Investment approach We seek to identify municipal fixed income securities that are fundamentally undervalued and concentrate the portfolio around the team's best ideas. We believe that sound investment decisions should be based on a security's risk-reward proposition, not macro-oriented forecasts. Our portfolio seeks to perform well in various economic scenarios, with a concentration in positions that have attractive upside greater than downside risk. Our strategy is based on a collaborative, team-oriented investment process, where major portfolio decisions require a consensus of all fixed income team members. This ensures that new ideas are fully vetted and carefully considered from many view points. Objective: Total return Typical Duration Range: 3.5-5.5 years Typical Credit Quality: Investment grade; up to 20% high yield Vehicle: Separately Managed Account, Mutual Fund Portfolio Managers Stephen Shutz, CFA Portfolio Manager Joshua Perry, CFA, CAIA, FRM Portfolio Manager