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California Municipal Bond Strategy

The strategy seeks to generate high current income exempt from federal and California state income tax by investing in a diversified portfolio of municipal bonds with varying maturities.

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Portfolio Attributes

Inception Date 1/1/1995
Benchmark Bloomberg Municipal Bond Index
Maximum Out-of-State Exposure 25%

Maximum Issuer Exposure

 5%

Portfolio Managers Industry Start Date

  • Timothy M. Heaney, CFA
    Senior Managing Director and Senior Portfolio Manager, Municipal Securities

    1990

  • Lisa H. Leonard
    Managing Director and Portfolio Manager, Municipal Securities

    1986

Documents

Important risk considerations

Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.
Geographic Concentration: A fund that focuses its investments in a particular geographic location will be highly sensitive to financial, economic, political, and other developments affecting the fiscal stability of that location.
Municipal Market: Events negatively impacting a municipal security, or the municipal bond market in general, may cause the fund to decrease in value.
State & AMT Tax: A portion of income may be subject to some state and/or local taxes and, for certain investors, a portion may be subject to the federal alternative minimum tax.