Investment objective & strategy
As of Feb. 27, 2026 · prospectusObjective. The Funds goal is to seek total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation).
Strategy. The Fund invests primarily in a non-diversified portfolio of investment-grade municipal securities, which include tax-free debt securities issued by the State of California, its political subdivisions and taxing authorities, with a goal of seeking total return consisting of current income that is exempt from regular federal and California income tax and capital appreciation. The Fund invests, as a fundamental policy, at least 80% of its net assets plus investment borrowings, under normal circumstances, in investments the income from which is exempt from federal income tax and California income tax, but not necessarily the federal alternative minimum tax. The Fund may also engage in futures and options transactions, both to seek to increase return and/or to seek to hedge, or protect, … The Fund invests primarily in a non-diversified portfolio of investment-grade municipal securities, which include tax-free debt securities issued by the State of California, its political subdivisions and taxing authorities, with a goal of seeking total return consisting of current income that is exempt from regular federal and California income tax and capital appreciation. The Fund invests, as a fundamental policy, at least 80% of its net assets plus investment borrowings, under normal circumstances, in investments the income from which is exempt from federal income tax and California income tax, but not necessarily the federal alternative minimum tax. The Fund may also engage in futures and options transactions, both to seek to increase return and/or to seek to hedge, or protect, its exposure to, for example, interest rate movements. In addition, the Fund may invest in exchange-traded funds (ETFs), U.S. Treasury securities, securities subject to the federal alternative minimum tax, taxable municipal bonds, and inflation-protected securities such as Treasury Inflation-Protected Securities (TIPS) and similar bonds issued by governments outside of the United States. Fixed income securities held by the Fund may be of any maturity.
Top holdings
As of Jan. 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Federated U.S. Treasury Cash Reserves | UTPXX | $16.24M | 3.98% |
| UNIV OF CALIFORNIA CA REVENUES REGD N/C B/E 5.00000000 | UNVHGR | $12.10M | 2.97% |
| State of California, Series 2007 | — | $12.06M | 2.96% |
| CALIFORNIA ST EDUCTNL FACS AUT CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | — | $12.04M | 2.95% |
| State of California | — | $11.32M | 2.78% |
| San Francisco City & County Airport Comm-San Francisco International Airport | — | $11.12M | 2.73% |
| STATE OF CALIFORNIA 5.0% 04-01-28 | — | $10.63M | 2.61% |
| San Francisco City & County Airport Comm-San Francisco International Airport | SFOAPT | $10.52M | 2.58% |
| SANTA CLARA VLY-A-2 | — | $10.08M | 2.47% |
| State of California | — | $9.92M | 2.43% |
Portfolio moves
Oct 31, 2025 → Jan 30, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| CALIFORNIA MUNICIPAL BOND FUND · SBDAX, SCYYX | 6% | 0.57% |
| Old Westbury Municipal Bond Fund · OWMBX | 6% | 0.57% |
| Old Westbury New York Municipal Bond Fund · OWNYX | 4% | 0.57% |
Advisers
| Firm | Role |
|---|---|
| Bessemer Investment Management LLC | Adviser |
Footnotes
- Expense ratio as of February 27, 2026, from the fund's prospectus.
- Net assets and holdings count as of January 30, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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