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Investing entails risks, including possible loss of principal. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more
traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Indexes are unmanaged and are not available for direct
investment. Past performance is no guarantee of future results.
Options involve investment strategies and risks different from those associated with ordinary portfolio securities transactions. By writing put options, an investor assumes
the risk of declines in the value of the underlying instrument and the risk that it must purchase the underlying instrument at an exercise price that may be higher than the
market price of the instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from
potential increases in the value of the underlying instrument. If there is a broad market decline and the investor is not able to close out its written put options, it may result
in substantial losses to the investor. The investor will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained
from exercised put options. Put writing makes an explicit trade-off between up-market participation and down-market participation, while still seeking reasonable returns in
flat markets. As such, in up markets, an investor typically will not participate in the full gain of the underlying index above the premium collected.
This material may include estimates, outlooks, projections and other “forward-looking statements.” Due to a variety of factors, actual events or market behavior may differ
significantly from any views expressed.
Leverage. Option overlay strategies employ the use of derivatives and leverage, which involves the risk of loss greater that the actual cost of the investment, and also involves
margin and collateral requirements. Leverage magnifies both the favorable and unfavorable effects of price movements in the investments made by an account, which may
subject it to substantial risk of loss. In the event of a sudden, precipitous drop in value of an account’s assets occasioned by a sudden market decline, it might not be able
to liquidate assets quickly enough to meet its margin or borrowing obligations. Also, because acquiring and maintaining positions on margin allows an account to control
positions worth significantly more than its investment in those positions, the amount that it stands to lose in the event of adverse price movements is higher in relation to the
amount of its investment. In addition, since margin interest will be one of the account’s expenses and margin interest rates tend to fluctuate with interest rates generally, it is
at risk that interest rates generally, and hence margin interest rates, will increase, thereby increasing its expenses.
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