Ultra-Short Municipal

Strategy Overview

The Ultra-Short Term Municipal strategy is an actively managed strategy appropriate for investors seeking a hedge against rising interest rates.  The goal of the strategy is to generate higher income compared to tax-free money market funds. The strategy consists of fully discretionary, separately managed account (SMA) portfolios.  The strategy invests primarily in municipal bonds exempt from federal income taxes and for comparison purposes is measured against the Bloomberg Barclays Municipal Bond 1-Year (1-2) Municipal Index.

Profile

Average Maturity 1.66
Yield to Worst 1.83%
Yield to Maturity 1.87%
Modified Duration 1.37
Avg. Coupon 3.69%

Sector Chart

Top Sector Allocations
General Obligation 48.51%
School District 19.91%
Water 17.01%
Utilities 7.16%
Higher Education 2.19%

State Chart

Top State Allocation %
Wisconsin 14.87%
Texas 14.68%
Illinois 13.19%
Indiana 9.47%
Rhode Island 7.44%

Portfolio Management Team

Tom Bernardi, CFA – 5 years of industry experience

John Tranas – 26 years of industry experience

For more information find our strategies on Envestnet or Morningstar

Data as of 9/30/2018