Transportation
Lease
Healthcare/Hospital
Education
IDR/PCR
Special Tax
GO Local
Housing
GO State
Water & Sewer
Insured
Power
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 03/31/2016

State Assets
NJ 81.2%
NY 7.6%
Puerto Rico 3.6%
PA 3.3%
Other U.S. Territories 2.8%
DE 1.2%

Portfolio Details as of 03/31/2016

Total Net Assets
$99.13 M
Number of Issues
133
Average Coupon
5.20%
Average Effective Maturity
15.8 Years
Average Effective Duration
7.19 Years

Credit Quality Distribution as of 03/31/2016

AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 3/31/2016

  • A primary focus has been to overweight maturities in the 10- to 20-year maturity range, resulting in a more bulleted structure, relative to the portfolio’s benchmark, the Barclays Municipal Bond Index. This range is viewed as attractive, when compared to other maturity ranges, given the composition of new issue supply, the steep yield and total return potential.
  • The portfolio is overweight in lower-rated investment grade bonds due to attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight in revenue bonds, including health care and transportation bonds, given the dedicated income stream and favorable return prospects. 
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