Our Approach

Our approach to municipal investing combines quantitative relative-value analysis, rigorous fundamental credit research, and disciplined risk management. We evaluate opportunities across the yield curve, credit quality, sectors, states, and bond structures to identify where market pricing may not fully reflect underlying fundamentals or return potential.

Rather than relying primarily on forecasts for the direction of interest rates, we focus on finding relative value across the municipal market.

By the Numbers

As of September 30, 2026.

Assets Under Management 

$51B

Launched Municipals Platform

1984

Years of Continuous Portfolio Management Across 6 Lead PMs

16

Our Municipals Capabilities

Intermediate Municipals

Designed for investors seeking a balance between income potential and interest-rate sensitivity, these strategies actively allocate across sectors, issuers, and credit opportunities within the intermediate portion of the municipal market.

Long Municipals

Built for investors willing to extend along the yield curve into longer-maturity municipal bonds in pursuit of higher income potential.

High Yield Municipals

Pursue opportunities across lower-rated and unrated municipal issuers where active security selection can uncover compelling income and return potential.

Featured Products

Explore a range of actively managed municipal strategies designed to address different income, risk and portfolio objectives.

Interval Fund
Municipal Opportunities Fund
The Fund’s primary investment objective is to seek a high level of income exempt from federal income tax. Capital appreciation is a secondary investment objective.
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Mutual Fund
Intermediate Tax Free Fund
The investment objective of the Fund is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk.
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SMA
Enhanced Intermediate Municipal
Seeks to deliver high tax free income and strong risk-adjusted returns by focusing on opportunities in intermediate maturity bonds. The strategy invests in individual municipal bonds rated A or higher, with a zero management fee fund specifically designed for SMA portfolios to enhance diversification, tax-free income, and total return potential.
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Mutual Fund
Short Duration High Income Municipal Bond Fund
The investment objective of the Fund is to seek a high level of income exempt from federal income tax.
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Mutual Fund
National Tax Free Fund
The investment objective of the Fund is to seek the maximum amount of interest income exempt from federal income tax as is consistent with reasonable risk.
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SMA
High-Quality Barbell Municipal
Seeks to deliver high tax free income and strong risk-adjusted returns through a “barbell” structure that pairs long maturity bonds, that have historically delivered superior returns, with short and intermediate bonds to manage downside risk and reduce volatility.
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