PCMFX Fees and Costs — California Municipal Fund, Institutional Class
Data updated: 2026-09-25
The net expense ratio is 0.60%: a 0.40% management fee plus 0.24% other expenses, less a 0.04% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 52%.
PCMFX Fees and Expenses
Annual operating expenses and sales charges of PCMFX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.24% |
| Gross expense ratio | 0.64% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.60% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PCMFX Costs Over Time
On $10,000 invested in PCMFX, assuming 5% a year before costs, total costs come to $378 over 5 years, cutting the return by 0.63% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.60%) | $63 | $197 | $344 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $63 | $207 | $378 |
| Value after costs | $10,437 | $11,369 | $12,384 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
PCMFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $671.0M
- Portfolio turnover (prospectus): 52%
- Securities lending: none during the year
PCMFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL INC. | $112.5M | 22.08% |
| INSPEREX LLC | $93.8M | 18.40% |
| J.P. MORGAN SECURITIES LLC | $91.0M | 17.86% |
| WELLS FARGO SECURITIES LLC | $42.3M | 8.29% |
| TD BANK FINANCIAL GROUP | $35.4M | 6.95% |
| MORGAN STANLEY & CO. LLC. | $34.7M | 6.82% |
| RBC DOMINION SECURITIES CORP. | $33.5M | 6.57% |
| ZIEGLER SECURITIES | $23.4M | 4.59% |
| GOLDMAN SACHS CO. | $23.3M | 4.57% |
| MERRILL LYNCH PIERCE FENNER & SMITH | $19.7M | 3.87% |
California Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PCMFX | Institutional Class | 0.60% | none |
| SRCMX | Class A | 0.85% | 3.75% |
| SRCCX | Class C | 1.67% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.