A bar chart illustrates how the optimal allocation of a portfolio's fixed income component varies by household income level. The chart compares asset allocations across 11 income levels: $20,000, $50,000, $75,000, $100,000, $200,000, $500,000, $750,000, $1 million, $5 million, $10 million, and $15 million. Each income level is represented by a vertical stacked bar divided into segments representing different asset classes. The asset classes are: • U.S. equities (increasing only marginally from 34% at a household income of $20,000 to 36% at $15 million) • International equities (increasing only marginally, from 33% at a household income of $20,000 to 34% at $15 million) • U.S. credit (declining from 31% at a household income of $20,000 to 2% at $15 million) • International bonds – hedged (decreasing from 13% at a household income of $20,000 to less than 1% at $15 million) • U.S. Treasuries (at less than 1% regardless of household income) • U.S. municipal bonds (0% for household incomes of $200,000 and less, introduced at 3% at a household income of $500,000, and increasing to 38% at $15 million) The chart emphasizes that municipal bonds become increasingly dominant in the fixed income allocation as household income rises, while taxable bonds decline or disappear.