Diversification does not assure a profit nor protect against loss.
Past performance is no guarantee of future results.
Mutual funds are subject to risks and fluctuate in value.
Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.
High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.
International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards.
Prices of emerging-markets securities can be significantly more volatile than the prices of securities in developed countries and currency risk and political risks are accentuated in emerging markets.
There are no guarantees that dividend-paying stocks will continue to pay dividends. In addition, dividend-paying stocks may not experience the same capital appreciation potential as non-dividend-paying stocks.
Federated Securities Corp., Distributor
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Copyright © 2014 Federated Investors, Inc.

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