Fund Description

The fund was incepted in August 1997 and is managed by U.S. Bancorp Asset Management. The fund seeks current income that is exempt from both federal income tax and California state income tax to the extent consistent with preservation of capital. The fund invests at least 80% of its assets in municipal securities, including general obligation bonds and revenue bonds that pay interest exempt from both federal and California income tax. In selecting securities, fund managers first determine their economic outlook and the direction in which inflation and interest rates are expected to move. Securities are selected based on credit quality, yield, maturity, liquidity, and portfolio diversification. The fund attempts to maintain a weighted average maturity of three to 10 years. Dividends are declared and paid monthly. Capital gains, if any, are distributed annually.