The investment seeks as high a level of current income exempt from federal income tax and California state personal income tax. The fund normally invests at least 80% of assets in municipal securities the income from which is exempt from federal income taxes, including the federal alternative minimum tax, and from California state personal income taxes. It may invest assets in securities with maturities of various lengths, depending on market conditions. The fund may invest up to 20% of net assets in securities the income form which is subject to the federal alternative minimum tax.
