Principal California Municipal Fund Institutional Class is an actively managed municipal bond mutual fund focused on delivering a high level of current income that is exempt from federal and California state personal income taxes. Under normal conditions, it invests at least 80% of assets in municipal obligations issued by California state and local entities, spanning essential-service revenue bonds, housing and infrastructure authorities, education facilities, and pollution control financing agencies. The fund is managed by Principal Fixed Income, drawing on experienced portfolio managers and a research-driven approach calibrated to the intermediate segment of the muni curve. Its mandate and sector mix position it within the Muni California Intermediate category, with portfolio diversification across more than 200 holdings and a moderate duration profile typical of intermediate municipal strategies. The strategy’s role in the market is to provide tax-advantaged income for eligible institutional investors while maintaining disciplined credit selection and structure analysis against the Bloomberg California municipal benchmark. The fund distributes income monthly and reflects expenses aligned with institutional share class standards, supported by a long-term track record since 2015.
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