Summary

• U.S. investment-grade bonds, including municipal bonds (munis), declined slightly in the quarter. Surging interest rates in March largely drove the quarter's decline.
• First-quarter municipal bond issuance totaled $127.8 billion, down from $142 billion in the fourth quarter but up nearly 6% from a year earlier, according to SIFMA.
• Sector positioning boosted performance compared with the benchmark, mainly due to weightings in the retirement community, charter schools and state GO sectors.
• Our duration positioning, which was longer than the benchmark's duration, detracted from first-quarter results.

Goal and Strategy

Total return and current income that is exempt from federal income taxes through high-yield municipal bonds.

Portfolio Management Team

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