The investment seeks a high level of current income, exempt from federal and California personal income taxes. The fund normally invests at least 80% of assets in investment-grade municipal debt securities whose interest is exempt from federal and California personal income taxes and uses a California bond index as a guide in structuring the fund. Potentially it invests more than 25% of total assets in municipal securities that finance similar types of projects. The fund normally keep a dollar-weighted average maturity between two and five years. It is nondiversified.
