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Fixed Income Research Process

We believe the most essential requirement for successful fixed income investing is the ability to anticipate changes in the trend of interest rates and to position portfolios accordingly along the yield curve. Our fixed income investments are determined by the ongoing appraisal of:

Interest Rate Environment
Economic Outlook
Shape of Yield Curve
Federal Reserve Interest Rate Policy

Price
Current Yield, Yield-to-Maturity and Yield-to-Call
Yield Spread
Supply
Premium/Discount

Risk
Credit Quality
Protection (insured/pre-refunded)
Geographic Risk

• Fixed income investments include corporates, preferreds, municipals
and U.S. Treasuries and are limited to investment grade vehicles