Which is why you can count on us. We’ve delivered
consistent, strong performance in the top quartile or
better over all time periods with competitive
tax-equivalent yields. 1
Learn more about PTEAX at principalfunds.com/tax-exempt-bond
Capture that advantage with
Principal Tax-Exempt Bond Fund (PTEAX).
Overall Morningstar RatingTM
As of 09/30/2019 among 244 Muni National Intermediate Funds2
Carefully consider a fund’s objectives, risks, charges, and expenses. Visit
principalfunds.com for a prospectus, or summary prospectus if available,
containing this and other information. Please read it carefully before investing.
1Morningstar Percentile Ranking as of 09/30/2019 for Principal Tax-Exempt Bond Fund Class A (Muni National Intermediate Category): 1-year (11th/281
funds); 3-year (20th/244 funds); 5-year (12th/217 funds); and 10-year (9th/149 funds). 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.
2Overall Morningstar Rating TM as of 09/30/2019 for Principal Tax-Exempt Bond Fund Class A (Muni National Intermediate Category): 5 stars out of 244
funds. Morningstar ratings for other time periods are as follows: 3-year ( 5 stars/244 funds); 5-year ( 5 stars/217 funds); and10-year ( 5 stars/149 funds).
Morningstar ratings may vary between share classes, are based on historical risk-adjusted total returns, and are subject to change.
The Morningstar Rating TM 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 would be lower.
© 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.
Investing involves risk, including possible loss of principle. Past performance does not guarantee future results.
Principal Funds are distributed by Principal Funds Distributor, Inc.
©2019 Principal Financial Services, Inc. Principal, Principal and symbol design, and Principal Financial Group are registered trademarks and services
marks of Principal Financial Services, Inc., a Principal Financial Group company.