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Investing involves risks in regards to all of the investment products mentioned in this commentary, including the potential loss of principal. International investing involves
additional risks including risks associated to foreign currency, limited liquidity, government regulation, and the possibility of substantial volatility due to adverse political,
economic and other developments. The two main risks associated with fixed income investing are interest rate and credit risk. Typically, when interest rates rise, there is a
corresponding decline in the market value of bonds. Credit risks refers to the possibility that the issuer of the bond will not be able to make principal and interest payments.
Investments in commodities may entail significant risks and can be significantly affected by events such as variations in the commodities markets, weather, disease,
embargoes, international, political, and economic developments, the success of exploration projects, tax and other government regulations, as well as other factors. Indexes
are unmanaged and investors are not able to invest directly into any index. Past performance is no guarantee of future results. Please note that individual situations can
vary. Therefore, the information presented here should only be relied upon when coordinated with individual professional advice.

Emerging markets – The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility,
adverse social and political developments and the relatively small size and less liquidity of these markets.
Foreign investments – Investments in global/international markets involve risks not associated with U. S. markets, such as currency fluctuations, adverse social and political
developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed
markets.
Global bonds – There are special risks associated with investing in foreign securities. These may include risks related to market and currency volatility, adverse social and
political developments, and the relativity small size and less liquidity of some markets. Debt investing is subject to credit risk and interest rate risk. Credit risks is the risk that
the issuer of a bond won’t meet their payments and interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond.

Investments in real estate have various risks including possible lack of liquidity and devaluation based on adverse economic and regulatory changes.
Sector investing may involve a greater degree of risk than investments with broader diversification
Investments in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-
chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.