We create portfolios specifically designed to meet our clients' investment objectives and cash flow needs.  Portfolios are designed with an average maturity of six years or less. We use a variety of taxable fixed income securities- U.S. Treasuries, U.S. Treasury Inflation-Protected securities, Agencies, Corporates, and Mortgage-backed securities. We place a high emphasis on research. A thorough analysis of credit quality and industry conditions is undertaken for each position in the client?s portfolio. We monitor interest rate differentials between the various segments of the bond market. Periodically, opportunities arise to increase the portfolio return by focusing on the undervalued sector. 
 

Portfolio Characteristics as of 06/30/2010

Duration	3.2 years
Yield to Maturity	2.0%
Average Credit Quality	Aa3
Average Maturity	3.3 years
Average Coupon	4.2%