Municipal securities offer potential for attractive yields and enhanced safety of principal. We will invest at least 65% in investment grade municipal securities rated A3/A or better at time of purchase. The portfolio will have a maximum
duration of 1 year and will be a blend of variable rate demand notes (VRDNs) and fixed rate bonds.
| Inception Date | March 1, 2017 |
| Assets Under Management (in millions) | $107.50 |
| Maturity | Short (up to 1 year) |
| Decision Making | Sector/Spread Analysis |
| Benchmark | 50% SIFMA / 50% Barclays Muni 1 Year |
| Ultra Short Tax-Free | 50% SIFMA / 50% Barclays Muni 1 Year | |
|---|---|---|
| Average Credit Quality | Aa1 | – |
| Duration | 0.2 yrs | – |
| Average Maturity | 0.2 yrs | – |
| Current Yield | 2.8% | – |
| Number of Holdings | 11 | – |
| Coupon Rate | 1.6% | – |
| Yield to Maturity | 2.1% | – |
| Ultra Short Tax-Free | 50% SIFMA / 50% Barclays Muni 1 Year | |
|---|---|---|
| Revenue | 70.90 | 0.00 |
| General Obligation | 22.20 | 0.00 |
| Other | 2.00 | 0.00 |
| Cash | 4.80 | 0.00 |