Core Municipal Fixed Income

Investment Objective
The investment objective of this product is to minimize downside risk in any environment and maintain consistent quarterly after-tax total returns over an intermediate to long term investment horizon. The firm seeks to satisfy future operating or liability funding requirements in the most efficient present value terms within the client’s investment risk constraints. The firm employs a value-oriented comprehensive portfolio management approach which blends together the investment techniques of active duration management, market sector rotation and undervalued security selection. Portfolio security selection is primarily focused on investment grade fixed income obligations.

Instruments
• U.S. Treasury debt obligations
• Tax-exempt municipal general debt obligations
• Tax-exempt municipal revenue debt obligations
• Taxable municipal general debt obligations

Benchmark
Lehman Brothers Municipal Bond Market Index