Ulland Investment Advisors

Demand for fixed income securities is so great that companies with strong credit ratings, like IBM and Microsoft, can issue debt at record low interest rates. It is therefore remarkable that trust preferred securities issued by the largest U.S. and European banks continue to yield upwards of 7 percent. Because of these historically wide spreads, a defensive growth strategy using trust preferred securities earn vastly superior returns than any combination of CDs, cash, money markets, muni-bonds, corporate or government securities.