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

Portfolio Breakdown by Stateas of 03/31/2016

State Assets
CA 18.6%
NY 12.9%
TX 9.6%
FL 6.2%
PA 5.3%
IL 4.5%
NJ 4.4%
GA 3.2%
AZ 2.8%
WA 2.4%
OH 2.2%
WI 2.1%
LA 2%
NC 2%
VA 1.6%
KY 1.4%
IN 1.4%
SC 1.4%
MD 1.3%
NV 1.3%
MA 1.2%
MI 1.2%
MO 1%
CT 0.9%
MS 0.9%
NM 0.8%
AR 0.8%
TN 0.8%
MN 0.8%
Puerto Rico 0.7%
CO 0.7%
UT 0.7%
RI 0.6%
OR 0.5%
AK 0.5%
IA 0.5%
NE 0.5%
HI 0.3%
AL 0.3%
WV 0.1%
DC 0.1%
Other U.S. Territories 0.1%

Portfolio Details as of 03/31/2016

Total Net Assets
$2.03 B
Number of Issues
389
Average Coupon
3.80%
Average Effective Maturity
2.8 Years
Average Effective Duration
2.24 Years

Credit Quality Distribution as of 03/31/2016

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

Portfolio Positioning as of 3/31/2016

  • We favor a barbell structure that combines money market securities with three- to six-year maturity bonds, rather than a bullet 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 is 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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