Tax Efficient Fixed Income 1st Quarter Market Commentary

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months.

Commentary Highlights:

• Municipals started off 2017 with strong performance, capitalizing on positive supply-demand technicals.    
• A significant drop in refunding activity led an overall 12% decline in new issuance.
• The stall in health care reform in Washington was positive for state and not-for-profit hospital credit and appears to indicate less potential for disruption of the status quo in the municipal market in the near term.

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