All expressions of opinion reflect the judgment of Raymond James & Associates, Inc. and are subject to change. There is no assurance the trends mentioned will continue or that the forecasts discussed will be realized. Past performance may not be indicative of future results. The Dow Jones Industrial Average is an unmanaged index of 30 widely held securities. The S&P 500 is an unmanaged index of 500 widely held stocks. An investment cannot be made directly in these indexes. The performance mentioned does not include transaction costs, which would reduce an investor’s return. Investing involves risks including the potential loss of capital. Dividends are not guaranteed and will fluctuate. Diversification does not ensure a profit or protect against a loss. Investments are subject to market risk, including possible loss of principal. Investing in the energy sector involves risks and is not suitable for all investors. Municipal bond interest is not subject to federal income tax but may be subject to the Alternative Minimum Tax, state or local taxes. Additionally, profits and losses on federally tax-exempt bonds may be subject to capital gains tax treatment. This material is not intended as tax advice. Please consult your tax advisor for further information. Recorded November 21 - December 8, 2011.