Fund Description

The fund seeks to achieve its objectives by primarily investing in municipal bonds issued by the state of California and its agencies and municipalities, and may also invest in municipal securities issued by jurisdictions outside California, including bonds exempt from federal and state taxation used to fund private projects. Under normal circumstances, it invests at least 80% of assets in, or derives at least 80% of income from, securities exempt from regular federal and California income taxes and not subject to federal alternative minimum tax, and may invest up to 20% in private activity bonds. It mainly holds BBB-/Baa3 or higher debt, with up to 10% in lower-rated securities. The investment adviser uses a system of multiple portfolio managers to manage the fund's assets, under which the portfolio is divided into segments managed by individual managers.