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The risk of loss in trading commodities can be substantial due, but not limited to, volatile political, market and economic conditions. An investor's returns may change radically at any time since commodities are subject, by nature, to abrupt changes in price. Commodity prices are volatile ecause they respond to many unpredictable factors including weather, abor strikes, inflation, foreign exchange rates, etc. In an individual account, ecause your position is leveraged, a small move against your position may result in a large loss. Losses may be arger than your initial deposit. Investors should carefully consider the inherent risk of such an investment in light of heir experience, objectives, financial resources and other circumstances. No representation is made regarding the suitability of commodity investments. Currencies. Currency exchange rates can be extremely volatile, particularly during times of political or economic uncertainty. There is a risk of loss when an investor as exposure to foreign currency or are in foreign currency traded investments. Emerging Markets and Growth Markets. Investing in the securities of issuers in emerging markets and growth markets involves certain considerations, including: political and economic conditions, the potential difficulty of repatriating funds or enforcing contractual or other legal rights, and the small size of the securities markets in such countries coupled with a low volume of trading, resulting in potential lack of liquidity and in price volatility. Equity investments. Equity investments are subject to market risk, which means that the value of the securities may go HOUSE_OVERSIGHT_014617 up or down in respect to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Fixed Income. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default, liquidity and interest rate risk. Any guarantee on an investment grade bond of a given country applies only if held to maturity. Non-US Securities. Investing in non-US securities involves the risk of loss as a result of more or less non-US government regulation, less public information, less liquidity and greater volatility in the countries of domicile of the issuers of the securities and/ or the jurisdiction in which these securities are traded. In addition, investors in securities such as ADRs/ GDRs, whose values are influenced by foreign currencies, effectively assume currency risk. Tactical Tilts. 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