Our objective is to provide above average returns (current income + principal appreciation) consistent with the stated income needs and risk profile of the client.

We rely on a wide range of fixed income instruments, both taxable and tax-free. These would include a mix of U.S. government bonds, municipal bonds, and corporate bonds of varying maturities depending on the economic environment and the individual client's needs.

Where appropriate, we use preferred stock, convertible preferred stock and convertible bonds to enhance yield and provide growth opportunity.

Our investment decisions are based on fundamental research and relative value analysis.

We make disciplined descisions concerning:

• Quality of issue


• Maturities


• Sector allocation


• Mix of taxable and tax-exempt