Before the Bell

Before the Bell

Morning Market Brief

May 26, 2021

MORNING MARKET COMMENTARY: Jon Kyle Cartwright, Senior Director, Fixed Income

In addition to comments related to overnight activity and pre-market conditions, each Wednesday, we feature commentary from members of the Ameriprise Global Asset Allocation Committee discussing investment considerations targeting their specific area of expertise. The comments are intended to provide additional insight into Committee allocation recommendations.

Quick Take: U.S. equity index futures current suggest a modestly higher open to trading this morning. Markets are slightly lower at mid-day in Europe with most major bourses in the region down by about 0.2% to 0.4% at mid-day. Stocks were mixed overnight in the Asia /Pacific region. Crude oil trading stats the day generally flat at $65 barrel and the 10-year U.S. Treasury yield is little changed as well at 1.57%.

When it comes to LIBOR... Why Die twice? Regulators at the U.S. Federal Reserve and the Bank of England issued death warrants to eliminate the publication of LIBOR's one-week and two-month U.S. Dollar reference rates on December 31, 2021, and LIBOR in its entirety by June 30, 2023. Unless you fully understand prospectuses for your LIBOR-linked securities the way active portfolio managers or structured product sponsors do, when LIBOR goes away, you might own something you didn't know you bought.

As a result, individual LIBOR-linked securities could die at the hands of regulators and again in your portfolio.

What you'll own after LIBORs demise is all about the fallback language in loan agreements or prospectuses. LIBORlinked notes and preferred securities can have strong fallback language that clearly defines a floating replacement reference rate. Some include fallback language to transmute LIBOR into a fixed rate. A few contain confusing legal language that could make it difficult to determine how the reference rate will change. Still, others lack any fallback language what's so ever which means until LIBOR goes away, there may be no way to know what you will end up owning.

We're working feverishly to figure out how to segment tens of thousands of outstanding LIBOR-linked securities into one of two fallback language groups, STRONG or WEAK. Unfortunately, we can't guarantee our fallback evaluation system will be in place before this year's scheduled execution of short-term U.S. Dollar LIBOR rates or before LIBOR takes its final breath in 2023. We believe individual investors shouldn't wait for us to designate which LIBOR-linked securities are suitable. Instead, we recommend replacing LIBOR-linked securities with non-LIBOR floating-rate notes or preferred stock.

Nor do we believe investors should gamble on a legislative fix that may never come. Don't wait for politicians to cancel LIBOR's scheduled executions. We recommend swapping out of LIBOR-linked obligations as soon as possible.

FOR IMPORTANT DISCLOSURES PLEASE SEE THE DISCLOSURE PAGES AT THE END OF THIS DOCUMENT

Notations:

For further information on any of the topics mentioned, please contact your Financial Advisor.

Unless specifically stated otherwise, comments contained in this document should not be construed as an investment opinion or

recommendation of any securities mentioned. Charts depicted are from FactSet unless otherwise noted.

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The fact is we don't recommend owning any short-term floating-rate securities at this time. Even if the market's worst inflation fears come true, we expect the Fed to cling to its view that inflation will prove to be transitory and keep interest rates low at least through 2022. At the same time, we don't expect the Fed to raise its target interest rate above 1% or allow 10-year Treasuries to stay above 2% until after the economy achieves full employment, which could take years.

We recognize there are financial planning reasons to own floating-rate securities. If you need them, we recommend you hold floaters not linked to LIBOR, especially if you're not sure they contain concise fallback language favorable to you.

For more information on LIBOR, please see our Committee Perspectives report titled The LIBOR Extinction.

Asia-Pacific: Equity markets were mostly higher overnight in Asia. Hong Kong's Hang Seng was an outlier to the upside with a gain of 0.88%. Secondary markets in Singapore and Jakarta were also solidly higher with gains of 0.7% and 0.9%, respectively. The gains in Hong Kong were said to have been generated by reports suggesting that Beijing's fiscal austerity measures may be eased. China's primary mainland Index, the Shanghai Composite, however, was flat on the session.

Europe: Markets are mostly lower across Europe at mid-day. There was little new information for investors to consider and market activity seemed to take its cue from the mixed results in Asia overnight and the modeslty geeen indications for Wall Street this morning. Across the globe, investors seem to be discounting what is widely expected to be a consierable inflation surge over the near-term. Most market particiupants seem to agree tith the Federal Reserve position that the elevated pace of price hikes is likely to be temporary, thus negating the need to temper the economy's pace via higher overnight lending rates.

U.S.: Equity index futures currently point to a modestly higher open on Wall Street with the Dow Jones Industrial Average indicated with an opening gain of about 70 points, as of this writing. Traders may be responding to reports that Republican leadership in Congress will counter-offer the Biden Administration's Infrastructure plans with a proposal that would offer nearly $1 trillion in added spending but with no offsetting tax increases to pay for it.

Battling Infrastructure proposals: In April, the President proposed an Infrastructure spending plan totaling $2.3 trillion over 10 years. Many of the plan's components, however, were seen as far-removed from infrastructure and the plan also included tax increases on corporations to pay for the initiative. Republicans counter-offered with a plan estimated to cost $568 billion, but with no offsetting tax increases. Earlier this week, the Biden Administration countered with a plan totaling $1.7 trillion that maintained corporate tax hikes. New reports this morning suggest that a key group of Senate Republicans are preparing to present the Administration with a plan costing "nearly $1 trillion" as early as today, but again, with no offsetting tax hikes.

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WORLD CAPITAL MARKETS

5/26/2021

As of: 8:30 AM ET

Americas

% chg. % YTD

Value

S&P 500 Dow Jones NASDAQ Composite Russell 2000 Brazil Bovespa S&P/TSX Comp. (Canada) Mexico IPC

-0.21% -0.24% -0.03% -0.97% -0.84% 0.19% -1.28%

12.16% 12.97%

6.26% 12.06%

3.34% 13.43% 11.98%

4,188.1 34,312.5 13,657.2

2,205.8 122,988 19,564.1 48,827.0

Europe (Intra-day)

DJSTOXX 50 (Europe) FTSE 100 (U.K.) DAX Index (Germany) CAC 40 (France) FTSE MIB (Italy) IBEX 35 (Spain) MOEX Index (Russia)

% chg. %YTD

Value

-0.02% 15.64% 4,035.4

-0.20% 10.28% 7,015.5

0.02% 12.76% 15,468.9

0.03% 17.00% 6,392.1

-0.29% 11.64% 24,819.7

-0.23% 14.48% 9,187.6

0.59% 14.45% 3,708.5

Asia/Pacific (Last Night)

Nikkei 225 (Japan) Hang Seng (Hong Kong) Korea Kospi 100 Singapore STI Shanghai Comp. (China) Bombay Sensex (India) S&P/ASX 200 (Australia)

% chg. 0.31% 0.88% -0.09% 0.72% 0.34% 0.75% -0.32%

%YTD 5.10% 7.98% 10.40% 12.33% 3.46% 7.07% 9.91%

Value 28,642.2 29,166.0

3,168.4 3,146.1 3,593.4 51,017.5 7,092.5

Global

% chg. % YTD

Value Developed International % chg. %YTD

Value Emerging International

MSCI All-Country World Idx 0.15% 10.36%

707.3 MSCI EAFE

0.32% 10.27% 2,331.5 MSCI Emerging Mkts

Note: International market returns shown on a local currency basis. The equity inde x data shown abo ve is on a total return basis, inclusive o f divide nds.

% chg. %YTD

Value

1.42% 4.77% 1,345.5

S&P 500 Sectors Communication Services Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Materials Real Estate Technology Utilities

% chg. 0.12% 0.33% 0.07% -2.04% -0.96% -0.30% -0.29% -0.88% 0.31% 0.06% -1.18%

% YTD 15.92%

5.26% 5.99% 37.74% 27.41% 9.76% 17.05% 20.01% 18.63% 6.60% 4.95%

Value 256.1 1,368.2 731.0 385.7 620.5 1,443.6 872.4 543.8 268.1 2,432.7 330.3

Equity Income Indices JPM Alerian MLP Index FTSE NAREIT Comp. TR DJ US Select Dividend DJ Global Select Dividend S&P Div. Aristocrats

Bond Indices Barclays US Agg. Bond Barclays HY Bond

% chg. % YTD

Value

-1.78% 34.46% 186.5

0.11% 17.16% 23,734.9

-1.44% 26.05% 2,755.2

0.02% 23.92% 262.4

-0.34% 15.54% 3,851.7

% chg. % YTD 0.26% -2.23% 0.07% 2.06%

Value 2,338.7 2,386.2

Commodities Futures & Spot (Intra-day) CRB Raw Industrials NYMEX WTI Crude (p/bbl.) ICE Brent Crude (p/bbl.) NYMEX Nat Gas (mmBtu) Spot Gold (troy oz.) Spot Silver (troy oz.) LME Copper (per ton) LME Aluminum (per ton) CBOT Corn (cents p/bushel) CBOT Wheat (cents p/bushel)

% chg. -0.03% -0.62% -0.51% 1.54% 0.65% 0.64% -0.29% -0.74% 0.64% -0.84%

% YTD 14.23% 35.33% 31.85% 16.50%

0.70% 6.72% 27.76% 18.47% 29.98% 3.62%

Value 583.41

65.66 68.30

2.96 1,911.60

28.18 9,900.50 2,338.05

624.25 651.00

Foreign Exchange (Intra-day) % chg. % YTD

Value

Euro (/$)

-0.20% 0.08%

1.22 Japanese Yen ($/?)

British Pound (?/$)

0.02% 3.56%

1.42 Australian Dollar (A$/$)

Data/Price Source: Bloomberg. Equity Index data is total return, inclusive of dividends, where applicable.

% chg. % YTD -0.10% -5.18% 0.23% 0.97%

Value 108.89

0.78

Canadian Dollar ($/C$) Swiss Franc ($/CHF)

% chg. -0.32% -0.17%

% YTD 5.11% -1.32%

Value 1.21 0.90

Ameriprise Global Asset Allocation Committee (GAAC)

U.S. Equity Sector - Tactical Views

S&P 500 Index Weight

GAAC Tactical View

GAAC Tactical Overlay

GAAC Recommended

Weight

S&P 500 Index Weight

GAAC Tactical View

GAAC Tactical Overlay

GAAC Recommended

Weight

Financials

11.2%

Overweight

2.0%

13.2%

Energy

2.8%

Equalweight

-

2.8%

Industrials

8.6%

Overweight

2.0%

10.6%

Real Estate

2.5%

Equalweight

-

2.5%

Materials

2.8%

Overweight

2.0%

4.8%

Consumer Discretionary 12.5%

Equalweight

-

12.5%

Information Technology 26.7%

Equalweight

-

26.7%

Communication Services 11.2%

Underweight

-2.0%

9.2%

Health Care

13.0%

Equalweight

-

13.0%

Consumer Staples

6.1%

Underweight

-2.0%

4.1%

Utilities

2.6%

Underweight

-2.0%

0.6%

As of: March 31, 2021 Index weightings represent the respective market capitalization of each sector in the S&P 500 as of 03/23/2021. The GAAC Tactical Overlay, as well as Recommended Tactical Weights, is derived from the Ameriprise Global Asset Allocation Committee (GAAC).Views are expressed relative to the Index and are provided to represent investment conviction in each region. Tactical Allocations are designed to augment Index returns over a 6-12 month time horizon. Numbers may not add due to rounding.

Global Equity Regions - Tactical Views

MSCI All-Country World Index Weight

GAAC Tactical View

GAAC Tactical Overlay

GAAC Recommended

Weight

MSCI All-Country

World Index

GAAC

Weight

Tactical View

GAAC Tactical Overlay

GAAC Recommended

Weight

United States

56.1%

Overweight

2.8%

58.9%

Japan

6.6%

Equalweight

-

6.6%

Asia-Pacific ex Japan 15.7%

Overweight

2.0%

17.7%

Canada

2.8%

Underweight

-2.8%

0.0%

Europe ex U.K.

13.1%

Equalweight

-

13.1%

Latin America

0.9%

Underweight

-0.9%

0.0%

United Kingdom

3.7%

Equalweight

-

as of: March 31, 2021

3.7%

Middle East /Africa 1.1%

Underweight

-1.1%

0.0%

Index weightings are based on the regional market capitalizations of the MSCI All-Country World Index as of 03/23/2021. The GAAC Tactical Overlay, as well as the Recommended Tactical Weights, are derived from the Ameriprise Global Asset Allocation Committee (GAAC). Views are expressed relative to the Index and are provided to represent investment conviction in each region. Tactical Allocations are designed to augment Index returns over a 6-12 month time horizon. Numbers may not add due to rounding.

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BY THE NUMBERS: ECONOMIC ACTUALS AND FORECAST:

Current Projections:

Real GDP (YOY) Unemployment Rate CPI (YoY) Core PCE (YoY)

Full-year Actual Actual Est. 2019 2020 2021 2.2% -3.5% 6.5% 3.5% 6.7% 5.0% 1.8% 1.3% 3.1% 1.6% 1.4% 2.4%

Est. 2022 3.5% 3.6% 2.6% 2.2%

Quarterly

Actual Actual Actual Actual Est.

Est.

Est.

Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021

-31.4% 33.1% 4.0% 6.4% 11.4% 6.2% 5.5%

11.1% 7.9% 6.7% 6.0% 5.6% 5.4% 5.1%

0.4% 1.4% 1.3% 2.6% 4.3% 3.6% 3.4%

0.9% 1.5% 1.4% 1.8% 3.2% 2.8% 2.6%

Sources: Historical data via FactSet. Estimates (Est.) via American Enterprise Investment Services Inc.

YoY = Year-over-year, Unemployment numbers are period ending. GDP: Gross Domestic Product; CPI: Consumer Price Index

PCE: Personal Consumption Expenditures Price Index. Core excludes food and energy. All estimates other than GDP are period ending.

Last Updated: May 20, 2021

ECONOMIC NEWS OUT TODAY: Economic Releases for Wednesday, May 26, 2021. All times Eastern. Consensus estimates via Bloomberg.

None Scheduled

FIXED INCOME NEWS & VIEWS: Brian M. Erickson, CFA, Fixed Income Research & Strategy

Real Yields in Focus Real, inflation-adjusted yields measure whether Treasury investor compensation adequately compensates investors,

especially within the context of core Consumer Price Index (core CPI) inflation. Treasury yields near zero within six months identify that investors actually lose value compared to inflation when investing in cash investments. The real yield on 10-year Treasuries provides a measure of value, whether bonds offer attractive compensation or face heightened valuations. Absent monetary policy, yields generally track inflation as investors seek a return on investment that keeps up with inflation and provides an incremental return for investment. Bond markets remain sensitive to inflation, with higher inflation leading yields higher. Today, extraordinary Fed policy asserts a counterbalance that depresses yields on the short-end and out the curve. Tapering ? Fed Vice Chair Clarida reiterated that the tapering conversation could begin in the coming months. Recall, Fed bond purchases seek to reduce borrowing costs for companies, consumers, and governments to encourage spending and investment to drive the growth within the economy. While maintaining fed funds borrowing rates near zero encourage longer-term investment, asset purchases further lower borrowing costs. We believe the Fed remains committed to policy stimulus in order to achieve its inflation target. The chart below identifies a couple of important trends. First, since the great financial crisis, extraordinary Fed policy depressed real rates below zero in a way not seen since the early 1980's. Second, in the wake of the financial crisis, real yields remained depressed for an extended period as monetary policy sustained accommodation for longer to restart the economy. Today, while we do not see the financial deleveraging that persisted through 2009 and 2010, we see the Fed dedicated to maintaining stimulus in order to meet its revised inflation goal of 2% average inflation. We believe that while real yields may reach higher, exceeding 0.0%, the Fed remains committed to stimulus in order to spur inflation. As a result, we believe real yields could remain in negative territory well into 2022. The risk will be if inflation takes hold in a way not foreseen that forces the Fed to retreat sooner than later, allowing real yields to rise.

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The content in this report is authored by American Enterprise Investment Services Inc. ("AEIS") and distributed by Ameriprise Financial Services, LLC ("AFS") to financial advisors and clients of AFS. AEIS and AFS are affiliates and subsidiaries of Ameriprise Financial, Inc. Both AEIS and AFS are member firms registered with FINRA and are subject to the objectivity safeguards and disclosure requirements relating to research analysts and the publication and distribution of research reports. The "Important Disclosures" below relate to the AEIS research analyst(s) that prepared this publication. The "Disclosures of Possible Conflicts of Interest" section, where applicable, relates to the conflicts of interest of each of AEIS and AFS, their affiliates and their research analysts, as applicable, with respect to the subject companies mentioned in the report.

Each of AEIS and AFS have implemented policies and procedures reasonably designed to ensure that its employees involved in the preparation, content and distribution of research reports, including dually registered employees, do not influence the objectivity or timing of the publication of research report content. All research policies, coverage decisions, compensation, hiring and other personnel decisions with respect to research analysts are made by AEIS, which is operationally independent of AFS.

IMPORTANT DISCLOSURES As of March 31, 2021 The views expressed regarding the company(ies) and sector(s) featured in this publication reflect the personal views of the research analyst(s) authoring the publication. Further, no part of research analyst compensation is directly or indirectly related to the specific recommendations or views contained in this publication.

A part of a research analyst's compensation may be based upon overall firm revenue and profitability, of which investment banking, sales and trading, and principal trading are components. No part of a research analyst's compensation is based on a specific investment banking transaction, nor is it based on sales, trading, or principal trading. A research analyst may have visited the material operations of one or more of the subject companies mentioned in this research report. No payment was received for the related travel costs.

Additional information and current research disclosures on individual companies mentioned in this research report are available on our website at legal/disclosures in the Additional Ameriprise research disclosures section, or through your Ameriprise financial advisor. You may also submit a written request to Ameriprise Financial, Inc., 1441 West Long Lake Road, Troy MI, 48098. Independent thirdparty research on individual companies is available to clients at research-market-insights. SEC filings may be viewed at .

Tactical asset class recommendations mentioned in this report reflect The Ameriprise Global Asset Allocation Committee's general view of the financial markets, as of the date of the report, based on then current conditions. Our tactical recommendations may differ materially from what is presented in a customized long-term financial plan or portfolio strategy. You should view our recommendations in conjunction with a broader long-term portfolio strategy. Not all products, services, or asset classes mentioned in this report may be available for sale at Ameriprise Financial Services, Inc. Please consult with your financial advisor.

on a timely basis a default may occur and interruption or reduction of interest and principal occur.

Investments in a narrowly focused sector may exhibit higher volatility than investments with broader objectives and is subject to market risk and economic risk.

Income Risk: We note that dividends are declared solely at the discretion of the companies' boards of directors. Dividend cuts or eliminations will likely negatively impact underlying company valuations. Published dividend yields are calculated before fees and taxes. Dividends paid by foreign companies to ADR holders may be subject to a withholding tax which could adversely affect the realized dividend yield. In certain circumstances, investors in ADR shares have the option to receive dividends in the form of cash payments, rights shares or ADR shares. Each form of dividend payment will have different tax consequences and therefore generate a different yield. In some instances, ADR holders are eligible to reclaim a portion of the withholding tax.

International investing involves increased risk and volatility due to political and economic instability, currency fluctuations, and differences in financial reporting and accounting standards and oversight. Risks are particularly significant in emerging markets.

Market Risk: Equity markets in general could sustain significant volatility due to several factors. As we have seen recently, both economic and geopolitical issues could have a material impact on this model portfolio and the equity market as a whole.

Quantitative Strategy Risk: Stock selection and portfolio maintenance strategies based on quantitative analytics carry a unique set of risks. Quantitative strategies rely on comprehensive, accurate and thorough historical data. The Ameriprise Investment Research Group utilizes current and historical data provided by third-party data vendors. Material errors in database construction and maintenance could have an adverse effect on quantitative research and the resulting stock selection strategies.

Diversification and Asset Allocation do not assure a profit or protect against loss.

RISK FACTORS Dividend and interest payments are not guaranteed. The amount of dividend payment, if any, can vary over time and issuers may reduce or eliminate dividends paid on securities in the event of a recession or adverse event affecting a specific industry or issuer. Should a company be unable to pay interest

PRODUCT RISK DISCLOSURES Exchange Traded Funds (ETF) trade like stocks, are subject to investment risk and will fluctuate in market value.

For additional information on individual ETFs, see available third-party research which provides additional investment highlights. SEC filings may be viewed at

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All fixed income securities are subject to a series of risks which may include, but are not limited to: interest rate risk, call risk, refunding risk, default risk, inflations risk, liquidity risk and event risk. Please review these risks with your financial advisor to better understand how these risks may affect your investment choices. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer-term securities. This means you may lose money if you sell a bond prior to maturity as a result of interest rate or other market movement.

Any information relating to the income or capital gains tax treatment of financial instruments or strategies discussed herein is not intended to provide specific tax advice or to be used by anyone to provide tax advice. Investors are urged to seek tax advice based on their particular circumstances from an independent tax professional.

A real estate investment trust or REIT is a company that owns and operates income-producing real estate. In addition, some REITs participate in the financing of real estate. To qualify as a REIT, a company must: I) invest at least 75% of its total assets in real estate assets, II) generate at least 75% of its gross income from real property or interest, and III) pay at least 90% of its taxable income to shareholders in the form of distributions. A company that qualifies as a REIT is permitted to deduct the distributions paid to shareholders from its corporate taxes. Consequently, many REITs target to payout at least 100% of taxable income, resulting in virtually no corporate taxes.

An investment in a REIT is subject to many of the same risks as a direct investment in real estate including, but not limited to: Illiquidity and valuation complexities, redemption restrictions, distribution and diversification limits, tax consequences, fees, defaults by borrowers or tenants, market saturation, balloon payments, refinancing, bankruptcy, decreases in market rates for rents and other economic, political, or regulatory occurrences affecting the real estate industry.

Ratings are provided by Moody's Investors Services and Standard & Poor's.

and are more volatile than traditional investments, making them more suitable for investors with an above-average tolerance for risk.

Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors.

Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth.

DEFINITIONS OF TERMS Agency ? Agency bonds are issued by Government Sponsored Enterprises (GSE), but are NOT direct obligations of the U.S. government. Common GSE's are the Federal Home Loan Mortgage Corp. (Freddie Mac) Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Bank (FHLB).

Beta: A measure of the risk arising from exposure to general market movements as opposed to company-specific factors. Betas in this report, unless otherwise noted, use the S&P 500 as the market benchmark and result from calculations over historic periods. A beta below 1.0, for example, can suggest the equity has tended to move with lower volatility than the broader market or, due to company-specific factors, has had higher volatility but generally low correlations with the overall market.

Corporate Bonds ? Are debt instruments issued by a private corporation. Non-Investment grade securities, commonly known as "high-yield" or "junk" bonds, are historically subject to greater risk of default, including the loss of principal and interest, than higher-rated bonds, which may result in greater price volatility than experienced with a higher-rated issue.

Mortgage Backed Securities ? Bonds are subject to prepayment risk. Yield and average lives shown consider prepayment assumptions that may not be met. Changes in payments may significantly affect yield and average life. Please contact your financial advisor for information on CMOs and how they react to different market conditions.

Non-Investment grade securities, commonly known as "highyield" or "junk" bonds, are historically subject to greater risk of default, including the loss of principal and interest, than higher-rated bonds, which may result in greater price volatility than experienced with a higher-rated issue.

Securities offered through AFSI may not be suitable for all investors. Consult with your financial advisor for more information regarding the suitability of a particular investment.

For further information on fixed income securities please refer to FINRA's Smart Bond Investing at , MSRB's Electronic Municipal Market Access at emma., or Investing in Bonds at .

Alternative investments cover a broad range of strategies and structures designed to be low or non-correlated to traditional equity and fixed-income markets with a long-term expectation of illiquidity. Alternative investments involve substantial risks

Municipal Bonds ? Interest income may be subject to state and/or local income taxes and/or the alternative minimum tax (AMT). Municipal securities subject to AMT assume a "nontaxable" status for yield calculations. Certain municipal bond income may be subject to federal income tax and are identified as "taxable". Gains on sales/redemptions of municipal bonds may be taxed as capital gains. If the bonds are insured, the insurance pertains to the timely payment of principal (at maturity) and interest by the insurer of the underlying securities and not to the price of the bond, which will fluctuate prior to maturity. The guarantees are backed by the claims-paying ability of the listed insurance company.

Treasury Securities ? There is no guarantee as to the market value of these securities if they are sold prior to maturity or redemption.

Price/Book: A financial ratio used to compare a company's market share price, as of a certain date, to its book value per

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