Fund Description

The fund invests at least 80% of total assets in investment-grade municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from California personal income taxes. Up to 20% of the fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes. It buys municipals rated in the top four categories (or comparable quality), may invest in insured municipals, and may invest up to 35% in U.S. territory issues and hold significant positions in similar project types. The investment manager selects securities it believes will provide the best balance between risk and return within the fund's allowable investments and typically invests with a long-term time horizon; with a focus on income, securities are considered based on factors such as credit profile, risk, structure, pricing, portfolio impact, and duration management.