Tax-Exempt

Municipal Fixed Income Composite

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Portfolio managers average 17 years of investment management experience

Performance Incentive Plan
Aligns managers’ and clients’ interests to reward long-term performance

Michael J.
Wachter, CFA
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Douglas J. Fry, CFA
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Katherine M. Doyle
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Peter G. Altobelli, CFA
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William F. Ford, CFA
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Adam J. Lynch
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Sarah L. Thompson
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Reinhart Partners, Inc. (Reinhart Partners, Reinhart or the Firm) is a privately held, independent investment advisor registered with the Securities and Exchange Commission. The firm provides investment management services for growth equity, value equity, fixed income and balanced accounts to taxable and tax-exempt clients.
Reinhart Partners, Inc. has prepared and presented this report in compliance with the Global Investment Presentation Standards (GIPS®).
The inception date of the Municipal Fixed Income composite is 9/30/96. This composite includes all fully discretionary, fee-paying, fixed income only accounts over $1 million in assets under management that are run using the Municipal Fixed Income strategy. Prior to 1/1/04, fixed income segments of balanced accounts were included in the composite and cash was allocated using beginning of the period weights. Prior to 1/1/03, the minimum account size for composite inclusion was $250,000.
Composites are asset weighted. Account returns are time weighted, calculated quarterly in US dollars, and include income, accrued interest, realized and unrealized gains and losses. Trade date accounting is used in the calculation of portfolio returns. Performance reflects the reinvestment of dividends, capital gains and interest. No leverage is used in the portfolios represented in this composite.

Gross performance results do not reflect the deduction of investment management fees and are net of trading costs. Net performance results are estimated and reflect the deduction of an average 0.35% investment management fee. Reinhart Partners’ standard fixed income fee schedule is as follows: 0.30% on the first $25 million; 0.25% on the next $50 million; 0.20% on the next $50: and 0.15% on amounts over $125 million.
Prior to 1/1/04, dispersion of annual returns is measured by the standard deviation of portfolios in the composite. After 1/1/04 dispersion of annual returns is measure by the asset weighted standard deviation of portfolios in the composite.
Reinhart Partners has additional composites. A list of all composites is available upon request.
Past performance is not a guarantee of future results.

Year End Dec, 31	Composite Annual Return		Merrill Lynch Municipals, 1-12 Yrs	Annual Composite Dispersion	Number of Portfolios in Composite	Composite Assets		Total Firm Assets ($Mil)
Year End Dec, 31	Gross of Fees	Net of Fees	Merrill Lynch Municipals, 1-12 Yrs	Annual Composite Dispersion	Number of Portfolios in Composite	Dollars (Millions)	% of Firm Assets	Total Firm Assets ($Mil)
Q1 2011	0.81%	0.73%	0.75%	N/A	25	$144.9	4.0%	3,580.0
2010	2.39%	2.04%	3.04%	0.31	25	$134.0	4.0%	3,388.0
2009	4.36%	4.06%	7.18%	0.41	12	$95.8	3.5%	2,770.3
2008	5.02%	4.75%	4.61%	0.26	4	$54.3	3.0%	1,831.4
2007	4.81%	4.52%	4.98%	0.19	3	$33.6	1.8%	1,924.1
2006	3.52%	3.24%	3.77%	0.46	3	$30.8	1.8%	1,708.9
2005	1.45%	1.14%	1.87%	0.05	4	$31.7	2.2%	1,419.2
2004	2.52%	2.16%	3.44%	0.79	4	$26.6	2.1%	1,246.0
2003	3.81%	3.45%	4.82%	1.00	5	$29.9	2.8%	1,060.0
2002	6.84%	3.45%	10.48%	2.45	5	$8.6	< 1.0%	1,035.4
2001	5.91%	6.46%	5.15%	0.26	6	$12.1	1.3%	946.4
2000	6.52%	5.54%	9.64%	-	1	$8.5	1.0%	818.0