Fixed Income Sector Performance

HY Corp - The Barclays U.S. Corporate High-Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt.

IG Corp - The Barclays U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements.

MUNI - The Barclays U.S. Municipal Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds.

TIPS - Bank of America Merrill Lynch US Inflation-Linked Treasury Index is an unmanaged index comprised of U.S. Treasury Inflation Protected Securities with at least $1 billion in outstanding face value and a remaining term to final maturity of greater than one year.

US Gov’t - The Barclays U.S. Government Index is comprised of the U.S. Treasury and U.S. Agency Indices. The U.S. Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The U.S. Government Index is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index.

The value of the fixed income securities will fluctuate with changes in interest rates. Defaults by fixed income issuers could also harm performance. Lower-quality bonds known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds.

BTS Asset Management, Inc. ("BTS") is an investment adviser registered with the SEC. BTS' website is limited to the dissemination of general information regarding BTS' investment advisory services. The information on this website is for general informational purposes only and should not be construed by any prospective or existing client of BTS as a solicitation to effect transactions in securities. In addition, the information on this website should not be construed by any prospective or existing client as personalized investment advice. BTS’ investment advice is given only within the context of its contractual agreements with each client. BTS' investment advice may only be rendered after the delivery of its Form ADV Part 2 and the execution of an agreement by the client or investor. BTS' Form ADV Part 2 describes BTS' business operations, services and fees and is available upon request. All information contained on this website is subject to change without notice. The information contained on this website may include forward looking statements which are based on BTS' current opinions, expectations and projections. BTS does not have any obligation to update or revise any forward looking statements. Actual results could differ materially from those anticipated in the forward looking statements. Past performance is no guarantee of future results.