For those Clients whose income tax circumstances make tax exempt income a favorable option, portfolios of investment grade municipal bonds are assembled. These municipal bond portfolios are managed individually by Client utilizing established protocols set by the Investment Committee. These parameters address the diversification of the portfolio as well as the call protection, minimum yield and minimum investment grade debt rating of the individual bonds in the portfolio. While there is an effort to ladder maturities over as much as a twenty five year schedule, the primary purpose of these portfolios is to maximize after tax cash income for the Client.

Individual portfolios allocated to this strategy are managed by Ryder, Stilwell Investment Advisors Portfolio Managers.