The investment seeks to provide California investors with as high a level of current income exempt from federal income tax and California State personal income tax as is consistent with the preservation of principal.
Under normal circumstances, the fund invests at least 80% of its assets in investment grade "California municipal securities," or other investments with similar economic characteristics. It may invest up to 20% of its assets in unrated securities that the subadviser determines to be equivalent to investment grade. The fund may invest in securities of any maturity. It is non-diversified.