During the Last 30 Years, Muni Bond Returns Have Been Positive Regardless of the Interest-Rate Environment

Bloomberg Barclays Municipal Bond Index Average Monthly Returns (%) from 3/1989 - 3/2019

Sources: Factset, NDR, Morningstar, and Hartford Funds, 3/19. A tightening cycle is considered at least three consecutive rate increases without an intervening easing cycle. An easing cycle is considered at least two consecutive rate cuts within a 12-month period without an intervening rate hike. Past performance is not a guarantee of future results. The performance shown above is index performance and is not reflective of the performance of any fund. For illustrative purposes only.

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