About: The Funds objective is to seek high current income exempt from federal income tax and California state personal income tax, but may also consider capital appreciation. The Fund normally invests at least 80% of its net assets in municipal instruments covered by insurance guaranteeing the timely payment of principal and interest. The Fund invests, under normal market conditions, at least 80% of its net assets in debt securities the interest of which is exempt from federal regular income tax and California personal income tax. Interest from the Funds investments may be subject to the federal alternative minimum tax. The Fund invests a high percentage of its assets in municipal issuers of California. The Fund primarily invests its assets in investment grade debt instruments, but may also invest in lower quality debt instruments. The Fund may invest 25% or more of its total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water or sewers. Municipal instruments whose interest is exempt from federal and state personal income tax include instruments issued by U.S. territories. Although the Fund seeks to invest its assets in municipal instruments whose interest is exempt from federal and state personal income tax, it may also invest in taxable instruments. The Fund may use derivatives for different purposes, including to earn income and enhance returns, to increase or decrease exposure to a particular market, to manage or adjust the risk profile of the fund, or as alternatives to direct investments. The Fund uses leverage through the issuance of preferred shares and investing the proceeds pursuant to its investment strategies.
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