The investment seeks to maximize current income that is exempt from California state and federal income taxes, consistent with the preservation of capital. The fund normally invests at least 80% of the assets in California obligations. It also normally invests at least 70% of assets in investment grade debt obligations, which are debt obligations rated at least BBB by Standard & Poor?s Rating Group, Baa by Moody?s Investors Service. It may invest up to 30% of the assets in junk bonds.
