Net Asset Value (NAV) as of 05-17-2013 – Share Class A
NAV	$11.73
$ Change	$-0.01
% Change	-0.09%

Cumulative & Annualized Total Returns 1 – Share Class A
					Annualized Total Returns
Performance Type		Last 3 Months		Year To Date		1-Year		3-Year		5-Year		10-Year		Since Inception
NAV as of 04-30-2013		1.09%		1.98%		7.32%		7.35%		6.28%		4.96%		6.35%
POP as of 04-30-2013		-3.44%		-2.62%		2.54%		5.70%		5.29%		4.48%		6.15%
POP as of 03-31-2013		-3.71%		-3.71%		2.66%		5.81%		5.28%		4.46%		6.13%
Figures quoted represent past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Public offering price (POP) is the price of one share of a fund including any sales charges. Net asset value (NAV) is the value of one share of the fund excluding any sales charges. Had sales charges been included, performance would be lower. Returns for periods of less than one year are not annualized. For Class A shares, the maximum front-end sales charge is 4.50%. Performance including sales charge assumes the sales charge for the corresponding time period. A portion of the Fund's income may be subject to federal, state and/or local income taxes or the alternative minimum tax (AMT).

Expenses – Share Class A
Net Expense Ratio effective since 11-01-2012	0.75%
Gross Expense Ratio	0.82%
The adviser has committed, through 10-31-2013, to waive fees and/or reimburse expenses to maintain the Fund's contractual expense cap at 0.75%, excluding acquired fund fees and certain other expenses. Without these reductions, the Fund's returns would have been lower, and the rankings and ratings may have been lower.

Commissions & Breakpoints  (Excludes no-load share classes.) Click here to view

Morningstar Rating 2 – Share Class A		Lipper Total Return Rankings – Share Class A
Based on risk-adjusted returns as of 04-30-2013 Category Muni California Long Overall (out of 134 funds) 3-Year (out of 134 funds) 5-Year (out of 128 funds) 10-Year (out of 107 funds) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) ratings.		as of 04-30-2013 Category Lipper California Municipal Debt Funds 1 - Year 39 out of 115 3 - Year 40 out of 112 5 - Year 34 out of 106 10 - Year 19 out of 86 Lipper rankings do not include the effects of sales charges. Past performance is no guarantee of future results.

Benchmark Returns3,4 as of 04-30-2013
						Average Annual Total Returns
Performance Type		Last 3 Months		Year To Date		1-Year		3-Year		5-Year		10-Year
Lipper California Municipal Debt Funds Average		1.07%		1.82%		7.16%		7.27%		6.00%		4.59%
Barclays Municipal Bond Index		0.96%		1.39%		5.19%		6.18%		6.09%		5.05%

Calendar Year Returns1 – Share Class A

Does not include sales charges, and assumes reinvestment of dividends and capital gains.

Fund Yield Summary 5,6,7 as of 05-17-2013 – Share Class A

7-Day

7-Day Current

7-Day

30-Day

30-Day

Daily Factor

1-Day

Current

Unsubsidized

Effective

Current

Effective

0.00311803

3.23%

3.22%

3.15%

3.27%

3.29%

3.34%

Taxable Equivalent Yield by Federal Tax Rate as of 04-30-2013 – Share Class A
10.0%	15.0%	25.0%	28.0%	33.0%	35.0%	39.6%
2.21%	2.65%	2.65%	2.76%	2.97%	3.06%	3.29%

Fund Distribution 8 as of 04-30-2013 – Share Class A
30-day SEC Yield		30-Day Taxable Equivalent Yield
1.99%		3.06%
View the 30-day unsubsidized SEC yields

1 Class A shares incepted on 10-6-88. Class B shares incepted on 12-15-97. Class C shares incepted on 7-1-93. Performance shown prior to the inception of Class B reflects the performance of the Class A shares, adjusted to reflect Class B sales charges and expenses. Performance shown prior to the inception of Class C reflects the performance of the Class A shares, adjusted to reflect Class C sales charges and expenses.

2 For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Past performance is no guarantee of future results.

3 The Lipper California Municipal Debt Funds Average is an average of funds that limit their assets to those securities that are exempt from federal income tax and California personal tax. The total return of the Lipper Average does not include the effect of sales charges. You cannot invest directly in a Lipper Average.

4 The Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

5 The daily factor is the interest factor that generates the dividend on a daily basis.

6 The 7-day current yield is an annualized net yield that describes the annualized income earned over a 7-day period. The 30-day current yield is an annualized net yield that describes the annualized income earned over a 30-day period. The current yield calculations assume that the income earned on the principal is not reinvested in the fund. The 7-day effective yield is annualized net yield that describes the amount one is expected to earn over a 1-year period assuming that dividends are reinvested at the average rate of the last 7-days. The 30-day effective yield is an annualized yield that describes the amount that would be earned over a 1-year period if dividends were reinvested at the average rate of the last 30 days.

7 The 7-day current unsubsidized yield does not reflect the effect of any fee or expense waivers made by the Fund's manager.

8 The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. The 30-day unsubsidized SEC yield does not reflect waivers in effect. A fund's actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.