Macquarie Tax-Free California Fund Institutional Class is a municipal bond mutual fund designed to provide investors with a high level of current income that is exempt from both federal and California state personal income taxes. As an actively managed fund, it primarily invests in a diversified portfolio of investment-grade California municipal bonds, though it has flexibility to allocate up to 20% of its assets to bonds of below investment grade if warranted by market conditions. The fund emphasizes capital preservation alongside income generation, making it suitable for institutional investors seeking tax-advantaged income streams. It distributes dividends monthly, with capital gains offered annually, reflecting its focus on stable, consistent returns. The fund’s portfolio is managed by Macquarie Asset Management, leveraging their expertise in fixed income and municipal securities. Over time, this share class has demonstrated strong relative performance compared to its category averages, underlining its role as a significant tax-exempt investment vehicle for those with California tax exposure and institutional needs.
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