Sanford C. Bernstein California Municipal Portfolio is an actively managed mutual fund focused on short- to intermediate-term municipal bonds issued by California state and local entities. Its primary objective is to provide safety of principal and maximize total return after accounting for federal and California state taxes, targeting income that is generally exempt from those taxes for in-state investors. The portfolio invests at least 80% of assets in California municipal securities and maintains a limited interest-rate sensitivity profile consistent with the muni single-state short category. Holdings span general obligation and revenue bonds tied to essential services and infrastructure, with notable exposure to issuers such as Los Angeles, the University of California, Bay Area transportation authorities, and community choice energy financing authorities. The fund distributes income monthly and emphasizes high-quality credit while managing duration in the short-to-intermediate range. In the municipal bond market, it serves as a vehicle for tax-advantaged income and capital preservation within a geographically focused, diversified fixed-income strategy.
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