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            At-a-glance
| PROVIDES ACCESS TO | 
            
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| INVESTABLE UNIVERSE | 
             Investment grade fixed income: 
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| BENCHMARK | 
            
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| AVERAGE EFFECTIVE DURATION TARGET (YEARS) | 
            
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| AVERAGE CREDIT QUALITY TARGET | 
            
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Overview
The taxable municipal bond strategy seeks to generate current income with limited risk to capital, by investing primarily in investment grade taxable municipal securities.
Strategy highlights
- Pursues market inefficiency: Seeks to capitalize on inefficiencies in the municipal bond market by rigorously evaluating individual bonds, sectors, bond structures, yield curve, and duration positioning.
 - Bottom-up, research-driven approach: Purchases bonds with attractive credit spreads, while identifying mispriced areas of the yield curve that offer high income potential per unit of duration.