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Investment Type: pifretail

Opportunistic Municipal Fund (A) (PMOAX)

Quick Facts Ticker: PMOAX Inception Date: 06/14/2012 Morningstar Category: High Yield Muni Total Net Assets (mil): $185.46	Investment Strategy    What's this? The investment seeks to provide a high level of income that is exempt from federal income tax while protecting investors' capital. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal obligations, which are securities issued by or on behalf of state or local governments and other public authorities. It invests in other debt obligations, including (but not limited to) taxable municipal obligations; U.S. Treasury securities; obligations of the U.S. government, its agencies, and instrumentalities; and exchange-traded funds (ETFs) to gain exposure to the municipal market.
Morningstar Style Box™   as of 10/31/2025    What's this? Data Not Available	Overall Morningstar Star Rating™   as of 11/30/2025    What's this? Out of 178 High Yield Muni 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

Returns shown for periods of less than one year are not annualized. All returns displayed here are after Total Investment Expense of the investment option.

The Year-to-Date Change represents an unannualized rate of return (change in value) since the start of the year. All returns shown here are after the Total Investment Expense of the investment option.

In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the fund. Performance when shown reflects the application of net expenses of the fund.

Where gross and net expense ratios differ, the investment adviser has contractually agreed to limit the investment option's expenses. Differences also may be due to the investment adviser's decision to pay (through the same dates) certain expenses that would normally be payable by the fund.

Returns represent past performance and do not guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For more performance information, including the most recent month-end performance, visit principal.com.

Month-End | Quarter-End

Average Annual Total Returns as of 11/30/2025

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Excluding Sales Charge % 0.54 5.14 2.92 1.72 4.87 0.96 3.00 3.60 Including Sales Charge % -3.22 1.18 -0.97 -2.06 3.53 0.20 2.61 3.31 Bloomberg Municipal Index % 0.23 3.82 4.15 2.64 3.94 0.91 2.41 --- High Yield Muni Category % 0.29 4.36 1.95 0.44 4.15 1.06 2.80 --- Morningstar Percentile Rankings** --- --- --- 37 45 71 36 --- # of Funds in Category 202 201 196 196 178 173 128 ---

* Inception Date: 06/14/2012

**Morningstar percentile rankings are based on total returns and do not reflect the inclusion of sales charges. If sales charges were reflected, rankings could be lower.

Expenses   as of 11/30/2025 Total Investment Expense - Gross: 1.12% Total Investment Expense - Net: 1.08% Contractual Cap Date: 12/30/2025 Maximum Up-front Sales Charge: 3.75% Contingent Deferred Sales Charge: 1.00% 12b-1 Fee: 0.25%

Statistics   30-Day SEC Yield - Subsidized (Net) as of 11/30/2025: 3.92% 30-Day SEC Yield - Non-Subsidized (Gross) as of 11/30/2025: 3.92%

Inv Manager or Sub-Advisor

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Principal Global Investors

Portfolio Managers

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James P. Noble Since 06/14/2012 M.B.A. , Hofstra University

James Welch Since 10/01/2014 B.A. , Pennsylvania State University

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