The investment seeks high current income exempt from federal and California personal income taxes, consistent with preservation of capital. The fund normally invests at least 80% of net assets in municipal securities the interest from which is exempt from federal and California personal income tax and federal alternative minimum tax. It may invest more than 25% of total assets in municipal securities financing similar projects and may also invest in municipal notes. The fund may invest up to 15% of assets in below investment-grade bonds. It is nondiversified.
