We have been overweight the municipal sector due to its higher-quality focus alongside attractive valuations. While stress has increased among state and local issuers who have taken on the burden of dealing with the current crisis, in aggregate the sector has entered the crisis in strong shape owing to flat debt growth and strong revenues. Letting states fail, as some politicians have suggested, is not a realistic option as it will extract an overly high political cost in our view given the states' roles as large employers. Moreover, the Treasury and the Fed have provided