Sources: Bloomberg, BofA Merrill Lynch, Morningstar/LSTA, JP Morgan, Wellington Management. Chart data as of 30 September 2022. Excess-return forecasts are versus duration-equivalent US Treasuries. These are simulated forward-looking excess-return and volatility expectations based on analyses of historical return and volatility characteristics. The resulting forecasts are considered, along with other fundamental and technical data points, to determine which fixed income sectors appear attractive at the time. Wellington Management determined the outlook above based on its own views and not necessarily based on objective market data. There can be no assurance that such information has been correctly determined, and nothing herein is intended to be a projection or assurance of performance of any portfolio, market, or asset class. The scenarios shown are hypothetical, for illustrative purposes only, and not representative of an actual investment. PAST PERFORMANCE DOES NOT PREDICT FUTURE RETURNS.