Healthcare/Hospital
Transportation
Special Tax
IDR/PCR
GO State
Education
GO Local
Lease
Power
Water & Sewer
Pre-Refunded
Insured
Housing
Resource Recovery
Other
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 03/31/2016

State Assets
CA 96.1%
Other U.S. Territories 1.6%
Puerto Rico 1.3%

Portfolio Details as of 03/31/2016

Total Net Assets
$296.39 M
Number of Issues
218
Average Coupon
5.30%
Average Effective Maturity
18.6 Years
Average Effective Duration
7.51 Years

Credit Quality Distribution as of 03/31/2016

A-2/MIG2
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 3/31/2016

  • Relative to its benchmark, the Barclays Municipal Bond Index, the portfolio is overweight in the 12- to 19-year maturity range, as longer bonds exhibited relative value given the composition of new issue supply.
  • The portfolio is overweight in bonds rated ‘A’ and lower due to attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight in revenue bonds, including special tax-backed and health care, given the dedicated income stream and favorable return prospects. 
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