IDR/PCR
Education
Transportation
Special Tax
Healthcare/Hospital
Lease
Water & Sewer
GO Local
Power
Housing
Pre-Refunded
GO State
<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 02/27/2015

State Assets
NY 95.8%
Puerto Rico 2.2%
Other U.S. Territories 0.7%

Portfolio Details as of 02/27/2015

Total Net Assets
$344.93 M
Number of Holdings
203
Average Coupon
5.3%
Average Effective Maturity
16.5 Years
Effective Duration
7.12 Years

Credit Quality Distribution as of 02/27/2015

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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