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Strategy – Relative Value Yield or Spread Differential
• Yield differential of double- and triple-A-rated municipals versus treasuries highlights relative value added through security selection.
US Treasuryvs Muni(AAA&AA) Yields as of July 2025
6.000%
5.500%
5.000%
4.500%
4.000%
3.500%
3.000%
1 year
3 year
20 year
2 year
5 year
7 year
10 year
UST
AAA AA
0.000% 0.100% 0.200% 0.300% 0.400% 0.500% 0.600% 0.700%
1 year
2 year
3 year
5 year
7 year
10 year
20 year
AAA- UST AA- UST
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