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.

Profile

Average Maturity	1.21
Modified Duration	1.15

Sector Allocation

General Obligation	80.22%
Water/Sewer	7.13%
High Education	6.88%
School District	2.81%

State Chart

Top State Allocation	%
Indiana	17.90%
Minnesota	15.10%
New Jersey	14.10%
Iowa	12.35%
Arizona	8.20%

Portfolio Management Team

Tom Bernardi, CFA | 10 years of industry experience
John Tranas | +20 years of industry experience

For more information find our strategies on Envestnet or Morningstar