Always Diligent. Always Active.

California Tax Exempt Income Fund (Class Y)  (PCIYX)

Seeking a high level of tax-free income

California Tax Exempt Income Fund received an  Overall Morningstar Rating  of  

Highlights

Objective

The fund seeks as high a level of current income exempt from federal income tax and California personal income tax as we believe to be consistent with the preservation of capital.

Strategy and process

  • Tax-advantaged income: The fund offers California residents the potential for high current income that is free from federal income tax and California State personal income taxes.
  • Focus on performance: The portfolio managers seek to provide a competitive yield through a combination of careful security selection and portfolio construction strategies.
  • A diversified portfolio: A broadly diversified portfolio enables the managers to pursue current tax-free income opportunities while managing risk and seeking to preserve capital.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $8.40
0.00% | $0.00
$8.42
08/16/19
$7.86
11/07/18
Historical fund price

Fund facts as of 07/31/19

Total net assets
$1,159.81M
Turnover (fiscal year end)
40%
Dividend frequency (view rate)
Monthly
Number of holdings
403
Fiscal year-end
September
CUSIP / Fund code
746449305 / 1815
Inception date
01/02/08
Category
Tax-free Income
Open to new investors
Ticker
PCIYX

Management team

Portfolio Manager
Portfolio Manager


Literature


Munis feel knock-on effects of tax reform
The municipal bond market will likely see a reduction in supply in 2018 because of certain provisions in the new tax reform law.

Performance

Consistency of positive performance over five years

Performance represents 5-year returns in rolling quarter-end periods since inception.

Performance shown above does not reflect the effects of any sales charges. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.

13.34%

Best 5-year annualized return

(for period ending 06/30/89)


0.55%

Worst 5-year annualized return

(for period ending 12/31/08)


6.23%

Average 5-year annualized return


  • Total return (%) as of 06/30/19

  • Annual performance as of 06/30/19

Annualized Total return (%) as of 06/30/19

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 6.46% 2.67% 3.98% 5.67%
After sales charge N/A N/A N/A N/A
Bloomberg Barclays Municipal Bond Index 6.71%2.55%3.64%4.72%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Multi-Asset Absolute Return Fund, 4.00% and 3.25% for income funds and 2.25% and 0.75% for Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund, respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, which is 3% in the first year, declining to 1% in the fourth year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A and M shares of Putnam money market funds have no initial sales charge. For a portion of the periods, some funds had expense limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 07/31/19 0.74% -
YTD as of 08/23/19 8.11% -

Yield

Distribution rate before sales charge
as of 08/23/19
2.73%
Distribution rate after sales charge
as of 08/23/19
2.73%
30-day SEC yield as of 07/31/19 1.80%

Risk-adjusted performance as of 07/31/19

Sharpe ratio (3 yrs.) 0.43
Information ratio (3 yrs.) 0.17

Volatility as of 07/31/19

Standard deviation (3 yrs.) 3.55%
Beta 1.03
R-squared 0.97

Lipper rankings as of 07/31/19

Time period Rank/Funds in category Percentile ranking
1 yr. 29/129 23%
3 yrs. 28/111 25%
5 yrs. 42/107 39%
10 yrs. 28/88 32%
Lipper category: California Municipal Debt Funds

Morningstar Ratings as of 07/31/19

Time period Funds in category Morningstar Rating
Overall 90
3 yrs. 90
5 yrs. 87
10 yrs. 69
Morningstar category: Muni California Long

Distributions

Accrual days 31
Accrual start date 07/01/19
Accrual end date 07/31/19
Payable date 07/31/19
Non-taxable income $0.020633755
Extra taxable income --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


Holdings

Top 10 holdings as of 07/31/19

1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025 3.71%
Ca St Univ-A 05.0000 11/01/2041 2.73%
Golden St Tobacco Sec 05.0000 06/01/2040 2.41%
Golden St Tobacco Sec 05.0000 06/01/2045 1.66%
Coronado Cda-A-Ref 05.0000 09/01/2033 1.42%
Bay Area Toll Auth-F1 05.0000 04/01/2054 1.42%
Ca Poll Cntrl-Amt P/P 144a 05.0000 11/21/2045 1.32%
Abag Fin Nonprofit 06.2500 08/01/2039 1.24%
Ca Hlth Fin Auth-A 05.0000 11/15/2046 1.18%
Sthrn Ca St Pub Pwr-A 02.2500 07/01/2040 1.12%
Top 10 holdings, percent of portfolio 18.21%

Full portfolio holdings as of 06/30/19

CA ST UNIV-A 05.0000 11/01/2041 2.72%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2040 2.40%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2045 1.66%
CORONADO CDA-A-REF 05.0000 09/01/2033 1.44%
BAY AREA TOLL AUTH-F1 05.0000 04/01/2054 1.41%
CA POLL CNTRL-AMT P/P 144A 05.0000 11/21/2045 1.32%
ABAG FIN NONPROFIT 06.2500 08/01/2039 1.22%
US 10YR ULTRA FUT SEP19 UXYU9 1.19%
CA HLTH FIN AUTH-A 05.0000 11/15/2046 1.17%
STHRN CA ST PUB PWR-A 02.2500 07/01/2040 1.12%
CALIFORNIA ST UNIV-A 05.0000 11/01/2037 1.06%
LANCASTER OH PORT AUT 05.0000 08/01/2049 1.01%
UNIV CA RGTS-L-REF 05.0000 05/15/2047 1.00%
CALIFORNIA ST-B-TXBL 02.1930 04/01/2047 0.99%
SAN BERNARDINO CCD-B 04.0000 08/01/2034 0.98%
GOLDEN TOB-A-CABS 00.0000 06/01/2024 0.96%
NRTHRN ENERGY AUTH-A 04.0000 07/01/2049 0.95%
CA PUB FIN AUTH-A-REF 04.0000 08/01/2047 0.94%
BAY AREA CA TOLL AUTH 04.0000 04/01/2038 0.94%
CA HLTH-A-ADVENTIST 05.7500 09/01/2039 0.92%
OAKLAND CA UNIF SCH D 05.0000 08/01/2037 0.87%
BAY AREA TOLL AUTH 05.0000 10/01/2054 0.86%
FOOTHILL E TRANSP-A 06.0000 01/15/2053 0.82%
SACRAMENTO FING-CAB-A 00.0000 12/01/2023 0.80%
POWAY USD-IMPT-07-1-A 00.0000 08/01/2029 0.80%
MSR ENERGY 06.5000 11/01/2039 0.79%
CALIFORNIA-REF 04.0000 08/01/2031 0.73%
CALIFORNIA ST STWD CM 05.0000 01/01/2043 0.73%
SAN JOAQUIN TRANS-A 05.0000 01/15/2034 0.71%
CA DEPT WTR-AU-VAR 02.1200 12/01/2035 0.70%
LOS ANGELES DEPT ARPT 05.0000 05/15/2038 0.69%
CALIFORNIA ST MUNI FI 05.0000 05/15/2047 0.67%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2047 0.65%
CA INFRA & ECON DEV-D 02.0630 08/01/2047 0.64%
COMMERCE REDEV CABS-1 00.0000 08/01/2021 0.63%
SAN FRANCISCO ARPT-B 01.5000 05/01/2058 0.63%
STHRN CA PWR-A 05.0000 07/01/2040 0.62%
CA ST HLTH FACS 05.0000 09/01/2043 0.62%
SACRAMENTO FING-CAB-A 00.0000 12/01/2022 0.62%
CA POLLUTN-VAR-REF-A P/P 144A 01.9000 08/01/2023 0.61%
MTN VIEW SHORELINE-A 05.0000 08/01/2043 0.59%
LONG BCH NAT GAS-A 05.5000 11/15/2028 0.56%
CA HLTH FIN AUTH-A 05.0000 11/15/2041 0.55%
ROSEVILLE JT UN HSD-C 05.0000 08/01/2046 0.55%
CA DEV P/P 144A 07.2500 11/15/2041 0.53%
LOS ANGELES DEPT ARPT 05.0000 05/15/2033 0.53%
CALIFORNIA SCH FIN- A 05.0000 08/01/2048 0.53%
CALIFORNIA-CM-AMT-REF 02.0000 12/01/2020 0.52%
LOS ANGELES WTR-A5-PW 01.2200 07/01/2035 0.52%
SACRAMENTO TRANS-A 05.0000 06/01/2043 0.52%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2031 0.52%
CALIFORNIA ST MUNI FI 05.0000 12/31/2037 0.51%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.51%
UNIV CA-AL-4-VAR 01.1500 05/15/2048 0.51%
LONG BEACH CA HARBOR 05.0000 05/15/2040 0.51%
CALIFORNIA ST MUNI FI 05.0000 12/31/2047 0.51%
INLAND VLY DEV-A 05.2500 09/01/2037 0.49%
SAN FRANCISCO CITY & 04.0000 06/15/2036 0.48%
CENTINELA VLY SD-C 04.0000 08/01/2034 0.48%
SAN FRANCISCO CITY & 04.0000 11/01/2039 0.48%
CA MUNI FIN AUTH 04.0000 05/15/2048 0.47%
CALIFORNIA CNTY CA TO 05.0000 06/01/2040 0.46%
CA EDU FACS AUTH -B 04.0000 04/01/2047 0.46%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2033 0.44%
CHULA VISTA INDL-D 05.8750 01/01/2034 0.44%
S CALIF TOB-A1-SNR 05.1250 06/01/2046 0.44%
L A WTR/PWR-VAR-B5 01.4000 07/01/2034 0.44%
SAN FRAN ARPTS COMMN 05.0000 05/01/2040 0.42%
CA HLTH FACS-A 04.0000 03/01/2033 0.42%
CA VET AFFAIRS-A 04.0000 12/01/2049 0.42%
CA POLLUTION CNTRL P/P 144A 05.0000 11/21/2045 0.41%
CALIFORNIA STWD CMNTY 03.0000 07/01/2025 0.41%
CA HLTH FACS-A-REF 05.0000 08/15/2042 0.41%
CA WTR POLL-SAN JOSE 05.1000 06/01/2040 0.40%
ALAMEDA TRANS-A-PRERF 00.0000 10/01/2019 0.40%
S WSTRN CMNTY CLG-D 05.0000 08/01/2044 0.40%
CA DEV-AMERN BAPTIST P/P 144A 06.2500 10/01/2039 0.40%
OAKLAND USD-A 05.0000 08/01/2040 0.40%
SAN FRAN ARPTS COMMN 05.0000 05/01/2040 0.39%
CA INFRASTRUCTURE-A 05.0000 10/01/2031 0.37%
CA POLL CTL AUTH P/P 144A 05.2500 08/01/2040 0.36%
SAN DIEGO PUB FACS-A 05.0000 08/01/2041 0.36%
MERCED SD-ELEC 2014 05.0000 08/01/2045 0.35%
ROCKLIN CFD 10 05.0000 09/01/2035 0.34%
CA MUNI FIN AUTH-A 05.0000 02/01/2042 0.34%
LA DEPT OF APRTS-A 05.0000 05/15/2033 0.34%
LOS ANGELES IMPT-B 04.0000 11/01/2033 0.34%
SAN FRANCISCO CITY & 04.0000 06/15/2033 0.34%
LA USD-SER D 05.0000 01/01/2034 0.34%
GROSSMONT ETC CCD-B 04.0000 08/01/2047 0.33%
OAKLAND CA UNIF SCH D 05.0000 08/01/2038 0.33%
FAIRFIELD-SUISUN USD 04.0000 08/01/2034 0.32%
ANAHEIM FING CAB-C 00.0000 09/01/2031 0.32%
SAN FRANCISCO APRT-A 05.0000 01/01/2047 0.31%
SAN DIEGO ASSN OF GOV 05.0000 07/01/2042 0.31%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2047 0.30%
SANTALUZ FACS DIST2 05.2500 09/01/2027 0.30%
LA CO PUB WRKS-D 05.0000 12/01/2045 0.30%
CA ST CMNTY DEV-EPISC 05.0000 05/15/2042 0.30%
STOCKTON USD-A 05.0000 08/01/2042 0.29%
FAIRFIELD-SUISUN USD 04.0000 08/01/2033 0.29%
ABAG FIN AUTH-A 05.0000 04/01/2032 0.29%
MSR ENERGY 06.1250 11/01/2029 0.29%
N CALIF GAS-LIBOR 02.1840 07/01/2019 0.29%
STHRN CA 05.2500 11/01/2024 0.29%
FRANKLIN ETC SD-B 05.0000 08/01/2044 0.29%
CA HLTH FACS-B-REF 04.0000 11/15/2038 0.28%
MODESTO IRR-A 05.0000 10/01/2040 0.28%
ESTRN MUNI WTR-A-REF 05.0000 07/01/2045 0.28%
CA STWD CMNTY-REF 05.0000 08/15/2038 0.28%
CALIFORNIA ST MUNI 05.0000 07/01/2049 0.28%
CALIFORNIA ST 05.0000 10/01/2044 0.28%
REDWOOD REDEV-CABS-2A 00.0000 07/15/2022 0.27%
SAN FRANCISCO CO-C 02.1250 10/01/2048 0.27%
SAN JACINTO USD FING 05.0000 09/01/2049 0.26%
TRACY OPER PTRSHP-REF 06.2500 10/01/2033 0.26%
IRVINE USD-C-ADJ 01.2000 09/01/2054 0.26%
CA EDL FACS-LOYOLA 05.1250 10/01/2040 0.26%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2034 0.25%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2035 0.25%
SANTEE CDC-A-REF 05.0000 08/01/2031 0.25%
STOCKTON USD COPS REF 05.0000 02/01/2035 0.25%
LOS ANGELES CCD-G 04.0000 08/01/2034 0.25%
CA EDUCTNL FACS-REF 05.0000 04/01/2045 0.25%
JURUPA FIN AUTH-A-REF 05.0000 09/01/2032 0.25%
IRVINE USD SPL TAX 05.0000 09/01/2038 0.25%
ANAHEIM CA PUBLIC FIN 05.0000 05/01/2046 0.25%
CA STWD CMNTY DEV 05.0000 10/01/2045 0.25%
SAN BERNARDINO-REF 05.0000 09/01/2033 0.24%
STOCKTON FING WTR-A 05.0000 10/01/2034 0.24%
STOCKTON USD COPS REF 05.0000 02/01/2034 0.24%
MERCED UHSD-REF-CABS 00.0000 08/01/2044 0.24%
NORCO TAX CFD 05.0000 09/01/2030 0.23%
SWEETWATER SD-REF 05.0000 08/01/2035 0.23%
CA SCH FIN AUTH P/P 144A 05.0000 06/01/2053 0.23%
STOCKTON FING-A-REMK 06.2500 10/01/2038 0.23%
CAMPBELL SD-B 04.0000 08/01/2037 0.23%
IRVINE SPL TAX 04.0000 09/01/2041 0.23%
CHULA VISTA INDL-C 05.8750 02/15/2034 0.23%
NAPA VLY CMNTY CLG DT 00.0000 08/01/2033 0.23%
CALIFORNIA STWD CMNTY 04.0000 08/01/2045 0.22%
SAN DIEGO CLG-REF 04.0000 08/01/2041 0.22%
CA PCR WST MGMT-A-RMK 02.5000 11/01/2038 0.22%
ABAG FIN AUTH-A-REF 05.0000 09/02/2030 0.22%
GUAM WATERWORKS AUTH 05.6250 07/01/2040 0.22%
SAN DIEGO ASSN OF GOV 05.0000 07/01/2038 0.22%
CA POLL FING AUTH 04.7500 11/01/2046 0.22%
HARTNELL CCDA-CABS 00.0000 08/01/2036 0.22%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.22%
CALIFORNIA SCH FIN-A 05.0000 07/01/2054 0.22%
CHULA VISTA FING-REF 05.5000 09/01/2029 0.22%
CALIFORNIA ST MUNI 05.0000 07/01/2039 0.21%
ORANGE CO WTR DT-A 04.0000 08/15/2041 0.21%
TUSTIN CMNTY FACS-A 05.0000 09/01/2037 0.21%
STOCKTON FING WTR-A 05.0000 10/01/2035 0.21%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2027 0.21%
LA HARBOR DEPT-C-REF 04.0000 08/01/2039 0.21%
SANTEE CDC-A-REF 05.0000 08/01/2032 0.21%
CA DEV-A 05.0000 10/01/2022 0.21%
ALBANY USD-B 05.0000 08/01/2043 0.20%
LONG BEACH HARBOR-B 05.0000 05/15/2043 0.20%
CALIFORNIA ED FAC AUT 05.0000 10/01/2049 0.20%
UNIV CA RGTS-L-REF 05.0000 05/15/2041 0.20%
CALIFORNIA ST STWD CM 05.0000 01/01/2048 0.20%
CALIFORNIA STWD CMNTY 05.0000 04/01/2047 0.20%
CALIFORNIA EDU FACS 05.0000 12/01/2044 0.20%
HAYWARD CA USD-REF 05.0000 08/01/2038 0.20%
TWIN RIVERS USD-A 05.0000 08/01/2040 0.20%
SAN DIEGO CO APRT-B 05.0000 07/01/2038 0.19%
ABAG-REF 06.1250 07/01/2041 0.19%
TRACY OPER PTRSHP-REF 06.3750 10/01/2038 0.19%
UNION ELEM SD-A 05.0000 09/01/2044 0.19%
CA ST HLTH FACS 05.0000 09/01/2037 0.19%
CALIFORNIA STWD CMNTY 04.0000 07/01/2047 0.19%
CA MUNI FIN AUTH-A 05.0000 02/01/2036 0.18%
CA SCH FIN AUTH-A 05.0000 07/01/2031 0.18%
MERCED UHSD-REF-CABS 00.0000 08/01/2039 0.18%
SAN JACINTO USD FING 05.0000 09/01/2044 0.18%
RIVERSIDE REDEV AGY-A 00.0000 10/01/2041 0.18%
CARSON PUB FIN AUTH 05.0000 09/02/2028 0.18%
S CALIF TOB-A1-SNR 05.0000 06/01/2037 0.18%
SAN FRANCISCO REDEV-A 05.0000 08/01/2043 0.17%
CA PUB WKS REF PRISON 05.0000 12/01/2019 0.17%
SAN BENITO SD 04.0000 08/01/2036 0.17%
ORANGE CO FACS DIST-A 05.0000 08/15/2033 0.16%
ALBANY USD-B 04.0000 08/01/2046 0.16%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2042 0.16%
CA STWD CMNTY-REF 05.0000 08/15/2035 0.16%
SAN FRANCISCO APRT-A 05.0000 01/01/2039 0.16%
SAN FRANCISCO APRT-A 05.0000 01/01/2038 0.16%
SAN FRANCISCO APRT-A 05.0000 01/01/2035 0.16%
IMPERIAL IRR DT-C-REF 05.0000 11/01/2037 0.16%
CA STWD CMNTY DEV-A 05.0000 11/01/2041 0.15%
CALIFORNIA ED FAC AUT 05.0000 10/01/2041 0.15%
HARTNELL CCDA-CABS 00.0000 08/01/2037 0.15%
LOS ANGELES FACS-REF 05.0000 09/01/2030 0.15%
SUNNYVALE-FACS DIST 1 07.6500 08/01/2021 0.15%
CA SCH FIN AUTH-A 05.0000 07/01/2051 0.15%
GUAM PORT AUTH-A 05.0000 07/01/2048 0.15%
LOS ANGELES FACS-REF 05.0000 09/01/2031 0.15%
CALIFORNIA STWD CMNTY 04.0000 04/01/2047 0.15%
N NATOMAS CMNTY FAC-E 05.2500 09/01/2033 0.15%
CA SCH FIN AUTH-SER A 05.0000 08/01/2045 0.14%
CALIFORNIA SCH FIN AU 05.0000 07/01/2045 0.14%
EL DORADO IRRIGATION 04.0000 03/01/2034 0.14%
KAWEAH CA DELTA HLTH 05.0000 06/01/2040 0.14%
CA SCH FIN AUTH-C P/P 144A 05.0000 07/01/2031 0.14%
CA STATEWIDE CMNTYS P/P 144A 05.0000 06/01/2051 0.14%
STHRN CA 05.2500 11/01/2021 0.14%
STOCKTON USD COPS REF 05.0000 02/01/2031 0.14%
PICO RIVERA FING AUTH 05.2500 09/01/2030 0.14%
CALIFORNIA ST 04.0000 09/01/2032 0.14%
NAPA VLY CMNTY CLG DT 00.0000 08/01/2034 0.14%
CA EDUCTNL FACS AUTH 05.2500 06/01/2030 0.13%
REDDING ELEC REG LKD 06.3680 07/01/2022 0.13%
STOCKTON FING-A-REMK 06.2500 10/01/2040 0.13%
MURRIETA VY USD-CABS 00.0000 09/01/2031 0.13%
CALIFORNIA ST MUNI FI 05.0000 05/15/2043 0.13%
CALIFORNIA ST MUNI FI 05.0000 12/31/2034 0.12%
S WSTRN CMNTY CLG-D 00.0000 08/01/2037 0.12%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.12%
CA SCH FIN AUTH-A 05.0000 07/01/2036 0.12%
ROSEVILLE SPL TAX-REF 05.0000 09/01/2037 0.12%
CA STWD TOB-B-ASSET 05.6250 05/01/2029 0.12%
RIPON REDEV PJ-REF 04.7500 11/01/2036 0.12%
RIVERSIDE PUB FIN-A 04.0000 10/01/2040 0.12%
RANCHO CORDOVA-REF 05.0000 09/01/2032 0.12%
FOLSOM ETC SD 1 CAB 00.0000 10/01/2025 0.12%
MSR ENERGY 06.1250 11/01/2029 0.12%
SAN DIEGO CA UNIF SCH 00.0000 07/01/2032 0.12%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2026 0.11%
SAN MATEO CMNTY CLG 05.0000 09/01/2037 0.11%
CA EDL FACS UNIV PACI 05.2500 11/01/2029 0.11%
CA MUNI FIN AUTH-A 05.0000 06/01/2048 0.11%
SAN MATEO CMNTY CLG 05.0000 09/01/2038 0.11%
CA CMNTYS DEV-A 05.0000 10/01/2043 0.11%
CORONA-NORCO SD-A 05.0000 09/01/2032 0.11%
LA DEPT OF APRTS-A 04.0000 05/15/2034 0.11%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2035 0.11%
LAKE ELSINORE FING-C 05.0000 09/01/2033 0.11%
S ORANGE FING-A-REF 05.0000 08/15/2030 0.11%
SAN FRANCISCO REDEV-A 05.0000 08/01/2031 0.11%
CALIFORNIA SCH FIN-A 05.0000 07/01/2039 0.10%
CALIFORNIA ST MUNI FI 05.0000 12/31/2033 0.10%
CALIFORNIA ST MUNI FI 05.0000 12/31/2035 0.10%
ROHNERT PARK DEV-CAB 00.0000 08/01/2025 0.10%
STOCKTON USD COPS REF 05.0000 02/01/2036 0.10%
DESERT CCD-REF 05.0000 08/01/2036 0.10%
CALIFORNIA SCH FIN- A 05.0000 08/01/2038 0.10%
CALIFORNIA SCH FIN-A 05.0000 07/01/2049 0.10%
PERALTA CLG-A-REF 05.0000 08/01/2034 0.10%
CA EDU FACS AUTH-REF 05.0000 09/01/2045 0.10%
CA MUNI FIN AUTH-A 05.0000 02/01/2037 0.10%
CA PCR WST MGMT-A-RMK 02.5000 07/01/2031 0.10%
LAKE ELSINORE FING-C 05.0000 09/01/2031 0.10%
CA CMNTY CLG AUTH 05.0000 05/01/2037 0.10%
IRVINE USD SPL TAX-B 05.0000 09/01/2042 0.10%
IRVINE USD SPL TAX-C 05.0000 09/01/2047 0.10%
OAKLAND USD-A 05.0000 08/01/2035 0.10%
ROMOLAND SD SPL TAX 05.0000 09/01/2041 0.10%
ANAHEIM CA PUBLIC FIN 05.0000 05/01/2039 0.10%
CA SCH FIN AUTH P/P 144A 05.0000 06/01/2047 0.10%
CA ST EDU FACS AUTH-A 05.0000 10/01/2035 0.10%
LA CNTY FIN AUTH-A 05.0000 12/01/2044 0.10%
ROSEVILLE SPL TAX-REF 05.0000 09/01/2033 0.10%
STOCKTON USD-A 05.0000 08/01/2038 0.10%
CA MUNI FIN-A-SENIOR 05.0000 08/15/2030 0.10%
IRVINE IMPT BOND ACT 05.0000 09/02/2023 0.10%
ABAG FIN AUTH-A 05.0000 04/01/2042 0.10%
CA EDUCTNL-UNREF 05.5000 11/01/2039 0.10%
CA SCH FIN AUTH-A 05.1250 07/01/2044 0.10%
CA ST HLTH FACS-A-REF 04.0000 10/01/2035 0.10%
CA STWD CMNTYS DEV-A 05.3750 11/01/2049 0.10%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.10%
IRVINE SPL TAX 05.0000 09/01/2039 0.10%
LONG BEACH CA MARINA 05.0000 05/15/2040 0.10%
MURRIETA PUB FING-REF 05.0000 09/01/2026 0.10%
CALIFORNIA STWD CMNTY 04.0000 07/01/2043 0.10%
FULLERTON CMNTY FAC 1 05.0000 09/01/2032 0.10%
ORANGE CO FACS DIST-A 05.0000 08/15/2032 0.09%
S ORANGE FING-A-REF 05.0000 08/15/2032 0.09%
SAN DIEGO CA UNIF SCH 00.0000 07/01/2033 0.09%
RIVERSIDE REDEV AGY-A 00.0000 10/01/2037 0.09%
SAN DIEGO CMNTY FACS 05.0000 09/01/2036 0.09%
PICO RIVERA FING AUTH 05.5000 09/01/2031 0.09%
CA FLTG-A2-RMKT-12/01 01.2500 05/01/2033 0.09%
LONG BEACH CLG DIST-B 00.0000 08/01/2034 0.09%
SAN MATEO CMNTY CLG 05.0000 09/01/2036 0.09%
CA CMNTY CLG AUTH 05.0000 05/01/2031 0.08%
CA DEV-AMERN BAPTIST P/P 144A 05.7500 10/01/2025 0.08%
CALIFORNIA STWD CMNTY 04.0000 07/01/2039 0.08%
CALIFORNIA ST MUNI-A 05.0000 11/15/2031 0.08%
SAN DIEGO-C-REF 04.0000 06/01/2032 0.08%
CA MUNI FIN AUTH-A 05.0000 06/01/2038 0.08%
CA CMNTY CLG AUTH 05.0000 05/01/2034 0.08%
CALIFORNIA STWD CMNTY 05.0000 08/01/2035 0.08%
ABAG FIN AUTH-A-REF 05.0000 09/02/2033 0.08%
CALIFORNIA STWD CMNTY 04.0000 07/01/2038 0.08%
STOCKTON FING-A-REMK 06.1250 10/01/2035 0.08%
CALIFORNIA STWD CMNTY 05.0000 08/01/2036 0.08%
CA STWD CMNTY DEV-A 05.0000 11/01/2032 0.07%
CHULA VISTA FING-REF 05.5000 09/01/2030 0.07%
RIVERSIDE REDEV AGY-A 00.0000 10/01/2029 0.07%
RIVERSIDE TRANS-A 05.7500 06/01/2044 0.07%
CA MUNI FIN AUTH-A 05.0000 08/15/2030 0.07%
CALIFORNIA STWD CMNTY 05.0000 08/01/2034 0.07%
IRVINE IMPT BOND ACT 05.0000 09/02/2029 0.07%
NORCO TAX CFD 05.0000 09/01/2033 0.07%
CA STATEWIDE CMNTYS P/P 144A 03.0000 06/01/2029 0.07%
ABAG FIN AUTH-A-REF 05.0000 07/01/2042 0.06%
CA CMNTY CLG AUTH 05.0000 05/01/2033 0.06%
CA MUNI FIN AUTH-A 05.0000 08/15/2031 0.06%
SAN JACINTO USD FING 05.0000 09/01/2036 0.06%
CA EDU FACS AUTH-REF 05.0000 10/01/2038 0.06%
CALIFORNIA STWD CMNTY 04.0000 07/01/2037 0.06%
JURUPA FIN AUTH-A-REF 05.0000 09/01/2033 0.06%
LA VERNE-COPS 05.0000 05/15/2029 0.06%
CORONA-NORCO SD-A 05.0000 09/01/2035 0.06%
CA ST CMNTY DEV-EPISC 05.0000 05/15/2032 0.06%
CALIFORNIA STWD CMNTY 05.0000 08/01/2037 0.05%
SAN DIEGO CA UNIF SCH 00.0000 07/01/2035 0.05%
CALIFORNIA STWD CMNTY 05.0000 08/01/2038 0.05%
CERES CA UNIF SCH DIS 00.0000 08/01/2040 0.05%
INGLEWOOD REDEV-A-REF 05.0000 05/01/2034 0.05%
CA EDU FACS AUTH-REF 05.0000 11/01/2036 0.05%
CA CMNTY CLG AUTH 05.2500 05/01/2043 0.05%
EMERYVILLE REDEV-A 05.0000 09/01/2034 0.05%
MMD AAA R SP 0.0 07/17/19 CI 0.05%
HARTNELL CCDA-CABS 00.0000 08/01/2035 0.05%
ROCKLIN CFD 10 05.0000 09/01/2039 0.05%
ROCKLIN CFD 10 05.0000 09/01/2040 0.05%
RIVERSIDE REDEV AGY-A 00.0000 10/01/2026 0.05%
CA STATEWIDE CMNTYS P/P 144A 05.0000 06/01/2039 0.05%
CALIFORNIA ST MUNI-A 05.0000 11/15/2032 0.05%
ALAMEDA CORRIDOR-B 05.0000 10/01/2037 0.05%
CERES CA UNIF SCH DIS 00.0000 08/01/2039 0.04%
MMD AAA R SP 0.0 07/18/19 CI 0.04%
ABAG FIN AUTH-A-REF 05.0000 09/02/2034 0.04%
CERES CA UNIF SCH DIS 00.0000 08/01/2038 0.04%
LONG BEACH USD-CABS 00.0000 08/01/2037 0.04%
SANTALUZ FACS DIST2 05.1000 09/01/2030 0.04%
CA EDU FACS AUTH-A 05.0000 10/01/2037 0.04%
CA EDU FACS AUTH-REF 05.0000 10/01/2045 0.04%
CA MUNI FIN AUTH-A 05.0000 06/01/2028 0.04%
IRVINE REASSESSMENT 05.0000 09/02/2034 0.04%
RANCHO CORDOVA CFD 04.0000 09/01/2027 0.04%
RIVERSIDE REDEV AGY-A 00.0000 10/01/2024 0.04%
IRVINE USD SPL TAX-A 05.0000 09/01/2042 0.04%
CA STATEWIDE CMNTYS P/P 144A 05.0000 06/01/2034 0.04%
CALIFORNIA STWD CMNTY 05.0000 07/01/2041 0.04%
IRVINE REASSESSMENT 05.0000 09/02/2032 0.04%
ABAG FIN AUTH-A-REF 05.0000 09/02/2032 0.04%
CERES CA UNIF SCH DIS 00.0000 08/01/2034 0.04%
LONG BEACH CLG DIST-B 00.0000 08/01/2033 0.04%
IRVINE REASSESSMENT 05.0000 09/02/2031 0.04%
CALIFORNIA STWD CMNTY 05.0000 04/01/2030 0.03%
IRVINE REASSESSMENT 05.0000 09/02/2033 0.03%
ALAMEDA TRANS-A-UNREF 00.0000 10/01/2019 0.03%
MMD AAA R SP 0.0 08/06/19 CI 0.03%
MMD AAA R SP 0.0 08/07/19 CI 0.03%
CA MUNI FIN AUTH-A 05.0000 07/01/2042 0.03%
CALIFORNIA STWD CMNTY 04.0000 07/01/2035 0.03%
CALIFORNIA ST MUNI-A 05.0000 11/15/2030 0.03%
TREASURY BILL 00.0000 07/18/2019 0.03%
CORONA-NORCO SD-A 05.0000 09/01/2028 0.03%
RIVERSIDE REDEV AGY-A 00.0000 10/01/2032 0.03%
CALIFORNIA ST MUNI FI 05.0000 05/15/2037 0.03%
CERES CA UNIF SCH DIS 00.0000 08/01/2036 0.03%
INGLEWOOD REDEV-A-REF 05.0000 05/01/2038 0.03%
CA ED FACS-A 00.0000 10/01/2028 0.02%
CORONA-B 04.0000 08/01/2034 0.02%
RIVERSIDE REDEV AGY-A 00.0000 10/01/2028 0.02%
CA DEV FAC 1-ZONE 1B 00.0000 09/01/2020 0.02%
IRVINE USD SPL TAX-A 05.0000 09/01/2047 0.02%
CALIFORNIA ST MUNI FI 05.0000 05/15/2032 0.02%
CALIFORNIA STWD CMNTY 05.0000 07/01/2033 0.01%
CERES CA UNIF SCH DIS 00.0000 08/01/2033 0.01%
MMD AAA R SP 0.0 09/04/19 CI 0.01%
CALIFORNIA STWD CMNTY 05.0000 07/01/2032 0.01%
TREASURY BILL 00.0000 07/16/2019 0.01%
CA EDUCTNL-PREREF 05.5000 11/01/2039 0.01%
TREASURY BILL 00.0000 08/08/2019 0.01%
MMD AAA R SP 0.0 09/05/19 CI 0.00%
MMD AAA R SP 0.0 09/05/19 MS 0.00%
TREASURY BILL 00.0000 08/13/2019 0.00%
MMD AAA P SP 0.0 06/02/20 CI -0.01%
MMD AAA P SP 0.0 06/04/20 MS -0.01%
MMD AAA P SP 0.0 06/04/20 CI -0.01%
MMD AAA P SP 0.0 07/02/19 MS -0.04%

Prior top 10 holdings

Top 10 holdings as of 07/31/19
1.245 R Iswp Fwd Munipsa P 07/12/2025 07/12/2025
Ca St Univ-A 05.0000 11/01/2041
Golden St Tobacco Sec 05.0000 06/01/2040
Golden St Tobacco Sec 05.0000 06/01/2045
Coronado Cda-A-Ref 05.0000 09/01/2033
Bay Area Toll Auth-F1 05.0000 04/01/2054
Ca Poll Cntrl-Amt P/P 144a 05.0000 11/21/2045
Abag Fin Nonprofit 06.2500 08/01/2039
Ca Hlth Fin Auth-A 05.0000 11/15/2046
Sthrn Ca St Pub Pwr-A 02.2500 07/01/2040
Holdings represent 18.21% of portfolio
Top 10 holdings as of 06/30/19
Ca St Univ-A 05.0000 11/01/2041
Golden St Tobacco Sec 05.0000 06/01/2040
Golden St Tobacco Sec 05.0000 06/01/2045
Coronado Cda-A-Ref 05.0000 09/01/2033
Bay Area Toll Auth-F1 05.0000 04/01/2054
Ca Poll Cntrl-Amt P/P 144a 05.0000 11/21/2045
Abag Fin Nonprofit 06.2500 08/01/2039
Ca Hlth Fin Auth-A 05.0000 11/15/2046
Sthrn Ca St Pub Pwr-A 02.2500 07/01/2040
California St Univ-A 05.0000 11/01/2037
Holdings represent 15.64% of portfolio
Top 10 holdings as of 05/31/19
Ca St Univ-A 05.0000 11/01/2041
Golden St Tobacco Sec 05.0000 06/01/2040
Golden St Tobacco Sec 05.0000 06/01/2045
Coronado Cda-A-Ref 05.0000 09/01/2033
Bay Area Toll Auth-F1 05.0000 04/01/2054
Abag Fin Nonprofit 06.2500 08/01/2039
Ca Hlth Fin Auth-A 05.0000 11/15/2046
Sthrn Ca St Pub Pwr-A 02.2500 07/01/2040
California St Univ-A 05.0000 11/01/2037
Lancaster Oh Port Aut 05.0000 08/01/2049
Holdings represent 15.39% of portfolio
Top 10 holdings as of 04/30/19
Ca St Univ-A 05.0000 11/01/2041
Golden St Tobacco Sec 05.0000 06/01/2040
Golden St Tobacco Sec 05.0000 06/01/2045
Coronado Cda-A-Ref 05.0000 09/01/2033
Bay Area Toll Auth-F1 05.0000 04/01/2054
Abag Fin Nonprofit 06.2500 08/01/2039
Ca Hlth Fin Auth-A 05.0000 11/15/2046
Ca Fltg-A2-Rmkt-12/01 01.8500 05/01/2033
Sthrn Ca St Pub Pwr-A 02.2500 07/01/2040
California St Univ-A 05.0000 11/01/2037
Holdings represent 15.59% of portfolio

Portfolio composition as of 07/31/19

Municipal bonds and notes 98.21%
Cash and net other assets 1.79%

Fixed income statistics as of 07/31/19

Average stated maturity 20.39 yrs.
Average effective maturity 5.88 yrs.
Option adjusted duration 7.16 yrs.
Duration to worst 4.95 yrs.
Average yield to maturity 3.37%
Average coupon 4.38%
Average price $110.77
AMT exposure 7.81%

Quality rating as of 07/31/19

AAA 4.44%
AA 42.88%
A 32.84%
BBB 11.23%
BB 0.60%
B 0.44%
Not Rated 5.78%
Cash and net other assets 1.79%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. The fund's performance will be closely tied to the economic and political conditions in California, and can be more volatile than the performance of a more geographically diversified fund. To the extent investments in securities of issuers located outside of California are made, the fund may also be exposed to the risks affecting other states. Certain provisions of the California Constitution and state statutes limit the taxing and spending authority of California's government entities, which could impair the ability of California issuers to pay principal and/or interest on their obligations. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

Top industry sectors as of 07/31/19

Health care 14.84%
Local Debt 14.11%
Transportation 11.47%
Land 10.98%
State Debt 10.79%
Education 10.63%
Utilities 9.00%
Financials 4.15%
Prerefunded 3.94%
 
Other
10.09%
Tobacco 3.58%
Other 1.85%
Cash and net other assets 1.79%
Special Tax 1.42%
Industrials 0.93%
Housing 0.52%

Sectors will vary over time.


Expenses

Expense ratio

Class A Class B Class C Class M Class R6 Class Y
Total expense ratio 0.73% 1.37% 1.52% 1.02% 0.52% 0.52%
What you pay 0.73% 1.37% 1.52% 1.02% 0.52% 0.52%

Sales charge

Investment Breakpoint Class A Class B Class C Class M Class R6 Class Y
$0-$49,999 4.00% 0.00% 0.00% 3.25% -- --
$50,000-$99,999 4.00% 0.00% 0.00% 2.25% -- --
$100,000-$249,999 3.25% -- 0.00% 1.25% -- --
$250,000-$499,999 2.50% -- 0.00% 1.00% -- --
$500,000-$999,999 0.00% -- -- -- -- --
$1M-$4M 0.00% -- -- -- -- --
$4M-$50M 0.00% -- -- -- -- --
$50M+ 0.00% -- -- -- -- --

CDSC

  Class A (sales for $500,000+) Class B Class C Class M Class R6 Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- --
9 to 12 mts. 1.00% 5.00% 1.00% -- -- --
2 yrs. 0.00% 4.00% 0.00% -- -- --
3 yrs. 0.00% 3.00% 0.00% -- -- --
4 yrs. 0.00% 3.00% 0.00% -- -- --
5 yrs. 0.00% 2.00% 0.00% -- -- --
6 yrs. 0.00% 1.00% 0.00% -- -- --
7+ yrs. 0.00% 0.00% 0.00% -- -- --

The Bloomberg Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds. You cannot invest directly in an index.

Consider these risks before investing: The value of investments in the fund's portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, geopolitical events or changes, and factors related to a specific issuer, geography, industry or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. The fund's performance will be closely tied to the economic and political conditions in California, and can be more volatile than the performance of a more geographically diversified fund. To the extent investments in securities of issuers located outside of California are made, the fund may also be exposed to the risks affecting other states. Certain provisions of the California Constitution and state statutes limit the taxing and spending authority of California's government entities, which could impair the ability of California issuers to pay principal and/or interest on their obligations. Capital gains, if any, are taxed at the federal and, in most cases, state levels. For some investors, investment income may be subject to the federal alternative minimum tax. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. Tax-exempt bonds may be issued under the Internal Revenue Code only by limited types of issuers for limited types of projects. As a result, the fund's investments may be focused in certain market segments and be more vulnerable to fluctuations in the values of the securities it holds than a more broadly invested fund. Interest the fund receives might be taxable. You can lose money by investing in the fund.

Credit qualities are shown as a percentage of net assets. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor's, Moody's, and Fitch. Ratings may vary over time. Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.