The investment objective of the Fund s to provide current income exempt from federal and California income tax. Under normal circumstances, the Fund invests at least 90% of its net assets in municipal bonds which pay interest that, in the opinion of bond counsel to the issuer , is exempt from regular federal and California income taxes. Subject to its other investment policies, the Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. The Fund invests at least 80% of its net assets in municipal bonds that are, at the time of purchase, rated “investment grade”.