Top 10 Fixed-Income Holdings
Portfolio %
1) Lamar Consolidated Independent School District Series 2024-2 5.00%, 02/15/53
2.72 %
2) City of New Orleans LA Series 2021-A 5.00%, 12/01/46
2.69 %
3) Prosper Independent School District Series 2024 4.00%, 02/15/54
2.45 %
4) Greenwood Independent School District Series 2024 4.00%, 02/15/54
2.30 %
5) Melissa Independent School District Series 2024-2 4.25%, 02/01/53
2.16 %
6) Dallas Independent School District Series 2024-2 4.00%, 02/15/54
1.96 %
7) City of New York NY Series 2023 4.125%, 08/01/53
1.88 %
8) Public Authority for Colorado Energy Series 2008 6.50%, 11/15/38
1.88 %
9) Denton Independent School District Series 2024-2 5.00%, 08/15/48
1.84 %
10) Commonwealth of Massachusetts Series 2024-2 5.00%, 05/01/53
1.82 %
Sector/Industry Breakdown
Portfolio %
Revenue
Health Care – Not-for-Profit
11.69 %
Prepay Energy
7.34 %
Revenue – Miscellaneous
6.05 %
Airport
4.84 %
Toll Roads/Transit
3.29 %
Industrial Development – Industry
3.14 %
Electric Utility
3.12 %
Higher Education – Private
2.31 %
Tobacco Securitization
1.89 %
Water & Sewer
1.83 %
Industrial Development – Airline
1.76 %
Port
1.53 %
Primary/Secondary Ed. – Public
1.33 %
Senior Living
0.61 %
Industrial Development – Utility
0.52 %
SUBTOTAL
51.25 %
Tax Supported
Local G.O.
15.77 %
State G.O.
7.25 %
Special Tax
5.43 %
State Lease
0.57 %
Assessment District
0.18 %
SUBTOTAL
29.20 %
Guaranteed
15.57 %
Prerefunded/ETM
2.22 %
Cash & Cash Equivalents
Funds and Investment Trusts
0.99 %
SUBTOTAL
0.99 %
Asset-Backed
Housing – Multi-Family
0.77 %
SUBTOTAL
0.77 %
Total
100.00 %
State Breakdown
Portfolio %
Texas
18.42 %
Illinois
9.07 %
New York
7.29 %
Michigan
6.77 %
California
5.54 %
Florida
5.05 %
Wisconsin
4.86 %
South Carolina
3.90 %
Massachusetts
3.71 %
Pennsylvania
3.49 %
New Jersey
3.32 %
Louisiana
2.84 %
Colorado
2.34 %
Georgia
2.19 %
Arizona
2.00 %
Ohio
1.92 %
Washington
1.90 %
Nevada
1.80 %
Nebraska
1.62 %
Alabama
1.47 %
Oklahoma
1.21 %
Minnesota
1.14 %
Iowa
0.90 %
Virginia
0.88 %
Utah
0.78 %
North Carolina
0.76 %
West Virginia
0.67 %
New Hampshire
0.63 %
Indiana
0.50 %
North Dakota
0.43 %
Maryland
0.37 %
Arkansas
0.34 %
Oregon
0.22 %
Connecticut
0.19 %
Alaska
0.18 %
South Dakota
0.14 %
Puerto Rico
0.10 %
Tennessee
0.07 %
Other
0.99 %
Total Investments
100.00 %
Credit Quality Breakdown
Portfolio %
AAA
18.88 %
AA
27.95 %
A
28.01 %
BBB
17.65 %
BB
2.80 %
B
0.14 %
CCC
0.11 %
D
0.18 %
Not Rated
1.07 %
Pre-refunded Bonds
2.22 %
Short Term Investments
0.99 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
3.38 %
1 To 5 Years
2.44 %
5 To 10 Years
4.17 %
10 To 20 Years
20.15 %
20 To 30 Years
56.67 %
More than 30 Years
13.19 %
Other
0.00 %
Total Net Assets
100.00 %
Portfolio Statistics:
AMT Percent:
10.23 %
Average Coupon:
4.54 %
Percentage of Leverage:
Bank Borrowing:
0.00 %
Investment Operations:
0.25 %
VRDP Shares:
16.90 %
Tender Option Bonds:
7.51 %
VMTP Shares:
14.92 %
Total Fund Leverage:
39.58%*
Average Maturity:
10.52 Years
Effective Duration:
8.14 Years
Total Net Assets:
$363.57 Million**
Common Stock Net Asset Value:
$12.65
Total Number of Holdings:
158
Portfolio Turnover:
55.00 %