PYCLX Payden California Municipal Scl Imp Adv Forecast, Technical & Fundamental Analysis

The investment seeks income that is exempt from Federal and California income tax and is consistent with preservation of capital. Under normal market circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in "California Municipal Securities," which are defined as debt obligations issued by the State of California, local governments and other authorities in California, and their agencies and instrumentalities, or by other issuers, all of which pay interest income exempt from Federal and California personal income tax.