My Defensive Investment Portfolio

Since I think the stock market is well overvalued, high yield credit is starting to show distress and that we're in an unfavorable seasonal period for equities, my portfolio is defensively positioned and mostly in bonds, preferred shares, cash and some equities.  I'm waiting for a buying opportunity to buy high quality dividend growth stocks in lieu of Treasuries and Preferred Shares.  Of the invested money, my average yield is 5%.  Since I have 22% in cash, my overall yield is a bit over 4%.

Here's my current allocation:

Cash				22.00%
Floating/ST Bonds/Bank Loans				2.19%
Stocks				21.77%
Preferred Stocks				11.65%
Hedges				0.00%
Treasury Bonds 20+ Years				9.42%
Muni Bond Funds				32.45%
Corp Bond Funds				0.57%
				100.00%

Of the stock portion of my portfolio, here is my current allocation:

Consumer Discretionary				0.00%
Industrials				0.00%
MLPs				2.10%
Healthcare/Pharma				2.48%
Electric Utilities				3.30%
Tobacco				0.00%
Gas Dist Utilities				0.95%
Telecom				0.93%
Banks				0.00%
Tobacco				1.14%
Oil/Gas				0.00%
REITS				5.91%
Transports				0.00%
Defense				0.00%
BDCs				2.47%
Technology				0.00%
Int'l stocks (Germany and Japan)				2.27%