The Wedbush Morgan Yield Report is a condensed profile of various fixed-income markets and investment opportunities. The report is published for public dissemination on a weekly basis and contains a great deal of educational information for the investing public.

There are several sections that focus on investor education including The Educated Investor, Research Center, Question of The Week and Fed Watch which includes explanations on Weekly Government Economic Reports and The Economic Chart Book.

The Yield Report also includes a wide range of investments including corporate bonds, tax-free municipal bonds, mortgage-backed securities, government agency bonds, treasuries and certificates of deposit. All fixed-income offerings in the Yield Report are investment grade and subject to price change and availability.

Disclaimer

All offerings are available as of the published date and are subject to price change and availability. This information is obtained from internal and external sources, which are believed to be reliable, however, no guarantee of its accuracy can be made. Neither the information nor any opinion that may be expressed constitutes a solicitation for the purchase or sale of any security referred to herein. Wedbush Morgan does not make a market in any of the securities listed throughout this report.

For certain investors, the income from bonds designated AMT may be subject to the alternative minimum tax. Bonds offered at a discount may be subject to capital gains tax and minimum purchase amounts may apply. Not all municipal bonds are free from both state and federal taxes. If bonds are insured, no representation is made as to the insurer's ability to meet its commitments. Insurance does not remove market or safety risk.

All certificate of deposit offerings are held in book entry and the custodian holds a receipt. Zero coupon certificates of deposit have an accreted balance. To compute this balance, the original rate and the dated date are provided when purchased. Price invested may be above or below this accreted balance. The FDIC only insures up to the accreted balances. All deposits may be subject to early liquidation per FDIC rules and regulation. Term is not guaranteed. Inclusion of CDs within the report does not imply comparison with any other fixed-income investment.

Under certain market conditions as when falling interest rates would cause a callable CD to trade at a premium in the secondary market, the issuer will likely exercise its call option, as it can obtain deposits at lower interest rates. In addition, Brokered CDs may carry interest and principal risk and may be subject to transaction costs not associated with bank CDs. Due to fluctuating market conditions, yield and/or principal value may be higher or lower if the security is sold prior to maturity.

All bond ratings are from Moody's or Standard & Poor's and may be under review for possible downgrade. Bond offering yields include calculations, which are the lower of the yield to maturity or the yield to call. No part of this document may be reproduced or redistributed in any way without prior written authorization. The Yield Report is a condensed profile of various investment opportunities and due to the brevity of the information, further research is imperative before making an investment decision or recommendation.