Industry description
The investment seeks to earn the highest level of current income, exempt from federal income tax and California personal income tax, which is available without assuming what the Adviser considers to be undue risk to income or principal.
The fund invests principally in high-yielding, predominantly investment grade municipal securities. It invests at least 80% of its net assets in municipal securities that pay interest that is exempt from federal income tax. These securities may pay interest that is subject to the federal alternative minimum tax ("AMT") for certain taxpayers.