Conflict Disclosure

Our Firm or its affiliates offer a wide variety of investments, including but not limited to mutual funds, variable annuities, interests in real estate investment trusts, interests in corporations, partnerships and limited liability companies, as well as other securities products to clients (collectively, “Product(s)”). In certain instances, issuers of the Products sponsor conferences or give presentations to prospective investors on behalf of our Firm or Registered Representatives of our Firm. These conferences are intended to be educational in nature. Such sponsorships may result in compensation to the Firm or Registered Representative for meetings or annual conferences and provide reimbursement for associated travel, lodging, meals or other related expenses. Such compensation allows our Firm or Registered Representatives of our firm the ability to participate in activities that are designed to help educate the Registered Representative as well as to facilitate the distribution of the Products, such as marketing activities and educational programs.

None of such fees, compensation and/or offsetting expense reimbursements that are associated with arranging and providing such meetings and conferences are paid directly to, or otherwise contingent upon, any Registered Representative and/or investment adviser selling the Products. However, the Firm and its Registered Representatives and/or investment advisers whose clients invest in the Products will receive a sales commission or advisory fee, as the case may be, based on such applicable Product investment.