Asset Allocation & Research

Disclaimer

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Note: Please be aware that hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Past performance cannot be relied on as a guide to future performance.

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The information contained in this document is not directed at, nor is it intended for distribution to, or use by, persons in any jurisdiction in which the investment products are not authorized for distribution or in which the dissemination of information regarding the investment products is not permitted.  This document is not offering to sell any product. Asset Allocation & Research LLC is a wholly owned subsidiary of Castlestone Management LLC.  The information contained herein is for information purposes only. Any decision to purchase securities in any proposed offering should be made solely on the basis of the information to be contained in the final prospectus published in relation to such offering. Asset Allocation & Research LLC model portfolios do not form a fiduciary relationship or constitute advice and is not and should not be construed as an offer or a solicitation of an offer of securities or related financial instruments, or an invitation or inducement to engage in investment activity, and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated price. Asset Allocation & Research LLC model portfolios are not an advertisement of securities. Asset Allocation & Research LLC opinions expressed may differ or be contrary to opinions expressed by other business areas or groups of Castlestone Management as a result of using different assumptions and criteria. All such information and opinions are subject to change without notice, and neither Asset Allocation & Research LLC nor any of its related companies or affiliates is under any obligation to update or keep current the information contained in the Asset Allocation & Research LLC model portfolio or in any other medium. Any projections and opinions expressed herein are expressed solely as general market commentary and do not constitute investment advice or guaranteed return. Any simulated performance data and/or past performance data contained herein is not a reliable indicator of future performance. The Asset Allocation & Research LLC model portfolio should not be regarded by recipients as a substitute for the exercise of their own judgment as the Asset Allocation & Research LLC model portfolio has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The information and opinions have been compiled or arrived at based on information obtained from sources believed to be reliable and in good faith. All statements of opinion and all projections, forecasts, or statements relating to expectations regarding future events or the possible future performance of investments represent Asset Allocation & Research LLC’s own assessment and interpretation of information available to them currently. The securities described in the Asset Allocation & Research LLC model portfolios may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors and trading in these instruments is considered risky. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or the price of, or income derived from, the investment. Other risk factors affecting the price, value or income of an investment include but are not necessarily limited to political risks, economic risks, credit risks, and market risks. The analysis/research herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgement in making their investment decisions.  Asset Allocation & Research LLC is a registered investment adviser in the state of New Jersey. Being registered does not imply a certain level of skill or training. Investment in any Fund involves significant risks. A prospective or continuing investor should not invest in any Fund unless satisfied that it and/or its investment representative or professional adviser has/have asked for and received all information which would enable it or both of them to evaluate the risks in terms of an investment or continued investment in the Fund. The information in this document has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. This document is confidential. No part of it may be reproduced, distributed or transmitted without Asset Allocation & Research LLC’s written permission. Neither this document nor any copy of it may be distributed, directly or indirectly, in the United States of America or its territories or possessions (the “United States” or to any US Person as defined in Regulations under the United States Securities Act of 1933 (as amended)). Any failure to comply with these restrictions may constitute a violation of United States securities law. This is not exhaustive; other regional-specific wording may apply. No invitation to the public in Hong Kong to buy or subscribe for any product is permitted to be made. You should consult your own attorney, business adviser and tax adviser as to legal, business, tax and related matters concerning any of the contents of this document.

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Additional information about Asset Allocation & Research LLC is available on the United States Securities and Exchange Commission’s website at www.adviserinfo.sec.gov.