Transportation
IDR/PCR
Healthcare/Hospital
GO State
Special Tax
GO Local
Education
Power
Lease
Water & Sewer
VRDN
Pre-Refunded
Resource Recovery
Housing
Insured
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years

Portfolio Breakdown by Stateas of 03/31/2016

State Assets
CA 17.7%
NY 12.8%
TX 11.9%
IL 7%
NJ 5.4%
FL 4.8%
PA 4%
AZ 3.2%
OH 3.1%
Puerto Rico 2.6%
MI 2.5%
WA 2.1%
IN 1.8%
GA 1.7%
LA 1.7%
CO 1.4%
MD 1.3%
MA 1.3%
MN 1.1%
VA 1.1%
NV 1.1%
WI 0.9%
HI 0.9%
KY 0.9%
SC 0.8%
TN 0.7%
NC 0.7%
IA 0.7%
NM 0.6%
AK 0.5%
KS 0.4%
UT 0.4%
MO 0.4%
Other U.S. Territories 0.3%
RI 0.3%
AR 0.3%
CT 0.2%
DC 0.2%
OK 0.2%
ME 0.2%
NE 0.2%
AL 0.2%
OR 0.1%
SD 0.1%
NH 0.1%

Portfolio Details as of 03/31/2016

Total Net Assets
$4.36 B
Number of Issues
851
Average Coupon
4.90%
Average Effective Maturity
8.3 Years
Average Effective Duration
5.31 Years

Credit Quality Distribution as of 03/31/2016

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

Portfolio Positioning as of 3/31/2016

  • We continue to focus on higher-coupon bonds priced at premiums in order to take advantage of their attractive relative value. In addition, higher-coupon bonds offer greater protection from rising interest rates than lower-coupon bonds.
  • The portfolio has an overweight in lower-quality investment-grade bonds, relative to its benchmark, due to attractive credit spreads and improving overall credit quality.
  • The portfolio continues to overweight revenue bonds, including health care and transportation bonds, relative to its benchmark, the Barclays 1-15 Year Municipal Bond Index, given the dedicated income stream and favorable return prospects.
  • The portfolio is overweight in bonds with effective maturities of six to eight years, relative to its benchmark, due to the greater steepness of the yield curve and total return potential relative to other maturities within the intermediate range. 
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