IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
Water & Sewer
GO Local
GO State
Power
Lease
Pre-Refunded
VRDN
Other
Resource Recovery
Housing
<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 16.4%
IL 7.1%
TX 6.8%
FL 6.5%
Puerto Rico 6.2%
NY 6%
OH 5.9%
NJ 5.5%
PA 4.8%
AZ 3.3%
AL 2.9%
MD 2.8%
IA 2.7%
MI 2.7%
IN 2.2%
CO 2.2%
VA 1.7%
LA 1.6%
WI 1.6%
MN 1.2%
MA 1.1%
GA 1%
WA 0.9%
SC 0.9%
KS 0.8%
Other U.S. Territories 0.8%
MO 0.6%
OK 0.5%
OR 0.5%
AK 0.5%
NV 0.4%
WV 0.4%
DE 0.4%
TN 0.3%
NM 0.3%
NC 0.3%
UT 0.2%
KY 0.2%
HI 0.1%
ME 0.1%
DC 0.1%

Portfolio Details as of 03/31/2016

Total Net Assets
$2.07 B
Number of Issues
532
Average Coupon
5.50%
Average Effective Maturity
20.4 Years
Average Effective Duration
8.47 Years

Credit Quality Distribution as of 03/31/2016

A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 3/31/2016

  • The portfolio has an overweight in ‘BBB’ rated bonds, compared to its benchmark, the Barclays High Yield Municipal Bond Index, since these securities trade at wide spreads and offer potentially more attractive risk-adjusted income and total return characteristics than below investment-grade bonds.
  • The portfolio continues to maintain an overweight in revenue bonds, including industrial revenue and health care bonds, given their dedicated income stream and favorable return prospects.
  • The portfolio is overweight bonds with maturities in the 25- to 30-year range in order to take advantage of the relative value opportunity for bonds in longer maturities due to new issue supply. Demand for the incremental yield available in longer bonds, amid a steady low interest rate environment, continues to provide attractive performance potential.   
  • While the portfolio maintains holdings in Puerto Rico bonds, this allocation represents a significant underweight relative to the large exposure in the Barclays High Yield Municipal Bond Index.
Fund Dividends & Cap Gains next tab

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