Capitalizing on Investment Opportunities Amid Economic Changes

This is a hypothetical illustration showing relative potential risk and yield. Risk based on standard deviation. *National muni tax-equivalent yield based on 40.80% tax level (37% highest federal tax bracket plus the 3.8% Medicare surcharge). CA and NY muni tax equivalent yield based on the blended rates derived from a top federal income tax rate of 37%, the 3.8% Medicare tax, top state income tax rates of 8.82% and 13.30% in New York and California, respectively. Past performance is no guarantee of future results, which will vary. All mutual funds are subject to market risk and will fluctuate in value. Corporate High Yield Bonds index is represented by the Bloomberg Barclays High-Yield Corporate Bond Index. The U.S. Corporate bond index is represented by the Bloomberg Barclays U.S. Corporate Bond Index. The U.S. Treasury index is represented by the Bloomberg Barclays U.S. 1-3 Year Government/Credit Index. The U.S. Aggregate bond index is represented by the Bloomberg Barclays U.S. Aggregate Bond Index.