The investment seeks income exempt from both federal and California income taxes while preserving capital. The fund normally invests at least 80% of assets in municipal securities that pay interest exempt from federal income tax and California individual income tax; up to 20% of assets in securities that pay interest subject to federal income taxes, including federal AMT; and up to 10% of total assets in below investment-grade municipal securities, including unrated securities which are classified as below investment-grade quality. The fund is nondiversified.
