Intermediate Tax-Exempt Portfolio

Investment Objective:

The strategy’s objective is to maximize after-tax income through opportunistic trading while minimizing overall risk through proactive portfolio structuring and fundamental credit analysis.

* Portfolio Characteristics:

Average effective maturity: 5-7 yrs
Average duration: 4-4.75 yrs
Average credit rating: AA
Average annual turnover: 25%

Investment Team:

10 dedicated professionals including 4 portfolio managers, 3 traders and 3 analysts averaging over 20 years industry experience.

View Leadership Team

Active Management:

Portfolio Structuring
Ongoing Credit Research
Yield Curve Analysis
Opportunistic/ Tax sensitive Trading

Tax-Aware Investing:

Marginal state tax rates
Alternative Minimum Tax Status
Tax loss harvesting

Indexes Include:

Lehman 5 year Municipal Bond
Lehman 7 year Municipal Bond
Merrill Lynch 3-7 year Municipal Bond