All investments are subject to market risk, including the potential loss of principal. Past performance is not indicative of future results. Investment returns and principal value will fluctuate, and investors may experience gains or losses upon redemption.​

Fixed income securities are subject to interest rate risk; when interest rates rise, bond prices generally fall. They are also subject to credit risk, where the issuer may fail to make timely payments of interest or principal. High-yield (non-investment-grade) securities carry a greater risk of default and price volatility compared to higher-rated securities. Short-duration strategies may help mitigate interest rate risk but can still be affected by changes in interest rates and market conditions.​

Active management strategies typically have higher fees than passive management.

Tax-equivalent yields are used to compare taxable and tax-exempt investments. They are based on federal income tax rates and do not account for state or local taxes. Actual after-tax returns will vary based on an investor's tax situation. Investors should consult with their tax advisors to understand the implications of their investments.​

The Sharpe Ratio is a measure of risk-adjusted return, calculated by dividing the excess return of an investment over the risk-free rate by its standard deviation. It is used to understand the return of an investment compared to its risk. A higher Sharpe Ratio indicates better risk-adjusted performance.​

This material is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information provided does not consider the specific objectives or circumstances of any particular investor. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with their financial professionals.​
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The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. The Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. The Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Bloomberg EM country definition, are excluded.The Bloomberg U.S. Mortgage Backed Securities (MBS) Index tracks fixed-rate agency mortgage backed pass-through securities guaranteed by Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable MBS pools into aggregates or generics based on program, coupon and vintage. The Bloomberg Non-Agency Investment Grade CMBS index tracks the market for non-agency commercial mortgage-backed securities in the United States. The index includes non-agency CMBS conduit and fusion deals with a minimum size of $300 million. The ICE BOfA AA-BBB U.S. Fixed Rate Asset Backed Index tracks the performance of U.S. dollar denominated investment grade fixed rate asset backed securities publicly issued in the U.S. domestic market rated AA1 through BBB3, inclusive. The J.P. Morgan EMBI Global Diversified Index tracks USD-denominated bonds issued by sovereign and quasi-sovereign entities from emerging market countries. The index caps individual country weights at maximum exposure limits of 10% and redistributes the excess weight to smaller countries to avoid concentration risk. The ICE U.S. Fixed Rate Non-Agency CMBS Index tracks the performance of U.S. dollar denominated investment grade fixed rate non-Agency commercial mortgage backed securities publicly issued in the U.S. domestic mark​