CORE STRATEGY

INCOME ORIENTED



This strategy seeks to maximize client income and yield by utilizing traditional portfolio laddering techniques in conjunction with active portfolio management. When and where applicable, client accounts will be invested to benefit from owning bonds in their state of residency where they receive both federal, state and local tax exemption. The ability to customize a portfolio to meet these objectives is an important component.

Securities held in this portfolio contain callable bonds in which the yield is higher than most others of comparable duration. Since tax advantaged securities are the only focus, each client receives the benefit of having a specialist trade their portfolio. This includes when available, the opportunity to execute tax loss swaps to reduce capital gain exposure.

AHWCO with respect to the Portfolio shall itself (a) establish and monitor general investment criteria and policies for the Portfolio, (b) review and analyze on a periodic basis such Portfolio holdings and transactions in order to determine their appropriateness. The minimum investment is $500,000.

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