Municipal Fixed-Income Composite Performance
Annual Compound Total Rates of Return
Through September 30, 2004

Q3 2004
1 Year
5 Years
10 Years
Since Inception (6/30/94)
FBA Municipal Fixed-Income Composite (Gross)
1.27%
1.56%
4.79%
5.08%
5.05%
FBA Municipal Fixed-Income Composite (Net)
1.02%
0.55%
3.75%
4.03%
4.01%
Lehman Brothers 5-Year Municipal Bond Index with Cash
2.64%
1.80%
5.37%
5.39%
5.36%
Lehman Brothers 5-Year Municipal Bond Index
2.83%
2.04%
5.82%
5.71%
5.67%
Lehman Brothers 3-Month T-Bill Index
0.36%
1.09%
3.12%
4.28%
4.29%
Inflation (CPI)
0.10%
2.53%
2.50%
2.43%
2.46%


(1) Front Barnett Associates LLC (FBA) is a balanced portfolio investment manager. FBA is an independent investment management firm that is not affiliated with any parent organization. FBA is the successor firm to Trees Front Associates Incorporated (TFA), effective July 1, 1999. Results for TFA are included here.
(2) FBA has prepared and presented this report in compliance with the Performance Presentation Standards of the Association for Investment Management and Research (AIMR-PPS), the U.S. and Canadian version of the Global Investment Performance Standards (GIPS). AIMR has not been involved in the preparation or review of this report.
(3) The figures are in compliance with the AIMR-PPS for all periods shown.
(4) The data includes the fixed-income and cash portions of all discretionary taxable accounts managed by FBA to its Municipal Model ("Municipal Fixed-Income Accounts"). A complete list, including description, of FBA's composites is available upon request. All discretionary accounts managed by Front Barnett Associates LLC are included in at least one composite.
(5) 90% of all cash held in the Municipal Fixed-Income Accounts has been allocated to the Municipal Fixed-Income composite. Returns shown represent a weighted average of fixed-income return and cash return.
(6) The composite results shown are total return figures, do not assume reinvestment of interest and are before all taxes.
(7) The benchmark return is a combination of the Lehman Brothers 5-Year Municipal Bond Index and the Lehman Brothers 3-Month T-Bill Index. The weighting of each index is determined at the beginning of each quarter and matches that of the fixed-income and cash portions of the FBA Municipal Fixed-Income composite.
(8) Composite performance is based on trade date and includes all trading costs.
(9) This data includes a small number of non-fee-paying portfolios in some periods; these portfolios represented less than 1% of assets in this composite for all periods.

Summary of Municipal Fixed-Income Composite
as of December 31, 2003

Year
Start Year
End Year
% of Total Assets
Total Assets
# of Accts.
Mean Acct.Size
Median Acct. Size
Annual Fixed-Income Return
Standard Deviation
LB 5-Year Muni Bond Index
% of Municipal Composite
Year End Cash Allocated
Annual Cash Return
Annual Composite Return
2003
$31,645,194
$30,635,050
2
$1,369,003,331
87
$352,127
$195,640
2.99%
0.73%
4.13%
84
$5,671,220
1.02%
2.33%
2002
83,530,889
31,645,194
2
1,282,379,854
88
359,604
216,704
7.98%
1.15%
9.27%
86
5,283,331
1.33%
6.93%
2001
97,330,618
83,530,889
4
2,076,575,187
167
500,185
333,401
6.08%
0.52%
6.21%
81
17,427,449
3.43%
5.76%
2000
79,930,155
97,330,618
5
2,101,288,728
154
632,017
371,877
7.69%
0.81%
7.70%
97
2,953,525
6.56%
7.69%
1999
83,402,493
79,930,155
5
1,736,575,289
134
596,494
280,011
0.54%
0.86%
0.74%
91
7,353,239
4.98%
0.71%
1998
43,988,380
83,402,493
7
1,270,275,677
113
738,075
346,399
5.60%
0.41%
5.85%
94
4,584,164
5.50%
5.58%
1997
23,236,858
43,988,380
5
889,891,357
82
536,444
283,778
5.85%
0.70%
6.38%
97
1,174,262
3.51%
5.73%
1996
24,112,482
23,236,858
4
574,542,283
61
380,932
282,043
4.25%
0.30%
4.24%
98
478,492
4.47%
4.28%
1995
29,818,023
24,112,482
6
373,805,737
44
548,011
295,200
11.73%
2.22%
11.64%
94
1,377,278
4.91%
11.25%
1994(1)
---
29,818,023
12
253,714,230
37
805,893
387,294
---(2)
---
---(3)
88
3,596,675
---(4)
---(5)

(1) For the period June 30, 1994 (inception) through December 31, 1994.
(2) Return for the Fixed-Income Assets for the period June 30, 1994 through December 31, 1994 was 0.45%.
(3) Return for the Lehman Brothers 5-Year Municipal Bond Index for the period June 30, 1994 through December 31, 1994 was 0.51%.
(4) Return for Cash for the period June 30,1994 through December 31, 1994 was 1.96%.
(5) Return for this composite for the period June 30, 1994 through December 31, 1994 was 0.64%.

Disclosure Statement

Front Barnett Associates LLC Municipal Fixed-Income composite performance figures present the asset-weighted performance of all taxable discretionary Municipal Fixed-Income accounts before investment advisory fees. A portfolio's return will be reduced by the advisory fees and any other expenses incurred in the management of an investment portfolio. Front Barnett Associates LLC investment advisory fees are described in Part II of Form ADV.

The table below sets forth the cumulative effect of investment advisory fees on a $100 investment growing at 10% per annum compounded monthly over ten years. Investment advisory fees are assumed to be paid quarterly in arrears.

The Cumulative Effect of Advisory Fees

 
0
1
2
3
4
5
6
7
8
9
10
No Fees
$100.00
$110.47
$122.04
$134.82
$148.94
$164.53
$181.76
$200.79
$221.82
$245.04
$270.70
.25% Annual Fee
100.00
110.20
121.43
133.81
147.45
162.49
179.05
197.31
217.42
239.59
264.02
.50% Annual Fee
100.00
109.92
120.82
132.81
145.98
160.47
176.38
193.88
213.11
234.26
257.49
.75% Annual Fee
100.00
109.65
120.22
131.82
144.53
158.47
173.75
190.51
208.89
229.04
251.13
1.00% Annual Fee
100.00
109.37
119.62
130.83
143.09
156.50
171.16
187.20
204.74
223.93
244.91