CATF aims for high current income by providing exposure to investment grade California municipal and other debt securities with interest payments that are exempt from federal and income taxes. The fund may invest in securities of any maturity, depending on the managers forecast of interest rates. Through the funds actively managed mandate, the portfolio manager has full discretion to buy, sell, or hold at any time. The fund targets investment grade debt but may still invest in junk bonds or unrated securities. The fund may also employ techniques for capital appreciation that consider future interest-rate movements and the potential for credit upgrades.