Transportation
GO State
VRDN
Healthcare/Hospital
IDR/PCR
GO Local
Lease
Special Tax
Water & Sewer
Education
Power
Resource Recovery
Pre-Refunded
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 12/31/2015

State Assets
CA 17.3%
NY 9.9%
TX 9.5%
FL 5.9%
PA 5.8%
IL 5.2%
NJ 4.3%
GA 3.8%
WA 2.9%
AZ 2.8%
NC 2.4%
NV 2.4%
OH 2.2%
WI 2.1%
LA 2.0%
VA 1.5%
CT 1.4%
KY 1.4%
IN 1.4%
MD 1.3%
MA 1.2%
MI 1.2%
MS 1.0%
MO 1.0%
TN 0.8%
Puerto Rico 0.8%
MN 0.8%
CO 0.7%
UT 0.7%
OR 0.6%
SC 0.6%
RI 0.6%
AR 0.5%
AK 0.5%
IA 0.5%
NE 0.4%
AL 0.3%
HI 0.3%
NM 0.2%
WV 0.1%
DC 0.1%
Other U.S. Territories 0.1%

Portfolio Details as of 12/31/2015

Total Net Assets
$2.06 B
Number of Holdings
377
Average Coupon
3.7%
Average Effective Maturity
2.8 Years
Effective Duration
2.21 Years

Credit Quality Distribution as of 12/31/2015

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

Portfolio Positioning as of 12/31/2015

  • We favor a barbelled structure that combines money market securities and three- to six-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 Barclays Municipal Bond Short 1-5 Year Index, due to attractive credit spreads.
  • The portfolio continues to maintain an overweight in revenue bonds, including industrial revenue and health care bonds, relative to the benchmark, given the dedicated income stream and favorable return prospects.
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