Asset allocation does not guarantee a profit or protect against loss in a declining market.

Beta measures a security’s or group of securities’ (portfolio’s) volatility relative to a benchmark.  A result greater than 1.0 implies that the security or portfolio is more volatile than the benchmark; a result less than 1.0 suggests that the security or portfolio is less volatile than the benchmark. 
Betas may change over time.

Some alternative investments may be available to pre-qualified investors only. Hedging strategies and private investments may be speculative and involve a high degree of risk. Hedging strategies and private investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. There is no secondary market for the investor’s interest in hedging or private equity investment and none is expected to develop. There may be restrictions on transferring interests in a hedge fund or private equity investment.

Investments in fixed-income securities are subject to interest rate and credit risks.  Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price.  Credit risk is the risk that an issuer will default on payments of interest and principal.  This risk is higher when investing in high yield bonds, also known as junk bonds, which have lower ratings and are subject to greater volatility. If sold prior to maturity, fixed income securities are subject to market risk.  All fixed income investments may be worth less than their original cost upon redemption or maturity.

Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging markets.

Exposure to the commodities markets may subject an investment to greater share price volatility than an investment in traditional equity or debt securities. The commodities markets are considered speculative, carry substantial risks, and have experienced periods of extreme volatility. Investing in a volatile and uncertain commodities market may cause a portfolio to rapidly increase or decrease in value which may result in greater share price volatility.

Investment in Master Limited Partnerships (MLPs) involves certain risks which differ from an investment in the securities of a corporation.  MLPs may be sensitive to price changes in oil, natural gas, etc., regulatory risk, and rising interest rates. A change in the current tax law regarding MLPs could result in the MLP being treated as a corporation for federal income tax purposes which would reduce the amount of cash flows distributed by the MLP.  Other risks include the volatility associated with the use of leverage; volatility of the commodities markets; market risks; supply and demand; natural and man-made catastrophes; competition; liquidity; market price discount from Net Asset Value and other material risks.

Investments in infrastructure companies expose an investment to potentially adverse economic, regulatory, political and other changes affecting such companies.  Infrastructure companies may also be subject to various other risks, including, governmental regulations, high interest costs associated with capital construction programs, costs associated with compliance and changes in environmental regulation, economic slowdown and surplus capacity, competition from other providers of services and other factors.

Real estate investments carry unique risks including lack of liquidity and potential complex tax consequences and may not be appropriate for all investors.

Beta measures a security’s or group of securities’ (portfolio’s) volatility relative to a benchmark.  A result greater than 1.0 implies that the security or portfolio is more volatile than the benchmark; a result less than 1.0 suggests that the security or portfolio is less volatile than the benchmark.  Betas may change over time.