The investment seeks the maximum income exempt from regular federal income taxes and from the personal income taxes of California consistent with preservation of capital and with consideration given to capital gain. The fund invests at least 80% of net assets in California municipal securities that are within any rating category, including securities rated below investment-grade or securities that are not rated. It generally invests in long-term municipal bonds. The fund may temporarily invest more than 20% of assets in taxable investment-grade fixed-income securities. It is nondiversified.
