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As of date: 11/30/2016
Category: Muni California Long
Morningstar ratings may vary among share classes and are based on historical risk-adjusted total returns, which are not indicative of future results. The fund may have experienced negative returns over the time periods rated.
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John Miller, CFA Co-Head of Fixed Income
23 years investment experience
Managed fund since 2006
as of date: 11/30/2016
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Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due.
The Fund concentrates in non-investment-grade and unrated bonds with long maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the Fund oftentimes engages in a significant amount of portfolio leverage and in doing so, assumes a high level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund's exposure to volatility, interest rate risk and credit risk.
Returns quoted represent past performance which is no guarantee of future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. Due to market conditions, current performance may be higher or lower than the data shown. Returns without sales charge do not reflect the imposition of the maximum sales charge, which would reduce returns. Total returns for a period of less than one year are cumulative.
Performance assumes the reinvestment of dividends and capital gains. Class A shares have a 4.2% maximum sales charge. Class C and C2 shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense ratios are based on the Fund's most recent fiscal year end. The net expense ratio excludes credits earned on the Fund's cash on deposit with the custodian bank, if any.
Before investing, carefully consider fund investment objectives, risks, charges and expenses. For this and other information that should be read carefully, please view the prospectus or summary prospectus.
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Investor line: 1-800-257-8787. Advisor line: 1-800-752-8700.
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