Fund Description

The fund invests at least 80% of net assets in municipal securities whose interest is free from regular federal income taxes and California personal income taxes, though up to 20% may pay interest subject to federal or state income taxes, and up to 100% may be subject to the federal alternative minimum tax. It may buy municipal securities in any rating category, including below investment grade, and may invest up to 35% of total assets in municipal securities issued by U.S. territories. Securities may be of any maturity or duration and may be insured. The manager seeks a risk/return balance with an income focus and typically long-term horizon, while selling when appropriate, using various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities.