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Investment Type: pifretail

Tax-Exempt Bond Fund (A) (PTEAX)

Class A | Class C | Class I

Quick Facts

Muni National Intermediate

Investment Strategy

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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 tax-exempt bonds (securities issued by or on behalf of state or local governments and other public authorities) at the time of purchase. It also invests in inverse floating rate obligations (variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates), which are generally more volatile than other types of municipal obligations and may involve leverage.

Morningstar Style Box™

  as of 07/31/2023
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Data Not Available

Overall Morningstar Star Rating™

  as of 08/31/2023
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Out of 269 Muni National Intermediate 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

Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed, may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.

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.

Month-End | Quarter-End
Average Annual Total Returns as of 08/31/2023
1 Month3 MonthYTD1 Year3 Year5 Year10 YearSince     
Excluding Sales Charge % -0.93 0.48 2.80 1.72 -1.28 1.26 3.01 4.83
Including Sales Charge % -4.62 -3.30 -1.10 -2.07 -2.53 0.48 2.62 4.72
Bloomberg Municipal Index % -1.44 -0.06 1.59 1.70 -1.32 1.52 2.81 ---
Muni National Intermediate Category % -0.93 0.11 1.57 1.53 -1.17 1.20 2.21 ---
Morningstar Percentile Rankings** --- --- --- 42 59 50 7 ---
# of Funds in Category 310 310 300 296 269 238 182 ---
**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.


  as of 08/31/2023
Total Investment Expense - Gross: 0.76%
Total Investment Expense - Net: 0.76%
Maximum Up-front Sales Charge: 3.75%
Contingent Deferred Sales Charge: 1.00%
12b-1 Fee: 0.25%



30-Day SEC Yield - Subsidized (Net)
as of 08/31/2023:
30-Day SEC Yield - Non-Subsidized (Gross)
as of 08/31/2023:

Inv Manager or Sub-Advisor

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Principal Global Investors

Portfolio Managers

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James P. Noble
Since 09/20/2011
M.B.A. , Hofstra University

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

2023 Morningstar, Inc. All Rights Reserved. Part of the mutual fund data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The full name of this investment option is Principal Tax-Exempt Bond Fund (A).

Investors should carefully consider a fund's investment objectives, risks, charges, and expenses prior to investing. A prospectus, or summary prospectus if available, containing this and other information can be obtained by contacting a financial professional, visiting, or calling 800-222-5852. Read the prospectus carefully before investing.

Principal Funds are distributed by Principal Funds Distributor, Inc.

Not FDIC Insured
May Lose Value - Not a Deposit - No Bank Guarantee
Not Insured by any Federal Government Agency

The Bloomberg Municipal Index measures the performance of the Bloomberg Barclays U.S. Municipal bond, which covers the USD-denominated Long-Term tax exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.

Fixed-income investment options are subject to interest rate risk, and their value will decline as interest rates rise. A portion of the Fund's income may be subject to state and/or local taxes, and it may be subject to federal alternative minimum tax (AMT) for certain investors.