Portfolio Construction

Municipal securities offer potential for attractive yields and enhanced safety of principal. We invest in investment-grade municipal securities rated A3/A- or better at the time of purchase. The portfolio will have duration of between three and ten years.

Portfolio Characteristics

Inception DateJanuary 1, 2000
Assets Under Management (in millions)$196.00
Investment StyleHigh Quality National Intermediate Municipal
MaturityIntermediate (3 to 10 years)
Decision MakingSector/Spread Analysis
BenchmarkBarclays Municipal Bond Index

Portfolio Statistics as of 12/31/20

Intermediate Tax FreeBarclays Municipal Bond Index
Average Credit QualityAa2A1
Duration4.4 yrs4.2 yrs
Average Maturity4.9 yrs6.6 yrs
Current Yield3.5%4.0%
Number of Holdings1529405
Coupon Rate4.2%4.6%
Yield to Maturity1.5%1.5%

Sector Diversification as of 12/31/20

Intermediate Tax Free
General Obligation62.60

Top 10 Holdings as of 12/31/20

West Palm Beach Revenue Bond1.8%
Beaumont TX ISD1.8%
Campbell & Kenton County No. 1 Rev1.3%
Evansville Ind Redev Authority1.0%
Texas St1.0%
Fort Worth TX0.9%
Mantanuska-Susitna Boro Lease Revenue0.9%
Wichita KS Water & Sewer Utility Revenue0.9%
South Dakota Conservancy Distric0.8%
Kansas City Mo Spl Oblig0.8%