Fund Evaluator:
Principal California Municipal A (SRCMX)
Follow This Fund
Best Performing in Muni California Intermediate Over the Last Year
| 4.7% | Green California Tax-Free Income Inv (CFNTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 4.5% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 4.3% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
Fund Details
Principal California Municipal A Overview
Principal California Municipal A (SRCMX) is an actively managed Municipal Bond Muni California Intermediate fund. Principal Funds launched the fund in 1989.
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.
About Principal California Municipal A (SRCMX)
There are 2 members of the management team with an average tenure of 13.36 years: James Noble (2011), James Welch (2014). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal California Exempt TR index with a weighting of 100% and Bloomberg Municipal TR USD index with a weighting of 100%. Principal California Municipal A has 213 securities in its portfolio. The top 10 holdings constitute 17.5% 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 California Municipal A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Principal California Municipal A has 5.5% 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% (96.0% domestic bond, 5.5% foreign bond and 0.0% convertible bond). Principal California Municipal A has -1.6% of the portfolio in cash.
Assets Under Management
The fund has $355 million in total assets, which is below the $621 million average for the Muni California Intermediate 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.
SRCMX 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 California Municipal A expense ratio is high compared to funds in the Muni California Intermediate category. Principal California Municipal A has an expense ratio of 0.85%, which is 26% higher than its category average, making the fund expense ratio grade a F. 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 California Municipal A has a portfolio turnover rate of 52%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Muni California Intermediate category.
Recently, in the month of July 2026, Principal California Municipal A returned -1.6%, which earned it a grade of D, as the Muni California Intermediate category had an average return of -1.5%. 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 California Municipal A has a trailing yield of 3.56%, which is above the 3.02% 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 California Municipal A Grades
Year to date, the fund has returned 0.5%, 0.3 percentage points better than the category, which translates into a grade of A. The fund has returned 5.1% over the past year (grade of A), 3.0% over the past three years (grade of C) and -0.1% per year over the past five years (grade of F) and 1.6% per year over the past 10 years (grade of B).
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SRCMX 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 |
|
| SRCMX Return (NAV) | -1.6% | -0.2% | 5.1% | 3.0% | -0.1% | 1.6% |
| SRCMX Grade | D | B | A | C | F | B |
| +/- Category | -0.1% | 0.2% | 0.8% | 0.1% | -0.6% | 0.2% |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.3% | 2.9% | 0.5% | 1.5% |
| SRCMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
SRCMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SRCMX Return (NAV) | 0.5% | 3.5% | 2.4% | 5.5% | -10.7% | 2.0% | 4.8% | 8.3% | -0.2% | 6.9% | -0.2% |
| SRCMX Grade | A | D | A | B | F | A | A | A | F | A | B |
| +/- Category | 0.3% | -0.4% | 0.6% | 0.6% | -3.5% | 1.1% | 1.1% | 2.1% | -1.0% | 2.4% | 0.3% |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 1.08 - Above Average |
| Category Risk Grade: | D (73% Rank) |
| Beta: | 0.79 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $671 Mil |
| Fund Total Assets: | $ 356 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 52% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.9 years | |||
| Average Tenure: 13.4 years | |||
| Managers (Year): Noble James (2011), Welch James (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 213 |
| % in Top 10 Holdings: | 17.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.0% |
| Foreign Bond: | 5.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.6% |
Purchase Information
| Fund Family: | Principal Funds |
| Phone Number: | 800-222-5852 |
| Website: | www.principalfunds.com |
| Status: | Open |
| Inception Date: | July 25, 1989 |
| 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 (%): | 0.85% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Principal California Municipal A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
