Fund Description

The fund invests at least 80% of its assets in California municipal securities and other investments with similar economic characteristics, with interest exempt from regular federal income tax and California state personal income tax, though it may be subject to the federal alternative minimum tax; this policy cannot be changed without a shareholder vote. It invests in debt obligations from California issuers and certain other governmental and qualifying issuers, including interests issued or backed by financial institutions, typically with maturities from one to more than thirty years. It focuses on investment grade bonds but may invest up to 20% in below investment grade. It may invest in municipal-focused investment companies and use derivatives and tender option bond transactions, including leverage, and is nondiversified.