The information contained within these videos is for educational purposes only and should not be construed as a recommendation of any security outside of a managed account.

Diversification does not ensure a profit or protect against a loss. Past performance is not a guarantee of future results. Investing involves risk and you may incur a profit or a loss. There is no assurance that any investment strategy will be successful.

Mutual funds are sold by prospectus only. Investors should consider the investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about these investment companies and is available from your financial advisor. The prospectus should be read carefully before investing.

Separately Managed Accounts (SMAs) may not be appropriate for all investors. SMA minimums are typically $100,000 and may be more appropriate for affluent investors with $300,000 or more to invest.

Risks

• High-yield (below investment grade) bonds are not suitable for all investors.
• International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility.
• Investing in small-cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor.
• Commodities trading is generally considered speculative because of the significant potential for investment loss. Commodities are volatile investments and should only form a small part of a diversified portfolio. Among the factors that could affect the value of the fund’s investments in commodities are cyclical economic conditions, sudden political events, and adverse international monetary policies.
• These portfolios may be subject to international, small-cap and sector-focus exposures as well.
• Markets for precious metals and other commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising.
• Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments.