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ePaper created 2015-09-01, 22:26:38 | version 1.33.0
5 Year Annualized Return * BC 1-10y Municipal Blend Index Benchmark 3.70% Advisors Asset Mgmt Core Tax Exempt 3.61% BMO Intermediate Tax Free 3.50% Castleton Investment Grade Fixed Income 4.73% Taxable Equivalent Yield (Federal Tax 39.6%) 7.83% ** BC Municipal Index Benchmark 5.16% AllianceBernstein Tax-Aware ☑︎ 3.11% BlackRock Intermediate Muni SMA ☑︎ 0.73% Cumberland Advisors Total Return Muni B ☑︎ 2.06% GW&K Investment Mgmt Muni Bond ☑︎ 2.95% Nuveen Long-Term Muni Bond ☑︎ 4.66% Nuveen Muni Total Return ☑︎ 4.31% Wells Fargo CoreBuilder Muni Managed Account ☑︎ 3.31% BC 1-15y Municipal Blend Index Benchmark 4.30% Legg Mason Western Asset US Muni Interm Agg ☑︎ 4.96% BC 3-15y Municipal Blend Index Benchmark 4.66% Nuveen Interm-Term HQ Muni Bond ☑︎ 3.35% Nuveen Intermediate-Term Muni Bond ☑︎ 3.41% BC 1-10y Municipal Index Benchmark 2.97% Breckinridge Intermediate-Term Tax-Efficient Bond ☑︎ 0.48% BC 7y Municipal Index Benchmark 4.76% Eaton Vance Intermediate SMA ☑︎ 0.85% JP Morgan Intermediate Muni Bond MA ☑︎ 0.49% Lord Abbett Intermediate Muni MA ☑︎ 2.22% Nuveen Intermediate Muni HQ ☑︎ 1.95% Performance Comparison 2010 - 2014 YTD 2015 Returns 1/1/15 - 6/30/15 Castleton Net: 0.47% BC 1-10y Blend: 0.32% Composite Characteristics Average Duration: 4.29 yrs Average Maturity: 7.89 yrs Effective Maturity: 5.01 yrs Average Coupon: 5.08% Year to date composite characteristics are derived using currently available data from Bloomberg. This data may differ from the custodial data used for annual composite creation. Individual portfolio attributes can and do vary. Holdings may change daily and may vary among accounts. * The Barclays Capital Municipal 1-10 Year Blend Index is a component of the Barclays Capital Municipal Bond Index, which is a rules-based, market- value- weighted index engineered for the long-term tax exempt bond market. The Barclays Municipal Bond Index 1-10 Year Blend (1-12) is comprised of four main sectors: general obligation bonds, revenue bonds, insured bond and pre- refunded bonds. The Index is an unmanaged index of municipal bonds rated BBB or better, with 1 - 12 years to maturity. Castleton believes that the BC 1-10y Muni Blend Index most accurately reflects the composition of clients’ portfolio holdings. ** The Barclays Municipal Bond Index measures returns of the broad domestic tax-exempt bond market, and includes general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds of all maturities. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by one or more of the following rating agencies: Moody’s, S&P, or Fitch (using the lower of two, or the middle of three ratings). Bonds must also meet requirements for par amount outstanding and must be at least one year from their maturity date. The weighting of each security is based on its relative market value. The indices shown are not managed portfolios and are not subject to advisory fees or trading costs. Investors cannot invest directly in an index. Castleton is aware of the benchmark comparison guidelines set forward in the SEC Clover No-Action Letter (1986) and compares clients’ performance results to a benchmark most closely resembling clients’ actual portfolio holdings. However, investors should be aware that the referenced benchmark fund may have a different composition, volatility, risk, investment philosophy, holding times, and/or other investment-related factors that may affect the benchmark fund’s ultimate performance results. Therefore, an investor’s individual results may vary significantly from the benchmark’s performance. All competing firm performance figures have been obtained from sources that Castleton considers to be reputable and reliable. While the data is presumed to be accurate, Castleton makes no guarantees regarding the validity and accuracy of competitor or benchmark data compiled from outside sources. For a comprehensive list of sources referenced, please contact us at clientrelations@castletonpartners.com.