Fund Description

The fund invests at least 80% of net assets in municipal securities whose interest is exempt from federal income tax (including AMT) and California individual income tax, and may invest up to 20% in securities whose interest is subject to federal income tax (including AMT). Holdings may include issues from California and its subdivisions and from U.S. territories and possessions; up to 10% of total assets may be below investment-grade municipals, and some may be unrated but deemed comparable. Futures may be used for duration and yield curve management, with dollar-weighted average effective maturity expected to be 3-20 years. Up to 10% of the fund's total assets may be invested in inverse floaters, which involve leverage. The process combines top-down and bottom-up research across duration, yield curve, sector/credit allocation, and security selection.