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. Our tax-exempt strategy is selective in pricing and seeks to find opportunities in the new issue and secondary markets. We examine each bond?s underlying credit, the financial condition of the issuer, the status of the regional economy, and the specific call/put embedded options in each official statement.

Portfolio Characteristics as of 03/31/2008

Duration	4.0 years
Yield to Maturity	3.0%
Average Credit Quality	Aa1
Average Maturity	4.2 years
Average Coupon	4.4%