IDR/PCR
Education
Transportation
Special Tax
Healthcare/Hospital
Lease
Water & Sewer
GO Local
Power
Housing
GO State
Pre-Refunded
<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 01/30/2015

State Assets
NY 96.7%
Puerto Rico 2.3%
Other U.S. Territories 0.7%

Portfolio Details as of 01/30/2015

Total Net Assets
$344.69 M
Number of Holdings
197
Average Coupon
5.2%
Average Effective Maturity
16.7 Years
Effective Duration
6.72 Years

Credit Quality Distribution as of 01/30/2015

AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2014

  • Our primary focus has been to overweight maturities in the 10- to 25-year maturity range 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 to revenue bonds, including healthcare and education bonds, given the dedicated income stream and favorable return prospects.
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