The investment seeks a high level of current income exempt from regular federal and California income taxes; its secondary objective is preservation of capital. The fund seeks to achieve its objectives by primarily investing in municipal bonds issued by the state of California and its agencies and municipalities within the state. It may also invest in municipal securities that are issued by jurisdictions outside California. The fund normally invests at least 80% of its assets in, or derives at least 80% of its income from, securities that are exempt from both regular federal and California income taxes and that do not subject the investment to federal AMT.
Fund filings (PDF) »

Asset managers:
Karl Zeile (Started: Jan 1, 2003)
Neil Langberg (Started: Oct 28, 1986)

Advisor Company:
Capital Research and Management Company
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	2.33	0.73	-0.84	-0.52
Beta*	0.98	1.15	1.27	1.15
Mean annual return	0.61	0.64	0.56	0.42
R-squared*	96.76	95.89	82.45	86.31
Standard deviation	2.84	4.41	6.62	5.62
Sharpe ratio	2.56	1.72	0.97	0.58
* Against standard index

Risk measurement details »

Security	Net Assets
California Pollutn Ctl Fing Au Rev Ref B	1.17%
Imperial Calif Irr Dist 5%	1.04%
California Health Facs Fing Au Ref Re 5%	0.98%
California Statewide Cmntys De Rev Bd 5%	0.94%
San Buenaventura Calif Rev Rev Bds 7.5%	0.82%
Sacramento Cnty Calif Santn Di Re 4.121%	0.79%
Sacramento Calif Mun Util Dist 5.125%	0.67%
Golden St Tob Securitization C Tob 5.75%	0.64%
California Mun Fin Auth 8%	0.63%
California Statewide Cmntys De Re 5.125%	0.61%

Holdings Performance »