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.


Average Maturity 1.02
Modified Duration 0.97

Sector Allocation

General Obligation 37.77%
Schoo District 28.38%
Housing 7.81%
Utility 6.71%

State Chart

Top State Allocation %
Indiana 25.41%
West Virginia 8.16%
Ohio 7.23%
New Mexico 7.19%
Illinois 7.18%

Portfolio Management Team

Tom Bernardi, CFA
John Tranas

For more information find our strategies on Morningstar

Data as of 09/30/2023