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Fixed Income Management

Investment-Grade Bonds

In selecting issues for bond portfolios, CSG takes the same approach it uses in selecting common stocks in that it focuses on very high quality, investment grade or fully insured bonds. CSG seeks to maximize returns without subjecting portfolios to extremes in interest rate and credit risk. Client bond portfolios may consist of taxable, and/or tax-free issues, depending on individual tax rates. Short and intermediate maturities are emphasized with a maximum effective maturity of ten years. The securities are typically a part of a balanced account of stocks and bonds.

Bond Funds/High-Yield Bonds

Our bond managers employ three taxable bond strategies, Fixed, High-Yield, and Diversified. The High Yield portfolio is naturally more aggressive than a portfolio diversified across all quality levels and is designed to provide the client with a higher current yield and total return. A bottom-up value-type investment style is employed, with a focus on the balance sheet of the business. In evaluating high-yield corporate and convertible bonds, our managers look closely at company management, business plans, and prospects for the future. They look for securities trading at a discount to their underlying value, and subject them to a variety of creditworthiness tests before adding them to the portfolios. Corporate securities must also pass a fundamental balance sheet test: the discounted value of the company's assets must exceed the total liabilities senior to and including the reviewed bond.

Diversified Fixed Income

The Diversified Fixed Income portfolio is also an actively managed portfolio of individual bonds. Up to fifty percent of the portfolio is invested in high-yield and convertible bonds, and at least fifty percent is restricted to investment-grade securities. The portfolio is designed for clients who want both a strong current yield and capital growth with dampened volatility.

Fees & Expenses

Annual fees range from .75% to 2.5% based on types of fixed income securities and total assets under management.

Risk Factors.

Although allocating assets over multiple managers and strategy is intended to diversify risk, there is no assurance such goals and objectives can be accomplished.

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