Fund Evaluator:
Principal Opportunistic Municipal A (PMOAX)
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Fund Details
Principal Opportunistic Municipal A Overview
Principal Opportunistic Municipal A (PMOAX) is an actively managed Municipal Bond High Yield Muni fund. Principal Funds launched the fund in 2012.
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.
About Principal Opportunistic Municipal A (PMOAX)
There are 2 members of the management team with an average tenure of 12.99 years: James Noble (2012), James Welch (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Principal Opportunistic Municipal A has 156 securities in its portfolio. The top 10 holdings constitute 19.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Principal Opportunistic Municipal A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Principal Opportunistic Municipal A has 2.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 101.5% (98.9% domestic bond, 2.6% foreign bond and 0.0% convertible bond). Principal Opportunistic Municipal A has -1.5% of the portfolio in cash.
Assets Under Management
The fund has $37 million in total assets, which is below the $803 million average for the High Yield Muni category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PMOAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Principal Opportunistic Municipal A expense ratio is high compared to funds in the High Yield Muni category. Principal Opportunistic Municipal A has an expense ratio of 1.07%, which is 10% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Principal Opportunistic Municipal A has a portfolio turnover rate of 85%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, Principal Opportunistic Municipal A returned -1.6%, which earned it a grade of A, as the High Yield Muni category had an average return of -1.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Principal Opportunistic Municipal A has a trailing yield of 4.56%, which is above the 4.46% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Principal Opportunistic Municipal A Grades
Year to date, the fund has returned 1.8%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 7.8% over the past year (grade of B), 4.1% over the past three years (grade of D) and -0.3% per year over the past five years (grade of D) and 2.4% per year over the past 10 years (grade of C).
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PMOAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PMOAX Return (NAV) | -1.6% | 0.6% | 7.8% | 4.1% | -0.3% | 2.4% |
| PMOAX Grade | A | A | B | D | D | C |
| +/- Category | 0.2% | 0.6% | 0.9% | -0.0% | -0.6% | -0.1% |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| PMOAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PMOAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PMOAX Return (NAV) | 1.8% | 2.9% | 4.4% | 7.5% | -16.0% | 6.4% | 4.4% | 10.6% | 1.3% | 10.1% | -0.3% |
| PMOAX Grade | B | C | D | B | D | B | B | A | D | A | F |
| +/- Category | 0.3% | 0.4% | -0.8% | 0.7% | -2.9% | 0.9% | 0.5% | 1.4% | -0.7% | 2.2% | -1.8% |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 6.0% |
| Total Risk Index: | 0.49 - Below Average |
| Category Risk Index: | 0.92 - Below Average |
| Category Risk Grade: | B (24% Rank) |
| Beta: | 1.00 |
| R-Squared: | 91% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $182 Mil |
| Fund Total Assets: | $ 37 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 86% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.1 years | |||
| Average Tenure: 13.0 years | |||
| Managers (Year): Noble James (2012), Welch James (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 156 |
| % in Top 10 Holdings: | 19.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.9% |
| Foreign Bond: | 2.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.5% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | June 14, 2012 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.07% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Principal Opportunistic Municipal A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
