The Tax-Exempt Bond investment strategy invests mostly in tax-exempt securities that are exempt from federal income tax, including the alternative minimum tax.
The Tax-Exempt Bond investment strategy pursues superior returns using historical spread and credit analysis to identify and invest in undervalued market sectors and individual securities. The portfolio manager usually sells investments that are overvalued on a relative basis. The strategy seeks to maintain an average duration of approximately seven years.
Tax-Exempt Bond portfolios are subject to certain risks such as market and investment style risk. Fixed-income investments are subject to certain risks such as interest rate, inflation, and credit risks.
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