About PITEX
Principal Funds, Inc. Tax-Exempt Bond Fund Institutional Class is an actively managed mutual fund specializing in U.S. municipal bonds. Its primary objective is to deliver a high level of current income exempt from federal income tax, while also seeking to preserve investor capital. The fund predominantly invests at least 80% of its assets in tax-exempt bonds issued by or on behalf of state and local governments, as well as various public authorities. Managed by seasoned professionals, the fund leverages in-depth credit research to identify both large and small issuances and capitalize on market and sector dislocations.
Notable for its diversified portfolio across 200+ holdings, the fund maintains an intermediate duration profile, supporting lower portfolio volatility relative to traditional taxable bonds. It seeks yield opportunities in bonds rated A or lower, which differentiates it in the municipal bond space. The Institutional Class targets eligible institutional investors, offering them monthly dividend distributions with a competitive yield. By focusing on municipal bonds, it plays a significant role in tax-aware portfolio construction and provides investors with exposure to essential sectors such as transportation, utilities, and infrastructure, making it a key tool for tax-exempt income planning.
Fund Family Principal Funds
Category Muni National Interm
Performance Rating Above Average
Risk Rating High
Stock Exchange NASDAQ
Ticker Symbol PITEX
Share Class Institutional Class
Index Bloomberg Municipal Bond TR
PITEX had a total return of 5.33% in the past year, including dividends. Since the fund's
inception, the average annual return has been 2.14%.
