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Tax Aware Real Return Fund - C (TXRCX)

Tax Aware Real Return Fund - C (TXRCX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 10/31/2015)
1. Florida State Board of Education, Public Education Capital Outlay, 5.00%, 6/1/2025 2.2%
2. City of Los Angeles, Department of Water & Power, Power System, 5.00%, 7/1/2028 1.8%
3. Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, 5.00%, 1/1/2026 1.7%
4. Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds, 5.00%, 1/1/2021 1.4%
5. City of Olathe & County of Labette, Capital Accumulator, 0.00%, 2/1/2016 1.2%
6. Commonwealth of Virginia, 5.00%, 6/1/2020 1.2%
7. Arizona State Transportation Board, 5.25%, 7/1/2026 1.2%
8. Arizona State Transportation Board, 5.25%, 7/1/2025 1.1%
9. New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, 5.00%, 6/15/2024 1.1%
10. New York State Dormitory Authority, State Sales Tax, 5.00%, 3/15/2031 1.0%
Total of top ten 13.9%
Portfolio breakdown* (as of 10/31/2015)
Municipal Bonds 99.4%
Other 0.6%

* Due to rounding, values may not total 100%.

Average life* (as of 10/31/2015)
Years 0-2 13.2%
Years 2-4 9.4%
Years 4-6 14.0%
Years 6-8 12.9%
Years 8-10 11.8%
Years 10-12 11.3%
Years 12-17 18.8%
Years 17-22 5.8%
Years 22+ 2.9%
Duration 3.54 years
Average Maturity 8.76 years
Average Life 4.7 years

* Due to rounding, values may not total 100%.

Contribution to duration (in years) (as of 10/31/2015)
Revenue 3.66
GO 1.62
Pre-refunded 0.26
Insured 0.03
Other -3.12
Portfolio stats (as of 10/31/2015)
Number of Holdings 378
Fund Assets $1.73
(in billions)
Turnover Ratio 10.86%
(Trailing 12 month) (10/31/2014)
Yield to maturity 2.66%
Quality* (as of 10/31/2015)
AAA 30.8%
AA 68.3%
A 9.2%
<=BA & NR -8.3%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund is designed to maximize inflation-protected return, which means maximizing the "real return." Real return is the total of a security less the actual rate of inflation.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

Investments in derivatives may be riskier than other types of investments. They may be more sensitive to changes in economic or market conditions than other types of investments. Many derivatives create leverage, which could lead to greater volatility and losses that significantly exceed the original investment.

The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value.

The Fund's tax aware strategies may reduce the amount of taxable income that you recognize as a result of your investment in the Fund but will not eliminate it. These strategies may require trade-offs that reduce pre-tax income.

The Fund may engage in short sales. There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

Total return assumes reinvestment of income.

The duration represents an estimate of the price sensitivity of the Fund to a given change in real interest rates (defined as nominal municipal interest rates minus inflation hedge for this fund) on conventional municipal securities. Actual price movements for the Fund could be significantly different than implied by this estimate. The relationship of inflation-linked instruments and conventional bonds is difficult to predict with accuracy. Therefore, this estimate is less precise than the duration estimates of our conventional bond Funds.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.