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Wasmer Schroeder

Intermediate Strategic Tax Exempt

ISTEFI

Objective

Relative value opportunities in intermediate, investment grade municipal bonds within the first 15 years of the yield curve

 

Highlights

  • Focus: Maximize income in investment grade space while reducing volatility from fluctuating rates
  • Composite Inception Date: 5/31/2017
  • Benchmark: Bloomberg Barclays 1-15 Year Municipal Bond Index
  • Credit Quality: Full utilization of the investment grade credit curve from ‘AAA’ to ‘BBB’ bonds
  • Duration: Intermediate portfolio that targets maturities out to 15 years, with primary focus being 1-10 years
  • Sector Allocation: Diversified sector approach that tilts more towards revenue bonds versus general obligation debt

Characteristics

 

Top Sectors

Source for Index information: Bloomberg Barclays

Credit Quality Details

For periods prior to 10/1/2011, WS reports credit quality for individual issues based on the highest of the available credit ratings from the three primary rating agencies: Standard & Poor’s, Moody’s and Fitch. For periods 10/1/2011 and going forward, the rating shown is the middle rating ranked lowest to highest by the three primary rating agencies, if three ratings are available. If only two ratings are available, WS shows the lower of the two ratings. More information about the ratings assigned to the securities in the Portfolio by each ratings agency is available upon request. The ratings shown may not reflect the ratings as of the report date; ratings are updated periodically and are subject to change without notice. During periods of market volatility, ratings may change dramatically.