The investment seeks to provide maximum current income that is exempt from both federal income tax and California state income tax to the extent consistent with prudent investment risk.
The fund invests at least 80% of net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal and California income tax, including federal and state alternative minimum tax. It may invest up to 20% of net assets in taxable obligations. The fund attempts to maintain the weighted average maturity of its portfolio securities at 10 to 25 years. It is non-diversified.