The investment seeks high 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 the three highest ratings of Moody's Investors Service (Moody's) (Aaa, Aa, or A) or Standard & Poor?s Ratings Services (S&P) (AAA, AA, or A) on the date of purchase. It generally invests in long-term municipal bonds. The fund is nondiversified.
