Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in California municipal obligations (securities issued by or on behalf of state or local governments and other public authorities). Generally, these municipal obligations pay interest that is exempt from state personal income tax and federal income tax. These obligations may include bonds that generate interest payments that are subject to the federal individual alternative minimum tax. The Funds investment in municipal obligations include industrial revenue bonds. The Fund invests up to 20% of its net assets in below-investment-grade bonds (sometimes called high yield bonds or junk bonds), which are rated at the time of purchase Ba1 or lower by Moodys Investors … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in California municipal obligations (securities issued by or on behalf of state or local governments and other public authorities). Generally, these municipal obligations pay interest that is exempt from state personal income tax and federal income tax. These obligations may include bonds that generate interest payments that are subject to the federal individual alternative minimum tax. The Funds investment in municipal obligations include industrial revenue bonds. The Fund invests up to 20% of its net assets in below-investment-grade bonds (sometimes called high yield bonds or junk bonds), which are rated at the time of purchase Ba1 or lower by Moodys Investors Service, Inc. (Moodys) and BB+ or lower by S&P Global Ratings (S&P Global). If the bond has been rated by only one of the rating agencies, that rating will determine the bond's rating; if the bond is rated differently by the rating agencies, the highest rating will be used; and if the bond has not been rated by either of the rating agencies, those selecting such investments will determine the bond's quality. The Fund also invests in inverse floating rate obligations (variable rate debt instruments that pay interest at rates that move in the opposite direction of prevailing interest rates), which are generally more volatile than other types of municipal obligations and may involve leverage. Under normal circumstances, the Fund maintains an average portfolio duration that is within 50% of the duration of the Bloomberg California Municipal Bond Index, which as of January 31, 2026 was 6.25 years. The Fund is not managed to a particular maturity. Show less