The investment seeks a high level of income exempt from federal and California personal income taxes. Capital appreciation is a secondary consideration. The fund normally invests at least 80% of net assets in municipal securities whose interest is free from regular federal income taxes and from California personal income taxes. It may invest up to 20% of net assets in securities that pay taxable interest. The fund also may have up to 100% of assets in securities that pay interest subject to the federal alternative minimum tax. It may invest up to 35% of assets in municipal securities issued by U.S. territories.
