Education
Special Tax
Transportation
IDR/PCR
Healthcare/Hospital
Lease
Water & Sewer
GO Local
Power
Housing
GO State
Pre-Refunded
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 12/31/2015

State Assets
NY 96.3%
Puerto Rico 1.9%
Other U.S. Territories 0.5%

Portfolio Details as of 12/31/2015

Total Net Assets
$395.88 M
Number of Holdings
253
Average Coupon
5.1%
Average Effective Maturity
16.4 Years
Effective Duration
6.79 Years

Credit Quality Distribution as of 12/31/2015

A-2/MIG2
AAA
AA
A
BBB
< BBB
Not Rated

Portfolio Positioning as of 12/31/2015

  • A primary focus has been to overweight maturities in the 10- to 20-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 ‘A’ rated bonds 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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