Past performance is no guarantee of future results. Fund performance may be flat or negative over the period rated or over more recent periods. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

Star ratings are based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is a weighted average of the 3-, 5-, and 10-year (if applicable) returns. 5 stars = top 10% of funds in an asset category; 4 stars = next 22.5% of funds; 3 stars = next 35%; 2 stars = next 22.5% and 1 star = next 10%. A fund must be in existence three years to be rated. Ratings are subject to change monthly.

3-year ratings: Each of the Funds in the table received 4 stars . 5-year ratings: Each of the Funds in the table received 4 stars except U.S. Government, which received 3 stars. 10-year ratings: Each of the Funds in the table received 4 stars except Small Cap Value and California Tax-Exempt, which both received 3 stars. For the 3-year period, the number of funds in the category is the same as the overall ratings. For the 5- and 10-year period, the number of funds in the rating category was as follows, respectively: small-cap value = 261 and 98; moderate allocation = 712and 416; short government = 131 and 197; municipal national long = 248 and 197; muni California long = 149 and 119.

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