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Navigating the Fed's actions and their impact on client portfolios

Educate Clients

Changing interest rates may have a significant effect on fixed-income investments.
Fixed income comes in many flavors and can serve a variety of roles in a portfolio.
With rates on the rise, talk to your financial professional about investing in fixed income designed to be less sensitive to interest-rate changes.
This chart illustrates that not all fixed-income asset classes react the same way to economic and interest-rate changes.
Rate hikes are meant to curb inflation, but could also impact your portfolio.

Market Perspectives

When Fed policy changes, what could it mean for cash and bond investors?
Active fixed-income approaches have historically outperformed their passive counterparts and may add value by aligning with an investor’s objectives.
Money-market and CD yields have certainly been attractive. But if rates drop, bonds could outperform cash.
Cash’s performance reigned supreme in 2022, but that’s historically been the exception, not the rule.
Inevitably, the current Fed rate-hiking cycle will end, providing opportunities for bond investors.
OVERALL
(as of 8/31/2023)
Overall, 4 stars, 3-Year, 4 stars, 5-Year, 4 stars, and 10-Year, 4 stars, rated against 532, 532, 488 and 354 products, respectively. Morningstar RatingTM is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures . Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

532 Products | Short-Term Bond Category
Based on Risk-Adjusted Returns
OVERALL
(as of 8/31/2023)
Overall, 4 stars, 3-Year, 4 stars, and 5-Year, 4 stars, rated against 532, 532 and 488 products, respectively. Morningstar RatingTM is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures . Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

532 Products | Short-Term Bond Category
Based on Risk-Adjusted Returns
OVERALL
(as of 8/31/2023)
Overall, 4 stars, 3-Year, 3 stars, and 5-Year, 4 stars, rated against 206, 206 and 189 products, respectively. Morningstar RatingTM is calculated for products with at least a 3-year history, based on a risk-adjusted return measure (excluding any applicable sale charges) and accounts for variations in a product's monthly performance. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%, 3 stars to the next 35%, 2 stars to the next 22.5% and 1 star to the bottom 10%. ETFs and mutual funds are considered a single population. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. For more information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures . Ratings for other share classes may vary and are subject to change monthly. Past performance is no guarantee of future performance.
©2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/ or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

206 Products | Muni National Short Category
Based on Risk-Adjusted Returns
227496 HFA001456

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