The Taxable Equivalent Yield Calculator contains a hypothetical example to illustrate the pretax yield that a taxable bond would have to pay to equal the tax-free yield of a municipal bond in an investor's tax bracket. The information contained here is based on information we believe reliable but we do not guarantee its accuracy. The calculation does not take into account the alternative minimum tax (AMT), state tax or intangible taxes. The result should be used as a guideline only. This material is not intended to be representative of past or future performance of any particular investment. You should keep in mind that actual yields, rates and investment results can vary considerably depending on the type of securities involved, general market conditions and other factors.