Private High Net Worth (HNW)/Separately Managed Accounts (SMA) Account Composites Performance Information

Please note that the Index Returns do not include any fees while our "Net Returns" are after our management fee. 

¨ Federal Tax-Free, High Grade Municipal Composite Information:

 Annual Bar Graph:  Performance Results, Composite & Benchmark

 Table:  Performance Results, Composite versus Benchmark

 Composite Statistical Distributions & Average Characteristics

¨ California State & Federal Tax-Free, High Grade Municipal Composite information:

 Annual Bar Graph:  Performance Results, Composite & Benchmark

 Table:  Performance Results, Composite versus Benchmark

 Composite Statistical Distributions & Average Characteristics

Please Note: Generally "duration" is considered a better measure of interest rate risk than "average maturity."  Our current strategies result in a short "effective duration" and a longer "average maturity."  It is for this reason, for example, that Morningstar puts the municipal bond mutual fund we manage in their Short Term Municipal Bond Fund Category.  We will be glad to discuss the nuances of measuring interest rate risk with you as it is a core part of our current strategies.