Portfolio Construction

Municipal securities offer potential for attractive yields and enhanced safety of principal. We invest in municipal securities that offer incremental yield.  The portfolio will typically have a duration between three and ten years.

Portfolio Characteristics

Inception DateSeptember 1, 2012
Assets Under Management (in millions)$9.10
Investment StyleNational Municipal Intermediate
MaturityProjected (5 to 10 years)
Decision MakingCredit/Spread Analysis
BenchmarkBarclays Capital Muni Intermediate Index

Portfolio Statistics as of 12/31/20

Enhanced Tax FreeBarclays Capital Muni Intermediate Index
Average Credit QualityA1A1
Duration3.2 yrs4.8 yrs
Yield to Worst0.8%0.7%

Top 10 Holdings as of 12/31/20

Jackson County Miss Port Fac Rev7.7%
Valdez Alaska Marine Term Rev5.5%
Beckham County OK Edl Facs Auth EDL Facs Lease Rev2.3%
Evansville Vanderburgh County Ind Bldg Auth Lease Rent Rev2.3%
Harris County Tex Mun Util Dist No 3962.1%
Marshall County OK Edl Facs Auth Edl Facs Lease Rev2.1%
Barker Cypress Mun Itil Dist Tex2.0%
Cimarron Tex Mun Util Dist1.9%
Midlothian Ill PK Dist1.9%
Adams County Ill Sch Dist No 1721.9%