Lease
Transportation
Healthcare/Hospital
IDR/PCR
Education
Special Tax
GO Local
Water & Sewer
Housing
Pre-Refunded
GO State
Power
<1 Year
1-4.99 Years
5-9.99 Years
10-19.99 Years
20-29.99 Years
>30 Years

Portfolio Breakdown by Stateas of 07/31/2015

State Assets
NJ 81.3%
NY 7.3%
Puerto Rico 3.8%
PA 3.3%
Other U.S. Territories 2.8%
DE 1.2%

Portfolio Details as of 07/31/2015

Total Net Assets
$96.27 M
Number of Holdings
127
Average Coupon
5.2%
Average Effective Maturity
15.8 Years
Effective Duration
8.10 Years

Credit Quality Distribution as of 07/31/2015

AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 06/30/2015

  • Our primary focus has been to overweight maturities in the 10- to 25-year maturity range in a more bulleted structure relative to the portfolio’s benchmark, the Barclays Municipal Bond Index, due to the steep yield curve and total return potential, compared with other maturity combinations.
  • The portfolio is overweight in lower-rated bonds due to attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight in revenue bonds, including health care and special tax-backed bonds, given the dedicated income stream and favorable return prospects. 
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