The investment seeks the highest level of current income exempt from federal and California state income taxes as is consistent with the preservation of capital.
The fund typically invests at least 80% of assets in investment grade municipal securities that pay interest that is exempt from federal and California state income taxes. The principal issuers of these securities are state and local governments and their agencies located in California, as well as in Puerto Rico and other U.S. territories and possessions. The sub-adviser strives to maintain an average weighted portfolio maturity of three to ten years. It is non-diversified.