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Medium Risk Returns

Intermediate Investment Grade Bonds

BenchmarkDurationSectors
Lehman Brothers Government Credit3 – 5 yearsCorporate, mortgage, and government/agency securities

Summary

ALM Advisors focuses on maximizing returns through the application of unique credit research methods that have been developed internally. The Investment Grade Bond account type is for clients who wish to have a medium-term portfolio of taxable securities that have characteristics similar to the Lehman Government/Corporate Bond Index, but with historically higher returns and lower volatility.The portfolio is concentrated more than the average mutual fund, to minimize the dilution of the best ideas of ALM’s research. Typical portfolios hold 20-30 securities(for portfolios under $5 million) and 25-50 securities (for portfolios over $5million). The interest rate sensitivity is maintained very close to that of the Lehman Brothers Government Corporate Index. Credit quality over a full interest rate cycle is expected to be a single “A” rating as measured by Moody’s or Standard&Poors.

Intermediate Investment Municipal Bonds

BenchmarkDurationSectors
Merrill Lynch Intermediate
Municipal Bond Index
3 – 5 yearsMunicipal securities, including both general
obligations and revenue issues

Summary

The Municipal Bond Account type is for clients who wish to have a medium term portfolio of Federal and State income tax-exempt securities that have characteristics similar to the Merrill Lynch Intermediate Municipal Bond Index, but with historically higher returns and lower volatility.The portfolio is concentrated more than the average mutual fund, to minimize the dilution of the best ideas of ALM’s research. Typical portfolios hold 20-30 securities. The interest rate sensitivity is maintained close to that of a customized Merrill Lynch Municipal Index. Most of the bonds are non-callable so that the portfolio is more favorably impacted by credit upgrades.