There have been changes to my portfolio over the last few months. In late March, my wife and I bought a condo in Chicago. The process was relatively smooth, and we had saved comfortably for a down payment without touching our emergency savings (roughly six months of mortgage payments and living expenses).

I was a little nervous about unplanned expenses during the move to the new place, so I sold my Berkshire Hathaway (BRK.B) stock to raise extra cash. That position had built up a nice capital gain, so I also sold Yamana Gold (AUY) at a loss, to offset the Berkshire gains at tax-time next year. I planned to sell Yamana for quite a while, so I’m glad it was useful in the end.

As part of my annual bonus, I received a sizable grant of restricted stock units (RSUs) of Morningstar (MORN) stock, which bumped my exposure to more than 10 percent from less than half a percent. The RSUs will take time to vest, even then, I don’t anticipate selling. I hope to work for Morningstar for many years, and it’s empowering to have an ownership stake in the firm.

Of course, it’s also dangerous to have too much of my net worth concentrated in the company I work for, so it’s worth noting that these percentages are based only on my account values and does not include my wife’s accounts or our savings. Also, contributions to my 401(k) and Roth IRA will bring down that percentage over time.

I also sold the small amount of Enersys (ENS) stock that I owned. My dad has moved on to the next stage of his career, and his involvement was the only reason that I owned the company.

I only made one purchase since my last update. I took a 1 percent position in Enbridge (ENB) in my Roth IRA. Enbridge is a midstream company, which means it makes money by transporting oil and gas through pipelines across North America. The business model demonstrates that midstream companies tend to be less exposed to wild swings in oil prices, and they earn high levels of cash flow that they often return to shareholders. Enbridge currently pays a roughly 6 percent yield. I plan for this to be a long-term holding and will happily reinvest the dividends.

It’s worth noting many midstream companies are structured as master-limited partnerships, or “MLPs.” This structure allows the company to classify its dividends as return-of-capital, which significantly lowers its tax rate and makes them ideal holdings for taxable accounts. MLPs should not be held in tax-deferred accounts (like IRAs). However, they also introduce additional headaches at tax-time, because they use what is called a K-1 form, instead of the traditional 1099-DIV. These K-1 forms are often difficult to work with and come very late, and MLP investors often have to file an extension. However, Enbridge is not an MLP, which is why it’s in my Roth IRA.

I want to make one more comment on our emergency savings. I don’t include those accounts in my portfolio, but I did make a purchase that I wanted to highlight. As short-term interest rates have continued to rise, it’s becoming increasingly viable to use short-term high-quality bonds as saving vehicles.

To that end, I put 15 percent of our emergency savings into an exchange-traded fund, SPDR Bloomberg Barclays Investment Grade Floating Rate, ticker FLRN. It holds very short maturity bonds and floating-rate notes issued by companies with investment-grade credit ratings (mostly banks and other financial institutions). Its price has been stable, and its yield should increase if short-term interest rates continue to climb. It now has a roughly 2 percent yield and pays dividends monthly. This means the 15 percent I put into FLRN should generate a nice level of additional income that will grow our savings. The rest of our savings will stay in cash.

To recap: I sold Berkshire Hathaway (BRK.B), Yamana Gold (AUY), and Enersys (ENS). I bought Enbridge (ENB) and SPDR Bloomberg Barclays Investment Grade Floating Rate (FLRN), although the latter is not represented in my portfolio values.

As always, if you have any questions about my portfolio or anything else I’ve written about, please don’t hesitate to contact me.