Industry description
The investment seeks a high level of current interest income exempt from regular federal, California State and, in some cases, California local income taxes as is consistent with preservation of capital.
Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and California personal income tax. These municipal bonds include obligations issued by the State of California and its subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.