Transportation
GO State
GO Local
Healthcare/Hospital
VRDN
IDR/PCR
Lease
Special Tax
Education
Power
Water & Sewer
Resource Recovery
Pre-Refunded
<1 Year
1 - 2.99 Years
3 - 4.99 Years
5 - 9.99 Years
>10 Years

Portfolio Breakdown by Stateas of 04/30/2015

State Assets
CA 18.4%
NY 11.8%
TX 11.1%
FL 5.7%
IL 5.0%
PA 4.5%
NJ 3.7%
AZ 3.1%
OH 3.1%
NC 2.9%
WA 2.7%
GA 2.5%
KY 1.8%
WI 1.8%
MI 1.6%
Puerto Rico 1.4%
MD 1.3%
MA 1.3%
IN 1.3%
UT 1.3%
NV 1.2%
CT 1.1%
TN 1.0%
LA 1.0%
MS 1.0%
MO 0.9%
MN 0.8%
VA 0.8%
CO 0.7%
RI 0.6%
N/A 0.5%
IA 0.5%
AK 0.5%
AR 0.5%
AL 0.5%
NE 0.4%
OR 0.4%
SC 0.4%
HI 0.3%
NM 0.2%
WV 0.1%
Other U.S. Territories 0.1%

Portfolio Details as of 04/30/2015

Total Net Assets
$2.18 B
Number of Holdings
372
Average Coupon
3.6%
Average Effective Maturity
2.8 Years
Effective Duration
2.20 Years

Credit Quality Distribution as of 04/30/2015

A-1/MIG1
A-2/MIG2
A-3/MIG3
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 03/31/2015

  • We favor a barbelled structure that combines money market securities and three- to five-year maturity bonds rather than a bulleted structure.
  • The portfolio has a sizable weighting in variable-rate demand notes due to their low volatility and strong liquidity. These securities are always priced at par and, therefore, do not have the duration risk of fixed-coupon bonds.
  • The portfolio continues to have a weighting in floating-rate notes, whose coupons adjust as short-term rates fluctuate. This characteristic provides a viable alternative to lower-yielding, variable-rate demand notes.  
  • The portfolio has a slight overweight in lower-quality investment-grade bonds relative to its benchmark, the Barclays1-5 Year Municipal Bond Index, due to attractive credit spreads.
  • The portfolio continues to maintain an overweight to revenue bonds relative to the benchmark, given the dedicated income stream and favorable return prospects.
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