Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds intended to provide income exempt from federal and California state personal income taxes and the federal alternative minimum tax. It invests at least 80% of net assets in investment-grade municipal bonds (Baa/BBB or higher) or the unrated equivalent as determined by the sub-adviser, and may invest up to 20% in below-investment-grade bonds. The portfolio's dollar-weighted average maturity normally exceeds ten years, but it may invest without regard to maturity. Security selection uses fundamental credit analysis and active trading; the fund seeks to invest in several different sectors and does not seek to overweight any particular sector but may do so based on relative value. A disciplined sell process is used; some income may be taxable.