Household and Registration level performance information is net of applicable transaction fees, Grimes & Company, Inc. (“Grimes”)’ investment management fee, and any other related account expenses.
Asset Category (Equity, Alternative, Hybrid, Bond) level performance information reflects the reinvestment of dividends (to the extent applicable) and is gross of Grimes’ investment advisory fee.
If the Registration inception occurred after the report period start date or after January 1 of the current year, performance values for both the registration and associated benchmark(s) begin at registration Start Date displayed on the report.
Management Style: Describes the asset type of each strategy within the account. Note that the securities within a strategy may include different asset types at times. For example, the value of dedicated bond and/or cash positions may be included in the Tactical Equity “Management Style” at times.
Asset Category: Describes the asset type of each individual security within the account.
Contributions: Includes cash deposits from the account owner from a non-investment source such as a bank account. One exception is that deposits to a retirement (qualified) account may be included, regardless of the source.
Distributions: Includes cash withdrawals to the account owner. For retirement (qualified) accounts, tax withholdings are included in distributions.
Transfers In/Merge In: Includes securities and/or cash transferred from another investment account.
Transfers Out/Merge Out: Includes securities and/or cash transferred to another investment account. One exception is that transfers from a retirement (qualified) account to a nonqualified account may not be included; these would be accounted for in “Distributions”.
Dividends and Interest: Includes all dividends and income received from the portfolio.
Market Value Increase/Decrease: Includes change in market value and any expenses including investment advisory fees.
Definitions effective 11/01/2017
Bloomberg Municipal Bond: The Bloomberg Municipal Index is intended to represent the total return performance (price change and income) of the US Municipal bond market, including state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. Bloomberg US Agg Bond: The Bloomberg Aggregate Index is intended to represent the total return performance (price change and income) of the US bond market, including Government, Agency, Mortgage and Corporate debt. Credit Suisse AllHedge Index: The Credit Suisse AllHedge Index is an asset-weighted hedge fund index derived from the market leading Credit Suisse Hedge Fund Index. The Index provides a rules-based measure of an investable portfolio which represents the ten style-based investment strategies of the hedge fund universe. Global Equity: The Global Equity benchmark is a blended benchmark made up of the following equity indices: 50% S&P 500, 15% Russell 2000, 20% MSCI EAFE, and 15% MSCI Emerging Markets. Global Equity ex-S&P 500: The Global Equity ex-S&P 500 benchmark is a blended benchmark made up of the following equity indices: 30% Russell 2000, 40% MSCI EAFE, and 30% MSCI Emerging Markets. MS Category Avg-Tactical Allocation: The Morningstar® Tactical Allocation Category includes funds that seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions and bond sectors on a frequent basis. MSCI EAFE (TR Net): The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. MSCI Emerging Markets (TR Net): The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging market countries. Russell 2000 (TR): The Russell 2000 Index is a market capitalization weighted index of 2000 small-cap companies which are representative of the smallest 2000 listed companies in the US. S&P 500 (TR): The Standard & Poor’s 500 is a market capitalization weighted index of 500 widely held domestic stocks often used as a proxy for the US stock market. S&P 500 Value: The Standard & Poor’s 500 Value Index is a subset of the S&P 500. It includes the companies within the S&P 500 that exhibit the strongest value characteristics as measured by book value, earnings, and sales to price ratios. MSCI ACWI: The MSCI ACWI is a market capitalization weighted index of developed and emerging market stocks designed to represent the global equity market. MSCI ACWI ex-US LC: The MSCI ACWI ex-US Large Cap is a market capitalization weighted index of non-US large cap developed and emerging market stocks. S&P Biotech: The S&P Biotech Index is a subset of the S&P Total Market Index which includes companies classified in the GICS biotechnology sub-industry.
Past performance may not be indicative of future results. Account information has been compiled solely by Grimes, has not been independently verified, and does not reflect the impact of taxes on non-qualified accounts. In preparing this report, Grimes has relied upon information provided by the account custodian. Please remember to contact Grimes, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, or modify any reasonable restrictions to our investment advisory services. Grimes shall continue to rely on the accuracy of information that you have provided.
In preparing this report, Grimes & Company, Inc. (“Grimes”) has relied upon information provided by the account custodian. You should defer to reports provided by the account custodian for verification of deposits and values shown on this report. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Grimes, or any noninvestment related services) will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Moreover, you should not assume that this document serves as the receipt of, or as a substitute for, personalized investment advice from Grimes.
Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, or the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your Grimes account holdings correspond directly to any comparative indices or categories. Please Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your Grimes accounts; and (3) a description of each comparative benchmark/index is available upon request.
Please remember that it remains your responsibility to advise Grimes, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless you advise, in writing, to the contrary, we will assume that there are no restrictions on our services, other than to manage the account in accordance with your designated investment objective. A copy of our current written disclosure Brochure discussing our advisory services and fees is available upon request.
Please compare this statement with account statements received from the account custodian. The account custodian does not verify the accuracy of the advisory fee calculation. Please advise us if you have not been receiving monthly statements from the account custodian.
Private/Alternative Investment Funds (if applicable) – The value(s) for all private investment funds owned by the client reflect the most recent valuation provided by the fund sponsor. However, if subsequent to purchase, the fund has not provided an updated valuation, the valuation shall reflect the initial purchase price. If subsequent to purchase, the fund provides an updated valuation, then the statement will reflect that updated value. The updated value will continue to be reflected on this report until the fund provides a further updated value. Please Note: As result of the valuation process, if the valuation reflects initial purchase price or an updated value subsequent to purchase price, the current value(s) of an investor’s fund holding could be significantly more or less than the value reflected on the report. Unless otherwise indicated, the client’s advisory fee shall be based upon the value reflected on the report.
Unsupervised/Unmanaged Assets – Grimes does not maintain any investment monitoring or performance responsibility for unmanaged or unsupervised assets and/or accounts. The client and/or its other investment professionals retain exclusive responsibility for the monitoring and performance of such assets and/or accounts.
ANY QUESTIONS: Grimes & Company, Inc.’s Chief Compliance Officer remains available to address any questions regarding this Report.