The investment seeks high current income exempt from regular federal, state and, in some cases, local income taxes; total return is a secondary objective. The fund invests substantially all of net assets in municipal bonds that are exempt from regular federal and California personal income tax. It normally invests at least 65% of assets in medium- to low-quality bonds rated BBB/Baa or lower. The fund may invest up to 20% of net assets in municipal securities that are not exempt from California personal income tax,and up to 15% of assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates.
