Disclaimer: Our holdings and investment opinions change, therefore this list may change at anytime without notice. The above references individual equities and excludes exchange trades funds and mutual funds. Top Ten Holdings is by market value. Assets held in non-discretionary accounts are also excluded.

The information provided should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed in this report will remain in an account`s portfolio at the time you review this report or that securities sold have not been repurchased. The securities discussed do not represent an account`s entire portfolio and in the aggregate may represent only a small percentage of an account`s portfolio holdings. It should not be assumed that any of the securities, transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

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