Municipal Market Update
 DocumentAudience
Municipal Market Recap and Outlook 3rd Quarter 2009 -- Economic outlook with information concerning our economy, along with inflation, interest rates, supply and demand, and credit conditions. Investor
Revenues in Recession, The Challenge for State Governments -- Explains how sensitive government revenues are to changes in economic activity and how these changes are likely to affect the fiscal condition of the states in the future. Investor
Build America Bonds and the Efficiency of Tax-Exemption -- Discusses the tax efficiency of Build America Bonds. Investor
California Budget Woes - What's Next? -- Explains the state of the CA state budget. Investor
Build America Bonds -- Explains Build America Bonds, a new type of security created by the American Recovery and Reinvestment Act. Investor
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There can be no assurance that any investment or asset class will provide positive performance over any period of time. Investing in municipal bond products involves risks, including, but not limited to, interest rate risk, the risk that interest rates will rise, causing bond prices to fall; and credit risk, the risk that an issuer of a municipal bond will be unable to make interest and principal payments when due. High yield or lower rated municipal bonds are subject to heightened credit risk and risk of default. As with any investment, loss of principal is a risk of investing. Please consult a tax advisor regarding the suitability of municipal investments in an overall portfolio. Income may be subject to state and local taxes and the alternative minimum tax.

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