The investment seeks current income exempt from federal and California income taxes. The fund normally invests at least 80% of assets in bonds the income from which is exempt from both federal and California personal income tax. Although it invests primarily in California municipal bonds, it may also invest in municipal bonds from other states, territories and possessions of the United States if the income from these bonds is exempt from U.S. federal income taxes. The fund expects to maintain an average portfolio maturity of between 3 and 10 years.
