Q: How is my after-tax income maximized?
A: We work with you and your tax advisor to determine your expected Federal and state tax situation. We then construct a portfolio tailored to your specifications which maximizes your after-tax return. We monitor changes to existing laws as well as shifting spreads among competing instruments and execute swaps when advantageous to you. All trades are executed competitively in the open market so that the client benefits from the highest bid price/lowest offer price available.

Q: What provisions are made for my cash needs?
A: Once we have established the approximate amounts and timing of your anticipated cash requirements, such as quarterly tax payments, we identify securities that immunize those liabilities and maximize after-tax returns.

Q: What is the performance benchmark for Municipal Bond portfolios?
A: Our performance benchmark is a blend of the Lehman Brothers 5-year Municipal Bond and the 3-month T-Bill Indexes. The proportion of each index is reset at the beginning of every calendar quarter to match those of our Municipal Composite.

Q: Is this a pooled fund? Are my assets commingled with other clients?
A: No. All portfolios are separately managed and securities are held by the custodian of your choice.

Q: What is the minimum account size?
A: Although fixed-income securities are generally managed as a portion of a client's balanced portfolio under our supervision, we do manage stand-alone municipal bond portfolios. We seek total relationships of at least $1,000,000.

Q: How do I open an account?
A: Telephone Ann M. Marsh, CTFA at (312) 641-9002. She will discuss with you whether our municipal bond approach might suit your needs. She can also provide you with important additional documents which you should review prior to establishing an account with us.