Virtus CA Tax-Exempt Bond I  CTXEX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni California Long Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   7.86 Yrs
   Avg Credit Quality
   AA
As of 2009-06-30
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 11.90
  
YTD Return % (2009-11-20)
10.73%
  
Total Assets ($ mil)
57
View Data Definitions
  Performance    
Growth of $10,000 Fund: Virtus CA Tax-Exempt Bond I
(from 2006-09-29 to 2009-10-31) Category: Muni California Long
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2006-09-29 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 10.73 9.21 3.02 --- --- 3.14
+/- Category -6.00 -4.45 1.43 --- --- ---
+/- BarCap Municipal TR USD -1.41 -2.46 -1.23 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 13.59 12.53 4.17 --- --- 4.16
Month-End (as of 2009-10-31) 10.55 10.86 3.02 --- --- 3.14
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 10.85 2.97 --- --- ---
On Distribution & Sale of Shares --- 8.69 3.18 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 152 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 16.69
Advance Refunded 8.74
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 4.54
Education 2.94
Health 4.66
Housing 22.46
Industrial 5.71
Transportation 6.18
Utilities 1.44
Water/Sewer 8.29
Misc. Revenue 18.34
Bond Quality % of Bonds
AAA 33.1
AA 21.1
A 31.4
BBB 9.4
BB 0.0
B 0.0
Below B 0.0
Not Rated 5.0
 
Asset Allocation
% of Net Assets
Cash 2.0
Stocks 0.0
Bonds 98.0
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-06-30 Data through 2009-06-30
 
Holding Status
Total Number of Stock Holdings Turnover % 10
Total Number of Bond Holdings 79 30 Day SEC Yield % ---
% of Assets in Top 10 Holdings 35.45 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Riverside Cnty Calif Single Fa Sing 7.8% 2021-05-01 4,000 5,321 9.45
Huntington Pk Calif Redev Agy Single Fa 2019-12-01 2,400 3,332 5.92
M-S-R Pub Pwr Agy Calif San Ju Pub 6.75% 2020-07-01 1,740 2,091 3.71
Anaheim Calif Pub Fing Auth 6% 2016-09-01 1,600 1,731 3.07
Walnut Valley Calif Uni Sch Di G.O. Ref 2019-08-01 3,095 1,613 2.86
Pomona Calif Ctfs Partn Cops 5.5% 2028-06-01 1,365 1,386 2.46
Riverside Cnty Calif Single Fa Si 8.625% 2016-05-01 1,000 1,311 2.33
South Coast Air Quality Mgmt D Ref In 6% 2011-08-01 1,000 1,086 1.93
State Street Instl Tax-Free Money Market --- 1,076 1,076 1.91
Butte-Glenn Cmnty College Dist 5.5% 2019-08-01 1,000 1,049 1.86
Data through 2009-06-30
  Other Information
Fund Inception: 2006-09-29
Portfolio Manager  (Start Date)
Timothy M. Heaney  (1996-03-01)
Heaney is a portfolio manager with Phoenix Duff & Phelps, his employer since 1992. Previously, he spent two years as a senior credit analyst with Connecticut National Bank. Heaney holds the Chartered Financial Analyst designation.
Sales Charge %
(taken from prospectus dated 2009-05-29)
Front: None
Deferred: None
Expense Ratio % 0.60
based on net assets
(taken from annual report dated 2008-09-30)
Correspondence Information
101 Munson Street

Greenfield,  MA  01301
Telephone:
800-243-1574
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.