Transportation
Healthcare/Hospital
Special Tax
GO Local
GO State
Education
Lease
IDR/PCR
Power
Water & Sewer
Insured
Housing
Resource Recovery
Pre-Refunded
<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 04/30/2015

State Assets
CA 96.0%
Puerto Rico 1.9%
Other U.S. Territories 1.8%

Portfolio Details as of 04/30/2015

Total Net Assets
$259.25 M
Number of Holdings
183
Average Coupon
5.3%
Average Effective Maturity
18.4 Years
Effective Duration
8.00 Years

Credit Quality Distribution as of 04/30/2015

AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 03/31/2015

  • Our primary focus has been to overweight bonds in the 10- to 25-year maturity ranges in a more bulleted structure relative to the portfolio’s benchmark, the Barclays Municipal Bond Index, due to the steep yield curve and total return potential in these maturity ranges.
  • The portfolio is overweight bonds rated ‘A’ and lower due to attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight to revenue bonds, including health care and special tax-backed bonds, given the dedicated income stream and favorable return prospects. 
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