Education
IDR/PCR
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 06/30/2015

State Assets
NY 96.6%
Puerto Rico 2.1%
Other U.S. Territories 0.7%

Portfolio Details as of 06/30/2015

Total Net Assets
$353.90 M
Number of Holdings
230
Average Coupon
5.2%
Average Effective Maturity
16.3 Years
Effective Duration
7.55 Years

Credit Quality Distribution as of 06/30/2015

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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