The investment seeks high level of current income exempt from federal and California income taxes; preservation of capital is a secondary objective. The fund invests primarily in municipal bonds issued by California state and its agencies and municipalities of the state. The fund invests at least 80% of assets in, or derives at least 80% of income from, securities exempt from regular federal and California income taxes and that don?t subject you to federal AMT. It invests primarily in debt securities rated BBB- or better or Baa3 or better or unrated but determined by the adviser to be of equivalent quality.
