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
Stock Exchange NASDAQ
Ticker Symbol PITEX
Share Class Institutional Class
Index Bloomberg Municipal Bond TR
PITEX had a total return of 1.15% in the past year, including dividends. Since the fund's
inception, the average annual return has been 1.95%.
