Transportation
IDR/PCR
Healthcare/Hospital
Special Tax
GO State
Education
GO Local
Power
Lease
Water & Sewer
VRDN
Pre-Refunded
Resource Recovery
Insured
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 17.8%
NY 12.3%
TX 11.8%
NJ 5.9%
FL 5.1%
IL 4.7%
PA 4.3%
AZ 3.4%
OH 3.0%
Puerto Rico 3.0%
MI 2.7%
WA 2.1%
GA 1.9%
LA 1.9%
IN 1.5%
MD 1.4%
CO 1.4%
MA 1.4%
NV 1.3%
MN 1.2%
VA 1.2%
WI 0.9%
SC 0.9%
NC 0.7%
IA 0.7%
TN 0.7%
KY 0.7%
NM 0.7%
HI 0.6%
KS 0.4%
UT 0.4%
MO 0.4%
AK 0.4%
RI 0.3%
Other U.S. Territories 0.3%
AR 0.3%
CT 0.2%
DC 0.2%
ME 0.2%
OK 0.2%
NE 0.2%
OR 0.2%
SD 0.1%
AL 0.1%
NH 0.1%

Portfolio Details as of 12/31/2015

Total Net Assets
$4.00 B
Number of Holdings
819
Average Coupon
4.9%
Average Effective Maturity
8.3 Years
Effective Duration
5.41 Years

Credit Quality Distribution as of 12/31/2015

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

Portfolio Positioning as of 12/31/2015

  • 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 continue to increase weightings selectively in lower-rated 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 bonds with maturities of six to eight years, relative to its benchmark, rather than having a more barbelled structure, due to the steepness of the yield curve and total return potential.
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