Investment Approach
This laddered strategy seeks the highest level of tax-exempt income consistent with minimal transactions and low principal volatility. It invests in municipal securities with maturities ranging from 1 to 5 years, with up to 10% in BBB- rated bonds for added credit exposure.
Past performance is not a reliable indicator of future performance.
Time Periods greater than one year are annualized.
1 Net annual returns reflect the deduction of a 1.25% annual wrap fee which is the maximum anticipated wrap fee deducted from the “pure” gross composite returns. Actual fees may vary. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains, if any.
See the GIPS® Composite Report located in the Fact Sheet for additional information.
Past performance is not a reliable indicator of future performance.
Time Periods greater than one year are annualized.
1 Net annual returns reflect the deduction of a 1.25% annual wrap fee which is the maximum anticipated wrap fee deducted from the “pure” gross composite returns. Actual fees may vary. “Pure” gross returns are presented before the deduction of expenses and all other fees, but may include transaction costs. Returns include reinvestment of dividends and capital gains, if any.
See the GIPS® Composite Report located in the Fact Sheet for additional information.