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Investment Type: pifretail

Tax-Exempt Bond Fund (A) (PTEAX)

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 11/30/2019

1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since      Inception* Excluding Sales Charge % 0.20 -0.58 8.43 9.53 5.41 3.75 4.72 5.31 Including Sales Charge % -3.56 -4.27 4.43 5.45 4.09 2.96 4.33 5.20 Bloomberg Barclays Municipal Bond Index % 0.25 -0.38 7.21 8.49 5.02 3.57 4.34 --- Muni National Intermediate Category % 0.15 -0.48 6.56 7.61 4.23 2.91 3.70 --- Morningstar Percentile Rankings** --- --- --- 4 9 11 6 --- # of Funds in Category 297 295 282 278 237 215 149 ---

* Inception Date: 01/03/1977

**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.

Calendar Year Total Returns

2018 2017 2016 2015 2014 Excluding Sales Charge % 0.43 6.42 -0.82 3.84 12.01 Including Sales Charge % -3.30 2.38 -4.55 -0.07 7.80 Bloomberg Barclays Municipal Bond Index % 1.28 5.45 0.25 3.30 9.05 Muni National Intermediate Category % + 0.78 4.61 -0.20 2.50 6.77 Morningstar Percentile Rankings**,+ 79 9 82 7 23 Morningstar Fixed Income Stylebox # of Funds in Category+ 297 289 288 327 311

+ Data displayed is the most current information available.

**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 11/30/2019 Total Investment Expense - Gross: 0.85% Total Investment Expense - Net: 0.85% Maximum Up-front Sales Charge: 3.75% Contingent Deferred Sales Charge: 1.00% 12b-1 Fee: 0.25%

Distribution History    What's this? $ Per Share Income dividends are paid monthly. Per share dividend not available.

Daily Unit Value/Share Price Chart

© 2019 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 principalfunds.com, 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

Bloomberg Barclays Municipal Bond Index represents the long-term, investment-grade tax-exempt bond market. 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.