California Limited Term Municipal Fund - Performance

Share Class

Average Annual Total Returns

A Shares (Incep. 2/19/1987) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTCAX without sales charge1.29%1.53%1.50%1.28%1.97%3.98%
LTCAX with sales charge-0.24%0.00%0.99%0.97%1.82%3.93%
A Shares (Incep. 2/19/1987) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTCAX without sales charge1.50%1.93%1.53%1.36%2.01%4.00%
LTCAX with sales charge-0.03%0.39%1.02%1.05%1.86%3.95%
A Shares without sales charge
(Incep. 2/19/1987)
ICE BofA 1-10 Yr US Muni
1988 7.77% ---
1989 7.52% ---
1990 6.77% ---
1991 7.52% ---
1992 7.53% ---
1993 8.21% ---
1994 -2.13% ---
1995 10.27% ---
1996 4.31% ---
1997 5.84% 7.01%
1998 4.97% 5.99%
1999 0.48% 0.15%
2000 6.26% 8.89%
2001 4.27% 5.34%
2002 6.38% 10.11%
2003 2.54% 4.47%
2004 1.43% 3.20%
2005 1.00% 1.64%
2006 3.21% 3.63%
2007 3.51% 5.05%
2008 0.58% 5.08%
2009 8.45% 6.67%
2010 3.26% 2.96%
2011 6.74% 6.80%
2012 3.44% 2.98%
2013 0.25% 0.17%
2014 3.86% 3.58%
2015 1.66% 2.12%
2016 -0.99% -0.05%
2017 2.05% 2.83%
2018 0.52% 1.69%
2019 3.20% 5.28%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class A Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.93%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.74%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.80%

Morningstar Rating

Overall Morningstar Rating among 36 Muni Single State Short funds, based on risk-adjusted returns for class A shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 36, 33 and 29 funds, as of 9/30/2020.

Lipper Leader as of — Class A Shares

Preservation among 6015 funds
In the California Sh-Intmdt Municipal Debt category
The Fund rated a 5 for the three-, five-, and ten-year periods for Preservation among 6015, 5213 and 3420 funds, respectively.

30-Day Yields With Sales Charge as of — Class A Shares

Annualized Distribution Yield 0.95%
SEC Yield -0.08%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 0.79%, and the SEC yield would have been -0.25%. Unsubsidized yields may appear disproportionate due to the size of net assets and fixed expenses.

Dividends and Capital Gains — Class A Shares

Dividend (paid Oct 31, 2020) $0.01150
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

A Shares with sales charge
36678.71100000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class A Shares

13.75000000

Additional Rating and Ranking Information

Average Annual Total Returns

C Shares (Incep. 9/1/1994) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTCCX without sales charge1.05%1.24%1.22%1.01%1.70%2.97%
LTCCX with sales charge0.55%0.74%1.22%1.01%1.70%2.97%
C Shares (Incep. 9/1/1994) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTCCX without sales charge1.29%1.64%1.25%1.09%1.73%2.99%
LTCCX with sales charge0.79%1.14%1.25%1.09%1.73%2.99%
C Shares without sales charge
(Incep. 9/1/1994)
ICE BofA 1-10 Yr US Muni
1995 9.55% ---
1996 3.89% ---
1997 5.50% 7.01%
1998 4.46% 5.99%
1999 0.07% 0.15%
2000 5.92% 8.89%
2001 3.76% 5.34%
2002 6.00% 10.11%
2003 2.25% 4.47%
2004 1.18% 3.20%
2005 0.75% 1.64%
2006 2.95% 3.63%
2007 3.26% 5.05%
2008 0.32% 5.08%
2009 8.17% 6.67%
2010 2.99% 2.96%
2011 6.46% 6.80%
2012 3.16% 2.98%
2013 -0.02% 0.17%
2014 3.67% 3.58%
2015 1.35% 2.12%
2016 -1.23% -0.05%
2017 1.86% 2.83%
2018 0.18% 1.69%
2019 2.90% 5.28%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class C Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 1.21%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 1.02%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 1.09%

Morningstar Rating

Overall Morningstar Rating among 36 Muni Single State Short funds, based on risk-adjusted returns for class C shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 36, 33 and 29 funds, as of 9/30/2020.

Lipper Leader as of — Class C Shares

Preservation among 6015 funds
In the California Sh-Intmdt Municipal Debt category
The Fund rated a 5 for the three-, five-, and ten-year periods for Preservation among 6015, 5213 and 3420 funds, respectively.

30-Day Yields as of — Class C Shares

Annualized Distribution Yield 0.69%
SEC Yield -0.37%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 0.45%, and the SEC yield would have been -0.60%. Unsubsidized yields may appear disproportionate due to the size of net assets and fixed expenses.

Dividends and Capital Gains — Class C Shares

Dividend (paid Oct 31, 2020) $0.00814
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

C Shares
21497.42110000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class C Shares

13.76000000

Additional Rating and Ranking Information

Average Annual Total Returns

I Shares (Incep. 4/1/1997) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTCIX1.50%1.78%1.76%1.54%2.28%3.44%
I Shares (Incep. 4/1/1997) YTD 1-YR 3-YR 5-YR 10-YR INCEPTION
LTCIX1.76%2.25%1.81%1.65%2.31%3.46%
I Shares (Incep. 4/1/1997) ICE BofA 1-10 Yr US Muni
1998 5.25% 5.99%
1999 0.82% 0.15%
2000 6.71% 8.89%
2001 4.63% 5.34%
2002 6.74% 10.11%
2003 2.89% 4.47%
2004 1.84% 3.20%
2005 1.33% 1.64%
2006 3.54% 3.63%
2007 3.78% 5.05%
2008 0.93% 5.08%
2009 8.80% 6.67%
2010 3.61% 2.96%
2011 7.09% 6.80%
2012 3.78% 2.98%
2013 0.59% 0.17%
2014 4.28% 3.58%
2015 1.91% 2.12%
2016 -0.68% -0.05%
2017 2.42% 2.83%
2018 0.78% 1.69%
2019 3.38% 5.28%

Returns for less than one year are not annualized.
Source: Confluence

Fund Operating Expenses — Class I Shares

Gross Annual Operating Expenses (as reported in the most recent Prospectus) 0.68%
Net Annual Operating Expenses (as reported in the most recent Prospectus) 0.49%
Actual Annualized Operating Expenses (fiscal year to date, as of 9/30/2020) 0.54%

Morningstar Rating

Overall Morningstar Rating among 36 Muni Single State Short funds, based on risk-adjusted returns for class I shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 36, 33 and 29 funds, as of 9/30/2020.

Lipper Leader as of — Class I Shares

Preservation among 6015 funds
In the California Sh-Intmdt Municipal Debt category
The Fund rated a 5 for the three-, five-, and ten-year periods for Preservation among 6015, 5213 and 3420 funds, respectively.

30-Day Yields as of — Class I Shares

Annualized Distribution Yield 1.22%
SEC Yield 0.16%
Without the fee waivers and expense reimbursements described above, the Annualized Distribution yield would have been 1.04%, and the SEC yield would have been -0.02%. Unsubsidized yields may appear disproportionate due to the size of net assets and fixed expenses.

Dividends and Capital Gains — Class I Shares

Dividend (paid Oct 31, 2020) $0.01443
Capital Gains (2018) None Paid

Hypothetical Growth of $10,000 as of

I Shares
22205.86000000
Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Net Asset Value (NAV) History as of — Class I Shares

13.76000000

Additional Rating and Ranking Information
Important Information