The investment seeks to provide Oregon investors with as high a level of dividend income exempt from regular federal income tax and Oregon state personal income taxes as is consistent with prudent investment management and the preservation of capital. The fund normally invests at least 80% of its assets in "Oregon municipal securities." It focuses on investment grade bonds but may invest up to 20% of its assets in below investment grade bonds. The fund may also engage in a variety of transactions using derivatives in order to change the investment characteristics of its portfolio and for other purposes. It is non-diversified.
Fund filings (PDF) »

Asset managers:
Dennis McNamara (Started: Sep 1, 2012)
Stephen Walsh (Started: Oct 30, 2006)
David Fare (Started: Jan 12, 2006)
Robert Amodeo (Started: Oct 30, 2006)

Advisor Company:
Legg Mason Partners Fund Advisor, LLC
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	-0.48	-0.23	-0.89	0.34
Beta*	1.03	0.98	1.05	0.83
Mean annual return	0.40	0.48	0.45	0.40
R-squared*	95.71	93.70	80.61	73.54
Standard deviation	3.00	3.82	5.54	4.40
Sharpe ratio	1.57	1.48	0.93	0.70
* Against standard index

Risk measurement details »

Security	Net Assets
Oregon Health Sciences Univ Re Rev 5.75%	6.58%
Oregon St Facs Auth 5%	6.15%
Deschutes Cnty Ore Hosp Facs A Re 5.375%	5.22%
Oregon St Facs Auth 5%	4.61%
Portland Ore Swr Sys Rev Sewer Sys 5%	4.46%
Multnomah Cnty Ore Hosp Facs A Re 5.125%	4.36%
Oregon St Facs Auth 5%	4.34%
Oregon St Go Bds 5%	3.96%
Portland Ore Econ Dev Rev Ref Bds 6.5%	3.91%
Puerto Rico Comwlth Aqueduct & Re 5.125%	3.71%

Holdings Performance »