Average Annual Total Returns [further-information] As of 05/31/2020

Month EndAs of 05/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 02/01/1977
Fund without Sales Charge (%) (NAV) 3.76 3.96 4.01 4.85 5.55
Fund with Sales Charge (%) (POP) 3.76 3.96 4.01 4.85 5.55
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 4.59 4.02 3.82 4.59
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 05/31/2020

Month EndAs of 05/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.76 3.96 4.01 4.85
Fund without Sales Charge (%) (NAV) After Shares Sold 3.56 3.84 3.92 4.71
Fund with Sales Charge (%) (POP) Before Shares Sold 3.76 3.96 4.01 4.85
Fund with Sales Charge (%) (POP) After Shares Sold 3.56 3.84 3.92 4.71
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 05/31/2020

Month EndAs of 05/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 02/01/1977
Fund without Sales Charge (%) (NAV) -3.52 0.64 3.76 12.34 21.75 60.51 940.34
Fund with Sales Charge (%) (POP) -3.52 0.64 3.76 12.34 21.75 60.51 940.34
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) -1.29 1.78 4.59 12.55 20.60 56.63
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 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 5.21 4.93 5.05
Standard Deviation (Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index) 3.89 3.81 4.07
Alpha -0.56 -0.21 -0.46
Beta 1.31 1.27 1.20
Sharpe Ratio 0.56 0.68 0.87
Information Ratio 0.14 0.36 0.22
Tracking Error 1.58 1.45 1.49
R-Squared 0.96 0.96 0.94

ADDITIONAL RISK STATISTICSAs of 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.21 1.20 1.09
Beta Bear 1.59 1.44 1.30
Bull Bear Capture Ratio 0.90 0.97 0.93
Gains/Losses 2.05 2.14 2.15

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 06/30/2020 Updated Monthly, based on a 3-year period

Beta 1.31
Sharpe Ratio 0.56
Standard Deviation 5.21

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