Top 10 Fixed-Income Holdings
Portfolio %
1) City of New Orleans LA Series 2021-A 5.00%, 12/01/46
2.75 %
2) Melissa Independent School District Series 2023 4.25%, 02/01/53
2.08 %
3) Commonwealth of Massachusetts Series 2023 5.00%, 05/01/53
1.86 %
4) City of New York NY Series 2023 4.125%, 08/01/53
1.77 %
5) Detroit Downtown Development Authority Series 2018-A 5.00%, 07/01/48
1.76 %
6) Wisconsin Public Finance Authority Series 2018 5.00%, 07/01/58
1.76 %
7) Detroit City School District Series 2001-A 6.00%, 05/01/29
1.71 %
8) Tobacco Settlement Financing Corp./NJ Series 2018-A 5.25%, 06/01/46
1.63 %
9) City of El Paso TX Series 2021-C 4.00%, 08/15/47
1.62 %
10) Wisconsin Public Finance Authority Series 2022 5.00%, 02/01/62
1.55 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
16.90 %
Airport
7.81 %
Revenue – Miscellaneous
7.78 %
Toll Roads/Transit
5.59 %
Prepay Energy
5.10 %
Electric Utility
4.05 %
Higher Education – Private
3.75 %
Industrial Development – Industry
2.83 %
Tobacco Securitization
2.09 %
Primary/Secondary Ed. – Public
1.72 %
Port
0.86 %
Industrial Development – Utility
0.56 %
Water & Sewer
0.41 %
Senior Living
0.23 %
SUBTOTAL
59.68 %
Tax Supported
Local G.O.
16.91 %
State G.O.
8.49 %
Special Tax
7.69 %
State Lease
0.60 %
Assessment District
0.18 %
SUBTOTAL
33.87 %
Insured/Guaranteed
Guaranteed
2.55 %
SUBTOTAL
2.55 %
Commercial Mortgage-Backed Securities
2.21 %
Prerefunded/ETM
1.69 %
Total
100.00 %
State Breakdown
Portfolio %
Illinois
10.47 %
Texas
7.06 %
New York
6.99 %
Michigan
6.93 %
Florida
6.68 %
California
6.63 %
Pennsylvania
6.21 %
Wisconsin
5.61 %
New Jersey
5.06 %
Georgia
3.15 %
South Carolina
3.12 %
Louisiana
2.96 %
Massachusetts
2.84 %
North Carolina
2.41 %
Ohio
2.13 %
New Hampshire
2.03 %
Washington
1.89 %
Nebraska
1.78 %
Arizona
1.73 %
Minnesota
1.66 %
Maryland
1.57 %
Oklahoma
1.57 %
Nevada
1.49 %
Colorado
1.33 %
Virginia
1.26 %
Utah
1.24 %
Iowa
1.02 %
West Virginia
0.68 %
Connecticut
0.62 %
Indiana
0.46 %
Arkansas
0.36 %
North Dakota
0.36 %
Oregon
0.20 %
Alabama
0.17 %
South Dakota
0.13 %
Puerto Rico
0.10 %
Tennessee
0.07 %
Kentucky
0.03 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
6.68 %
AA
30.94 %
A
35.62 %
BBB
19.54 %
BB
4.09 %
B
0.41 %
D
0.24 %
Not Rated
0.79 %
Pre-refunded Bonds
1.69 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
1.63 %
1 To 5 Years
1.30 %
5 To 10 Years
9.01 %
10 To 20 Years
27.18 %
20 To 30 Years
48.52 %
More than 30 Years
12.36 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
14.72 %
Average Coupon:
4.60 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.18 %
Auction Preferred Shares (APS):
0.00 %
Tender Option Bonds:
0.00 %
VMTP Shares:
42.20 %
Total Fund Leverage:
42.38%*
Average Maturity:
7.50 Years
Effective Duration:
10.41 Years
Total Net Assets:
$324.92 Million**
Common Stock Net Asset Value:
$11.30
Total Number of Holdings:
182
Portfolio Turnover:
18.00 %
* The total percentage of leverage constitutes 0.00% through the use of tender option bonds, 42.20%
in issued and outstanding VMTPs and 0.18% in investment operations, which may include the use of
certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash,
reverse repurchase agreements and when-issued securities.
** The Fund also had outstanding $232,125,000 of VMTPs at liquidation value, which is not included
in Total Net Assets because it is treated as a liability for financial reporting purposes.