This commentary has been prepared using sources of information generally believed to be reliable. No representation can be made as to its accuracy. Information in this report does not pertain to any Warren Capital Group product and is not a solicitation for any product. Investing in securities involves risk, including the potential loss of principal. Foreign investment involves specific risks including greater economic, political, and currency fluctuation risks, which may be even greater in emerging markets. Indexes can not be invested in directly, are unmanaged, and do not incur management fees, costs or expenses.