Returns for periods before 1988 are for the oldest representative, tax free account managed by Capital Investment Services of America, Inc. and were audited by a large, independent investment consulting firm. Composite Information Performance numbers represent geometrically linked, total rate of return for each time period. Total return is calculated on a time-weighted return basis, are calculated on a quarterly basis, are dollar weighted and net of average advisory fees unless indicated otherwise. Our fee schedule and complete composite list and description are available upon request. Investment income is recognized on a full accrual method in total return calculations.
Results reflect the reinvestment of all dividends, interest and realized gains and losses.
Returns are calculated net of all transaction costs. Inc. Equity returns and fixed income returns include equity and fixed portion of balanced accounts. In these cases, cash is allocated to the equity portion of each account. Convertible securities are consistently treated as equity investments. Past investment results are not necessarily indicative of future performance.