Why choose this strategy?

• To achieve tax-free income for tax sensitive clients
  
• For a high-quality municipal bond allocation, potentially add additional ballast within portfolios
• Maintain a lower level of price volatility than longer-term municipal bonds

Investment strategy

• The municipal bond team follows a disciplined, research-driven, risk-managed process to identify attractive relative value within the investment grade municipal universe
  
• Portfolio managers and credit research analysts select securities based on rigorous internal quantitative and qualitative review. Security selection seek to exploit sector, state, and individual security relative value opportunities.
• Interest rate risk is managed by targeting duration exposure within close proximity to the benchmark.
• Maturity structure is actively adjusted relative to the benchmark to take advantage of current and anticipated changes to the shape of the yield curve.
• Tax implications, including tax loss harvesting, can play an integral role in the relative value analysis conducted to evaluate investment alternatives.