This slide highlights the attractiveness of municipal debt relative to government debt. On the left-hand side, we show the municipal bond yield curve on a tax-equivalent basis relative to the nominal U.S. Treasury yield curve. On the top right, we show state and local debt levels as a % of GDP relative to U.S. federal debt. On the bottom right, we show 10-year cumulative default rates for municipal and corporate issuers. These two charts underscore the attractiveness of munis from a fundamental perspective, while the left-hand chart highlights the potential yield pick-up in munis for investors comfortable with increasing duration.