Fixed income investments are selected for appropriate maturity, sector exposure, and call protection in the context of a client's time horizon and their individual tax circumstances. Portfolios are structured to meet each client's objectives and are monitored for their continuing suitability as changes occur in the capital markets. The credit quality of each fixed income investment is evaluated prior to purchase and on a continual basis. Pertinent economic indicators, industry prospects, and structure for each bond issue are examined regularly to ascertain the safety of both principal and interest. We believe that a major portion of total return available in the fixed income markets can be achieved with this approach. By structuring a bond portfolio within the context of a defined market benchmark, we are able to achieve a reasonable return while minimizing market risk and maintaining an appropriate degree of price stability. A successful and disciplined portfolio strategy is of limited use without understanding the client's long-range objectives.