Principal Global Investors is responsible for managing or sub-advising fixed income assets, primarily for retirement plans and other institutional clients. Our experience in fixed income management spans multiple economic and credit market cycles, and encompasses all major fixed income sectors and security types. Our research and risk management capabilities in global credit, mortgage, asset-backed and government debt markets worldwide provide a strong foundation for broadly diversified "multi-sector" portfolios tailored to specific client objectives. Principal Global Investors also offers extensive capabilities in structured fixed income strategies including stable value, cash management, liability immunization and private market debt investments. The strength of our products and performance is a direct reflection of our long-standing commitment to fundamental research and disciplined risk management. Our disciplined and repeatable investment process combines bottom-up and top-down portfolio construction techniques with a strong focus on relative value and broad diversification. Value is added through multiple sources, with a primary emphasis on sector, sub-sector and industry allocation as well as individual security selection.