Benchmark Morningstar Category
Muni National Long

Asset Allocation

 

VFL


Asset Distribution
 
  Type %
Long
%
Short
%
Net
Bench-
mark
Cat
Avg
As of 08/31/2014
Cash 0.00 45.28 -45.28 2.00
US Stock 0.00 0.00 0.00 0.03
Non US Stock 0.00 0.00 0.00 0.00
Bond 144.02 0.00 144.02 102.09
Other 1.27 0.00 1.27 -4.13
 
 

Style Details

 

VFL

Fixed-Income Style
 
Fixed-Income Style History
Year Style % Bonds
As of 08/31/2014
2014 144
2013 148
2012 139
2011 99
2010 98
 
Bond Statistics
Detail Value
As of 12/31/2013
Weighted Average Credit Rating BBB-
Average Weighted Coupon 6
Average Weighted Price 112
Credit Quality
Type % Bonds Benchmark Category Avg Bond Weight Benchmark Weight Category Avg Weight
AAA 6
AA 25
A 34
BBB 25
BB 3
B 3
Below B 0
Not Rated 5
As of 08/31/2014
Credit Quality is calculated only using the long position holdings of the portfolio.

Sector Weightings

 

VFL

Fixed-Income Sectors
Type % Bonds Benchmark Category Avg Fund Weight Benchmark Weight Category Avg Weight
Municipal 100.00 97.96
State and Local General Obligation 14.73 15.64
Advance Refunded 1.21 4.32
Tobacco 3.15 2.34
Education 19.88 11.48
Health 13.64 15.55
Housing 6.71 0.75
Industrial 8.29 8.65
Transportation 22.71 19.00
Utilities 4.46 11.01
Water & Sewer 4.32 3.71
Miscellaneous Revenue 0.89 5.49
       
Cash & Equivalents 0.00 1.93
       
Other 0.00 0.11
As of 08/31/2014
Sector data is calculated only using the rescaled long position holdings of the portfolio.
Coupon Range
Type % Bonds Benchmark Category Avg   Fund Weight Benchmark Weight Category Avg Weight
0% PIK 0.09 3.42
0% to 4% 1.05 2.06
4% to 6% 77.27 64.04
6% to 8% 21.03 29.10
8% to 10% 0.56 1.31
10% to 12% 0.00 0.00
More than 12% 0.00 0.06
As of 08/31/2014
Sector data is calculated only using the long position holdings of the portfolio.

Top 10 Country Breakdown

 

VFL

% Bonds Benchmark Category Avg Fund Weight Benchmark Weight Category Avg Weight
United States 100.00 100.00
As of 08/31/2014
Country breakdown data is calculated only using the long position holdings of the portfolio.

Bond Maturity Breakdown

 

VFL

% Bonds Benchmark Category Avg Fund Weight Benchmark Weight Category Avg Weight
1 to 3 Years 1.44 2.43
3 to 5 Years 2.01 1.26
5 to 7 Years 1.36 5.30
7 to 10 Years 6.63 8.06
10 to 15 Years 18.03 7.50
15 to 20 Years 24.19 19.65
20 to 30 Years 41.55 41.50
Over 30 Years 4.80 14.31
As of 12/31/2013

Bond Duration

 

VFL

Unadjusted for Leverage Leverage Adjusted
Average Weighted Duration
Effective Duration
Modified Duration 6.90 10.38
As of 12/31/2013
 
Detail Value
Average Weighted Maturity
Effective Maturity 10.72

Bond Call Profile

 

VFL

% Bonds Benchmark Category Avg Fund Weight Benchmark Weight Category Avg Weight
2014 0.00
2015 0.58
2016 1.72
2017 0.58
2018 0.00
5 Year + 0.00
Non-Callable 0.00
As of 09/30/2013

Bond State Breakdown

 

VFL

% Bonds Benchmark Category Avg United States
N/C 0-5 5-10 10-20 20-50 >50
California 15.44 20.62
New York 12.20 15.01
Arizona 9.89 1.98
Pennsylvania 9.59 0.72
Texas 8.44 9.98
New Jersey 6.35 3.70
Minnesota 4.27 0.77
Georgia 3.86 0.60
Florida 3.09 3.83
Illinois 3.00 14.72
Maryland 2.99 0.50
Missouri 2.90 0.14
Oregon 2.76 0.08
Louisiana 2.36 1.10
Ohio 1.39 0.53
Idaho 1.18 0.04
Massachusetts 1.04 3.60
Colorado 1.02 4.47
Indiana 0.67 0.61
Virginia 0.65 0.29
New Mexico 0.59 0.10
West Virginia 0.58 0.07
Wisconsin 0.54 0.10
Nevada 0.51 2.38
New Hampshire 0.37 0.00
Maine 0.36 0.00
Alaska 0.36 0.04
Hawaii 0.35 0.21
North Carolina 0.31 0.23
Wyoming 0.31 0.35
North Dakota 0.29 0.10
Washington 0.20 0.81
Kansas 0.10 0.12
As of 08/31/2014

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