Average Annual Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 02/01/1977
Fund without Sales Charge (%) (NAV) 1.87 3.28 3.23 4.52 5.48
Fund with Sales Charge (%) (POP) 1.87 3.28 3.23 4.52 5.48
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 2.65 3.44 3.08 4.29
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 02/01/1977
Fund without Sales Charge (%) (NAV) 4.28 4.09 3.36 4.87 5.53
Fund with Sales Charge (%) (POP) 4.28 4.09 3.36 4.87 5.53
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 4.21 4.05 3.19 4.61

After-Tax Average Annual Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 1.87 3.28 3.23 4.52
Fund without Sales Charge (%) (NAV) After Shares Sold 2.47 3.35 3.33 4.46
Fund with Sales Charge (%) (POP) Before Shares Sold 1.87 3.28 3.23 4.52
Fund with Sales Charge (%) (POP) After Shares Sold 2.47 3.35 3.33 4.46
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.28 4.09 3.36 4.87
Fund without Sales Charge (%) (NAV) After Shares Sold 3.98 3.97 3.42 4.74
Fund with Sales Charge (%) (POP) Before Shares Sold 4.28 4.09 3.36 4.87
Fund with Sales Charge (%) (POP) After Shares Sold 3.98 3.97 3.42 4.74

Calendar Year Returns

2019 2018 2017
Fund without Sales Charge (%) (NAV) 9.16 0.68 5.87
Fund with Sales Charge (%) (POP) 9.16 0.68 5.87
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 7.67 1.11 5.63

Cumulative Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 02/01/1977
Fund without Sales Charge (%) (NAV) -5.16 -2.92 1.87 10.17 17.21 55.66 903.56
Fund with Sales Charge (%) (POP) -5.16 -2.92 1.87 10.17 17.21 55.66 903.56
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) -3.29 -1.56 2.65 10.68 16.38 52.22
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 02/01/1977
Fund without Sales Charge (%) (NAV) -1.33 -1.33 4.28 12.78 17.95 60.87 919.98
Fund with Sales Charge (%) (POP) -1.33 -1.33 4.28 12.78 17.95 60.87 919.98
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) -0.49 -0.49 4.21 12.66 16.99 56.91

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 05/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 5.19 4.94 5.05
Standard Deviation (Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index) 3.91 3.81 4.08
Alpha -0.57 -0.43 -0.52
Beta 1.30 1.27 1.20
Sharpe Ratio 0.47 0.60 0.84
Information Ratio 0.06 0.17 0.16
Tracking Error 1.55 1.46 1.48
R-Squared 0.96 0.96 0.94

ADDITIONAL RISK STATISTICSAs of 05/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.22 1.20 1.09
Beta Bear 1.60 1.38 1.29
Bull Bear Capture Ratio 0.90 0.93 0.92
Gains/Losses 1.95 2.01 2.11

SALES CHARGE, EXPENSES & FEES As of 08/01/2019 (updated annually)

Gross Expense Ratio 0.47%
Net Expense Ratio [further-information] 0.47%
Max Initial Sales Charge 0.00%
CDSC

Volatility Measures [further-information] As of 05/31/2020 Updated Monthly, based on a 3-year period

Beta 1.30
Sharpe Ratio 0.47
Standard Deviation 5.19

Benchmarks

A benchmark is a comparable broad-based index that can be used to evaluate a fund's performance.

  • Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index