Lehman Brothers Municipal Bond Index

Lehman Brothers Municipal Bond Index

A benchmark index that includes investment-grade, tax-exempt, and fixed-rate bonds with long-term maturities (greater than two years) selected from issues larger than $50 million.

Lehman Brothers Municipal Bond Index

An index that tracks most investment-grade municipal bonds. Specifically, it tracks bonds with maturities of more than two years and with issues greater than $50 million. It is a subset of the Lehman Brothers Aggregate Bond Index. Following Lehman Brothers' bankruptcy, it began to be managed by Barclays.
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By contrast, correlation for the Lehman Brothers Municipal Bond Index was only 80%.
Previously, the Fund's benchmark index had been the Lehman Brothers Municipal Bond Index.
Under SBAM's management, the Fund has outperformed its benchmark, the Lehman Brothers Municipal Bond Index, based on net asset value for the 3-year, 5-year and 10-year periods and on market price for the 1-year, 3-year, 5-year and 10-year periods ended August 31, 2005, according to Lipper Analytical Services," continued Mr.
Under SBAM's management, the Fund has outperformed its benchmark, the Lehman Brothers Municipal Bond Index, based on net asset value and market price for the 1-year, 3-year, 5-year and 10-year periods ended August 31, 2005, according to Lipper Analytical Services," continued Mr.
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