Industry description
The investment seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation.
The fund invests at least 80% of the fund's net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax, and California individual income tax. It invests up to 20% of the fund's net assets in securities whose interest is subject to federal income tax, including federal AMT. The fund invests up to 10% of the fund's total assets in below investment-grade municipal securities; and up to 10% of the fund's total assets in inverse floaters.