1Total annual asset-based fees are the estimated total fees assessed against assets over the course of a year as of April 30, 2016, and do not include sales charges or the "annual account maintenance fee." Please review the program offering document for review of the fees over the 1-, 3-, 5- and 10-year periods.
2Underlying investment expenses include the underlying ETF's management fee, any distribution or service fees, and trading and other expenses. The underlying investment expenses for each underlying ETF, before any reimbursement, are based on the expenses for each ETF's most recently reported fiscal year-end and calculated as a percentage of each ETF's average net assets.
3In addition to the sales fee, Class A Units returns reflect an Initial Sales Charge of 3.00%. See the "Fees and Expenses - Initial Sales Charges" in the Program Description.
In addition to the normal risks associated with investing:
Investments in smaller companies typically exhibit higher volatility.
International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries.
Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments.
Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.
To the extent that FDIC insurance applies, the Savings Portfolio is primarily subject to income risk. The return of the underlying FDIC-insured HYSA will vary from week to week because of changing interest rates and the return of the HYSA will decline because of falling interest rates.
Investing involves risk, including possible loss of principal. Account Owners assume all investment risks as well as responsibility for any federal and state tax consequences.
* Not FDIC Insured (except for the Savings Portfolio) * No Bank, State or Federal Guarantee * May Lose Value