For each client, we develop a fixed income strategy based on his or her tax situation and liquidity preferences and construct a portfolio which is focused on returns available from U.S. Government Bonds, Taxable and tax-exempt municipal bonds, and corporate bonds. We generally emphasize short or intermediate versus longer-term maturities based upon our view that the interest rate differential seldom justifies the risks inherent in the longer time horizons. We also prefer higher quality securities for most portfolios but will purchase high yield funds where necessary and desirable.