California Tax Exempt Income Fund  (PCTEX)

Seeking a high level of tax-free income

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.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $8.21
0.00% | $0.00
$8.30
10/21/16
$7.89
12/01/16
Historical fund price

Fund facts as of 09/30/17

Total net assets
$1,284.35M
Turnover (fiscal year end)
16%
Dividend frequency (view rate)
Monthly
Number of holdings
408
Fiscal year end
September
CUSIP / Fund code
74645A301 / 0015
Inception Date
04/29/83
Category
Tax-free Income
Open to new investors
Ticker
PCTEX

Management team


Portfolio Manager

Portfolio Manager

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.

Literature


Longevity and medical costs – education for the great unknowns
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How the Japan election may influence global interest rates
The Japan election could have consequences for the future leadership of the Bank of Japan and the country's impact on global interest rate trends.

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)


0.48%

Worst 5-year annualized return

(for period ending 12/31/08)


6.33%

Average 5-year annualized return


  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 0.26% 3.18% 3.26% 4.42%
After sales charge -3.75% 1.79% 2.43% 3.99%
Bloomberg Barclays Municipal Bond Index 0.87% 3.19% 3.01% 4.52%

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. To obtain the most recent month-end performance, visit putnam.com. 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 Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income 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, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second 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, R, T1, 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). 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, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses 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 09/30/17 -0.35 % -4.34 %
YTD as of 10/19/17 5.79 % 1.56 %

Yield

Distribution rate before sales charge
as of 10/19/17
2.92%
Distribution rate after sales charge
as of 10/19/17
2.80%
30-day SEC yield as of 09/29/17
(after sales charge)
1.57%

Risk-adjusted performance as of 09/30/17

Sharpe ratio (3 yrs.) 0.87
Information ratio (3 yrs.) -0.02

Volatility as of 09/30/17

Standard deviation (3 yrs.) 3.36%
Beta 1.02
R-squared 0.98

Lipper rankings as of 09/30/17

California Municipal Debt Funds Percentile ranking Rank/Funds in category
1 yr. 38% 44/115
3 yrs. 59% 65/111
5 yrs. 60% 60/100
10 yrs. 48% 40/83

Morningstar ratings as of 09/30/17

Muni California Long Rating Funds in category
Overall (87)
3 yrs. (87)
5 yrs. (77)
10 yrs. (65)

Distributions

Accrual days 29
Accrual start date 09/01/17
Accrual end date 09/29/17
Payable date 09/29/17
Non-taxable income $0.02137083
Extra taxable income $0.0

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 09/30/17

Ca St 06.5000 04/01/2033 1.72%
Golden St Tobacco Sec 05.0000 06/01/2040 1.52%
California St 05.0000 11/01/2047 1.36%
San Diego Transprtn-A 05.0000 04/01/2048 1.32%
Bay Area Toll Auth-F1 05.0000 04/01/2054 1.28%
California St 05.0000 10/01/2044 1.27%
Golden St Tobacco Sec 05.0000 06/01/2045 1.25%
Bay Area Ca Toll Auth 04.0000 04/01/2033 1.19%
Abag Fin Nonprofit 06.2500 08/01/2039 1.19%
Ca Fin Biola Univ 05.8750 10/01/2034 1.04%
Top 10 holdings, percent of portfolio 13.14%

Full portfolio holdings as of 06/30/17

CA ST 06.5000 04/01/2033 1.72%
BAY AREA TOLL AUTH-F1 05.0000 04/01/2054 1.26%
CALIFORNIA ST 05.0000 10/01/2044 1.26%
ABAG FIN NONPROFIT 06.2500 08/01/2039 1.22%
CA ST UNIV-A 05.0000 11/01/2045 1.11%
CA FIN BIOLA UNIV 05.8750 10/01/2034 1.04%
LOS ANGELES ARPT 05.0000 05/15/2040 0.98%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2040 0.97%
CALIFORNIA ST UNIV-A 05.0000 11/01/2037 0.94%
COMMERCE REDEV CABS-1 00.0000 08/01/2021 0.92%
SAN DIEGO WTR AUTH-B 05.0000 05/01/2038 0.92%
CA HLTH-A-ADVENTIST 05.7500 09/01/2039 0.91%
CA ST 05.2500 04/01/2035 0.90%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2045 0.88%
CA CMNTY DEV AUTH-A 05.0000 04/01/2042 0.85%
CA ST 05.7500 04/01/2031 0.85%
CERRITOS CMNTY CLG-A 05.0000 08/01/2039 0.84%
CA MUN FIN-A 05.7500 07/01/2040 0.81%
IMPERIAL IRR-A 05.5000 11/01/2041 0.80%
LA CMNTY CLG-A 06.0000 08/01/2033 0.79%
CA ST PUB WKS-IMPT-G1 05.7500 10/01/2030 0.78%
GOLDEN TOB-A-CABS 00.0000 06/01/2024 0.78%
BAY AREA TOLL AUTH 05.0000 10/01/2054 0.76%
CA DEV FRONT PORCH-A P/P 144A 05.1250 04/01/2037 0.75%
GOLDEN ST TOBACCO SEC 05.0000 06/01/2033 0.75%
METRO WTR WTRWK REG 05.7500 08/10/2018 0.74%
FOOTHILL E TRANSP-A 06.0000 01/15/2053 0.73%
MSR ENERGY 06.5000 11/01/2039 0.67%
SACRAMENTO FING-CAB-A 00.0000 12/01/2023 0.66%
CALIFORNIA-REF 04.0000 08/01/2031 0.64%
CALIFORNIA-REF 05.0000 08/01/2037 0.64%
CA INFRASTRUCTURE-REF 05.0000 02/01/2030 0.63%
COAST CMNTY CLG-A 05.0000 08/01/2038 0.63%
SAN JOAQUIN TRANS-A 05.0000 01/15/2034 0.63%
SAN MATEO CLB CAB-B 00.0000 09/01/2027 0.63%
GOLDEN TOB SR-A-1 05.0000 06/01/2033 0.62%
POWAY USD-IMPT-07-1-A 00.0000 08/01/2029 0.60%
STHRN CA PWR-A 05.0000 07/01/2040 0.60%
CA POLL CNTRL-AMT 05.0000 11/21/2045 0.58%
CALIFORNIA-REF 05.0000 08/01/2036 0.58%
CASTAIC LAKE WTR CAB 00.0000 08/01/2027 0.58%
DE HLTH-VAR-A-CHRISTI 00.7800 10/01/2038 0.57%
SAN DIEGO FACS-REF-A 05.0000 09/01/2026 0.55%
CALIFORNIA ST 04.0000 09/01/2037 0.54%
OK ST TPK-VAR-REF-F 00.7300 01/01/2028 0.54%
SAN DIEGO FACS-REF-A 05.2500 03/01/2025 0.54%
LA DEPT OF APRTS-A 05.0000 05/15/2042 0.53%
CA DEV P/P 144A 07.2500 11/15/2041 0.52%
PICO RIVERA FING AUTH 05.7500 09/01/2039 0.52%
SACRAMENTO FING-CAB-A 00.0000 12/01/2022 0.51%
CA HLTH FIN AUTH-A 05.0000 11/15/2041 0.49%
LONG BCH NAT GAS-A 05.5000 11/15/2028 0.48%
CA UNIV REVENUE-A-REF 05.0000 11/01/2038 0.47%
CA HLTH FAC -CEDARS 05.0000 08/15/2039 0.46%
CA HLTH FACS-B-REF 05.0000 08/15/2035 0.46%
CALIFORNIA STWD CMNTY 05.0000 11/15/2044 0.46%
SAN DIEGO WTR AUTH-B 05.0000 05/01/2036 0.46%
ALAMEDA CO JT PWRS-A 05.0000 12/01/2034 0.45%
CA DEV-A-SUTTER HLTH 06.0000 08/15/2042 0.45%
CA HLTH FACS-B-REF 05.0000 11/15/2046 0.45%
INLAND VLY DEV-A 05.2500 09/01/2037 0.45%
LONG BEACH CA HARBOR 05.0000 05/15/2040 0.45%
LONG BEACH CLG DIST-B 05.0000 08/01/2039 0.45%
LOS ANGELES WTR-D 05.0000 07/01/2044 0.45%
CALIFORNIA CNTY CA TO 05.0000 06/01/2040 0.44%
SAN FRANCISCO-B-AMT 05.0000 05/01/2041 0.44%
CHULA VISTA INDL-D 05.8750 01/01/2034 0.43%
LOS ANGELES DEPT APT 05.0000 05/15/2040 0.43%
NAPA VLY CLG-UNREF-C 00.0000 08/01/2021 0.43%
SAN FRANCISCO CITY & 04.0000 06/15/2036 0.43%
CA ST UNIV REV0A 04.0000 11/01/2031 0.42%
CENTINELA VLY SD-C 04.0000 08/01/2034 0.42%
LOS ANGELES HARBOR 07.6000 10/01/2018 0.42%
CA EDL-CA LTHRN UNIV 05.7500 10/01/2038 0.41%
CA ST UNIV-A 05.0000 11/01/2035 0.41%
SACRAMENTO ARPT-SR-A 05.0000 07/01/2026 0.41%
SAN FRAN ARPTS COMMN 05.0000 05/01/2040 0.41%
SAN FRANCISCO CITY & 04.0000 11/01/2039 0.41%
MURRAY CITY HSP-IHC-C 00.7500 05/15/2036 0.39%
S CALIF TOB-A1-SNR 05.1250 06/01/2046 0.39%
CA DEV-AMERN BAPTIST P/P 144A 06.2500 10/01/2039 0.38%
CA PUB WKS REF PRISON 05.0000 12/01/2019 0.38%
CA WTR POLL-SAN JOSE 05.1000 06/01/2040 0.38%
LOS ANGELES ARPTS-A 05.0000 05/15/2029 0.38%
SAN FRAN ARPTS COMMN 05.0000 05/01/2040 0.38%
CALIFORNIA ST 05.0000 11/01/2043 0.37%
GROSSMONT ETC CCD-A 05.2500 08/01/2038 0.37%
SAN DIEGO WTR AUTH-B 05.0000 05/01/2035 0.37%
CA FIN-A-UNIV LA VERN 06.2500 06/01/2040 0.36%
OAKLAND USD-A 05.0000 08/01/2040 0.36%
S WSTRN CMNTY CLG-D 05.0000 08/01/2044 0.36%
SAN FRANCISCO ARPT-A 05.2500 05/01/2033 0.36%
ALAMEDA TRANS-A-PRERF 00.0000 10/01/2019 0.35%
CA HLTH FACS-A-REF 05.0000 08/15/2042 0.35%
CA INFRASTRUCTURE-A 05.0000 10/01/2031 0.35%
CA POLL CTL AUTH P/P 144A 05.2500 08/01/2040 0.35%
LOS ANGELES DEPT AIRP 05.0000 05/15/2041 0.35%
OAKLAND USD 06.1250 08/01/2029 0.35%
COAST CMNTY CLG REF 00.0000 08/01/2021 0.33%
LA USD-SER D 05.0000 01/01/2034 0.33%
SACRAMENTO ARPT-SR-A 05.0000 07/01/2025 0.33%
CA FLTG-A2-RMKT-12/01 00.3800 05/01/2033 0.32%
CA STWD DEV INTERNEXT 05.3750 04/01/2030 0.32%
HARRIS CULT ED VAR-C1 00.7800 12/01/2024 0.31%
MERCED SD-ELEC 2014 05.0000 08/01/2045 0.31%
MO H/E VAR-WA UNIV-C 00.7600 09/01/2030 0.31%
SAN JOSE 05.0000 08/01/2032 0.31%
CA DEV-A 05.5000 07/01/2030 0.30%
CA MUNI FIN AUTH-A 05.0000 02/01/2042 0.30%
MS BUS FIN-VAR-E-CHEV 00.7700 12/01/2030 0.30%
ROCKLIN CFD 1 SPLTAX 05.0000 09/01/2035 0.30%
SAN FRANCISCO CITY & 04.0000 06/15/2033 0.30%
LOS ANGELES IMPT-B 04.0000 11/01/2033 0.29%
ORANGE CNTY CA SANTN 05.0000 02/01/2037 0.29%
SAN FRANCISCO ARPT-B 05.0000 05/01/2043 0.29%
SANTALUZ FACS DIST2 05.2500 09/01/2027 0.29%
CLOVIS USD-D 05.0000 08/01/2037 0.28%
SAN DIEGO PUB FACS-B 05.0000 08/01/2037 0.28%
ABAG FIN AUTH-A 05.0000 04/01/2032 0.27%
ANAHEIM FING-A-ELEC 05.3750 10/01/2036 0.27%
CA DEV-A 05.0000 10/01/2022 0.27%
CA ST CMNTY DEV-EPISC 05.0000 05/15/2042 0.27%
CALIFORNIA HLTH FA 05.0000 11/15/2037 0.27%
LA CO PUB WRKS-D 05.0000 12/01/2045 0.27%
ROSEVILLE FIN AUTH 05.0000 02/01/2028 0.27%
SACRAMENTO MUD-B-REF 05.0000 08/15/2031 0.27%
SAN DIEGO SD-CABS-C 00.0000 07/01/2044 0.27%
STHRN CA 05.2500 11/01/2024 0.27%
CA FIN AUTH SR LIV-A 06.1250 05/15/2039 0.26%
CA INFRA-VAR-RF-A-LOS 00.4500 09/01/2037 0.26%
CHILDRENS TR FD-ASSET 05.6250 05/15/2043 0.26%
CA EDL FACS-LOYOLA 05.1250 10/01/2040 0.25%
CA STWD CMNTY-REF 05.0000 08/15/2038 0.25%
ESTRN MUNI WTR-A-REF 05.0000 07/01/2045 0.25%
MODESTO IRR-A 05.0000 10/01/2040 0.25%
TRACY OPER PTRSHP-REF 06.2500 10/01/2033 0.25%
UNIV OF CA REGENTS 05.0000 05/15/2035 0.25%
UNIV OF CALIFORNIA 04.0000 05/15/2046 0.25%
MA VAR-CONS LN-SER A 00.6500 03/01/2026 0.24%
ANAHEIM CA PUBLIC FIN 05.0000 05/01/2046 0.22%
CA EDUCTNL FACS-REF 05.0000 04/01/2045 0.22%
CA MUN FIN-VAR-REF 01.0500 09/01/2021 0.22%
CA PUB WKS-B-RIVERSID 06.0000 04/01/2026 0.22%
CA STWD CMNTY DEV 05.0000 10/01/2045 0.22%
CHULA VISTA INDL-C 05.8750 02/15/2034 0.22%
IRVINE USD CFD 01-1 05.0000 09/01/2038 0.22%
JURUPA FIN AUTH-A-REF 05.0000 09/01/2032 0.22%
LOS ANGELES CCD-G 04.0000 08/01/2034 0.22%
LOS ANGELES WSTWTR-C 05.0000 06/01/2045 0.22%
REDWOOD REDEV-CABS-2A 00.0000 07/15/2022 0.22%
SANTEE CDC-A-REF 05.0000 08/01/2030 0.22%
SANTEE CDC-A-REF 05.0000 08/01/2031 0.22%
STOCKTON FING-A-REMK 06.2500 10/01/2038 0.22%
ABAG FIN AUTH 05.0000 01/01/2033 0.21%
CA EDL-CHAPMAN UNIV 05.0000 04/01/2031 0.21%
CALIFORNIA ST UNIV-A 05.0000 11/01/2038 0.21%
GUAM WATERWORKS AUTH 05.6250 07/01/2040 0.21%
SAN BERNARDINO-REF 05.0000 09/01/2033 0.21%
SUNNYVALE-FACS DIST 1 07.6500 08/01/2021 0.21%
SWEETWATER SD-REF 05.0000 08/01/2035 0.21%
CHULA VISTA FING-REF 05.5000 09/01/2029 0.20%
IRVINE SPL TAX 04.0000 09/01/2041 0.20%
REDDING ELEC REG LKD 06.3680 07/01/2022 0.20%
SAN DIEGO CLG-REF 04.0000 08/01/2041 0.20%
YUCAIPA SPL TAX-REF 05.3750 09/01/2030 0.20%
CA POLL FING AUTH 04.7500 11/01/2046 0.19%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2027 0.19%
OAKLAND-A-REF 05.0000 01/15/2035 0.19%
ORANGE CO WTR DT-A 04.0000 08/15/2041 0.19%
PERALTA CLG-A-REF 05.0000 08/01/2032 0.19%
SAN DIEGO PUB FACS 05.0000 10/15/2027 0.19%
ABAG-REF 06.1250 07/01/2041 0.18%
CA STATEWIDE CMNTY 05.0000 05/15/2040 0.18%
CALIFORNIA 05.0000 04/01/2037 0.18%
CALIFORNIA ED FAC AUT 05.0000 10/01/2049 0.18%
CALIFORNIA EDU FACS 05.0000 12/01/2044 0.18%
GARDEN GROVE USD-C 05.0000 08/01/2032 0.18%
HAYWARD CA USD-REF 05.0000 08/01/2038 0.18%
LA HARBOR DEPT-C-REF 04.0000 08/01/2039 0.18%
LONG BEACH HARBOR-B 05.0000 05/15/2043 0.18%
LOS ANGELES ARPTS-B 05.0000 05/15/2035 0.18%
LOS ANGELES USD-A 05.0000 07/01/2040 0.18%
MERCED UHSD-REF-CABS 00.0000 08/01/2044 0.18%
MT SAN ANTONIO CCD-A 05.0000 08/01/2034 0.18%
SAN DIEGO CO APRT-B 05.0000 07/01/2038 0.18%
SANTEE CDC-A-REF 05.0000 08/01/2032 0.18%
TRACY OPER PTRSHP-REF 06.3750 10/01/2038 0.18%
TUSTIN CMNTY FACS-A 05.0000 09/01/2037 0.18%
TWIN RIVERS USD-A 05.0000 08/01/2040 0.18%
UNIV CA RGTS-L-REF 05.0000 05/15/2041 0.18%
CA PUB WORKS-I 05.0000 11/01/2038 0.17%
HARTNELL CCDA-CABS 00.0000 08/01/2036 0.17%
UNION ELEM SD-A 05.0000 09/01/2044 0.17%
ALAMEDA CORRIDOR-B 05.0000 10/01/2037 0.16%
CA DEV SUTTER HLTH-B 05.2500 11/15/2048 0.16%
CA INFRA ECON DEV-F 01.7500 11/01/2026 0.16%
CA MUNI FIN AUTH-A 05.0000 02/01/2036 0.16%
CA SCH FIN AUTH-A 05.0000 07/01/2031 0.16%
CA STWD TOB-B-ASSET 05.6250 05/01/2029 0.16%
CARLSBAD USD 00.0000 11/01/2021 0.16%
PORT OAKLAND-P-AMT 05.0000 05/01/2033 0.16%
S CALIF TOB-A1-SNR 05.0000 06/01/2037 0.16%
MODESTO IRR DIST-A 05.0000 07/01/2031 0.15%
ORANGE CO FACS DIST-A 05.0000 08/15/2033 0.15%
ROSEVILLE FIN-REF 05.0000 02/01/2034 0.15%
SACRAMENTO TRAN-UNREF 05.0000 03/01/2042 0.15%
SAN FRANCISCO REDEV-A 05.0000 08/01/2043 0.15%
VENTURA CNTY COPS-III 05.7500 08/15/2028 0.15%
CA ST HLTH FACS-A-REF 05.0000 10/01/2030 0.14%
CA STWD CMNTY-REF 05.0000 08/15/2035 0.14%
CALIFORNIA ED FAC AUT 05.0000 10/01/2041 0.14%
CORONA-NORCO USD-REF 05.0000 09/01/2028 0.14%
GARDEN GROVE USD-C 05.0000 08/01/2031 0.14%
IMPERIAL IRR DT-C-REF 05.0000 11/01/2037 0.14%
LOS ANGELES WTR/PWR-B 05.0000 07/01/2043 0.14%
MERCED UHSD-REF-CABS 00.0000 08/01/2039 0.14%
OAKLAND CA UNIF SCH D 05.0000 08/01/2038 0.14%
SACRAMENTO MUD-Y 05.0000 08/15/2032 0.14%
SAN BERNARDINO CCD-D 05.0000 08/01/2045 0.14%
SAN DIEGO CLG-REF 05.0000 08/01/2041 0.14%
SANTA CLARA VLY WTR-A 05.0000 06/01/2046 0.14%
UNIV CA-PREREF-O 05.2500 05/15/2039 0.14%
ABAG FIN AUTH-A-REF 05.0000 09/02/2030 0.13%
CA PUBLIC WORKS BD -B 05.0000 10/01/2039 0.13%
CA ST HLTH FACS-A 05.0000 11/15/2040 0.13%
CALIFORNIA SCH FIN AU 05.0000 07/01/2045 0.13%
CALIFORNIA ST-VARIOUS 05.0000 12/01/2043 0.13%
IMPERIAL IRR DT-C-REF 05.0000 11/01/2036 0.13%
KAWEAH CA DELTA HLTH 05.0000 06/01/2040 0.13%
LOS ANGELES FACS-REF 05.0000 09/01/2029 0.13%
LOS ANGELES FACS-REF 05.0000 09/01/2030 0.13%
LOS ANGELES FACS-REF 05.0000 09/01/2031 0.13%
N NATOMAS CMNTY FAC-E 05.2500 09/01/2033 0.13%
ROSEVILLE FIN-REF 05.0000 02/01/2033 0.13%
SAN DIEGO FACS-REF-A 05.2500 09/01/2035 0.13%
SANTALUZ FACS DIST2 05.2500 09/01/2026 0.13%
STHRN CA 05.2500 11/01/2021 0.13%
VENTURA CNTY COPS-III 05.7500 08/15/2029 0.13%
CA EDUCTNL FACS AUTH 05.2500 06/01/2030 0.12%
CA SCH FIN AUTH-C P/P 144A 05.0000 07/01/2031 0.12%
CA STWD CMNTYS-A-REF 05.0000 08/15/2046 0.12%
EL DORADO IRRIGATION 04.0000 03/01/2034 0.12%
HARTNELL CCDA-CABS 00.0000 08/01/2037 0.12%
LOS ANGELES DEPT AIRP 05.0000 05/15/2036 0.12%
MODESTO IRR DIST 05.0000 10/01/2032 0.12%
NAPA VLY CLG-PREREF-C 00.0000 08/01/2021 0.12%
PICO RIVERA FING AUTH 05.2500 09/01/2030 0.12%
SACRAMENTO ARPT-SR-A 05.0000 07/01/2028 0.12%
SAN FRANCISCO -A-REF 05.0000 08/01/2041 0.12%
SAN MARCOS SD-B 00.0000 08/01/2051 0.12%
STOCKTON FING-A-REMK 06.2500 10/01/2040 0.12%
SW CMNTY CLG-C-CAB 00.0000 08/01/2046 0.12%
CA EDL FACS UNIV PACI 05.2500 11/01/2029 0.11%
CA INFRA ECO DEV BANK 05.0000 05/01/2028 0.11%
CA INFRA ECO DEV BANK 05.0000 05/01/2030 0.11%
CA SCH FIN AUTH-A 05.0000 07/01/2036 0.11%
CA ST MUNI FIN AUTH 05.0000 06/01/2035 0.11%
CA ST MUNI FIN AUTH 05.0000 10/01/2036 0.11%
CONTRA CSTA MTG 9/17 00.0000 09/01/2017 0.11%
LONG BEACH FIN-REF 05.0000 11/01/2029 0.11%
LOS ANGELES ARPTS-B 05.0000 05/15/2031 0.11%
LOS ANGELES USD-B 05.0000 10/01/2030 0.11%
RIPON REDEV PJ-REF 04.7500 11/01/2036 0.11%
ROSEVILLE SPL TAX-REF 05.0000 09/01/2037 0.11%
SAN DIEGO SWR-RF-SR-A 05.2500 05/15/2029 0.11%
SAN FRANCISCO REDEV-D 06.6250 08/01/2039 0.11%
CA CMNTYS DEV-A 05.0000 10/01/2043 0.10%
CA ST MUNI FIN AUTH 05.0000 10/01/2034 0.10%
CORONA-NORCO SD-A 05.0000 09/01/2032 0.10%
FOLSOM ETC SD 1 CAB 00.0000 10/01/2025 0.10%
GOLDEN ST TOBACCO-A-1 05.0000 06/01/2026 0.10%
LAS VIRGENES SD-CAB 00.0000 11/01/2023 0.10%
LOS ANGELES USD-B 05.0000 10/01/2031 0.10%
ORANGE TRANSPRTN-REF 05.0000 08/15/2029 0.10%
POWAY USD PUB FING 05.0000 09/15/2028 0.10%
RANCHO CORDOVA-REF 05.0000 09/01/2032 0.10%
RIVERSIDE PUB FIN-A 04.0000 10/01/2040 0.10%
S ORANGE FING-A-REF 05.0000 08/15/2030 0.10%
S WSTRN CMNTY CLG-D 00.0000 08/01/2037 0.10%
SAN FRAN REDEV-B 05.0000 08/01/2043 0.10%
SAN FRANCISCO REDEV-A 05.0000 08/01/2031 0.10%
ABAG FIN AUTH-A 05.0000 04/01/2042 0.09%
ANAHEIM CA PUBLIC FIN 05.0000 05/01/2039 0.09%
CA EDU FACS AUTH-REF 05.0000 09/01/2045 0.09%
CA EDU FACS AUTH-REF 05.0000 10/01/2034 0.09%
CA EDUCTNL-UNREF 05.5000 11/01/2039 0.09%
CA HLTH-A2-STANFORD 05.2500 11/15/2040 0.09%
CA INFRA ECO DEV BANK 05.0000 05/01/2031 0.09%
CA MUNI FIN AUTH-A 05.0000 02/01/2037 0.09%
CA MUNI FIN-A-SENIOR 05.0000 08/15/2030 0.09%
CA MUNI FIN-EMERSON 05.7500 01/01/2033 0.09%
CA MUNI FIN-EMERSON 06.0000 01/01/2042 0.09%
CA SCH FIN AUTH-A 05.1250 07/01/2044 0.09%
CA ST EDU FACS AUTH-A 05.0000 10/01/2035 0.09%
CA ST HLTH FACS-A 05.0000 11/15/2032 0.09%
CA ST MUNI FIN AUTH 05.0000 10/01/2039 0.09%
CA STWD CMNTYS-A-REF 05.0000 08/15/2051 0.09%
CALIFORNIA HLTH FA 05.0000 11/15/2038 0.09%
CALIFORNIA PUBLIC FIN 05.0000 10/15/2037 0.09%
CALIFORNIA ST INFRAST 05.0000 11/01/2041 0.09%
COAST CMNTY CLG REF 00.0000 08/01/2022 0.09%
DESERT CCD-REF 05.0000 08/01/2036 0.09%
FONTANA SPL TAX-REF 05.0000 09/01/2034 0.09%
FULLERTON CMNTY FAC 1 05.0000 09/01/2032 0.09%
GARDEN GROVE USD-C 05.0000 08/01/2030 0.09%
GUAM PWR AUTH-A-REF 05.0000 10/01/2030 0.09%
IMPERIAL IRR-A 06.2500 11/01/2031 0.09%
IRVINE IMPT BOND ACT 05.0000 09/02/2023 0.09%
IRVINE USD SPL TAX-B 05.0000 09/01/2042 0.09%
IRVINE USD SPL TAX-C 05.0000 09/01/2047 0.09%
LA CNTY FIN AUTH-A 05.0000 12/01/2044 0.09%
LAKE ELSINORE FING-C 05.0000 09/01/2031 0.09%
LAKE ELSINORE FING-C 05.0000 09/01/2033 0.09%
LONG BEACH CA MARINA 05.0000 05/15/2040 0.09%
LONG BEACH FIN-REF 05.0000 11/01/2030 0.09%
LOS ANGELES ARPTS-B 05.0000 05/15/2032 0.09%
MURRIETA PUB FING-REF 05.0000 09/01/2026 0.09%
MURRIETA VY USD-CABS 00.0000 09/01/2031 0.09%
NTHRN CA PWR-REF-A 05.0000 07/01/2030 0.09%
OAKLAND USD-A 05.0000 08/01/2035 0.09%
OAKLAND USD-REF 05.0000 08/01/2031 0.09%
ORANGE CO FACS DIST-A 05.0000 08/15/2032 0.09%
PERALTA CLG-A-REF 05.0000 08/01/2034 0.09%
PICO RIVERA FING AUTH 05.2500 09/01/2032 0.09%
PICO RIVERA FING AUTH 05.5000 09/01/2031 0.09%
PORT OAKLAND-P-AMT 05.0000 05/01/2031 0.09%
ROSEVILLE SPL TAX-REF 05.0000 09/01/2033 0.09%
S ORANGE FING-A-REF 05.0000 08/15/2032 0.09%
SAN DIEGO FACS-REF-A 05.2500 03/01/2040 0.09%
SAN FRAN REDEVE-C 05.0000 08/01/2041 0.09%
STOCKTON USD-A 05.0000 08/01/2038 0.09%
BAY AREA TOLL AUTH-B 01.5000 04/01/2047 0.08%
CA DEV-AMERN BAPTIST P/P 144A 05.7500 10/01/2025 0.08%
CA ST HLTH FACS-A-REF 04.0000 10/01/2035 0.08%
CA STWD CMNTYS DEV-A 05.3750 11/01/2049 0.08%
EMERYVILLE REDEV-A 05.0000 09/01/2030 0.08%
FONTANA SPL TAX-REF 05.0000 09/01/2031 0.08%
IRVINE SPL TAX 05.0000 09/01/2039 0.08%
PALM DESERT REDEV-A 05.0000 10/01/2029 0.08%
ROHNERT PARK DEV-CAB 00.0000 08/01/2025 0.08%
SAN DIEGO CMNTY FACS 05.0000 09/01/2036 0.08%
SAN DIEGO FACS-B-SOUT 05.1250 10/01/2022 0.08%
SAUGUS USD CAB-REF 00.0000 08/01/2024 0.08%
ABAG FIN AUTH-A-REF 05.0000 09/02/2033 0.07%
CA EDU FACS AUTH-A 05.0000 10/01/2036 0.07%
CA INFRA ECO DEV BANK 05.0000 05/01/2029 0.07%
CA ST HLTH FACS-A-REF 05.0000 10/01/2029 0.07%
CHULA VISTA FING-REF 05.5000 09/01/2030 0.07%
MODESTO IRR DIST 05.0000 10/01/2031 0.07%
MODESTO IRR DIST-A 05.0000 07/01/2032 0.07%
RIVERSIDE TRANS-A 05.7500 06/01/2044 0.07%
STOCKTON FING-A-REMK 06.1250 10/01/2035 0.07%
ABAG FIN AUTH-A-REF 05.0000 07/01/2042 0.06%
IRVINE IMPT BOND ACT 05.0000 09/02/2029 0.06%
LONG BEACH CLG DIST-B 00.0000 08/01/2034 0.06%
NTHRN CA PWR-REF-A 05.0000 07/01/2032 0.06%
PALM DESERT REDEV-A 05.0000 10/01/2027 0.06%
CA EDU FACS AUTH-REF 05.0000 10/01/2035 0.05%
CA EDU FACS AUTH-REF 05.0000 10/01/2038 0.05%
CA ST CMNTY DEV-EPISC 05.0000 05/15/2032 0.05%
CALIFORNIA HLTH FA 05.0000 11/15/2036 0.05%
CORONA-NORCO SD-A 05.0000 09/01/2035 0.05%
EMERYVILLE REDEV-A 05.0000 09/01/2031 0.05%
EMERYVILLE REDEV-A 05.0000 09/01/2034 0.05%
GARDEN GROVE USD-C 05.0000 08/01/2029 0.05%
INGLEWOOD REDEV-A-REF 05.0000 05/01/2034 0.05%
JURUPA FIN AUTH-A-REF 05.0000 09/01/2033 0.05%
LA VERNE-COPS 05.0000 05/15/2029 0.05%
MODESTO IRR DIST 05.0000 10/01/2034 0.05%
ROSEVILLE FIN-REF 05.0000 02/01/2032 0.05%
SACRAMENTO MUD-Y 05.0000 08/15/2031 0.05%
SAN DIEGO PUB FACS-A 05.0000 10/15/2035 0.05%
STOCKTON FING AUTH-A 04.0000 09/02/2027 0.05%
ABAG FIN AUTH-A-REF 05.0000 09/02/2034 0.04%
ALAMEDA CORRIDOR-B 05.0000 10/01/2037 0.04%
CA EDU FACS AUTH-A 05.0000 10/01/2037 0.04%
CA EDU FACS AUTH-A 05.0000 10/01/2038 0.04%
CA EDU FACS AUTH-REF 05.0000 10/01/2045 0.04%
CA EDU FACS AUTH-REF 05.0000 11/01/2036 0.04%
CA ST MUNI FIN AUTH 05.0000 10/01/2037 0.04%
EMERYVILLE REDEV-A 05.0000 09/01/2032 0.04%
HARTNELL CCDA-CABS 00.0000 08/01/2035 0.04%
LONG BEACH USD-CABS 00.0000 08/01/2037 0.04%
POWAY USD PUB FING 05.0000 09/15/2032 0.04%
RANCHO CORDOVA CFD 04.0000 09/01/2027 0.04%
SACRAMENTO MUD-PRERF 05.0000 08/15/2028 0.04%
SANTALUZ FACS DIST2 05.1000 09/01/2030 0.04%
ABAG FIN AUTH-A-REF 05.0000 09/02/2032 0.03%
ALAMEDA TRANS-A-UNREF 00.0000 10/01/2019 0.03%
CA DEV FAC 1-ZONE 1B 00.0000 09/01/2020 0.03%
CA MUNI FIN AUTH-A 05.0000 07/01/2042 0.03%
CALIFORNIA ST INFRAST 05.0000 02/01/2029 0.03%
CALIFORNIA STWD CMNTY 05.0000 07/01/2041 0.03%
EMERYVILLE REDEV-A 05.0000 09/01/2033 0.03%
IMPERIAL IRR DT-REF 05.1250 11/01/2038 0.03%
IRVINE USD SPL TAX-A 05.0000 09/01/2042 0.03%
LONG BEACH CLG DIST-B 00.0000 08/01/2033 0.03%
PALM DESERT REDEV-A 05.0000 10/01/2030 0.03%
ROSEVILLE FIN-A-REF 05.0000 02/01/2032 0.03%
AZ HLTH-VAR-B 00.8800 07/01/2035 0.02%
CA ED FACS-A 00.0000 10/01/2028 0.02%
CA FIN BIOLA UNIV 05.8000 10/01/2028 0.02%
CA STWD CMNTYS DEV-A 05.2500 11/01/2044 0.02%
CALIFORNIA ST INFRAST 05.0000 02/01/2030 0.02%
CALIFORNIA ST INFRAST 05.0000 02/01/2031 0.02%
CORONA-NORCO SD-A 05.0000 09/01/2028 0.02%
INGLEWOOD REDEV-A-REF 05.0000 05/01/2038 0.02%
IRVINE USD SPL TAX-A 05.0000 09/01/2047 0.02%
ROSEVILLE FIN-A-REF 05.0000 02/01/2033 0.02%
ROSEVILLE FIN-A-REF 05.0000 02/01/2034 0.02%
CA EDL FACS AUTH-PRE 05.5000 11/01/2039 0.01%
CA EDUCTNL-PREREF 05.5000 11/01/2039 0.01%
CA HLTH-PRERF-PROVIDE 06.5000 10/01/2038 0.01%
ROSEVILLE FIN-A-REF 05.0000 02/01/2028 0.01%
ROSEVILLE FIN-A-REF 05.0000 02/01/2029 0.01%
ROSEVILLE FIN-A-REF 05.0000 02/01/2030 0.01%
NAPA VY CLG-C-ELECTIO 00.0000 08/01/2022 0.00%

Prior top 10 holdings

Top 10 holdings as of 09/30/17
Ca St 06.5000 04/01/2033
Golden St Tobacco Sec 05.0000 06/01/2040
California St 05.0000 11/01/2047
San Diego Transprtn-A 05.0000 04/01/2048
Bay Area Toll Auth-F1 05.0000 04/01/2054
California St 05.0000 10/01/2044
Golden St Tobacco Sec 05.0000 06/01/2045
Bay Area Ca Toll Auth 04.0000 04/01/2033
Abag Fin Nonprofit 06.2500 08/01/2039
Ca Fin Biola Univ 05.8750 10/01/2034
Holdings represent 13.14% of portfolio
Top 10 holdings as of 08/31/17
Ca St 06.5000 04/01/2033
Golden St Tobacco Sec 05.0000 06/01/2040
California St 05.0000 11/01/2047
California St 05.0000 10/01/2044
Bay Area Toll Auth-F1 05.0000 04/01/2054
Abag Fin Nonprofit 06.2500 08/01/2039
Bay Area Ca Toll Auth 04.0000 04/01/2033
Ca Fin Biola Univ 05.8750 10/01/2034
Los Angeles Arpt 05.0000 05/15/2040
California St Univ-A 05.0000 11/01/2037
Holdings represent 12.53% of portfolio
Top 10 holdings as of 07/31/17
Ca St 06.5000 04/01/2033
Bay Area Toll Auth-F1 05.0000 04/01/2054
California St 05.0000 10/01/2044
Abag Fin Nonprofit 06.2500 08/01/2039
Ca St Univ-A 05.0000 11/01/2045
Ca Fin Biola Univ 05.8750 10/01/2034
Los Angeles Arpt 05.0000 05/15/2040
Golden St Tobacco Sec 05.0000 06/01/2040
California St Univ-A 05.0000 11/01/2037
San Diego Wtr Auth-B 05.0000 05/01/2038
Holdings represent 11.49% of portfolio
Top 10 holdings as of 06/30/17
Ca St 06.5000 04/01/2033
Bay Area Toll Auth-F1 05.0000 04/01/2054
California St 05.0000 10/01/2044
Abag Fin Nonprofit 06.2500 08/01/2039
Ca St Univ-A 05.0000 11/01/2045
Ca Fin Biola Univ 05.8750 10/01/2034
Los Angeles Arpt 05.0000 05/15/2040
Golden St Tobacco Sec 05.0000 06/01/2040
California St Univ-A 05.0000 11/01/2037
Commerce Redev Cabs-1 00.0000 08/01/2021
Holdings represent 11.42% of portfolio

Portfolio composition as of 09/30/17

Municipal bonds and notes 97.29%
Cash and net other assets 2.71%

Fixed income statistics as of 09/30/17

Average stated maturity 19.84 yrs.
Average effective maturity 6.20 yrs.
Option adjusted duration 7.69 yrs.
Duration to worst 5.11 yrs.
Average yield to maturity 3.57%
Average coupon 4.61%
Average price $109.13
AMT exposure 3.28%

Quality rating as of 09/30/17

AAA 7.24%
AA 53.90%
A 19.65%
BBB 11.03%
BB 0.42%
B 1.01%
Not Rated 4.04%
Cash and net other assets 2.71%

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Single-state investments are at risk of common economic forces and other factors affecting a state's tax-exempt investments. This may result in greater losses and volatility. 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 greater for longer-term bonds, and credit risk is 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. Short-term cash bonds are included in the cash and net other assets category. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the cash and net other assets category. Cash is also shown in the cash and net other assets category. The fund itself has not been rated by an independent rating agency.

Top Industry Sectors as of 09/30/17

Local Debt 15.11%
State Debt 13.63%
Utilities 13.00%
Transportation 11.71%
Prerefunded 10.38%
Health care 9.80%
Land 9.13%
Education 7.71%
Cash and net other assets 2.71%
 
Other
6.82%
Tobacco 2.33%
Financials 1.57%
Special Tax 1.32%
Other 1.29%
Industrials 0.22%
Housing 0.09%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.


Expenses

Expense ratio

Class A Class B Class C Class M Class Y
Total expense ratio 0.73% 1.36% 1.51% 1.01% 0.51%
What you pay 0.73% 1.36% 1.51% 1.01% 0.51%

Sales charge

Investment Breakpoint Class A Class B Class C Class M 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 Y
0 to 9 mts. 1.00% 5.00% 1.00% -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- --
2 yrs. -- 4.00% 0.00% -- --
3 yrs. -- 3.00% 0.00% -- --
4 yrs. -- 3.00% 0.00% -- --
5 yrs. -- 2.00% 0.00% -- --
6 yrs. -- 1.00% 0.00% -- --
7+ yrs. -- 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: Bond prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. Single-state investments are at risk of common economic forces and other factors affecting a state's tax-exempt investments. This may result in greater losses and volatility. 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 greater for longer-term bonds, and credit risk is 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. Short-term cash bonds are included in the cash and net other assets category. Ratings and portfolio credit quality will vary over time. Derivative instruments, including currency forwards, are only included to the extent of any unrealized gain or loss on such instruments and are shown in the cash and net other assets category. Cash is also shown in the cash and net other assets category. The fund itself has not been rated by an independent rating agency.