High Income Municipal

Strategy Overview

The High Income Municipal strategy is an actively managed strategy appropriate for investors seeking a goals-based portfolio with the aim for higher yield/income potential.  The goal of the strategy is to generate higher income while investing in a high quality, diversified portfolio.  The strategy consists of fully discretionary, separately managed account (SMA) portfolios.  The strategy holds individual bonds, primarily consisting of investment grade issues, which seek high income through higher duration portfolios.

Profile

Average Maturity 10.98
Modified Duration 7.09

Sector Allocation

General Obligation 45.99%
School District 30.38%
Water 5.36%
Higher Education 4.12%
Utilities 2.65%

State Allocation

Top State Allocation %
Texas 13.70%
Michigan 10.52%
Indiana 10.06%
Illinois 7.29%
Wisconsin 5.98%

Portfolio Management Team

Tom Bernardi, CFA
John Tranas

For more information find our strategies on Morningstar

Data as of 09/30/2023