This report is provided as general information only and should not be interpreted as specific recommendation or investment advice. Investors should make investment decisions based on their unique investment objectives and financial situation. Opinions expressed are as of the date of this report and are subject to change. Diversification does not ensure a profit or protect against loss in a declining market. Investors should understand the risks involved in owing investments, including interest rate risk, credit risk and market risk. The value of investments fluctuates, and investors can lose some or all of their principal. Special risks are inherent in international and emerging-market investing, including those related to currency fluctuations and foreign political and economic events.

Investing in equities involves risks. The value of shares will fluctuate and investors can lose some or all of their principal.

Before investing in bonds, understand the risks involved, including credit risk and market risk. Bond investments are also subject to interest rate risk such that when interest rates rise, the prices of bonds can decrease, and investors can lose principal value if the investment is sold prior to maturity.