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| INVESTMENT-GRADE BONDS |
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- These are high-grade bonds rated Baa-to-Aaa by Moody's and
BBB-to-AAA by Standard & Poor's
- Our portfolios tend to be invested in a combination of General
Obligation and Revenue issues, many backed by third-party insurance which makes
them AAA.
- Revenue issues, many backed by third-party insurance which makes
them AAA. Typically, the weighted-average credit quality of our holdings is a
between A and Aa.
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