Our tax-free fixed income approach is based on client objectives, maximizing returns and addressing liquidity and income needs.

• Portfolios managed versus policy specified performance indices.

• Portfolio mix of US treasury, government agency, corporate and mortgage and asset-backed securities.

• Sectors are emphasized based on relative attractiveness.

• Maturities adjusted in anticipation of changes in interest rates, economic activity, inflation expectations, Federal Reserve policy and money demand and supply characteristics.

• Only high-quality securities, including those rated “A” or better by Moody’s or Standard & Poor’s.

• Total fixed income holdings in any individual corporation will generally not exceed 5% of a portfolio’s value.

• Careful analysis for mortgage securities and asset-backed securities, requiring government/agency collateral when utilized.