The fund seeks to provide preservation of capital, liquidity and, consistent with these objectives, the highest level of income exempt from federal and California state income taxes.
The fund will invest at least 65% of total assets in California municipal securities, and at least 80% of the fund's income is expected to be exempt from federal and California state income taxes. The fund is a retail money market fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940 to provide a stable share price of $1.00. All the securities held by the fund will mature in 397 days or less, and its weighted average maturity will not exceed 60 days. Investments into retail money market funds are limited to natural persons or retail customers.
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You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The fund is less diversified than one investing nationally. Some income may be subject to state and local taxes and the federal alternative minimum tax.