The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. Investments in emerging markets may present additional risk due to the potential for greater economic and political instability in less developed countries.

The MSCI World Index is a market capitalization weighted index designed to measure the equity market performance of 23 economically developed markets. The S&P 500 Index is generally considered representative of the U.S. stock market. Investors cannot invest directly in an index. The MSCI Emerging Markets Index is a market capitalization weighted index designed to measure the equity market performance of 23 emerging market country indexes. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees, expenses or sales charges.

The MSCI EAFE Index measures developed market equity performance (excluding the U.S. and Canada).