Average Annual Total Returns [further-information] As of 12/31/2019

Month EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 02/01/1977
Fund without Sales Charge (%) (NAV) 9.16 5.17 3.98 5.24 5.59
Fund with Sales Charge (%) (POP) 9.16 5.17 3.98 5.24 5.59
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 7.67 4.77 3.52 4.85
Quarter EndAs of 12/31/2019 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 02/01/1977
Fund without Sales Charge (%) (NAV) 9.16 5.17 3.98 5.24 5.59
Fund with Sales Charge (%) (POP) 9.16 5.17 3.98 5.24 5.59
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 7.67 4.77 3.52 4.85

After-Tax Average Annual Total Returns [further-information] As of 12/31/2019

Month EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 9.16 5.17 3.98 5.24
Fund without Sales Charge (%) (NAV) After Shares Sold 6.94 4.81 3.91 5.04
Fund with Sales Charge (%) (POP) Before Shares Sold 9.16 5.17 3.98 5.24
Fund with Sales Charge (%) (POP) After Shares Sold 6.94 4.81 3.91 5.04
Quarter EndAs of 12/31/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 9.16 5.17 3.98 5.24
Fund without Sales Charge (%) (NAV) After Shares Sold 6.94 4.81 3.91 5.04
Fund with Sales Charge (%) (POP) Before Shares Sold 9.16 5.17 3.98 5.24
Fund with Sales Charge (%) (POP) After Shares Sold 6.94 4.81 3.91 5.04

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 12/31/2019

Month EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 02/01/1977
Fund without Sales Charge (%) (NAV) 0.53 9.16 9.16 16.33 21.57 66.66 933.77
Fund with Sales Charge (%) (POP) 0.53 9.16 9.16 16.33 21.57 66.66 933.77
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 0.69 7.67 7.67 14.99 18.87 60.56
Quarter EndAs of 12/31/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 02/01/1977
Fund without Sales Charge (%) (NAV) 0.53 9.16 9.16 16.33 21.57 66.66 933.77
Fund with Sales Charge (%) (POP) 0.53 9.16 9.16 16.33 21.57 66.66 933.77
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 0.69 7.67 7.67 14.99 18.87 60.56

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 12/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.07 3.89 4.50
Standard Deviation (Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index) 2.51 3.10 3.75
Alpha -0.03 -0.03 -0.29
Beta 1.17 1.22 1.16
Sharpe Ratio 1.18 0.77 1.04
Information Ratio 0.52 0.45 0.28
Tracking Error 0.97 1.13 1.32
R-Squared 0.92 0.95 0.93

ADDITIONAL RISK STATISTICSAs of 12/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.25 1.29 1.07
Beta Bear 1.21 1.20 1.20
Bull Bear Capture Ratio 0.99 0.98 0.93
% of Positive Months 75.00 71.67 71.67
Gains/Losses 3.52 2.28 2.41
Maximum Drawdown
1.96 6.38 8.62

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 12/31/2019 Updated Monthly, based on a 3-year period

Beta 1.17
Sharpe Ratio 1.18
Standard Deviation 3.07

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