Principal California Municipal Fund
Overview
Performance
As of 11/30/2025
YTD
3.33%
1-year
2.36%
3-year
3.83%
5-year
0.52%
10-year
2.20%
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
Attractive tax-free income, singularly focused on mid-quality California municipal credit
- 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.
- Ability to participate in all California issues, exploiting market and sector dislocations, through credit research.
Fund details
as of
12/22/2025
unless indicated otherwise
Fund ticker
SRCMX
CUSIP
74254V695
Benchmark
Bloomberg California Municipal Bond Index
NAV
$9.82
Total fund assets
$655.10M
Dividend frequency
Daily
Minimum investment
$1,000.00
Inception date
07/25/1989
Morningstar category
Muni California Intermediate
Investment approach
The investment seeks to provide as high a level of current income that is exempt from federal and state personal income tax as is consistent with prudent investment management and preservation of capital.
Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in California municipal obligations (securities issued by or on behalf of state or local governments and other public authorities). Generally, these municipal obligations pay interest that is exempt from state personal income tax and federal income tax.
Performance & expenses
As of
11/30/2025
| Name | 1 month | 3 month | YTD | 1-year | 3-year | 5-year | 10-year | Since inception | Overall |
|---|---|---|---|---|---|---|---|---|---|
| Excluding sales charge | 0.36% | 3.49% | 3.33% | 2.36% | 3.83% | 0.52% | 2.20% | 4.51% | — |
| Including sales charge | -3.37% | -0.35% | -0.52% | -1.50% | 2.50% | -0.25% | 1.81% | 4.40% | — |
| Benchmark performance Bloomberg California Municipal Bond Index |
0.29% | 3.77% | 4.06% | 2.72% | 3.86% | 0.83% | 2.36% | — | — |
| Morningstar category average Muni California Intermediate |
0.29% | 2.89% | 3.75% | 2.85% | 3.50% | 0.96% | 1.81% | — | — |
| Morningstar percentile rankings | — | — | — | 79 | 24 | 76 | 22 | — | — |
| # of funds in category | 61 | 61 | 61 | 61 | 54 | 53 | 45 | — | 54 |
| Morningstar rating | — | — | — | — | — |
30-Day SEC yield
Unsubsidized as of
11/30/2025
3.21%
30-Day SEC yield
Subsidized as of
11/30/2025
3.21%
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.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Excluding sales charge | 2.27% | 2.70% | 2.11% | 1.28% | 4.52% | 0.60% | 2.19% | 4.50% | — |
| Including sales charge | -1.53% | -1.11% | -1.69% | -2.53% | 3.19% | -0.15% | 1.80% | 4.39% | — |
| Benchmark performance Bloomberg California Municipal Bond Index |
2.23% | 3.15% | 2.52% | 1.40% | 4.67% | 0.78% | 2.28% | — | — |
| Morningstar category average Muni California Intermediate |
1.79% | 2.57% | 2.57% | 1.69% | 4.16% | 0.89% | 1.81% | — | — |
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.
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 | 2.37% | 5.55% | -10.70% | 1.98% | 4.83% |
| Including sales charge | -1.51% | 1.55% | -14.04% | -1.82% | 0.91% |
| Morningstar category average Muni California Intermediate |
1.68% | 4.91% | -6.80% | 1.16% | 3.67% |
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.
| Date | Type | Dollar per share |
|---|---|---|
| 11/28/2025 | Income | 0.0258 |
| 10/31/2025 | Income | 0.0311 |
| 09/30/2025 | Income | 0.0276 |
| 08/29/2025 | Income | 0.0304 |
| 07/31/2025 | Income | 0.0295 |
| 06/30/2025 | Income | 0.0274 |
| 05/30/2025 | Income | 0.0298 |
| 04/30/2025 | Income | 0.0273 |
| 03/31/2025 | Income | 0.0265 |
| 02/28/2025 | Income | 0.0248 |
| 01/31/2025 | Income | 0.0281 |
| 12/31/2024 | Income | 0.0270 |
| 11/29/2024 | Income | 0.0260 |
| 10/31/2024 | Income | 0.0259 |
| 09/30/2024 | Income | 0.0234 |
| 08/30/2024 | Income | 0.0271 |
| 07/31/2024 | Income | 0.0258 |
| 06/28/2024 | Income | 0.0231 |
| 05/31/2024 | Income | 0.0269 |
| 04/30/2024 | Income | 0.0243 |
| 03/28/2024 | Income | 0.0249 |
| 02/29/2024 | Income | 0.0229 |
| 01/31/2024 | Income | 0.0240 |
| 12/29/2023 | Income | 0.0255 |
| 11/30/2023 | Income | 0.0236 |
| 10/31/2023 | Income | 0.0239 |
| 09/29/2023 | Income | 0.0239 |
| 08/31/2023 | Income | 0.0235 |
| 07/31/2023 | Income | 0.0219 |
| 06/30/2023 | Income | 0.0241 |
| 05/31/2023 | Income | 0.0233 |
| 04/28/2023 | Income | 0.0208 |
| 03/31/2023 | Income | 0.0245 |
| 02/28/2023 | Income | 0.0202 |
| 01/31/2023 | Income | 0.0207 |
| 12/30/2022 | Income | 0.0243 |
Expense ratio gross
0.87%
Expense ratio net
0.87%
Expense limit expiration date
—
Maximum up-front sales charge
3.75%
Contingent deferred sales charge
1.00%
A maximum sales charge of 3.75% may apply for Class A shares. Performance reflects this maximum sales charge when a sales charge is indicated.
In situations where the net and gross fund expense figures are different, the investment manager has contractually agreed to limit the investment option's expense. Differences may also be shown due to the investment manager choosing to pay certain expenses that would normally be payable by the fund. The gross fund expense figure does not reflect any waivers or caps on the mutual fund. Performance shown reflects the application of net expenses of the fund.
Ratings
Morningstar ratings
as of 11/30/2025
Holdings
Top 10
as of
11/30/2025
% of Assets
% of Assets
1.
California Public Finance Auth
2.65%
2.
California Pollution Control F
1.95%
3.
California Housing Finance Age
1.85%
4.
California Educational Facilit
1.75%
5.
Los Angeles County Public Work
1.71%
6.
San Diego County Regional Airp
1.71%
7.
California Health Facilities F
1.70%
8.
California Educational Facilit
1.69%
9.
County of Sacramento CA Airpor
1.67%
10.
Golden State Tobacco Securitiz
1.67%
Portfolio management
James Noble, CFA
33 years of experience
James Welch
37 years of experience