Fund Description

The fund invests in California municipal and other debt securities with an emphasis on high-yield holdings rated below investment-grade or deemed of similar quality by the investment advisor. Under normal market conditions, it invests at least 80% of net assets in municipal securities whose income is exempt from federal and California income taxes, though some may not be exempt from the federal alternative minimum tax. It may buy junk bonds, bonds in technical or monetary default, and unrated securities. While focused primarily on income, it also uses techniques aimed at capital appreciation, including selecting maturities and coupon rates based on interest-rate views and potential credit upgrades.