Global Economics & Strategy Core Convictions (Multi-Asset Rundown)

Research evidence excerpt

Global Economics & Strategy Core Convictions (Multi-Asset Rundown)

Valuation Method and Risk Statement

Risks of multi-asset investing include but are not limited to market risk, credit risk, interest rate

risk, and foreign exchange risk. Correlations of returns among different asset classes may

deviate from historical patterns. Geopolitical events and policy shocks pose risks that can

reduce asset returns. Valuations may be adversely affected during times of high market

volatility, thin liquidity, and economic dislocation.

Options, structured derivative products and futures (including OTC derivatives) are not

suitable for all investors. Trading in these instruments is considered risky and may be

appropriate only for sophisticated investors. Prior to buying or selling an option, and for the

complete risks relating to options, you must receive a copy of "The Characteristics and Risks

of Standardized Options." You may read the document at http://www.theocc.com/

publications/risks/riskchap1.jsp or ask your salesperson for a copy. Various theoretical

explanations of the risks associated with these instruments have been published. Supporting

documentation for any claims, comparisons, recommendations, statistics or other technical

data will be supplied upon request. Past performance is not necessarily indicative of future

results. Transaction costs may be significant in option strategies calling for multiple purchases

and sales of options, such as spreads and straddles. Because of the importance of tax

considerations to many options transactions, the investor considering options should consult

with his/her tax advisor as to how taxes affect the outcome of contemplated options

transactions. All options discussed in this report are OTC options.