October reversed September. The Bloomberg 1-15 Year Municipal Bond Index returned 3.73%, almost exactly offsetting September's loss, and every maturity had its best month of the past year. AAA muni yields fell 39 to 78 bps, more than Treasuries, and fell most from 2 to 10 years.

The rally used up September's new value from 5 to 10 years. The 10-year muni/Treasury ratio fell from 78.1% to 69.4%, near its three-year average of 68.0%, and the 2- and 5-year ratios ended below their averages. More value remains at the long end. The 30-year ratio, 91.6%, is still above its 87.6% average, and the muni curve past 10 years steepened. Lower-rated bonds lagged the rally, so A and Baa spreads moved back toward their averages. The 1-15 Year index yields 3.81%, or 6.44% tax-equivalent for a top-bracket investor.

After tax, the muni indexes out-yield every taxable index shown of similar duration, including US Aggregate Long at 6.35%. Source: Bloomberg, Oct 30, 2026. Index data.

M/M Chg = change vs. prior month-end. Yields are YTW; TEY at 40.8%. M/T is the published muni/Treasury ratio (20Y computed from the two yields).

Eff. Dur = effective duration. YTW = yield to worst; TEY = tax-equivalent yield. M/M, YTD and 12-Mo are total returns.

Slope = longer-tenor yield minus shorter-tenor yield. Positive difference means the muni curve is steeper than Treasuries.

Fund flows: ICI weekly composite, weekly reports dated in the period; positive = net inflows. October and YTD end Oct 21; year ago and 5-yr avg are full periods. Visible supply: Bond Buyer 30-day calendar at month end; year ago and 5-year average use the same calendar date.

October's rally erased September's cheapening from 5 to 10 years (10-year ratio 69.4%) but only about a third of it at 30 years, and A and Baa credit spreads widened from near their tightest. Source: Bloomberg, Oct 30, 2026. Index data.

M/M = Month-over-month change; M/T = Muni-to-Treasury ratio; YTW = Yield to Worst; UST = U.S. Treasury. As of October 30, 2026.

Sources: Bloomberg, Ipreo Bond Fund Flows, Investment Company Institute, and Bond Buyer. A basis point is a standard measure for interest rates and other percentages and represents one-hundredth of a percentage point (0.01%). Yield to Worst is the lowest return that can be received on a bond without the issuer defaulting. Effective Duration is a measure of price sensitivity resulting from changes in the yield of a bond. Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations, such as Moody's and S&P, and are subject to change. TEY is calculated by adjusting municipal yields for a 40.8% assumed federal tax rate (37.0% income tax plus 3.8% Net Investment Income Tax). Cross-sector pickup reflects the difference between municipal TEY and comparable taxable yields, where positive values indicate relatively more attractive municipal valuations. Interest on municipal bonds is generally exempt from federal income tax. Advisory services are offered through Segall Bryant & Hamill, LLC, d/b/a CI SBH Asset Management (“SBH”), a registered investment adviser with the U.S. Securities and Exchange Commission. This update provides an overview of certain broad-based Fixed Income benchmarks and does not include performance of CI SBH Asset Management Fixed Income styles. Past performance cannot guarantee future results. All investments involve risk, including the possible loss of capital. An investor cannot invest directly in an index. Indexes are unmanaged and do not incur fees and expenses. SBH's views are subject to change without notice, and SBH has no obligation to update or correct this material.

Muni 1–15 Yr Blend = Bloomberg U.S. 1–15 Year Municipal Bond Index, which measures the performance of the USD-denominated, long-term tax-exempt municipal bond market with maturities between 1 and 15 years. Muni Agg = Bloomberg US Municipal Bond Index, which measures the performance of the USD-denominated, long-term tax-exempt bond market. UST Bills 1–3M = Bloomberg US Treasury Bills 1–3 Month Index, which measures US dollar-denominated Treasury bills with maturities between 1 and 3 months. US Gov/Credit Int. = Bloomberg US Government/Credit Intermediate Index, which measures US dollar-denominated, fixed-rate, investment-grade government and corporate bonds with intermediate maturities. US Aggregate = Bloomberg US Aggregate Bond Index, which measures the investment-grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. US Aggregate Long = Bloomberg US Aggregate Long Index, which measures the long-duration component of the Bloomberg US Aggregate Bond Index (typically maturities greater than 10 years). US MBS = Bloomberg US Mortgage-Backed Securities Index, which measures agency mortgage-backed pass-through securities issued by GNMA, FNMA, and FHLMC. US Corporate IG = Bloomberg US Corporate Investment Grade Index, which measures US dollar-denominated, investment-grade, fixed-rate corporate bonds. Duration is a calculation of the average life of a bond (or portfolio of bonds) that is a useful measure of the bond's price sensitivity to interest rate changes. The higher the duration number, the greater the risk and reward potential of the bond.