PMOAX | Principal Opportunistic Municipal Fund

PMOAX

Principal Opportunistic Municipal Fund

Copy URL

Prospectus

Overview

Performance

As of 11/30/2025

YTD

2.92%

1-year

1.72%

3-year

4.87%

5-year

0.96%

10-year

3.00%

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.

Overall Morningstar Rating™

As of 11/30/2025

Highlights

Balancing risk and reward potential in tax-exempt investing

Active management seeks the optimal spot on the yield curve and higher exposure to bonds rated A and BBB, in an effort to maximize yield.
Preference for revenue bonds that provide attractive relative yield and less sensitivity to business cycles.
Sources opportunities in both investment-grade and high yield markets; higher quality and greater liquidity than a high-yield municipal-only fund.

Fund details

as of 12/30/2025 unless indicated otherwise

Fund ticker

PMOAX

CUSIP

74255L639

Benchmark

Bloomberg Municipal Bond Index

NAV

$9.51

Total fund assets

$185.46M

Dividend frequency

Daily

Minimum investment

$1,000.00

Inception date

06/14/2012

Morningstar category

High Yield Muni

Investment approach

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.

Performance & expenses

As of 11/30/2025

As of 09/30/2025

Month end Quarter end

Name	1 month	3 month	YTD	1-year	3-year	5-year	10-year	Since inception	Overall
Name	1 month	3 month	YTD	1-year	3-year	5-year	10-year	Since inception	Overall	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%	—
Benchmark performance Bloomberg Municipal Bond Index	0.23%	3.82%	4.15%	2.64%	3.94%	0.91%	2.41%	—	—
Morningstar category average High Yield Muni	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	—	178
Morningstar rating Morningstar ratings disclosure Morningstar ratings are based on risk-adjusted returns. The Morningstar Rating™ for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.	—	—	—	—				—

30-Day SEC yield

Unsubsidized as of 11/30/2025

3.92%

30-Day SEC yield

Subsidized as of 11/30/2025

3.92%

Returns shown for periods of less than one year are not annualized.

Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.

Name	1 month	3 month	YTD	1-year	3-year	5-year	10-year	Since inception	Overall
Name	1 month	3 month	YTD	1-year	3-year	5-year	10-year	Since inception	Overall	Excluding sales charge	3.51%	2.85%	1.32%	0.34%	5.31%	1.07%	3.01%	3.53%	—
Including sales charge	-0.40%	-0.98%	-2.51%	-3.38%	3.98%	0.30%	2.62%	3.23%	—
Benchmark performance Bloomberg Municipal Bond Index	2.32%	3.00%	2.64%	1.39%	4.74%	0.86%	2.34%	—	—
Morningstar category average High Yield Muni	3.03%	2.61%	0.54%	-0.70%	4.89%	1.19%	2.82%	—	—

Returns shown for periods of less than one year are not annualized.

Index performance information: no deductions for fees, expenses or taxes. Indices are unmanaged and individuals cannot invest directly in an index.

Data	2024	2023	2022	2021	2020
Excluding sales charge	4.39%	7.50%	-16.01%	6.37%	4.38%
Including sales charge	0.45%	3.42%	-19.15%	2.37%	0.43%
Morningstar category average High Yield Muni	4.95%	6.48%	-13.71%	5.44%	3.45%

Date	Type	Dollar per share
11/28/2025	Income	0.0313
10/31/2025	Income	0.0379
09/30/2025	Income	0.0323
08/29/2025	Income	0.0410
07/31/2025	Income	0.0392
06/30/2025	Income	0.0357
05/30/2025	Income	0.0401
04/30/2025	Income	0.0375
03/31/2025	Income	0.0348
02/28/2025	Income	0.0320
01/31/2025	Income	0.0380
12/31/2024	Income	0.0359
11/29/2024	Income	0.0345
10/31/2024	Income	0.0344
09/30/2024	Income	0.0311
08/30/2024	Income	0.0393
07/31/2024	Income	0.0378
06/28/2024	Income	0.0333
05/31/2024	Income	0.0388
04/30/2024	Income	0.0345
03/28/2024	Income	0.0353
02/29/2024	Income	0.0314
01/31/2024	Income	0.0328
12/29/2023	Income	0.0349
11/30/2023	Income	0.0324
10/31/2023	Income	0.0340
09/29/2023	Income	0.0339
08/31/2023	Income	0.0323
07/31/2023	Income	0.0322
06/30/2023	Income	0.0349
05/31/2023	Income	0.0337
04/28/2023	Income	0.0303
03/31/2023	Income	0.0356
02/28/2023	Income	0.0301
01/31/2023	Income	0.0311

Ratings

Morningstar ratings

Morningstar ratings disclosure

Overall Morningstar Rating™ as of 11/30/25 among High Yield Muni Funds. Morningstar ratings are based on risk-adjusted returns.

The Morningstar Rating™ for funds, or "star rating," is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Morningstar ratings do not reflect the inclusion of sales charges. If sales charges were reflected, ratings could be lower.

as of 11/30/2025

3-year

178 funds

5-year

173 funds

10-year

128 funds

Overall

178 funds

3 year | 178 funds

5 year | 173 funds

10 year | 128 funds

Overall | 178 funds

Holdings

Top 10

as of 11/30/2025

% of Assets

1. California Public Finance Auth

2.73%

2. New Hope Cultural Education Fa

2.21%

3. Lower Alabama Gas District/The

1.99%

4. Atlanta Development Authority/

1.93%

5. Parish of St James LA

1.81%

6. New York State Dormitory Autho

1.80%

7. Oneida Indian Nation of New Yo

1.77%

8. Suffolk Regional Off-Track Bet

1.69%

9. California Infrastructure & Ec

1.68%

10. Tuscaloosa County Industrial D

1.63%

The holdings listed do not constitute a recommendation to purchase or sell a particular security. Cash and/or derivative positions that are not part of the core investment strategy will not be reflected in the top holdings list.

May not reflect current holdings or allocations.

Portfolio characteristics

Average effective maturity

as of 11/30/2025

18.51

# of holdings

as of 11/30/2025

157

Average weighted coupon

as of 11/30/2025

5.05%

Average yield to maturity

as of 11/30/2025

5.36%

Turnover ratio

as of 08/31/2025

85.70%

Weighted avg duration

as of 11/30/2025

7.66

Weighted avg life to worst

as of 11/30/2025

11.06

Yield to worst

as of 11/30/2025

4.84%

May not reflect current holdings or allocations.

Portfolio management

Literature

Investment materials

Portfolio holdings

Disclosures

Principal Funds are distributed by Principal Funds Distributor, Inc. ALPS Distributors, Inc. is the distributor of the Principal ETFs. ALPS Distributors, Inc. and the Principal Funds are not affiliated.

Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise.

NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE

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.

Performance assumes reinvestment of all dividends and capital gains.

Principal Global Investors is the Investment Adviser of all funds included in the Principal Funds, Inc. Principal Funds are managed by Principal Global Investors, its boutique affiliates, and by many leading sub-advisors.

To obtain a prospectus, download prospectus online or call Customer Service at 1-800-222-5852 . Carefully consider a fund’s objectives, risks, charges, and expenses. The prospectus, or summary prospectus if available, contains this and other information. Please read it carefully before investing.

The Index began on May 23, 2016 at a base value of 1,000.00.

© 2025 Morningstar, Inc. All rights reserved. The information 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. Past performance is no guarantee of future results.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx .

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts.

The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating.