Market Matters: Insights for the Current Environment

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Representative portfolio information (characteristics, holdings, weightings, etc.) is based upon the composite or a representative/model account. Representative accounts are selected based on such factors as size, length of time under management and amount of restrictions. Any segment level performance shown (equity only or fixed income only) is presented gross of fees and focuses exclusively on the investments in that particular segment of the portfolio being measured (equity or fixed income holdings) and excludes cash. Client accounts are individually managed and may vary significantly from composite performance and representative portfolio information. Specific securities identified and described do not represent all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable.

Investing entails risks, including possible loss of principal. A bond’s value may fluctuate based on interest rates, market conditions, credit quality and other factors. You may have a gain or loss if you sell your bonds prior to maturity. Of course, bonds are subject to the credit risk of the issuer.

BofA 1–3-year Municipal: This Index is a subset of the Merrill Lynch Municipal Securities Index. The Merrill Lynch Municipal Securities Index tracks the performance of the investment grade US tax-exempt bond market. Qualifying bonds must have up to (but not including) three years remaining term to maturity, a fixed coupon schedule, a minimum original maturity amount outstanding of $10mn and an investment grade rating from Moody’s. The index is re-balanced on the last calendar day of the month. Issues that meet the qualifying criteria are included in the index for the following month.

BofA 3–7-year Municipal: This Index is a subset of the Merrill Lynch Municipal Securities Index. The Merrill Lynch Municipal Securities Index tracks the performance of the investment grade US tax-exempt bond market. Qualifying bonds must have up to (but not including) seven years but no less than three years remaining term to maturity, a fixed coupon schedule, a minimum original maturity amount outstanding of $10mn for bonds having less than a five-year initial term to maturity and $15mn for bonds having an initial term to maturity greater than or equal to five years and less than 10 years, and an investment grade rating from Moody’s. The index is re-balanced on the last calendar day of the month. Issues that meet the qualifying criteria are included in the index for the following month.

BofA 7–12-year Municipal: This Index is a subset of the Merrill Lynch Municipal Securities Index. The Merrill Lynch Municipal Securities Index tracks the performance of the investment grade US tax-exempt bond market. Qualifying bonds must have up to (but not including) twelve years and no less than seven years remaining term to maturity, a fixed coupon schedule, a minimum original maturity amount outstanding of $15mn and an investment grade rating from Moody’s. The index is re-balanced on the last calendar day of the month. Issues that meet the qualifying criteria are included in the index for the following month.

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Past performance is not indicative of future results. This material is not intended to address every situation, nor is it intended as a substitute for the legal, tax, accounting or financial counsel of your professional advisors with respect to your individual circumstances. This material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions expressed are as of the date herein and are subject to change without notice. This material is not intended to be a formal research report and should not be construed as an offer to sell or the solicitation of an offer to buy any security.

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