Education
Special Tax
Transportation
IDR/PCR
Healthcare/Hospital
Water & Sewer
Lease
GO Local
Power
Pre-Refunded
GO State
Housing
VRDN
Resource Recovery
<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 03/31/2016

State Assets
NY 98%
Puerto Rico 1.7%
Other U.S. Territories 0.6%

Portfolio Details as of 03/31/2016

Total Net Assets
$395.99 M
Number of Issues
253
Average Coupon
5.10%
Average Effective Maturity
16.4 Years
Average Effective Duration
6.70 Years

Credit Quality Distribution as of 03/31/2016

A-2/MIG2
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 steepness of the yield curve and total return potential.
  • The portfolio is overweight in lower tiers of investment grade due to attractive spreads and solid credit fundamentals.
  • The portfolio continues to maintain an overweight in revenue bonds, including health care and education bonds, given the dedicated income stream and favorable return prospects.
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