NOTICE: 2019 Capital Gains Available. View PDF here.

Top 10 Holdings %

Coupon RateMaturity%
Minneapolis MN Revenue3.730%12/01/274.2%
Clark County NV Indl Dev Revenue5.000%12/01/393.9%
Mississippi St Business Fin Commission Gulf Opp0.650%12/01/303.9%
Philadelphia PA4.500%11/15/293.3%
Austin Texas Hotel Occupancy Tax Revenue4.900%11/15/293.4%
Texas St Trans4.000%08/27/203.2%
Colorado Springs CO4.500%11/01/403.2%
Missouri St Public Utilities Commission Revenue1.500%03/01/213.1%
Connecticut St Spl Tax Oblig Revenue5.000%09/01/202.7%
Vandalia OH2.125%09/02/202.7%

State Allocation

CT3.6%
IA1.0%
IL2.4%
IN1.6%
KS3.7%
KY3.1%
MO3.1%
NJ2.1%
NM1.6%
NV1.0%
OH21.3%
OK0.4%
SD0.4%
TX14.3%
WI4.1%

Credit Quality Breakdown

Moody's/S&P/Fitch

U.S. Treasury0.0%
U.S. Agency0.0%
Aaa/AAA/AAA5.2%
Aa/AA/AA52.2%
A/A/A13.1%
Baa/BBB/BBB1.1%
MIG16.3%
SP-1+4.7%
Not Rated17.4%
The credit-quality ratings are derived from the underlying securities of the portfolio, and are rated by Moody's. If a rating from Moody's is unavailable, S&P's rating is used. If neither Moody's nor S&P ratings are available, Fitch's rating is used.

Composition By Security Type

Municipal Bonds63.8%
Weekly Demand Notes29.7%
Daily Demand Notes6.1%
Cash Equivalents0.4%

The composition of the Portfolio is as of March 31, 2020 and is subject to change.

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