Investing Basics Embark on Your Wealth-Building Journey
Investing is an ongoing task that involves setting goals for the future and weighing the risks and potential rewards associated with a wide variety of investment options. You might be wondering how to begin such a crucial, lifelong endeavor. What are you trying to accomplish by investing? Are you working toward a comfortable retirement, a college education, or a trip around the world? You may simply want to protect the savings you’ve already accumulated from the effects of inflation. Your financial goals will help determine which of the following investment objectives are most important to you: • Growth • Income • Capital preservation • Tax benefits The answers to the following three questions could be the key to developing a sound investment strategy that is appropriate for your personal situation.
Once you have a clearer picture of what you want from your money, you can begin developing the best route to pursue your goals. When will you need the money you are investing? Your time horizon matters a great deal, because fluctuations in the financial markets can affect the short-term value of certain types of investments. If you expect to need a specific amount of money in the near future, you might consider a strategy that involves less risk. On the other hand, if you are saving for retirement and have many years before you need the funds, you may be able to invest for greater growth potential, but this also involves greater risks. Would market declines keep you up at night or cause you to make emotional decisions? Market volatility has tested the resolve of many investors in recent years, reinforcing the fact that risk tolerance is an essential consideration when choosing an investment strategy.
Building a Better Portfolio Diversification involves spreading money among multiple investments in such a way that gains in one area can help compensate for losses in another. Asset allocation is the way your investment dollars are divided among major asset classes such as stocks, bonds, and cash alternatives. It utilizes statistical analyses to measure how different asset classes tend to perform in relation to one another. The goal is to seek the highest potential return for your particular risk profile. Whether you know it or not, your assets have been allocated — perhaps in a single stock, in a savings account, or under the mattress. Choosing an appropriate mix of investments for your financial needs, time frame, and risk tolerance may be more challenging. Higher-risk investments typically have a higher potential for return; lower-risk investments generally have a lower potential return. The following basic investment techniques are often used to help manage risk and improve the potential performance of your portfolio over the long term.
Younger investors can often afford to be more aggressive investors because they have more time to recover from losses. Sample Portfolios These hypothetical portfolios are shown for illustrative purposes only. They are examples, not recommendations. Diversification and asset allocation are methods used to help manage investment risk; they do not guarantee a profit or protect against investment loss. All investments are subject to market fluctuation, risk, and loss of principal. When sold, investments may be worth more or less than their original cost. Investments seeking to achieve higher returns also involve a higher degree of risk. Stocks Bonds Cash Aggressive Moderate Conservative Aggressive Moderate Conservative Conservative portfolio Moderate portfolio 45% 35% 20% 45-year-old investor 65-year-old investor Aggressive Moderate Conservative 20% 75% Aggressive portfolio 25-year-old investor 5% 35% 10% 55%
Staying on Schedule Dollar-cost averaging is an investing technique that entails buying a fixed dollar amount of a particular investment on a regular basis, regardless of fluctuating share prices. Here’s how it works. Let’s say $100 is invested each month. That $100 automatically buys more shares when prices are low and fewer shares when prices rise, which could result in an overall lower cost per share over time. Dollar-cost averaging can be an effective way to steadily accumulate shares to help meet long-term goals, but it does not ensure a profit or prevent a loss. To take full advantage of the benefits of this strategy, you must be financially able to continue making purchases through periods of high and low price levels. Have you checked your portfolio lately to make sure your investments are still in line with your long-term goals?
Getting Back on Track Rebalancing is a process that returns a portfolio to its original risk profile. It typically requires buying or selling assets periodically to maintain the desired allocation. You should keep in mind that selling investments could result in a tax liability. Asset balances tend to shift over time, especially during periods of market volatility. A shift toward stocks may lead to an overexposure to risk, or a shift toward bonds might make your portfolio too conservative to accomplish your long-term goals. Changes in your life could also trigger a need to rebalance. For example, many people choose a more conservative portfolio balance as they approach retirement. Remember, asset allocation does not guarantee a profit or protect against investment loss; it is a method to help manage investment risk. The return and principal value of stocks and bonds fluctuate with changes in market conditions. Securities, when sold, may be worth more or less than their original cost. Investments seeking to achieve higher yields also involve a higher degree of risk.
Going for Growth, Income, or Stability The return and principal value of stocks fluctuate with changes in market conditions. Shares, when sold, may be worth more or less than their original cost. Investments seeking to achieve higher returns also involve a higher degree of risk. Rates of return will vary over time, especially for long-term investments. Treasury bonds are backed by the full faith and credit of the U.S. government as to the timely payment of principal and interest. As interest rates rise, bond prices typically fall. Bonds not held to maturity may be worth more or less than their original cost. The Rear-View Mirror: Twenty Years of Historical Perspective By looking at the past, you can compare how different types of investments have performed in different economic periods and in relation to one another. In the accompanying graph, notice how the investment categories with the highest returns have also experienced the most volatility. Of course, remember that past performance does not guarantee future results. • A $10,000 investment in large-cap stocks on January 1, 2004, would have grown to $63,637 by December 31, 2023. The same $10,000 invested in small-cap stocks would have grown to $63,127 • During the same time period, a $10,000 investment in Treasury bonds would have reached $19,950, compared with $23,073 for a similar investment in corporate bonds.
Source: London Stock Exchange Group, 2024, for the period 1/1/2004 to 12/31/2023. Small-cap stocks are represented by the S&P SmallCap 600 Total Return Index; large-cap stocks by the S&P 500 Composite Total Return Index; corporate bonds by the Citigroup Corporate Bond Composite Index; and Treasuries by the Citigroup Treasury 7–10 Year Index. The returns do not include fees, taxes, and expenses, which would reduce the performance shown. The performance of an unmanaged index is not indicative of the performance of any specific security. Individuals cannot invest directly in any index. Past performance is not a guarantee of future results. Actual results will vary. Growth of original $10,000 investment $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 $19,950 $23,073 $63,637 $63,127 1/2004 12/2008 12/2013 12/2018 12/2023 Small-cap stocks Large-cap stocks Corporate bonds Treasury bonds Corporates Treasuries S&P Small Caps
What Drives Stock Prices? When you buy an individual stock, you are actually buying a piece of the company. As a partial owner, you have the potential to make money if the company does well and the potential to lose money if the company does poorly. If a company is profitable, it may decide to reinvest profits back into the business or pay dividends to shareholders from its earnings. In theory, if a company experiences a period of increasing or decreasing revenues and profits, the value of the company’s stock would go up or down — perhaps proportionately and perhaps not — to reflect the changes. When the price that investors are willing to pay for a stock becomes disproportionate to the underlying company’s earnings, the stock may be referred to as “overvalued” or “undervalued.”
Large-cap companies tend to be more stable and thus have less growth potential, mid caps tend to have a greater potential for growth and loss, and small caps tend to be the most volatile of the three in terms of growth potential and risk. Foreign stocks may also perform differently than domestic stocks, creating the potential for growth at times when the U.S. market declines. However, investing internationally carries additional risks, such as differences in financial reporting, currency exchange risk, as well as economic and political risk unique to the specific country. Any of these factors could create greater share price volatility. Dividend-paying stocks provide income that can be reinvested or used to supplement other income, making them attractive to relatively conservative investors, including retirees. Some investors choose to diversify their stock portfolios by market capitalization, which is a measure of a company’s size and value. Small companies typically have characteristics that distinguish them from large corporations, so their stock prices don’t always behave the same way. Diversification does not guarantee a profit or protect against loss; it is a widely used method to help manage investment risk. Past performance does not guarantee future results. The return and principal value of stocks fluctuate with market conditions. Shares, when sold, may be worth more or less than their original cost. Dividends are typically not guaranteed and could be changed or eliminated by a company’s board of directors.
What Bonds Have to Offer When you purchase a bond, you are lending money to a government entity or corporation. As a bondholder, you will receive regular principal and interest payments (unless the bond issuer defaults). This may be especially appealing if you want to generate a steady income. Bonds are generally considered to be less volatile than stocks, so they are often used to help counterbalance stock market fluctuations. Bad news for the stock market may be good news for the bond market — but not always. Bond maturities generally range from 30 days to 30 years. It’s possible to trade bonds on the open market before their maturity dates, but the price at which a particular bond can be sold will rise or fall in response to changes in interest rates. Bonds with short-term maturities tend to be less sensitive to interest-rate fluctuations than bonds with longer-term maturities. If you sell a bond before it reaches maturity, you may end up getting more or less than the original investment. Selling a bond at a profit could trigger capital gains taxes. Source: Securities Industry and Financial Markets Association, 2024 (data through Q4 2023) Municipal Corporate U.S. Treasury $4.1 $10.8 $26.4 Publicly traded debt outstanding, in trillions
Municipal bonds are issued by state and local governments to finance public-works projects such as roads, sewers, schools, and stadiums. The interest paid by municipal bonds issued by your state or local government is typically free of federal income tax. If a bond was issued by a municipality outside the state in which you reside, the interest could be subject to state and local income taxes. Some municipal bond interest could be subject to federal and state alternative minimum taxes. Municipal bond investing is typically best suited for investors in higher income tax brackets, because a muni bond’s lower tax-free yield may be worth more to them than the after-tax yield from a taxable bond. For example, a 3% tax-free yield is equivalent to a 4.62% taxable yield for an investor in the 35% federal income tax bracket. U.S. Treasury bonds are generally considered to be among the safest investments because they are guaranteed by the federal government as to the timely payment of principal and interest. Corporate bonds typically offer higher interest rates than government bonds with comparable maturities, because companies could conceivably default on their obligations. Of course, investments seeking to achieve higher yields also involve a higher degree of risk. Most corporate bonds are evaluated for credit quality by the three prominent ratings agencies, which assign ratings based on their assessment of the issuer’s ability to pay interest and principal as scheduled.
Cash Alternatives Of the major investment vehicles, cash alternatives tend to be the most stable, meaning there is typically little fluctuation in the value of the investment. For this reason, they could provide some protection during turbulent economic periods and may be an appropriate place to keep emergency funds. The principal value of cash alternatives may be subject to market fluctuations, liquidity issues, and credit risk. It is possible to lose money with this type of investment. Cash-alternative savings vehicles include the following. Bank savings accounts usually offer safety in the form of FDIC insurance but a relatively low rate of return.* They don’t require a large initial investment, and the funds in them are readily accessible. Certificates of deposit are short-term loans to a bank, credit union, or savings association. They offer a moderate rate of return and FDIC insurance.* CDs usually require a larger initial investment than savings accounts, and you must leave your principal invested for a set term in order to avoid penalties. Money market funds invest in a variety of short-term debt securities and can usually be liquidated fairly easily. Many investors use them to hold the proceeds of investment sales temporarily until they are ready to reinvest the money. Money market funds are neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund. *Bank savings accounts and CDs are FDIC insured for up to $250,000 per depositor, per insured institution, and offer a fixed rate of return, whereas the value of money market mutual funds can fluctuate.
Although cash alternatives are more stable than stocks and bonds, they may not keep pace with inflation. For the 30-year period ending in December 2023, U.S. inflation averaged about 2.51% a year. Thirty years from now, it could cost much more to buy the items you need. NOW: $50 IN 30 YEARS: $105 IN 30 YEARS: $99,388 NOW: $47,244 BAG OF GROCERIES NEW CAR Assumes a 2.51% annual inflation rate. Sources: London Stock Exchange Group, 2024, Consumer Price Index for the period 12/31/1993 to 12/31/2023; Kelley Blue Book, 2024
What Risk Means to Your Portfolio Investors generally face some or all of the following types of risks. Market Risk When the market falls, it tends to pull down the value of most individual securities with it. Afterward, the affected securities may recover at rates more closely related to their fundamental strength. Market risk affects most types of investments, including stocks and bonds. A long-term investing strategy may help reduce the effects of market risk. Economic Risk Corporate earnings can suffer when the economy falters. Though some industries and companies may adjust to downturns in the economy very well, others — particularly large industrial firms — could take longer to recover. Specific Risk Some events may affect only a certain company or industry. For example, management decisions, product quality, and consumer trends can affect company earnings and stock values. Diversifying your investments could help manage this kind of risk.
Interest Rate Risk Bonds and other fixed-income investments tend to be sensitive to changes in interest rates. When interest rates rise, the value of these investments falls, and vice versa. After all, why would someone pay full price for a bond at 2% when new bonds are being issued at 4%? All investments are subject to market fluctuation, risk, and loss of principal. Investments, when sold, and bonds redeemed prior to maturity may be worth more or less than their original cost. Investments seeking to achieve higher yields also involve a higher degree of risk. Credit Risk Bond yields are closely tied to their perceived credit risk, which is the possibility that a borrower will default (fail to make payments) on any type of debt. Defaults can result in losses of principal and interest, disruption of cash flow, and collection costs. Inflation Risk Inflation is the increase in the prices of goods and services over time. This poses a threat because it could reduce the future purchasing power of your assets. When you evaluate the return on an investment, you may want to consider the “real” rate of return, which is adjusted for inflation.
Comparing Investment Vehicles Mutual funds pool money from investors and use it to build a portfolio that may combine stocks, bonds, cash alternatives, and other securities. A professional investment manager is responsible for buying and selling individual investments for the fund according to the fund’s specific objectives.
Key Mutual Fund Benefits Professional management. Portfolio managers supply the knowledge and technical expertise for buying, monitoring, and selling securities on a daily basis. Flexibility. Mutual funds enable you to customize your investment portfolio. You can choose from a wide variety of investment styles and objectives to suit your investing profile. For example, some funds may focus on long-term appreciation, whereas others may focus on generating current income. You can also adjust quickly to changes in your lifestyle or your market outlook. Diversification. Most mutual funds invest in dozens to perhaps hundreds of securities, offering a level of diversification that individual investors would find difficult to maintain without a large investment of time and money. Diversification is a method used to help manage investment risk; it does not guarantee a profit or protect against investment loss. Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest. Index Funds An index fund is a type of mutual fund constructed to match or track the components of a market index, such as the S&P 500 Index.* Index funds often aim to provide broad market exposure and low portfolio turnover. The performance of an unmanaged index is not indicative of the performance of any specific security. Individuals cannot invest directly in such an index. *The S&P 500 is an unmanaged group of securities that is considered to be representative of the U.S. stock market in general. Target-Date Funds These hybrid mutual funds generally include a mix of assets (stocks, bonds, and cash alternatives) that automatically shift over time as the account holder ages. The target date is the approximate date when an investor plans to withdraw his or her money — typically the expected year of retirement (such as 2035, 2045, or 2055). The further away the date is, the greater the risks that the target-date fund usually takes. As the target date grows closer, the mix of investments generally becomes more conservative. The “glide path” is a formula that determines how the asset mix will change over time. Two funds with the same target date often have different investment holdings, turnover rates, and glide paths. Therefore, you must look beyond the target date to evaluate whether a particular fund is an appropriate investment. Keep in mind that the principal value of fund shares is not guaranteed, and there is also no assurance that a target-date fund will meet its stated objectives.
Exchange-Traded Funds Like a mutual fund, an exchange-traded fund is a portfolio assembled by an investment company. But while mutual funds are priced once daily after the markets close, ETF shares can be bought and sold on an exchange throughout the day just like individual stocks. As a result, supply and demand may cause ETF shares to trade at a premium or a discount relative to the value of the underlying shares. An ETF’s underlying investments are typically selected to track a particular market index, asset class, or sector — or they may share other specific traits. ETFs can be used to create a broad core portfolio or to target narrower market segments. Individual investors must pay a brokerage commission each time ETF shares are traded, but overall, investors may pay less in fees and expenses. Passively managed ETFs generally have lower expense ratios than mutual funds because trades usually occur only when there are changes in the benchmark index. Because of their structure, ETFs also tend to be more tax efficient. In general, investors will trigger capital gains taxes only when they sell shares for a profit. However, some ETFs may occasionally distribute capital gains if there is a shift in the composition of the underlying assets. Some of the characteristics that make ETFs appealing may also make them riskier. For example, the ability to buy or sell shares quickly during market hours could prompt some investors to trade too often or make emotional trading decisions during periods of market volatility.
There are more than 3,100 ETFs. The proliferation of ETF choices means that investors can gain market exposure in a variety of new and sometimes complex ways. The return and principal value of stocks, ETFs, and mutual funds fluctuate with changes in market conditions. Shares, when sold, may be worth more or less than their original cost. Mutual funds and ETFs are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest. Source: Investment Company Institute, 2024 (data as of January 2024) U.S. investors still hold more money in mutual funds than they do in ETFs. A Tale of Two Funds Mutual funds $8.1 trillion ETFs $25.7 trillion
The Appeal of Annuities An annuity is a contract with an insurance company in which the contract owner agrees to make one or more payments to the insurance company in exchange for a future income stream. A fixed annuity guarantees a set rate of return during the life of the contract, potentially offering some relief for retirees who worry about the possibility of outliving their assets. Typically, annuity owners may choose to receive payouts as a lifetime income, an income that lasts for the lifetimes of two people, or an income that lasts for a specific number of years. A variable annuity offers the potential for growth through market participation. The contract owner can invest the premiums among a variety of investment options, or “subaccounts,” according to his or her risk tolerance, long-term goals, and time horizon. Most contracts offer a range of stock, balanced, bond, and money market subaccounts, as well as a fixed account that pays a fixed rate of interest. The future value of the annuity and the amount of income available in retirement are determined by the performance of these selected subaccounts. An annuity may be funded with a lump sum or a series of premium payments. Although an annuity is typically purchased with after-tax dollars, any earnings are tax deferred until withdrawn, subject to certain limitations. Variable annuities are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the variable annuity contract and the underlying investment options, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest.
Tradeoffs to Consider Withdrawals of annuity earnings are taxed as ordinary income and may be subject to a 10% federal tax penalty if made prior to age 59½. Withdrawals reduce annuity contract benefits and values. Most annuities have surrender charges that are assessed if the contract owner surrenders the annuity. Generally, annuities have contract limitations, fees, and charges, which can include mortality and expense charges, account fees, investment management fees, administrative fees, charges for optional benefits, holding periods, termination provisions, and terms for keeping the policy in force. Any annuity guarantees are contingent on the claimspaying ability and financial strength of the issuing company. Annuities are not guaranteed by the FDIC or any other government agency. They are not deposits of, nor are they guaranteed or endorsed by, any bank or savings association. A variable annuity is a long-term investment vehicle designed for retirement purposes. The investment return and principal value of the variable annuity investment options are not guaranteed. Variable annuity subaccounts fluctuate with changes in market conditions. The principal may be worth more or less than the original amount invested when the annuity is surrendered.
If you take advantage of tax-deferred plans such as 401(k)s and IRAs, you generally don’t have to worry about paying taxes until you start withdrawing the money, generally in retirement. But when it comes to taxable accounts, it might be wise to consider the tax implications of your investment decisions. Investment Tax Treatment The tax code treats long-term capital gains and qualified dividends more favorably than ordinary income (wages or interest from bonds and savings accounts). Generally, dividends on stocks that are held for at least 61 days within a specified 121-day period are considered “qualified” for tax purposes. Long-term capital gains are profits on investments held longer than 12 months. Nonqualified dividends and short-term capital gains are taxed as ordinary income. High-income taxpayers may also be subject to a 3.8% net investment income tax (officially called the unearned income Medicare contribution tax). The surtax applies to the lesser of (a) net investment income or (b) the amount by which modified adjusted gross income exceeds $200,000 (single filers) or $250,000 (joint filers). Net investment income includes capital gains, dividends, interest, royalties, rents, and passive income. Managing Your Tax Burden Single filers Joint filers Tax rate Long-term capital gain & dividend tax (2024 taxable income thresholds) Up to $47,025 Up to $94,050 0% $47,025 up to $518,900 $94,050 up to $583,750 15% More than $518,900 More than $583,750 20% Net investment income tax (2024 modified AGI thresholds) Over $200,000 Over $250,000 3.8% These income thresholds are for the 2024 tax year. Because short-term capital gains on investments held 12 months or less are taxed as ordinary income, investors in the top 37% tax bracket could owe up to 40.8% on short-term gains.
When mutual funds are held in taxable accounts, distributions are taxable to shareholders (as long-term and/or short-term capital gains, dividends, or interest) for the year in which they are received, even if the distribution is reinvested in new shares. Of course, investors may also trigger capital gains taxes when they sell fund shares for a profit. Mutual funds must distribute capital gains that are not offset by losses to shareholders on an annual basis. Any interest or dividend income generated by a fund is also passed along to shareholders. When a distribution occurs, each investor receives a payment equal to the per-share distribution amount multiplied by the number of shares he or she owns, and the fund’s daily price (or net asset value) is reduced by the same amount. Some types of mutual funds turn over securities more frequently and may trigger more taxes than funds with a passive investment style. Investments that generate interest or produce short-term capital gains are taxed as ordinary income at higher rates than long-term capital gains and qualified dividends. Before purchasing mutual fund shares, you may want to check the timing and amount of upcoming distributions so you don’t incur unnecessary taxes on gains that you didn’t participate in. The return and principal value of mutual funds fluctuate with changes in market conditions. Shares, when sold, may be worth more or less than their original cost. Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other information about the investment company, can be obtained from your financial professional. Be sure to read the prospectus carefully before deciding whether to invest. Prepare for Fund Distributions
Overcoming Bad Behavior In spite of every investor’s good intentions, some behavioral tendencies can stand in the way of sound financial decision making. For example, scientists have identified cognitive biases that may cause people to ignore critical facts and/or focus on information that may not be important. And clearly, normal emotions can drive hasty decisions that could harm the long-term performance of your portfolio. Chasing performance. It’s easy to see why investors may be tempted to move a lot of money into the asset classes or individual investments with the highest recent returns. The problem with this approach is that past performance does not guarantee future results, so today’s “hot pick” could turn into a loser when conditions shift. Panic selling. When investors pull out of investments because they are afraid, as opposed to evaluating fundamentals, they often end up selling at the worst possible time and buying again at higher prices after the markets recover. Acting on news. By the time the average investor learns about economic developments or other events that could affect individual investments and the financial markets, it is usually too late to respond effectively — it’s very likely that the news is already reflected in the prices. Ignoring inflation. Investors should be aware of the potential risk of inflation, because even modest price increases compounded over time can erode the purchasing power of the assets in their portfolios.
Wasting Time Time is big contributor to financial success. This example shows how waiting to put your money to work through investing, instead of acting right away, could cost you thousands of dollars over time. Assumes a 6% rate of return in both accounts. This hypothetical example of mathematical compounding is used for illustrative purposes only. Taxes and investment costs are not considered. Rates of return will vary over time, particularly for long-term investments. Investments offering the potential for higher rates of return also involve a higher degree of investment risk. Actual results will vary. Early Investor Procrastinator Year Investment Value Investment Value 1 $5,000 $ 5,300 $0 2 $5,000 $10,918 $0 3 $5,000 $16,873 $0 4 $5,000 $23,185 $0 5 $5,000 $29,877 $0 6 $0 $31,669 $5,000 $ 5,300 7 $0 $33,569 $5,000 $10,918 8 $0 $35,583 $5,000 $16,873 9 $0 $37,719 $5,000 $23,185 10 $0 $39,982 $5,000 $29,877 Contributions $25,000 $25,000 Earnings $14,982 $ 4,877 Total value $39,982 $29,877
Why People Procrastinate Investing doesn’t have to be complicated, but it does take some effort to develop an appropriate strategy and start putting it into action. Many people delay this important task, often because they are worried about not having the knowledge or experience to make good decisions. In this case, it may be worthwhile to seek some professional guidance. Although there is no assurance that working with a financial professional will improve investment results, a financial professional who focuses on your overall objectives can help you consider strategies that could have a substantial effect on your long-term financial situation. You may delay, but time will not. — Benjamin Franklin Source: BrainyQuote.com
Where will you go from here? Maintaining a long-term perspective and sticking with a thoughtfully crafted investing strategy may help you reach your desired destination. Prepared by Broadridge Advisor Solutions. Copyright 2024 Broadridge Financial Solutions, Inc.
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