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 one and four years.

Portfolio Characteristics

Inception DateDecember 1, 2010
Assets Under Management (in millions)$67.80
MaturityShort (2 to 5 years)
Decision MakingSector/Spread Analysis
BenchmarkBarclays 3 Year Municipal Bond Index

Portfolio Statistics as of 12/31/19

Short Tax FreeBarclays 3 Year Municipal Bond Index
Average Credit QualityA1Aa3
Duration2.2 yrs2.6 yrs
Average Maturity2.3 yrs3.0 yrs
Current Yield3.3%4.3%
Number of Holdings167243
Coupon Rate3.6%4.7%
Yield to Maturity1.5%1.4%

Sector Diversification as of 12/31/19

Short Tax Free
General Obligation70.20

Top 10 Holdings as of 12/31/19

Texas County Utility District No. 41.4%
Kingfisher County Lease Revenue1.4%
Tulsa County Oklahoma Industrial Authority Lease Revenue1.3%
Harris County Texas Water Control District No. 961.2%
Cleveland County OK ISD No 0021.2%
Conn St SPL Tax Obligation Rev1.1%
Champaign County IL Community School District No. 41.1%
Rock Island County IL School District No. 41.0%
Wagoner County OK Education Lease Rev Bd1.0%
Pharr Tex0.9%