Transportation
IDR/PCR
Healthcare/Hospital
Special Tax
GO State
Lease
GO Local
Education
Power
Water & Sewer
Pre-Refunded
VRDN
Resource Recovery
Insured
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 07/31/2015

State Assets
CA 18.0%
TX 11.0%
NY 10.9%
NJ 6.2%
FL 6.1%
PA 4.9%
IL 4.9%
AZ 3.6%
OH 3.0%
MI 2.7%
Puerto Rico 2.7%
WA 2.6%
LA 1.9%
GA 1.9%
MA 1.5%
CO 1.5%
MN 1.5%
MD 1.4%
VA 1.1%
NC 1.1%
NV 1.0%
IN 0.9%
HI 0.9%
UT 0.8%
WI 0.8%
IA 0.8%
TN 0.7%
KY 0.7%
SC 0.7%
NM 0.7%
Other U.S. Territories 0.6%
MO 0.4%
AK 0.4%
RI 0.4%
AR 0.3%
KS 0.3%
ME 0.2%
OK 0.2%
NE 0.2%
DC 0.2%
AL 0.2%
OR 0.2%
SD 0.1%
NH 0.1%

Portfolio Details as of 07/31/2015

Total Net Assets
$3.74 B
Number of Holdings
782
Average Coupon
4.9%
Average Effective Maturity
8.3 Years
Effective Duration
5.52 Years

Credit Quality Distribution as of 07/31/2015

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

Portfolio Positioning as of 06/30/2015

  • 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.
  • We also continue to increase weightings selectively in lower-quality investment-grade bonds due to attractive credit spreads and solid underlying fundamentals.
  • The portfolio continues to maintain an overweight in 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 maturities of six to eight years, relative to its benchmark, rather than a more barbelled structure, due to the steepness of the yield curve and total return potential.
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