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Separately Managed Accounts (National Tax-Free Allocation) vs. Tax-Free Municipal Bond Indices
Period Ended 3-31-2018
| PERIOD | Barclay's Municipal Bond Index | Morningstar Muni Short Category | SCI Separately Managed Accounts Composite Net of Fees | SCI Separately Managed Accounts Net Pre-Tax Equivalent* |
|---|---|---|---|---|
| 1 Year | 2.66% | 0.71% | 2.15% | 3.31% |
| 3 Years | 2.25% | 0.67% | 1.85% | 2.84% |
| 5 Years | 2.73% | 0.70% | 1.73% | 2.66% |
| 10 Years | 4.40% | 1.77% | 2.33% | 3.59% |
| 15 Years | 4.24% | 2.05% | 2.70% | 4.15% |
| Since Inception (1/1/1995) | N/A | N/A | 4.01% | 6.16% |
Note: Indices do not have management fees or trading costs deducted from returns.
Similar returns with far less risk - The key with this table is that our pre-tax municipal bond returns are around the same as the bond market indices (which have no fees) BUT the bond indices posted negative returns during certain quarters during the fifteen year period.
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* at 35% Federal tax rate