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| With a bottom-up process focusing on security selection, the team considers credit quality, state of issuance, coupon structure, source of revenue, issuer concentration, and call protection to seek a predictable source of federally tax-exempt income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| This laddered strategy allocates capital in similar weights across maturities in the front half of the yield curve in an effort to meets its goal of delivering a predictable source of federally tax-exempt income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Invests in high-quality, investment grade, tax-exempt bonds, using a top-down process that aims to deliver federally tax-exempt income by primarily targeting the back half of the municipal bond yield curve. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||