/ L. A. Rasmussen     
___________________________   Vice President, Controller and  March 20, 2012 
L. A. Rasmussen  Chief Financial Office (Principal   
  Financial Officer and Controller)   
 
/s/ M. J. Beer     
___________________________   Executive Vice President and  March 20, 2012 
M. J. Beer  Director   
 
(E. Ballantine)*     
___________________________   Director  March 20, 2012 
E. Ballantine     
 
(L. T. Barnes)*     
___________________________   Director  March 20, 2012 
L. T. Barnes     
 
(K. Blake)*     
___________________________   Director  March 20, 2012 
K. Blake     
 
(C. Damos)*     
___________________________   Director  March 20, 2012 
C. Damos     
 
(R. W. Gilbert)*     
___________________________   Director  March 20, 2012 
R. W. Gilbert     
 
(M. A. Grimmett)*     
___________________________   Director  March 20, 2012 
M. A. Grimmett     
 
(F. S. Hirsch)*     
___________________________   Director  March 20, 2012 
F. S. Hirsch     
 
(T. Huang)*     
___________________________   Director  March 20, 2012 
T. Huang     
 
(W. C. Kimball)*     
___________________________   Director  March 20, 2012 
W. C. Kimball     

 


(B. A. Lukavsky)*     
___________________________  Director  March 20, 2012 
B. A. Lukavsky     
 
(D. Pavelich)*     
___________________________  Director  March 20, 2012 
D. Pavelich     

 

  /s/ M. J. Beer 
*By  ___________________________  
  M. J. Beer 
  Executive Vice President 
 
  * Pursuant to Powers of Attorney previously filed on 
  November 18, 2011 

 


  EXHIBIT INDEX 
Exhibit No.  Description 
12(a)  Opinion of Carolyn F. Kolks, Assistant Tax Counsel to Acquired Fund (PFI – 
  SmallCap Growth Fund), on tax matters 
12(b)  Opinion of Carolyn F. Kolks, Assistant Tax Counsel to Acquired Fund (PFI – 
  SmallCap Value Fund), on tax matters 
12(c)  Opinion of Randy Bergstrom, Assistant Tax Counsel to Acquiring Fund (PFI – 
  SmallCap Blend Fund), on tax matters 
12(d)  Opinion of Randy Bergstrom, Assistant Tax Counsel to Acquiring Fund (PFI – 
  SmallCap Blend Fund), on tax matters