Specialized Client-Specific Portfolio Management Capabilities

• Concentrated Position Management

• Custom Structured Products

• Individual Stock Portfolio

• Protection Insurance

• Lending

Management of significant individual security positions, primarily stocks, especially those with large embedded taxable gains, restricted or control stock, founder’s stock, preferred convertible debt, and compensation related stocks and options, may involve block trading, selling programs, tax management, compliance-based reporting, exchange funds, stock protection funds, prepaid forwards, structured products, and options strategies, as well as securities-based lending.

Disclaimers

1. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.
2. The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in an index. Past Performance does not guarantee future results.
3. Investing in alternative investments is speculative, not suitable for all clients, and intended for experienced and sophisticated investors who are willing to bear the high economic risks of the investments.
4. Investments in REITs are subject to the inherent risks of direct investment in real estate such as price fluctuation, liquidity, and concentration risks. Investments in Non-exchange traded REITs are subject to substantial risks. These risks include, but are not limited to the following: The possibility that sale or redemption may be for more or less than the original amount invested, the absence of a public market for these securities, limited transferability and lack of liquidity, the possibility of substantial delay in making distributions, payment of significant fees to affiliated sponsors, advisors and general partners, no assurance that the stated objectives will be met, and, special risks associated with investing in real estate such as: The possibility of declining real estate values, the possible lack of availability of mortgage funds changes in interest rates, the possibility of declining economic conditions, overbuilding, extended vacancies of properties
5. Bonds are subject to interest rate risk. As the prevailing level of bond interest rates rise, the value of bonds already held in a portfolio declines. Portfolios that hold bonds are subject to declines and increases in value due to general changes in interest rates.
6. Stock/Equity investors should carefully consider risks such as market risk when investing. There are no guarantees when it comes to individual stocks. Any company may go bankrupt, in which case your investment may be worth nothing.
7. Strategies may employ an investment in annuities. Early withdrawals from these long term investments may result in surrender penalties. Withdrawal prior to age 59½ may be subject to a 10% federal tax penalty. Guaranteed rates are backed by the claims paying ability of the issuer.
8. Diversification seeks to reduce the volatility of a portfolio by investing in a variety of asset classes. Neither asset allocation nor diversification guarantee against market loss or greater or more consistent returns.
9. Investing in non-traded BDCs are subject to significant risks, including the risk of a substantial loss of investment.  Other risks include limited operating histories, reliance on the advisors, conflicts of interests, payment of substantial fees to the advisors and their affiliates, limited liquidity and liquidations at less than the original amounts invested.  Non-traded BDCs are not listed on a securities exchange, and no secondary market is expected to develop.  Thus, it will be difficult to sell shares.  An investment in a non-traded BDC is not suitable for all investors.  Investors should consult a financial professional to determine whether risks associated with an investment in the shares are compatible with their investment objectives.  This material is for educational purposes only and does not constitute a solicitation of an offer to sell/buy any particular non-traded business development company (BDC).  Such an offering is made only by a prospectus.  For more information, please carefully read the prospectus, which you can obtain from your financial advisor.  You should read the prospectus carefully in order to fully understand the objectives, risks, sales charges, fees and expenses before investing or sending money.  There are no assurances that offerings will meet their stated objectives.
10. Options involve risk and are not suitable for all investors.
Mutual funds, exchange traded funds (ETF), and variable annuities are sold by prospectus. An investor should carefully consider the investment objectives, risks, charges and expenses of a mutual fund, ETF, variable annuity and the variable annuity’s underlying investment options before investing. This and other information is provided in the product and underlying fund prospectuses. Contact your advisor or the investment company to obtain a copy of these prospectuses, which should be read carefully before investing.