Transportation
GO State
Healthcare/Hospital
GO Local
VRDN
IDR/PCR
Lease
Special Tax
Water & Sewer
Education
Power
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 07/31/2015

State Assets
CA 19.2%
NY 10.7%
TX 9.5%
PA 5.5%
IL 5.2%
NJ 4.3%
FL 4.2%
AZ 3.1%
GA 3.0%
WA 2.9%
NC 2.9%
OH 2.5%
LA 2.0%
KY 1.9%
WI 1.9%
CT 1.4%
MD 1.4%
IN 1.4%
NV 1.4%
Puerto Rico 1.3%
MA 1.3%
MI 1.2%
TN 1.1%
MS 1.1%
MN 1.0%
MO 1.0%
VA 0.8%
CO 0.7%
UT 0.7%
RI 0.6%
N/A 0.6%
IA 0.5%
AR 0.5%
AK 0.5%
OR 0.5%
NE 0.4%
HI 0.3%
NM 0.2%
AL 0.1%
WV 0.1%
Other U.S. Territories 0.1%

Portfolio Details as of 07/31/2015

Total Net Assets
$2.05 B
Number of Holdings
362
Average Coupon
3.6%
Average Effective Maturity
2.8 Years
Effective Duration
2.23 Years

Credit Quality Distribution as of 07/31/2015

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

Portfolio Positioning as of 06/30/2015

  • 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, in which 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 transportation bonds, relative to the benchmark, given the dedicated income stream and favorable return prospects.
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