The investment seeks high current income exempt from federal and California state individual income taxes consistent with moderate fluctuation of principal. The fund normally invest at least 80% of assets in securities that pay interest exempt from federal income tax and California individual income tax. It normally invests at least 80% of total assets in investment grade municipal securities. The fund?s dollar-weighted average maturity is normally between three and ten years. It may invest up to 10% of total assets in securities that are rated below investment grade or are unrated.
