Each investment strategy follows a consistently disciplined, coordinated approach considering in-depth fundamental credit analysis, relative market value, and contribution to portfolio structure. 

To mitigate the influence of interim market fluctuations, the manager generally invests with a 3 to 5 year time horizon. 

There is no use of leverage or derivatives. 

The Principals, with a combined 45 years of municipal bond market experience, are directly involved in each investment decision. 

Investment analysis is done independently of rating agencies or financial guarantors. 

Bonds considered for acquisition generally are:

• Issued for essential public purposes and entities, such as basic infrastructure, general budget needs, colleges and universities, hospitals, secondary schools, senior living facilities, or public utilities. 
  
• Predominantly secured by first mortgage liens, first liens on revenues, capitalized interest, fully funded reserve funds or tax assessments and have protective covenants.
  
• Underwritten, publically offered, and are in readily tradable denominations. 

Clients with state tax considerations may have a portfolio structured with single-state issued bonds. 

A portfolio may be structured to take regular or periodic income needs into consideration.  

There are ongoing reviews of all client holdings.