CCM believes that by emphasizing high credit quality securities with a duration management overlay that the Intermediate Municipal Bond Strategy will generate superior returns relative to a blended Merrill Lynch Municipal Bond Index over the longer term (rolling 3-5 year investment period). CCM believes long-term outperformance can be generated through a lower risk profile as measured by volatility, credit quality and interest rate risk net of Federal, state and local taxes.

This composite includes taxable accounts with target durations between two and five, invested predominantly in tax-exempt securities. Each portfolio within the composite will never have more than a target of 10% invested in taxable securities. Moreover, each account must be fully discretionary and fee-paying, with 100% of the account’s holdings invested in U.S. dollar denominated securities. A minimum of 80% of the securities in each Intermediate Municipal Bond portfolio will have credit quality ratings of A or better. However, in practice, less than 5% of the securities in each portfolio are rated lower than A.

Please contact CCM for performance information.