Advisory Disclaimer

Past performance is no guarantee of future results. Market prices for securities and income accruals are from sources we believe to be reliable but are not guaranteed. Events affecting the issuers of securities or the markets more generally may adversely affect the liquidity of the securities held in your account with the result that they cannot be sold at or near the prices reflected in this statement. Limited partnerships and other illiquid securities are priced in accordance with our current pricing policies and procedures, which may be changed from time to time. Diversification may not protect against market risk. There is no assurance the objectives discussed will be met. Index returns are for illustrative purposes only and do not represent actual portfolio performance. Index returns do not reflect any management fees, transaction costs, or expenses. One cannot invest directly in an index. Securities are not FDIC Insured, there is no bank Guarantee, and your investments may lose value.

Information contained in this statement should not be used for tax preparation purposes. Rather, please refer to your annual tax letter. The Internal Revenue Service has articulated the position that the rules regarding the reporting of foreign bank and financial accounts apply to certain hedge funds, private equity investments, and real estate investment trusts, among other products. You should consult your tax advisor to determine whether you may be affected by these reporting requirements.

Funds are subject to fees and charges, including compensation paid to affiliates for their services, as described in the Funds’ prospectuses, or other documents. Securities, including shares of all Funds: – Are not insured by and are not obligations of the FDIC or any other government agency; – Are not deposits or obligations of and are not endorsed or guaranteed by any bank; – Are subject to investment risk, including the possible loss of the principal amount invested; and – May fluctuate in value, so that when they are sold they may be worth more or less than when they were purchased. Estimated yield and income information is based on past performance.