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List
and Description of Firm Composites |
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Large Cap
Equity Composite |
The Large Cap Equity Composite
includes all discretionary accounts invested in diversified
portfolios of large capitalization equity securities. The accounts
have an objective of maximizing total return, with few tax or other
constraints that would impede this objective. The portfolios are
generally fully invested. Large capitalization equities are those
with a market capitalization generally greater than $10 billion at
the time of purchase.
Start date: 9/1/1993 Composite created:
12/95 |
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| Large
Cap Value Equity Composite |
The Large Cap
Value Equity Composite includes all discretionary accounts invested
in diversified portfolios of large capitalization value equity
securities. The accounts have an objective of maximizing total
return, with few tax or other constraints that would impede this
objective. The portfolios are generally fully invested. Large
capitalization value equities generally are those with a market
capitalization greater than $5 billion at the time of purchase, and
with P/E and P/B ratios less than the market averages.
Start date: 4/1/1999 Composite created:
5/99 |
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Mid
Cap Equity Composite |
The Mid Cap
Equity Composite includes all discretionary accounts invested in
diversified portfolios of medium capitalization equity securities.
The accounts have an objective of maximizing total return, with few
tax or other constraints that would impede this objective. The
portfolios are generally fully invested. Medium capitalization
equities are those with a market capitalization generally greater
than $2 billion but less than $10 billion at the time of purchase.
Start date: 7/1/1994 Composite created:
12/95 |
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| Small
Cap Equity Composite |
The Small Cap
Equity Composite includes all discretionary accounts invested in
diversified portfolios of small capitalization equity securities.
The accounts have an objective of maximizing total return, with few
tax or other constraints that would impede this objective. The
portfolios are generally fully invested. Small capitalization
equities are those with a market capitalization generally greater
than $100 million but less than $2 billion at the time of purchase.
Start date: 9/1/1993 Composite created:
12/95 |
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All Cap
Equity Composite |
The
All Cap Equity Composite is a combination of the Large Cap Equity
Composite, the Mid Cap Equity Composite and the Small Cap Equity
Composite, with the allocation to capitalization range per client
guidelines. Beginning 1999, the allocation is 60% Large Cap, 20%
Mid Cap and 20% Small Cap; prior to 1999, the allocation is 50%
Large Cap, 25% Mid Cap and 25% Small Cap. All allocation targets
have a range of +/-3%. The accounts have an objective of maximizing
total return, with few tax or other constraints that would impede
this objective.
Start date: 9/1/1993 Composite created:
3/08 |
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Small Cap
Equity - Tax-Exempt Investors Composite |
The Small Cap
Equity - Tax Exempt Investors Composite includes all discretionary,
tax-exempt accounts invested in diversified portfolios of small
capitalization equity securities. The accounts have an objective of
maximizing total return, with few tax or other constraints that
would impede this objective. The portfolios are generally fully
invested. Small capitalization equities are those with a market
capitalization generally greater than $50 million but less than $2
billion at the time of purchase.
Start date: 1/1/1998 Composite created:
2/98 |
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Institutional
Municipal Bond Composite |
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The
Institutional Municipal Bond Composite includes all discretionary,
taxable accounts of institutions invested in diversified portfolios
of municipal bonds. The accounts have an objective of maximizing
total return, with few tax or other constraints that would impede
this objective.
Start date: 7/1/2005 Composite created:
2/06 |
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Private Client
Equity Composite |
The
Private Client Equity Composite includes all discretionary accounts
of individuals whose primary objective is maximizing total returns
from equity investments. Assets are allocated 80-100% equities and
0-20% cash equivalents. While accounts may have client-imposed
restrictions (for example related to minimizing capital gain taxes
or providing for cash withdrawals), such constraints do not
significantly hinder the implementation of the strategy.
Start date: 6/1/99 Composite created:
4/08 |
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Private Client
Growth Composite |
The
Private Client Growth Composite includes all discretionary accounts
of individuals whose objective is growing the market value of the
portfolio over the long term rather than in current income. Assets
are allocated 60-80% equities, 20-40% fixed income and 0-20% cash
equivalents. While accounts may have client-imposed restrictions
(for example related to minimizing capital gain taxes or providing
for cash withdrawals), such constraints do not significantly hinder
the implementation of the strategy..
Start date: 6/1/99 Composite created:
6/08 |
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Private Client
Enhanced Balanced Composite |
The
Private Client Enhanced Balanced Composite includes all
discretionary accounts of individuals whose objective is a balanced
portfolio that provides more emphasis on growth of principal than
income. Assets are allocated 50-70% equities, 30-50% fixed income
and 0-20% cash equivalents. While accounts may have client-imposed
restrictions (for example related to minimizing capital gain taxes
or providing for cash withdrawals), such constraints do not
significantly hinder the implementation of the strategy.
Start date: 6/1/99 End Date:
9/30/02 2nd Start Date: 8/1/04 Composite created:
6/08 |
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Private Client
Balanced Composite |
The
Private Client Balanced Composite includes all discretionary
accounts of individuals whose objective is a balanced portfolio that
may provide more growth than income. Assets are allocated 40-60%
equities, 40-60% fixed income and 0-20% cash equivalents. While
accounts may have client-imposed restrictions (for example related
to minimizing capital gain taxes or providing for cash withdrawals),
such constraints do not significantly hinder the implementation of
the strategy.
Start date: 6/1/99 Composite created:
6/08 |
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Private Client
Income and Growth Composite |
The Private Client Income and Growth Composite includes all
discretionary accounts of individuals whose objective is to
generate current income with modest growth of principal.
Assets are allocated 20-40% equities, 60-80% fixed income and
0-20% cash equivalents. While accounts may have client-imposed
restrictions (for example related to minimizing capital gain
taxes or providing for cash withdrawals), such constraints do
not significantly hinder the implementation of the strategy.
Start date: 10/1/00 End
Date: 4/30/01 2nd Start Date: 9/1/04 Composite created:
6/08 |
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Private Client
Income Composite |
The Private Client Income Composite includes all discretionary
accounts of individuals whose objective is to generate current
income, forgoing growth of principal. Assets are allocated
0-20% equities, 80-100% fixed income and 0-20% cash
equivalents. While accounts may have client-imposed
restrictions (for example related to minimizing capital gain
taxes or providing for cash withdrawals), such constraints do
not significantly hinder the implementation of the strategy.
Start date: 10/1/02 Composite created:
6/08 |
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Private Client Stability of Principal Composite |
The Private Client Stability of Principal Composite includes all
discretionary accounts of individuals whose sole objective is to
preserve principal. Assets are allocated 50-100% short term
fixed income and 0-50% in cash equivalents. While accounts may
have client-imposed restrictions (for example related to
minimizing capital gain taxes or providing for cash
withdrawals), such constraints do not significantly hinder the
implementation of the strategy.
Start date: 1/1/08 Composite created:
6/08 |
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| Notes: |
| 1. |
Accounts
must be fee-paying and discretionary to be included in a
composite. |
| 2. |
Accounts
will be included in a composite as of the first full month under
management. Accounts will be removed from a composite at the end
of the last full month under management. |
