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[Investortools @Invtools]

@Invtools is headed to Boston for the 2026 Fixed Income Leaders Summit!

Our team will be onsite to share our end-to-end platform for portfolio, order, and execution management—helping firms optimize trading and streamline portfolio construction.

At the core of Investortools software are solutions like the Investortools Dealer Network (IDN) and Portfolio Builder (Perform®’s optimization engine), enabling firms to:
- Move from cash to fully invested—faster
- Reduce last-minute trade-offs and idle cash
- Apply decisions consistently across accounts
- Scale construction without sacrificing control

𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗧𝗲𝗮𝗺 𝗮𝘁 𝗕𝗼𝗼𝘁𝗵 𝟮𝟳
- Jon Anderson, CFA | Co-CEO, Chief Product Officer
- Mike Green | Co-CEO, Chief Operating Officer
- James Morris | Senior Vice President, Head of Sales
- Chris Haen | Vice President, Trading Development
- Bobby Herron | Vice President, Account Executive

If you’re attending, we’d love to connect. Or reach out to learn how Investortools is reshaping how investment teams build portfolios, execute trades, and scale operations.

[Investortools @Invtools]

This month, we've been highlighting new research from Merritt Research Services, an @Invtools company.

In a first-of-its-kind, accounting-based study, we found that American cities are carrying a staggering $1 trillion infrastructure burden—also known as the CA Burden.

This estimate is based on audited financial statements from nearly 2,000 U.S. cities, analyzing the inflation-adjusted cost required to replenish roads, bridges, buildings, public safety equipment, and other tax-supported capital assets.

“With each passing year, the service life of a city’s infrastructure and other capital assets steadily declines,” said @RichardCiccaro1, author of the study. “Yet, the cumulative cost of this deterioration is often obscured by the difficulty of measuring its true extent. This study addresses that gap by using capital asset data reported in municipal audits to assess and illuminate the scale of this burden.”

Here are some of the other major findings from the study:
- The CA Burden is 2.6x the total direct debt for U.S. cities ($390 billion)
- On a per-capita basis, the median ICA Burden is approximately $4,700
- Large legacy cities tend to carry the largest (worst) CA Burdens
- Jacksonville, FL; San Francisco, CA; and Columbus, OH have the best CA Burden ranking for large U.S. cities
- Aurora, CO; Irving, TX; and Charleston, SC have the best CA Burden rankings for middle-sized and smaller cities
- Holly Springs, GA scored the best, and highest possible CA Burden ranking for cities across the nation
- The ICA Burden is 1.8x the total municipal bond issuance in 2025 for all types of tax-exempt bonds ($579.9 billion)

Read the full report: https://t.co/ahoQDqBr8W

[Investortools @Invtools]

@Invtools is honored to continue its sponsorship of the 2026 Fixed Income Leaders Summit and to exhibit at this year’s event.

In today’s market, automation isn’t optional—it’s essential to maintaining alpha. We’re helping firms modernize how they build portfolios, execute trades, and scale operations. At the core is Perform®, our end-to-end platform. Within it, Portfolio Builder enables teams to:
- Go from cash to fully invested, faster
- Reduce last minute trade-offs and idle cash
- Apply decisions consistently across accounts
- Scale without sacrificing control

All while keeping portfolio managers firmly in control. On the trading side, the Investortools Dealer Network (IDN) delivers the connectivity firms need:
- 20+ dealers
- 4 ATSs
- 80+ buy-side firms
- $3.8B average monthly volume
- Multi-platform support for muni, RFQs, BWICs, standing offers, and corporates

This level of connectivity enables greater transparency, improved execution efficiency, and more opportunities for price discovery—helping market participants operate with greater confidence and agility.

Connect with the Team at Booth 27
- Jon Anderson, CFA | Co-CEO, Chief Product Officer
- Mike Green | Co-CEO, Chief Operating Officer
- James Morris | Senior Vice President, Head of Sales
- Chris Haen | Vice President, Trading Development
- Bobby Herron | Vice President, Account Executive

Let’s talk about how you can optimize portfolio construction, enhance trading workflows, and expand market connectivity.

[Investortools @Invtools]

𝗠𝗮𝘆 𝟮𝟬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄

The S&P Global Municipal Bond Investment Grade Index returned 0.40% in May, with stable yields leaving income as the primary driver of performance.

𝗢𝘁𝗵𝗲𝗿 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀
𝗥𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝘂𝗿𝘃𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Municipal yields were volatile but finished the month near starting levels, resulting in minimal impact from both parallel and non-parallel curve shifts

𝗖𝗿𝗲𝗱𝗶𝘁 𝗦𝗽𝗿𝗲𝗮𝗱 𝗠𝗼𝘃𝗲𝘀: Bonds backed by the city of New Orleans experienced substantial spread tightening, while LA Metro Measure R Sales Tax Bonds widened

𝗖𝗿𝗲𝗱𝗶𝘁 𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: A- and BBB-rated bonds experienced slight spread tightening, supporting returns across lower-rated segments

𝗦𝘁𝗮𝘁𝗲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: With limited curve impact, state-level performance was driven by spreads, with Alabama and Wisconsin outperforming and New Jersey lagging

May’s performance highlights the continued importance of income and sector positioning in a low rate-movement environment.

Read the full @Invtools report by Joel Buursma, CIPM and Mark Pinson: https://t.co/EDXwIcqFCo

[Investortools @Invtools]

A new report from Merritt Research Services, an @Invtools company, quantifies the cost of replacing and maintaining the infrastructure and capital assets of cities—also known as the Infrastructure & Capital Asset Burden (ICA Burden). This includes roads, bridges, buildings, public safety equipment, and other capital assets.

Below are the top 10 U.S. cities with a population of 50,000 or less that rank highest in infrastructure maintenance scores:
- Royse City, TX
- Celina, TX (@cityofcelina)
- Holly Springs, GA (@COHS_GA)
- Iowa Colony, TX
- Fort Mill, SC
- Fate, TX (@CityOfFate)
- Glenn Heights, TX (@GlennHeightsTX)
- Forney, TX (@CityofForneyGov)
- Davidson, NC (@TownofDavidson)
- Melissa, TX (@cityofmelissatx)

Read the report here: https://t.co/ahoQDqBYYu

[Investortools @Invtools]

A new report from Merritt Research Services, an @Invtools company, quantifies the cost of replacing and maintaining the infrastructure and capital assets of cities—also known as the Infrastructure & Capital Asset Burden (ICA Burden). This includes roads, bridges, buildings, public safety equipment, and other capital assets.

Below are the top 10 U.S. cities with a population of 100,000-250,000 that rank highest in infrastructure maintenance scores:
- Brookhaven, GA (@BrookhavenGaGov)
- Leander, TX (@CityofLeander)
- Eastvale, CA (@CityEastvaleCA
- Johns Creek, GA (@JohnsCreekGAgov)
- Marysville, WA (@WA_Marysville)
- Caldwell, ID
- Kyle, TX
- Beaverton, OR (@CityofBeaverton)
- Blaine, MN (@BlaineMN)
- Queen Creek, AZ (@TownofQC)

Read the report here: https://t.co/6kj0UtFMuE

[Investortools @Invtools]

A new report from Merritt Research Services, an Investortools company, quantifies the cost of replacing and maintaining the infrastructure and capital assets of cities—also known as the Infrastructure & Capital Asset Burden (ICA Burden). This includes roads, bridges, buildings, public safety equipment, and other capital assets.

Below are the top 10 U.S. cities with a population of 100,000-250,000 that rank highest in infrastructure maintenance scores:
- Charleston, SC (@CityCharleston)
- Quincy, MA (@CityofQuincy)
- Sandy, Springs GA (@SandySpringsGA)
- Menifee, CA (@cityofmenifee)
- Carmel, IN (@CityOfCarmelIn)
- Meridian, ID (@CityofMeridian)
- Nampa, ID (@NampaPIO)
- Fargo, ND (@thecityoffargo)
- Conroe, TX (@CityofConroe)
- Salt Lake City, UT (@SLCgov)

Read the report here: https://t.co/vkQam4rHpL

[Investortools @Invtools]

A new report from Merritt Research Services, an @Invtools company, quantifies the cost of replacing and maintaining the infrastructure and capital assets of cities—also known as the Infrastructure & Capital Asset Burden (ICA Burden). This includes roads, bridges, buildings, public safety equipment, and other capital assets.

Below are the top 10 U.S. cities with a population of 250,000-500,000 that rank highest in infrastructure maintenance scores:
- Aurora, CO (@AuroraGov)
- Irving, TX (@thecityofirving)
- Durham, NC (@DurhamCounty)
- Winston-Salem, NC (@CityofWS)
- Stockton, CA (@StocktonUpdates)
- Madison, WI (@CityofMadison)
- Omaha, NE (@OmahaOfficial)
- Colorado Springs, CO (@CityofCOS)
- Lincoln, NE (@CityOfLincoln)
- Wichita, KS (@CityofWichita)

Read the report here: https://t.co/Xyz0A1cQ6E

[Investortools @Invtools]

A new report from Merritt Research Services, an
@Invtools company, quantifies the cost of replacing and maintaining the infrastructure and capital assets of cities—also known as the Infrastructure & Capital Asset Burden (ICA Burden). This includes roads, bridges, buildings, public safety equipment, and other capital assets.

Below are the top 10 U.S. cities with a population of 500,000 or more that rank highest in infrastructure maintenance scores:
- Jacksonville, FL (@CityofJax)
- City & County of San Francisco, CA (@sfgov)
- Columbus, OH (@ColumbusGov)
- Austin, TX (@austintexasgov)
- Dallas, TX (@CityOfDallas)
- El Paso, TX (@ElPasoTXGov)
- Charlotte, NC (@CLTgov)
- Seattle, WA (@CityofSeattle)
- Phoenix, AZ (@CityofPhoenixAZ)
- Memphis, TN  (@CityOfMemphis)

Read the report: https://t.co/eXjtGlWOVR

[Investortools @Invtools]

@Invtools is excited to be in St. Louis over the next couple of days for the St. Louis Municipal Bond Club's Annual Outing!

Attending the event is Kathy Christensen. Kathy has been with Investortools for nearly 30 years, helping clients streamline workflows while reinforcing the relationships that are critical to their day‑to‑day operations.

Be sure to connect with her or reach out to our team to learn how our platform is helping firms scale operations across the investment lifecycle.

[Investortools @Invtools]

Another fantastic event by the @BondDealersDC, focused on how technology is paving the future of fixed income.

Thank you to Mike Nicholas for organizing such a great event and for the opportunity for James Morris to speak about how our technology is enabling smarter workflows and scale.

[Investortools @Invtools]

@Invtools is looking forward to attending the St. Louis Municipal Bond Club’s Annual Outing on May 20-21.

This event is a great chance to connect with our peers and and share ideas outside the daily pace of the market.

We’re excited for conversations on strengthening relationships, streamlining workflows, and how technology is shaping the municipal space!

[Investortools @Invtools]

James Morris recently joined the @BondDealersDC (BDA) Podcast to discuss how technology is transforming fixed-income trading workflows, portfolio construction, and dealer connectivity across the municipal market.

Hosted by Mike Nicholas, CEO of the BDA, the podcast focuses on how market structure, industry trends, and advances in technology are shaping the U.S. Bond markets.

With more than two decades of experience in fixed income, Morris shared practical insights into how firms are using technology to operate more efficiently and scale their businesses in an increasingly complex market environment.

𝗟𝗶𝘀𝘁𝗲𝗻 𝘁𝗼 𝘁𝗵𝗲 𝗙𝘂𝗹𝗹 𝗘𝗽𝗶𝘀𝗼𝗱𝗲: https://t.co/0bZkIFxdtc

[Investortools @Invtools]

The 2026 @muni_analysts Conference has offically kicked off!

@Invtools is proud to be a long-time sponsor of this event, and this year is especially meaningful as we celebrate the 40th anniversary of Merritt Research Services—the dataset that serves as the foundation of Investortools CreditScope®.

Merritt’s President Emeritus @RichardCiccaro1, also a co-founder of the NFMA, is in attendance and will present new research introducing a first-of-its-kind, accounting-based framework for quantifying the inflation-adjusted replacement cost of depleted infrastructure. He will demonstrate how this model provides analysts with a more complete view of credit quality and why integrating capital asset and infrastructure insights into credit workflows is essential for accurate risk assessment.

This dataset and analytical model are now available within the Investortools platform, enabling users to apply the methodology directly in their own analyses.

𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝘀𝘁𝘂𝗱𝘆 𝗯𝗲𝗹𝗼𝘄 𝗼𝗿 𝗷𝗼𝗶𝗻 𝘂𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗱𝗶𝘀𝗰𝘂𝘀𝘀𝗶𝗼𝗻:
𝗥𝗲𝗽𝗼𝗿𝘁: https://t.co/NY6v6cQjDK
𝗣𝗮𝗻𝗲𝗹: From Hidden Liabilities to Credit Insight: Quantifying Aging Infrastructure in Municipal Credit Analysis
𝗪𝗵𝗲𝗻: Friday, May 15 | 9:00–10:00 AM ET

[Investortools @Invtools]

It’s a busy week for @Invtools. While one team is already in Atlanta for the NFMA Annual Conference, another is headed to New York City for the @BondDealersDC Technology Conference!

Investortools will be onsite in NYC to highlight how technology like the Investortools Dealer Network (IDN) enables users to build or complete portfolios in minutes—enabling firms to optimize portfolio construction, make smarter, faster trading decisions, and scale their business.

James Morris will be speaking on this topic at the conference, joined by fellow colleagues Kathy Christensen and Zeke Larson.

𝗕𝗲 𝘀𝘂𝗿𝗲 𝘁𝗼 𝗷𝗼𝗶𝗻 𝘂𝘀 𝗳𝗼𝗿 𝗝𝗮𝗺𝗲𝘀’ 𝗽𝗮𝗻𝗲𝗹:
𝗣𝗮𝗻𝗲𝗹: Tech on Display
𝗪𝗵𝗲𝗻: Thursday, May 14 | 1:15–2:00 PM ET

[Investortools @Invtools]

The @Invtools team is headed to the 2026 @muni_analysts Conference!

We invite attendees to connect with the Investortools team to learn how the platform enables firms to streamline workflows, enhance decision-making, and scale operations across the investment lifecycle. Representing Investortools is:
- Randy Soraich | Vice President, Head of Client Services
- Jason Anderson | Vice President, Account Executive
- Ryan Hecklinger | Vice President, Account Executive
- John Westergaard | Client Relationship Manager
- David O'Reagan | Client Relationship Manager

Be sure to also join @RichardCiccaro1's panel as he addresses one of the most important, yet underrecognized, forces shaping municipal credit risk: aging infrastructure.

𝗣𝗮𝗻𝗲𝗹: From Hidden Liabilities to Credit Insight: Quantifying Aging Infrastructure in Municipal Credit Analysis
𝗪𝗵𝗲𝗻: Friday, May 12 | 9:00–10:00 AM ET

We can't wait to see everyone in Atlanta!

[Investortools @Invtools]

@Invtools is pleased to announce it's sponsorship of the upcoming @BondDealersDC Technology and the U.S. Bond Markets Conference!

In addition to sponsorship, Investortools will share how its advanced portfolio optimization technology and the Investortools Dealer Network (IDN) are contributing to this meaningful change across the industry.

Leading the conversation is James Morris, Senior Vice President and Head of Sales at Investortools. With over 22 years at Investortools, James has built trusted relationships with clients and partners while driving innovation across the fixed-income trading landscape.

His presentation will highlight Perform®'s optimization engine, Portfolio Builder, and the ways it helps firms navigate increasingly complex portfolio construction and trading decisions.

𝗝𝗼𝗶𝗻 𝗨𝘀 𝗳𝗼𝗿 𝗝𝗮𝗺𝗲𝘀' 𝗣𝗮𝗻𝗲𝗹
Panel: Tech on Display
When: Thursday, May 14 | 1:15 - 2:00 PM ET