| SHORT-TERM MUNICIPAL | INTERMEDIATE MUNICIPAL | INTERMEDIATE TAXABLE | FIXED INCOME HYBRID |
|---|---|---|---|
|
Portfolio Objective Preservation and growth of capital in a tax efficient manner with disciplined management of liquidity risk, interest rate risk, and credit risk |
Portfolio Objective Preservation and growth of capital in a tax efficient manner with disciplined management of liquidity risk, interest rate risk, and credit risk |
Portfolio Objective Preservation and growth of capital focusing on yield curve positioning, sector rotation, and security selection within management guidelines for interest rate risk, and credit risk |
Portfolio Objective A customized strategy to achieve preservation and growth of capital with disciplined management of liquidity risk, interest rate risk, and credit risk utilizing a combination of taxable and tax-exempt securities. |
|
Portfolio Design Research intensive, customized portfolio design process reflecting individual clients’ state preference, tax needs, and risk profile. |
Portfolio Design Research intensive, customized portfolio design process reflecting individual clients’ state preference, tax needs, and risk profile. |
Portfolio Design Research and market expertise focused on positioning portfolios to benefit from the following high grade asset classes: US Treasury Notes/Tips, Government Sponsored Entities (GSEs), Investment Grade Corporates, Investment Grade Taxable Municipals |
Portfolio Design A portfolio design which opportunistically combines the strategies of both Intermediate Municipal and Intermediate Taxable to optimize individual clients’ after tax returns |
|
Average Maturity Range: 1–6 Years |
Average Maturity Range: 3–12 Years |
Average Maturity Range: 2–10 Years |
Average Maturity Range: 2–12 Years |
|
Average Duration: 2.25–3.25 Years |
Average Duration: 4.5–5.5 Years |
Average Duration: 3.5–4.5 Years |
Average Duration: 4–5.5 Years |
|
Average Credit Rating: Average AA or Better |
Average Credit Rating: Average AA or Better |
Average Credit Rating: Average A or Higher |
Average Credit Rating: Average AA or Better |
|
Benchmark: Primary – Barclays Capital 3 Year Muni Index Secondary – Barclays Capital 1–3–5 Year Muni Blend |
Benchmark: Primary – Barclays Capital 7 Year Muni Index Secondary – Barclays Capital 5–7–10 Year Muni Blend |
Benchmark: Primary – Barclays Capital Gov’t / Credit Intermediate Index |
Benchmark: Barclays Capital 7 Year Municipal and Barclays Capital Gov’t/Credit Intermediate |
*These investment strategies may change due to market conditions over time.