Our approach toward investing in fixed income securities is geared toward bringing client portfolios improved stability, dependable cash flows, and predictable rates of return with below average interest rate risk. We prefer to invest in specific individual bonds rather than bond funds, as funds lack the certainty of a fixed coupon rate, a fixed maturity date and maturity value, and fixed yield to maturity, while adding an additional layer of fees. Our approach favors controlling interest rate risk by keeping durations relatively short and by emphasizing credits with predictable cash flows and/or substantial assets to support their indebtedness. Simply, our approach trades interest rate risk (for which we don’t feel we have a forecasting advantage) for a measured level of credit risk (which we are more confident in evaluating). Further, especially in the current rate environment, we do not believe that investors are adequately compensated for the incremental risk associated with longer maturities.