Enhanced Cash Strategy

Disclosure Statement

Past performance is not indicative of future results. The Enhanced Cash Strategy is not a cash equivalent instrument such as a money market. The Enhanced Cash Strategy is not federally guaranteed and may lose value. Investors should be aware of the additional risks associated with investments in non-diversified, undervalued or overlooked companies and investments in specific industries. In addition, investors should be aware of the additional risks associated with investments in non-investment grade (high yield) debt securities and structured securities, which are subject to greater fluctuations in value and risk of loss of income and principal as a result of interest rate risk and economic risk. Additional risks may include those associated with investing in derivatives.

Risks associated with derivatives include the risks of the underlying instruments, substantially greater gains and losses than the derivatives’ costs due to the leverage. Diversification neither assures a profit nor eliminates the risk of loss.

Collateralized Loan Obligations (CLOs) may involve a high degree of risk and are intended for sale to qualified investors only. Investors may lose some or all of the investment and there may be periods where no cash flow distributions are received. CLOs are exposed to risks such as credit, default, liquidity, management, volatility, interest rate and credit risk. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed securities are subject to both extension risk and prepayment risk.

The information herein does not constitute investment advice and the strategy described may not be available to, or suitable for, all investors.