This presentation is an illustration prepared for general information only and is not meant to show the expected behavior of a portfolio. A client’s risk budget is derived from the client’s specific answers to CLS’s Confidential Client Profile questionnaire, which establishes the client’s financial goals, ability to handle risk, and overall investment time horizon. The individual client risk budget is expressed as a percentage of the risk of a well-diversified equity portfolio.

*These statements represent scenarios developed for informational purposes only and should not be considered a guide to investing.