Average Annual Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 02/01/1977
Fund without Sales Charge (%) (NAV) 10.06 3.27 4.34 4.91 5.62
Fund with Sales Charge (%) (POP) 10.06 3.27 4.34 4.91 5.62
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 02/01/1977
Fund without Sales Charge (%) (NAV) 10.06 3.27 4.34 4.91 5.62
Fund with Sales Charge (%) (POP) 10.06 3.27 4.34 4.91 5.62
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 8.48 3.17 3.66 4.53

After-Tax Average Annual Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 10.06 3.27 4.34 4.91
Fund without Sales Charge (%) (NAV) After Shares Sold 7.52 3.31 4.20 4.76
Fund with Sales Charge (%) (POP) Before Shares Sold 10.06 3.27 4.34 4.91
Fund with Sales Charge (%) (POP) After Shares Sold 7.52 3.31 4.20 4.76
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 10.06 3.27 4.34 4.91
Fund without Sales Charge (%) (NAV) After Shares Sold 7.52 3.31 4.20 4.76
Fund with Sales Charge (%) (POP) Before Shares Sold 10.06 3.27 4.34 4.91
Fund with Sales Charge (%) (POP) After Shares Sold 7.52 3.31 4.20 4.76

Calendar Year Returns

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

Cumulative Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 02/01/1977
Fund without Sales Charge (%) (NAV) 2.17 8.59 10.06 10.12 23.66 61.51 928.36
Fund with Sales Charge (%) (POP) 2.17 8.59 10.06 10.12 23.66 61.51 928.36
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 02/01/1977
Fund without Sales Charge (%) (NAV) 2.17 8.59 10.06 10.12 23.66 61.51 928.36
Fund with Sales Charge (%) (POP) 2.17 8.59 10.06 10.12 23.66 61.51 928.36
Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index (%) 1.71 6.93 8.48 9.79 19.70 55.74

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 4.32 3.89 4.51
Standard Deviation (Linked Bloomberg Barclays Muni Bond California Exempt/Muni Bond Index) 3.52 3.10 3.75
Alpha -0.26 0.05 -0.35
Beta 1.20 1.22 1.16
Sharpe Ratio 0.51 0.82 1.03
Information Ratio 0.11 0.55 0.24
Tracking Error 1.12 1.13 1.33
R-Squared 0.96 0.95 0.93

ADDITIONAL RISK STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.24 1.28 1.08
Beta Bear 1.28 1.20 1.20
Bull Bear Capture Ratio 0.95 0.99 0.93
% of Positive Months 72.22 71.67 70.83
Gains/Losses 2.03 2.32 2.40
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 10/31/2019 Updated Monthly, based on a 3-year period

Beta 1.20
Sharpe Ratio 0.51
Standard Deviation 4.32

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