About: It is a non-diversified fund with an investment objective to provide current income exempt from federal income tax, including alternative minimum tax, and California personal income tax. Under normal market conditions, the Fund is required to invest at least 80% of net assets in municipal obligations rated A or better by Moodys, S&P or Fitch. The debt obligations are mainly issued by or on behalf of states, territories and possessions of the US, and are exempt from federal income tax. Up to 20% of the assets may be invested in investment-grade municipal obligations (rated below Aaa/AAA, but no lower than Baa/BBB) and comparable unrated obligations and/or municipal obligations that are uninsured. There is no intention to invest in obligations rated below investment grade. Various kinds of financial futures contracts and related options may be purchased and sold to seek to hedge against changes in interest rates or for other risk management purposes.
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