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The Lebenthal Municipal Income strategies are led by Robert Morgan in the municipal bond market.



Robert and his team view municipal bonds as the more profound, core part of an individual's investment portfolio.

This philosophy guides the team’s overall defensive and conservative investment process. Portfolios consist of both national and single state tax exempt municipal investment grade bonds and are managed for total return over the rate cycle, while attempting to minimize risk.

When managing Municipal Bonds, we strive for one thing – to be the most boring thing that you own. We want to be dependable, safe, consistent, reliable.  Our job is not to swing for the fences, our job is to help you preserve what you have earned – to provide income safe from taxation, to preserve your investment’s purchasing power, and make sure you never have to worry about the investments you have entrusted to us here at DCM Advisors.


Municipal Bonds are more complicated than ever – changing tax laws, tax rates, and ever-evolving credit situations abound in a $4 Billion market spread among approximately 44,000 different issuers. We stay abreast of current market events, evaluate credits, and constantly monitor the market for changes both on an overall macro view and on an individual security basis.

Each bond selection undergoes extensive credit considerations, and each portfolio is meticulously customized to meet individual investor’s risk tolerance, cash flow requirements, financial situation, tax circumstances and life goals.

A buy-and-hold, diversified investment strategy is also followed, except when the team determines that there is an opportunistic situation in the municipal bond market that will benefit the investor.

Strategies & Vehicles

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