SNCAX Bernstein CA Municipal Forecast, Technical & Fundamental Analysis

The investment seeks to provide safety of principal and maximize total return after taking account of federal and state taxes for California residents. The fund invests at least 80% of its net assets in a portfolio of municipal securities issued by the State of California or its political subdivisions, or otherwise exempt from California state income tax. It seeks to maintain an effective duration of three and one-half years to seven years. It is non-diversified.