Tax‐free municipals performed well in 2015 followed by investment grade corporates and treasury/agency paper. High yield debt ended the year in negative territory after further declines in the fourth quarter.

High yield corporates were punished during the third quarter as they tracked broad based declines in equities and commodities.

Municipal and corporate bond markets were down in the second quarter against a backdrop of global volatility and fears of rising rates.

Taxable bonds outperformed tax‐free Munis to begin the year as Munis struggled with increased new issue supply.

Long municipal bonds had the best performance of 2014, while municipal bonds in the 3‐7 year range and high yield paper performed the worst.

Long municipal bonds continue to outperform U.S. Treasuries and corporate bonds. Junk bonds, highly correlated with the equity markets, were down for the quarter and lag long municipals by over 6% YTD.

Long Munis outperformed US Treasuries and Corporate bonds last quarter.

Long Munis outperformed US Treasuries and Corporate bonds last quarter.