IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
Water & Sewer
GO Local
Power
GO State
Lease
Pre-Refunded
VRDN
Resource Recovery
Housing
Other
<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 12/31/2015

State Assets
CA 16.1%
NY 7.5%
TX 7.2%
Puerto Rico 6.5%
FL 6.3%
IL 6.3%
OH 6.0%
NJ 5.4%
PA 4.7%
AZ 3.5%
IA 2.8%
MI 2.5%
AL 2.5%
IN 2.3%
CO 2.2%
MD 2.2%
VA 1.7%
LA 1.6%
WI 1.4%
MN 1.3%
MA 1.1%
GA 1.1%
WA 0.9%
SC 0.9%
KS 0.9%
Other U.S. Territories 0.7%
OK 0.6%
MO 0.6%
OR 0.5%
AK 0.5%
NV 0.5%
WV 0.4%
DE 0.3%
NC 0.2%
UT 0.2%
KY 0.2%
NM 0.1%
HI 0.1%
TN 0.1%
ME 0.1%

Portfolio Details as of 12/31/2015

Total Net Assets
$1.99 B
Number of Holdings
515
Average Coupon
5.6%
Average Effective Maturity
20.0 Years
Effective Duration
8.68 Years

Credit Quality Distribution as of 12/31/2015

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

Portfolio Positioning as of 12/31/2015

  • 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 transportation bonds, given the dedicated income stream and favorable return prospects.
  • The portfolio is overweight in bonds with maturities of 15–22 years, rather than longer-maturity bonds, due to the steep yield curve out to 22 years and the total return potential within this maturity range.
  • While the portfolio maintains modest holdings in Puerto Rico bonds, this allocation represents a significant underweight relative to the large exposure in the Barclays High Yield Municipal Bond Index.
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