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Page 18 of 20Corporate Bonds -Call Risk- Should an issue be called, investors may be faced with an earlier than anticipate reinvestment decision, possibly at lower rates. -Interest Rate Risk- Corporate bonds are subject to market value fluctuations as interest rates rise and fall. If sold prior to maturity, the price received for an issue may be less than the original purchase price. -Reinvestment risk- Since most corporate issues pay interest semiannually, the reinvestment of coupon payments over the life of the bond can have a major impact on the bond's total return. -Credit/Event Risk- Corporate investments are subject to event risk and changes in credit quality. Companies can experience increased competition, takeovers and other economic situations that may have adverse effects on themarket value of their securities. In event of bankruptcy of the issuer, the bond may lose all or most of its value. -Call Provisions- When evaluating the purchase of a corporate bond, one should be aware of any features that may allow the issuer to call the security. This is particularly important when considering an issue that is trading at apremium to its call price, since the return may be negatively impacted if the issue is redeemed. Emerging Market Investments Investors should be aware that Emerging Market assets are subject to, amongst others, potential risks linked to currency volatility, abrupt changes in the cost of capital and the economic growth outlook, as well as regulatory andsocio-political risk, interest rate risk and higher credit risk. These assets can sometimes be very illiquid and liquidity conditions can abruptly worsen. High yield bonds Due to their credit quality, which are lower than U.S. Treasury bonds or high-grade corporate bonds, high yield bonds involve greater risk. Therefore, clients should not purchase high-yield bonds based on potential yield alone;They should also consider the credit risk or risk of default associated with the issuer, and how that risk might affect the safety of their investment. Preferred Securities These securities are subject to market value fluctuation given changes in the level of interest rates--rising rates may lead to a decline in value. Adverse changes in the credit quality of the issuer may negatively impact the marketvalue of the securities. Call features may exist that can impact yield. There is no guarantee that an active secondary market will exist for any issue. There are different types of Preferred Securities, with differing levels of security. Issuers of Trust Preferred Securities have the right to defer or suspend distribution payments for up to 20 consecutive quarters. Whether a preferred stock pays dividends on a cumulative or non-cumulative basis may affect marketvalue. Ownership of Preferred Securities may result in certain tax consequences. Floating Rate Securities A floating rate security's coupon will adjust down, as well as up. To the extent that the benchmark is trending lower, the rate on the security will also adjust lower and may lead to erosion of the market value of the security. Totalreturn may be less than anticipated if future interest rate expectations are not met. As the majority of floating-rate securities are not listed, there is no guarantee made as to an active and liquid secondary market for these securities. Inflation Indexed Securities An investment in securities with principal or interest determined by reference to an inflation index involves factors not associated with an investment in a fixed coupon and principal security; such as, the inflation index may besubject to significant changes, that changes in the index may or may not correlate to changes in interest rates generally or with changes in other indexes, that the resulting interest may be greater or less than that payable on othersecurities of similar maturities. Historic performance of the index is not necessarily indicative of future performance. Movements in the Index that have occurred in the past are not necessarily indicative of changes that may occur inthe future which may be greater or smaller than those that have occurred historically. Investors should not rely on any historical changes or trends in the Index as an indicator of future changes in the Index. There is no guaranteemade as to an active and liquid secondary market for these securities. GSE Securities/Agencies are subject to the following risks: CHRIS HEINEMANCity of Little CanadaDisclaimer (continued...)report as of 02/07/2019