Healthcare/Hospital
IDR/PCR
Special Tax
Education
Transportation
Water & Sewer
Power
GO State
Lease
GO Local
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 07/31/2015

State Assets
CA 15.8%
TX 8.6%
NY 8.0%
FL 6.9%
OH 5.8%
Puerto Rico 5.7%
NJ 5.1%
PA 4.8%
IL 4.5%
AZ 3.9%
AL 3.0%
IA 2.9%
MI 2.7%
CO 2.2%
IN 2.2%
MD 2.1%
VA 1.9%
LA 1.7%
MA 1.5%
WI 1.4%
MN 1.2%
GA 1.1%
WA 0.9%
KS 0.9%
SC 0.9%
Other U.S. Territories 0.8%
OK 0.7%
MO 0.6%
OR 0.5%
AK 0.5%
WV 0.4%
NV 0.3%
DE 0.3%
UT 0.2%
KY 0.2%
NM 0.1%
TN 0.1%
ME 0.1%
NC 0.1%

Portfolio Details as of 07/31/2015

Total Net Assets
$1.95 B
Number of Holdings
527
Average Coupon
5.6%
Average Maturity
-
Effective Duration
8.93 Years

Credit Quality Distribution as of 07/31/2015

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

Portfolio Positioning as of 06/30/2015

  • The portfolio has an overweight in ‘BBB’ rated bonds, compared to its benchmark, the Barclays High Yield Municipal Bond Index, since they 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 transportation and health care bonds, given the dedicated income stream and favorable return prospects.
  • The portfolio is overweight in bonds with maturities of 12–22 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.
  • The portfolio is overweight in high-tax states due to better liquidity and total return potential.
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