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)$53.40
MaturityShort (2 to 5 years)
Decision MakingSector/Spread Analysis
BenchmarkBarclays 3 Year Municipal Bond Index

Portfolio Statistics as of 6/30/19

Short Tax FreeBarclays 3 Year Municipal Bond Index
Average Credit QualityA1Aa3
Duration2.0 yrs2.5 yrs
Average Maturity2.2 yrs2.9 yrs
Current Yield3.6%4.4%
Number of Holdings156967
Coupon Rate3.8%4.7%
Yield to Maturity1.7%1.6%

Sector Diversification as of 6/30/19

Short Tax Free
General Obligation64.60
Revenue34.10
Cash1.30

Top 10 Holdings as of 6/30/19

Texas St3.6%
Tulsa County Industrial Authority1.7%
Cleveland County OK ISD No. 21.5%
Champaign County Illinois School District No. 41.4%
Pharr Texas1.1%
Maryland Department Transn1.1%
Platteville-Gil Crest Fire District1.1%
OK St Capital Improvement Authority1.0%
Timber Lane Texas Utility District1.0%
Yavapai County Arizona School District No. 221.0%