Fund Description

Incepted in September 2002, the fund is managed by Banc of America Capital Management, LLC. The fund's objective is to seek as high a level of current income free of federal income tax and California state individual income consistent with prudent investment management and preservation of capital. Under normal circumstances, the fund invests at least 80% of its assets in securities that pay interest exempt from federal income tax and California individual income tax. The fund also normally invests at least 80% of its assets in investment grade intermediate-term municipal securities. The fund distributes dividends monthly and capital gains annually.