Fund Description

The fund was incepted in April 1984 and is managed by Smith Barney Fund Management. The fund seeks to provide California investors with as high a level of current income exempt from federal income taxes and California state personal income taxes as is consistent with the preservation of capital. The fund invests at least 80% of its net assets in investment-grade, municipal bonds funding a multitude of California projects, such as housing, hospital and industrial development. Dividends are distributed monthly. The fund generally makes capital gain distributions, if any, once a year, typically in December.