Principal California Municipal Fund Class C is an open-end municipal bond mutual fund focused on generating a high level of tax-exempt income for investors subject to U.S. federal and California state personal income taxes. The portfolio primarily invests at least 80% of assets in California municipal obligations, emphasizing intermediate-maturity bonds to balance income with interest-rate sensitivity. Managed by Principal Fixed Income, the strategy actively allocates across revenue and general obligation issuers, sectors such as transportation, healthcare, utilities, and essential-services infrastructure, and a range of credit qualities within the investment-grade spectrum. The fund seeks diversification across issuers and bond structures while managing call risk, credit risk, and duration relative to California-focused municipal benchmarks. It plays a specialized role in the market by channeling capital to public projects across the state, supporting schools, hospitals, housing, and utilities, and offering investors targeted, state-specific tax-advantaged income. Class C shares feature a higher ongoing expense structure with a distribution fee, reflecting the share class’s load and servicing design within the broader fund family.
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