Objectives

• Provide the highest possible return while minimizing the risk to principal

• Stability of income and principal

Process

• Top-down, macro-economic outlook drives sector allocation and yield curve positioning

• A bottom-up survey of analysis of individual securities populates the portfolio

Characteristics

• Composition: U.S. dollar-denominated investment-grade bonds across the full maturity spectrum

• Positions: 40 to 60

• Turnover: 30 percent including maturity reinvestment

• Average maturity: Six-to-nine years

• Benchmarks: Bloomberg Barclays Capital Aggregate or Bloomberg Barclays Government/Credit Index

Team
Brad Houle, CFA, lead
Joe Brooks
Blaine Dickason
Jade Thomason

Updated annually. Data as of January 1, 2024.

Objectives

• Increase return potential through inclusion of high-yield fixed income vehicles

• Employ bonds across the full rating spectrum

Process

• Top-down, macro-economic outlook drives sector allocation and yield curve positioning

• A bottom-up survey of analysis of individual securities populates the portfolio

Characteristics

• Composition: U.S. dollar-denominated debt

• Positions: 40 to 70

• Average maturity: Six-to-nine years

• Turnover: 30 percent, including maturity reinvestment

• Benchmarks: Bloomberg Barclays Capital Aggregate Index

Team
Brad Houle, CFA, lead
Joe Brooks
Blaine Dickason
Jade Thomason

Updated annually. Data as of January 1, 2024.

Objectives

• Provide the highest possible return while minimizing the risk to principal

• Stability of income and principal

Process

• Top-down, macro-economic outlook drives sector allocation and yield curve positioning

• A bottom-up survey of analysis of individual securities populates the portfolio

Characteristics

• Composition: U.S. dollar-denominated investment-grade bonds maturing in 10 years or less

• Positions: 40 to 60

• Turnover: 30 percent, including maturity reinvestment

• Average maturity: Three-to-six years

• Benchmarks: Bloomberg Barclays Capital Intermediate Government/Credit Index

Team
Brad Houle, CFA, lead
Joe Brooks
Blaine Dickason
Jade Thomason

Updated annually. Data as of January 1, 2024.

Objectives

• Provide stability and tax-free income

• Maximize after-tax return and income through customization

Process

• Both top-down and bottom-up approach to yield curve positioning

• A bottom-up approach to bond selection

• Careful credit analysis to minimize risks

Characteristics

• Composition: investment-grade securities issued by local governments

• Diversification by region and issuing municipality

• Mix of General Obligation bonds (tax based) and essential service revenue bonds (water, sewer and utility).

• Positions: 30 to 60

• Turnover: 15 percent, including maturity reinvestment

• Benchmarks: Bloomberg Barclays Capital Intermediate-Short Municipal Index

Team
Joe Brooks, lead
Blaine Dickason
Brad Houle, CFA
Jade Thomason

Updated annually. Data as of January 1, 2024.