for investment professional use only strictly confidential...

Not FDIC insured Not Bank Guaranteed May Lose Value

For Investment Professional Use Only Strictly Confidential/Not for Distribution

2

Richard Bernstein Advisors


RBA Tactical ETF Strategies

featuring AlphaDEX®

3


• Investment manager that combines a unique top-down, macro approach with quantitative

stock selection.

• Strategies include: equity allocation, asset allocation, and equity income and thematic

portfolios.

• AUM of approximately $1.3 Billion (as of 6/30/13, including assets-under-advisement).

• Strategic Partners:

o Eaton Vance ~ Open-End Mutual Funds

o UBS ~ ETF Managed Account Portfolios

o Merrill Lynch ~ ETF Managed Account Portfolios

o First Trust ~ Income-Oriented Unit Trusts and Tactical Thematic Unit Trusts, ETF

Asset Allocation Portfolios

o Envestnet ~ ETF Asset Allocation Portfolios

o Placemark ~ ETF Asset Allocation Portfolios

• Solely-owned entity with equity participation for key employees.


About RBA

4

Chief Investment Officer – Richard Bernstein

Former Chief Investment Strategist at Merrill Lynch

As Chief Investment Strategist, Rich determined the firm’s asset allocation for:

Equities

Fixed Income

Commodities

Alternative Investments

CNBC contributor; NYU Professor; Journal of Portfolio Management Advisory Board

member

Institutional Investor “All-America Research Team” member 18 times, including 10

years top-ranked*. Recently inducted to the Institutional Investor All-America

Research Hall of Fame.

Named to Registered Rep. Magazine “The Ten to Watch for 2012”.

* Rich was ranked #1 from 1995 -2003 in Quantitative Research and #1 in Portfolio Strategy in 2004



About RBA

5

Portfolio Management Team



Richard Bernstein, Chief Executive Officer

• More than 30 years of asset and style allocation experience. Previously Chief Investment Strategist at Merrill Lynch.

• Institutional Investor “All-America Research Team” 18 times, including 10 as top-ranked in his category.

• BA, Hamilton College. MBA, New York University.

Matthew Griswold, CFA, Senior Portfolio Strategist

• 20 years of quantitative investment experience.

• Formerly VP and Portfolio Manager at State Street Global Advisors.

• BS, Carnegie Mellon University.

Lisa Kirschner, Senior Research Analyst

• Nearly 20 years of research experience on Wall Street.

• Previously was a Senior Director and Investment & Quantitative Strategist at Merrill Lynch on Richard Bernstein’s teams.

• Merrill Lynch representative for Standard & Poor's Index Advisory Panel.

Joseph Zidle, Portfolio Strategist

• Nearly 20 years of research and portfolio investment experience.

• Formerly Director and Head of Global Research Marketing for Bank of America Merrill Lynch’s Global Wealth Management division.

• BAs in Economics and History from Emory University.

Henry Timmons, Quantitative Analyst

• 12 years of industry experience.

• Formerly Portfolio Manager & Quantitative Analyst at GMO LLC.

• BS, ME, MBA, Cornell University.

6

Investment Philosophy



PEAK

RISING FALLING

TROUGH

FAVOR:

‒Small-caps

‒Value

‒Cyclical sectors

‒Lower quality

‒Low & Ultra High Yield

‒High Beta

‒ Emerging markets

FAVOR:

‒Large-caps

‒Stable Growth

‒Defensive sectors

‒Higher quality

‒Secure Yield

‒Low Beta

‒ Developed markets

Quantitative Screen & Indicators

Stock/Bond Selection

Size Style Geography Duration Commodities

7

Extend Time Horizons

“True” Diversification

Core Concepts of Wealth Building

Compound Income




8

Extending time horizons has significantly reduced the probability of a loss.


Source: Richard Bernstein Advisors LLC, Standard and Poor’s, Bloomberg. *Chart shows the historical occurrence, over more than an 80-year period, of the S&P 500® index providing a negative return by investment time horizon. Simply, the % of negative returns to all returns over the periods noted. The same calculation logic is applied for each successive period. 1930 earliest date available for data above. It is not possible to invest directly in an Index or a Classification. Past performance is no guarantee of future results.



47%

44%

41%

38%

32%

23%

21%

11%

0% 10% 20% 30% 40% 50%

1 Day

1 Week

1 Month

3 Mos

12 Mos

3 Yrs

5 Yrs

10 Yrs

Probability of a Loss for the S&P 500®*(Rolling Price Returns, Jan.1930 thru June 2013)

9

“True” diversification is based on correlation, not the number of asset classes.




•Source: Richard Bernstein Advisors LLC, BofA Merrill Lynch, HFRI, Bloomberg. For asset class descriptors, see “Index Descriptions” at end of document.

•Chart shows the correlation of 12-month rolling total returns over the past five year period from 6/30//08-6/30/13 of the following asset classes to the total returns of the

S&P 500® index: Hedge Funds=HFRI Fund Weighted Composite Index, REITS=THE FTSE NAREIT Composite Index, EM Sovereign=BofA Merrill Lynch Local Debt Markets Plus Index, EM Equities=MSCI Emerging Markets (EM) Index, Europe=MSCI Europe Index, Commodities=S&P GSCI® Index, Gold=Gold Spot USD/oz

Bloomberg GOLDS Commodity, 3-Mo T-Bills=BofA Merrill Lynch 3-Month US Treasury Bill Index, Intermediate Treasury=The BofA Merrill Lynch 5-7Year US Treasury

Index, Long-term Treasury Index=BofA Merrill Lynch 15+ Year US Treasury Index, Municipals=BofA Merrill Lynch US Municipal Securities Index, High Grade

Corporates=BofA Merrill Lynch 15+ Year AAA-AA US Corporate Index, U.S. High Yield= BofA Merrill Lynch US Cash Pay High Yield Index. Past performance no

guarantee of future results.

-1.0 -0.5 0.0 0.5 1.0

3-Month T-Bill

Intermediate Treas (5-7yrs)

LT Treasuries

Gold

Munis

High Grade Corporates

Commodities

EM Sovereign (USD)

US High Yield

EM

Hedge Funds

REITS

Europe

Historical 5 Year Correlation of Selected Asset Classes* to the S&P 500® as of 6/30/13

10

Compounding income is one of the best ways to build long-term wealth.

Feb. 1971 is Nasdaq Composite Inception

Source: Richard Bernstein Advisors LLC, Standard and Poor's, Bloomberg. Past performance no guarantee of future results.

For asset class descriptors, see “Index Descriptions” at end of document.




10.3% 10.3%

0%

2%

4%

6%

8%

10%

12%

S&P Utilities Nasdaq Composite

S&P Utilities vs. NASDAQ CompositeAnnualized Total Returns since NASDAQ Inception

(Feb. 1971 - Jun. 2013)

Source: Richard Bernstein Advisors LLC, Standard & Poor's, Bloomberg

11 For Investment Professional Use Only Strictly Confidential/Not for Distribution


Select Market Calls

Source: Richard Bernstein Advisors LLC, BofA Merrill Lynch, Standard and Poor’s.

*Note: These charts reflect selected calls (some successful, others not) from Richard Bernstein’s published Quantitative Strategy and Investment Strategy

reports over the time period shown. As such, they do not constitute an exhaustive list, or necessarily a representative sampling, of Mr. Bernstein’s strategic

and investment recommendations over that period. Such samplings, while of illustrative value, are inherently of limited significance. Past performance is, of

course, no guarantee of future results. The selected calls reflect only Mr. Bernstein’s recommendations, not investment returns as such, and any returns

implied by those calls cannot be extrapolated and do not represent Fund performance.

It is not possible to invest directly in an Index or Classification. OW=-Overweight, UW= Underweight. S&P 500® Index= S&P 500® Index

400

600

800

1000

1200

1400

1600

1800

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13

Richard Bernstein: Asset Allocation and Major Calls

S&P 500® Index

95-99: OW Equities &

Large Caps

99:UW Equities, OW Cash

Mar. 00: Energy OW vs. Tech

UW

02:OW Long-term

Treasuries

Nov. 06 Reduce Financials Dec. 07: High Quality Bonds,

Cash, Remain UW Equities

Jun. 09: OW Equities for

the first time in a decade

Aug. 05: UW Homebuilders

12



“SMRT™” ETF Portfolios

13



SMRT™ Tactical Equity Portfolio – featuring AlphaDEX®

SMRT™ Strategic Equity Portfolio – featuring AlphaDEX®

14



Overview

RBA SMRT™ Tactical Equity Portfolio – featuring AlphaDEX®

Description: An Exchange Traded Fund (ETF) based US sector and market timing investment strategy based on quantitative fundamental factors.

Goal: Provide competitive returns in advancing markets and limit downside during bear markets using RBA's proprietary sector rotation strategy.

Ability to go to 100% cash

RBA SMRT™ Strategic Equity Portfolio – featuring AlphaDEX®

Description: An Exchange Traded Fund (ETF) based fully invested US sector investment strategy based on quantitative fundamental factors.

Goal: Provide relative outperformance to the S&P 500® index using RBA's proprietary sector rotation strategy.

Always fully invested

Tactical

Strategic



RBA SMRT™ Equity Portfolios:

Why use a sector rotation model?

Sector rotation generally provides more value-added than stock selection.

Wider disparity of returns provides greater opportunity.

5

10

15

20

Sta

nd

ard

De

via

tio

n in

(%

)

Sectors vs. Stocks: Greater Variability Suggests Greater Opportunity

Variability WITHIN Sectors

Variability AMONG Sectors

Red lines shows the median of the variability of company level returns within each sector of the S&P 500®

Blue line shows the variability of the sector level returns within the S&P 500®.



RBA SMRT™ Equity Portfolios: Fundamental Factors

A unique approach combining sentiment with valuation and momentum

Negative earnings surprises

Price/earnings multiples

Portfolios rebalanced at disciplined time intervals

Portfolios rebalanced 6 weeks after quarter-end when the majority of

companies have reported.




The Earnings Expectations Life Cycle

Growth

Positive

Surprise

Contrarians

Torpedoed

“Dogs”

Positive

Surprise

Models

Estimate

Revisions

EPS

Momentum

Negative

Surprise

Models

Estimate

Revisions

Neglect

The Earnings Expectations Life Cycle

18

Growth

Positive

Surprise Contrarians

Torpedoed

“Dogs” Positive

Surprise

Models

Estimate

Revisions

EPS

Momentum

Negative

Surprise

Models

Estimate

Revisions

Neglect

Growth

Positive


Torpedoed

“Dogs” Positive

Surprise

Models

Estimate

Revisions

EPS

Momentum

Negative

Surprise

Models

Estimate

Revisions

Neglect

Growth

Positive


Torpedoed

“Dogs” Positive

Surprise

Models

Estimate

Revisions

EPS

Momentum

Negative

Surprise

Models

Estimate

Revisions

Neglect



RBA SMRT™ Equity Portfolios: The Earnings Expectations Life Cycle

Growth

Positive


Torpedoed

“Dogs” Positive

Surprise

Models

Estimate

Revisions

EPS

Momentum

Negative

Surprise

Models

Estimate

Revisions

Neglect



RBA SMRT™ Equity Portfolios: The Earnings Expectations Life Cycle



RBA SMRT™ Equity Portfolios: Fundamental Factors

Companies have secularly managed expectations to produce positive surprises.

As a result negative surprises contain more investment information.

Source: Richard Bernstein Advisors, Bloomberg

0%

20%

40%

60%

80%

100%

S&P 500: EPS Surprises(Q1 1992 through Q1 2013 )

% Positive Surprises

% Negative Surprises



RBA SMRT™ Equity Portfolios: Sector Weights

10% 7.5%

2.5% 0%

Dynamic sector weights determined by changes in sentiment and valuation.




Tactical Market Timing Rule


Strategic Investment Rule



RBA SMRT™ Equity Portfolios: Tactical Historical Weightings

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Fe

b-0

5

Ma

y-0

5

Au

g-0

5

Nov-0

5

Fe

b-0

6

Ma

y-0

6

Au

g-0

6

Nov-0

6

Fe

b-0

7

Ma

y-0

7

Au

g-0

7

Nov-0

7

Fe

b-0

8

Ma

y-0

8

Au

g-0

8

Nov-0

8

Fe

b-0

9

Ma

y-0

9

Au

g-0

9

Nov-0

9

Fe

b-1

0

Ma

y-1

0

Au

g-1

0

Nov-1

0

Fe

b-1

1

Ma

y-1

1

Au

g-1

1

Nov-1

1

Fe

b-1

2

Ma

y-1

2

Au

g-1

2

Nov-1

2

Fe

b-1

3

Ma

y-1

3

RBA SMRT™ Tactical Quarterly Sector, Stock & Cash Portfolio Weights

% in Cash % in S&P 500® ETF % in Sector ETFs



RBA SMRT™ Equity Portfolios: Tactical Historical Sector Weightings

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

15

-Fe

b-0

5

16

-Ma

y-0

5

15

-Au

g-0

5

15

-No

v-0

5

15

-Fe

b-0

6

16

-Ma

y-0

6

15

-Au

g-0

6

15

-No

v-0

6

15

-Fe

b-0

7

15

-Ma

y-0

7

15

-Au

g-0

7

15

-No

v-0

7

15

-Fe

b-0

8

15

-Ma

y-0

8

15

-Au

g-0

8

14

-No

v-0

8

15

-Fe

b-0

9

15

-Ma

y-0

9

14

-Au

g-0

9

16

-No

v-0

9

16

-Fe

b-1

0

14

-Ma

y-1

0

16

-Au

g-1

0

16

-No

v-1

0

15

-Fe

b-1

1

16

-Ma

y-1

1

15

-Au

g-1

1

15

-No

v-1

1

15

-Fe

b-1

2

15

-Ma

y-1

2

15

-Au

g-1

2

15

-No

v-1

2

15

-Fe

b-1

3

15

-Ma

y-1

3

RBA SMRT Tactical: Historical Sector Wgts

Utilities

Telecom Svcs

Materials

Info. Tech

Industrials

Health Care

Financials

Energy

Cons. Staples

Cons. Disc.



RBA SMRT™ Equity Portfolios: Strategic Historical Weightings

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Fe

b-0

5

Ma

y-0

5

Au

g-0

5

Nov-0

5

Fe

b-0

6

Ma

y-0

6

Au

g-0

6

Nov-0

6

Fe

b-0

7

Ma

y-0

7

Au

g-0

7

Nov-0

7

Fe

b-0

8

Ma

y-0

8

Au

g-0

8

Nov-0

8

Fe

b-0

9

Ma

y-0

9

Au

g-0

9

Nov-0

9

Fe

b-1

0

Ma

y-1

0

Au

g-1

0

Nov-1

0

Fe

b-1

1

Ma

y-1

1

Au

g-1

1

Nov-1

1

Fe

b-1

2

Ma

y-1

2

Au

g-1

2

Nov-1

2

Fe

b-1

3

Ma

y-1

3

RBA SMRT™ Strategic Quarterly Sector, Stock & Cash Portfolio Weights

% in S&P 500® ETF % in Sector ETFs



RBA SMRT™ Equity Portfolios: Strategic Historical Sector Weightings

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

15

-Fe

b-0

5

16

-Ma

y-0

5

15

-Au

g-0

5

15

-No

v-0

5

15

-Fe

b-0

6

16

-Ma

y-0

6

15

-Au

g-0

6

15

-No

v-0

6

15

-Fe

b-0

7

15

-Ma

y-0

7

15

-Au

g-0

7

15

-No

v-0

7

15

-Fe

b-0

8

15

-Ma

y-0

8

15

-Au

g-0

8

14

-No

v-0

8

15

-Fe

b-0

9

15

-Ma

y-0

9

14

-Au

g-0

9

16

-No

v-0

9

16

-Fe

b-1

0

14

-Ma

y-1

0

16

-Au

g-1

0

16

-No

v-1

0

15

-Fe

b-1

1

16

-Ma

y-1

1

15

-Au

g-1

1

15

-No

v-1

1

15

-Fe

b-1

2

15

-Ma

y-1

2

15

-Au

g-1

2

15

-No

v-1

2

15

-Fe

b-1

3

15

-Ma

y-1

3

RBA SMRT Strategic: Historical Sector Wgts

Utilities

Telecom Svcs

Materials

Info. Tech

Industrials

Health Care

Financials

Energy

Cons. Staples

Cons. Disc.



RBA SMRT™ Equity Portfolios featuring AlphaDEX®:

Hypothetical Historical Performance

Note: Returns presented herein have been calculated by Richard Bernstein Advisors and are unaudited. Past performance is not indicative of future

results. Hypothetical pro forma performance figures herein should not be construed as indicative of the future performance. Hypothetical performance

results have many inherent limitations. There are frequently sharp differences between hypothetical performance results and the actual results

subsequently achieved by any particular trading program. There are numerous factors related to the markets in general or to the implementation of

any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can affect

actual trading results. The hypothetical pro forma performance figures provided herein are unaudited and on a gross basis unless specified otherwise.”

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Dec-08 Dec-09 Dec-10 Dec-11 Dec-12

Annual Hypothetical Performance of RBA SMRT™ Tactical & Strategic featuring

AlphaDEX®

RBA SMRT™ Tactical RBA SMRT™ Strategic S&P 500® Cash

20

40

60

80

100

120

140

160

180

Cumulative Hypothetical Performance of RBA

SMRT™ Tactical & Strategic featuring

AlphaDEX®

5/31/07 - 6/30/13

RBA SMRT™ Tactical S&P 500® RBA SMRT™ Strategic Cash




Hypothetical Historical Performance







12%

10%

17%

8%

18%

7%

0% 0%

0%

5%

10%

15%

20%

3 yr Annualized 5 yr Annualized

Annualized Hypothetical Performance of

RBA SMRT™ Tactical and Strategic featuring AlphaDEX®

RBA SMRT™ Tactical RBA SMRT™ Strategic S&P 500® Cash*As of 6/30/13




Hypothetical Historical Risk/Return







RBA SMRT™ Tactical

RBA SMRT™

Strategic

Cash

S&P 500®

0%

2%

4%

6%

8%

10%

12%

0% 10% 20% 30% 40%

An

nu

alize

d 5

-Ye

ar

To

tal

Re

turn

Probability of A Quarterly Loss (Past 5 years)

Hypothetical Risk/Return of RBA SMRT™ Tactical & Strategic featuring AlphaDEX®

(as of 6/30/13)

RBA SMRT™ Tactical RBA

SMRT™ Strategic

Cash

S&P 500®

0%

2%

4%

6%

8%

10%

12%

0% 5% 10% 15%

An

nu

alize

d 5

-Ye

ar

To

tal

Re

turn

Standard Deviation of Quarterly Returns (Past 5 years)

Hypothetical Risk/Return of RBA SMRT™ Tactical & Strategic featuring AlphaDex®

(as of 6/30/13)




Tactical & Strategic Hypothetical Quarterly Returns

SMRT™ RBA Tactical & Strategic Hypothetical Quarterly Total Returns

Sep-

07

Dec-

07

Mar-

08

Jun-

08

Sep-

08

Dec-

08

Mar-

09

Jun-

09

Sep-

09

Dec-

09

Mar-

10

Jun-

10

Sep-

10

Dec-

10

Mar-

11

Jun-

11

Sep-

11

Dec-

11

Mar-

12

Jun-

12

Sep-

12

Dec-

12

Mar-

13

Jun-

13

Cumulative perf

from 6/30/07-

3/31/13

Tactical 8% -3%

-

11% 4% 1% 0% 0% 0% 8% 8% 7%

-

10% 13% 11% 6% -1%

-

17% 10% 8% 0% 5% -5% 4% 3% 55.2%

Strategic -1% -2%

-

11% 4%

-

12%

-

24% -9% 20% 19% 8% 7%

-

10% 13% 12% 9% 0%

-

18% 10% 12% -7% 5% 2% 13% 3% 30.2%

S&P 500® 2% -3% -9% -3% -8%

-

22%

-

11% 16% 16% 6% 5%

-

11% 11% 11% 6% 0%

-

14% 12% 13% -3% 6% 0% 11% 3% 21.9%

Cash 1% 1% 1% 0% 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 5.1%









RBA SMRT™ Equity Portfolios: Tactical & Strategic

Unique quantitative and fundamental sector rotation strategy.

Investing based on fundamentals, not noise:

Portfolios rebalanced at disciplined time intervals.

Portfolios rebalanced 6 weeks after quarter-end when the majority of companies have reported.

2 Investment Models:

RBA SMRT™ Tactical: Attempts to provide participation in bull markets and protection in bear markets.

RBA SMRT™ Strategic: Attempts to outperform the S&P 500® and is always fully invested.

Historical analysis suggests potential for outperformance with less risk when compared

to S&P 500®.



RBA All-Asset

Moderate Portfolio

33



Overview

All-Asset Moderate Portfolio – featuring AlphaDEX®

Description: An Exchange Traded Fund (ETF) based portfolio utilizing

global asset allocation strategies based on RBA’s proprietary

fundamental indicators.

Goal: Provide long-term total returns with moderate risk

All-Asset Moderate

41%

17%

40%

0% 2%

RBA All-Asset Moderate

US EQUITY

NON-US EQUITY

US FIXED INCOME

NON-US FIXED INCOME

CASH

34 For Investment Professional Use Only

Strictly Confidential/Not For Distribution

Overview


Key Highlights

A “go anywhere” ETF based asset allocation fund that can invest across

asset classes, geography, and market segments such as size, style, and

quality.

Fund will seek to maximize total returns.

Managing within risk parameters is a focus of our approach.

Over time, and under normal market conditions, the portfolio should

consistently be invested in a mix of size/style/asset classes to pursue our

objective.

35 For Investment Professional Use Only

Strictly Confidential/Not For Distribution

Investment Process: Overview

Assessment Construction All-Asset Moderate

• The research process and investment strategies used in RBA’s other products are the

foundation for this new ETF product.

Top Down Macro-economic Views

• Wall Street Sentiment Indicator • Global yield curves • Global profit cycles • Inflation and pricing • Global earnings expectations • Market segment valuation: p/e,

p/cf, etc. • Ad hoc studies

RESULT: Targets for equity market-segment exposure.

‒ Stocks vs. Bonds

‒ Growth vs. Value

‒ Large-cap vs. Small-cap

‒ Emerging vs. Developed markets

‒ Cyclical vs. Defensive sectors

ETF Portfolio Construction – Featuring AlphaDEX

Equities:

• Exposure to targeted macro characteristics:

Asset Class

Region

Size

Style

Sectors

Bonds:

• Exposure to targeted macro characteristics

• Credit quality

• Duration

Other Asset Classes:

• Exposure to targeted macro characteristics

• ETF selection to best match macro strategy

• “Guardrails” will be in effect at the asset level

Highlights

• Maximize contribution from Top Down Macroeconomic Views

• Minimize stock specific risk through usage of ETFs

• Benchmark: 50% ACWI, 45% Barclays Capital U.S. Aggregate Bond Index, 5% Cash




Sample of RBA All-Asset Moderate Portfolio featuring AlphaDEX®

“Moderate Portfolio”

Name Ticker Weight

First Trust Developed Mkt Ex-US FDT 13%

First Trust Emerging Markets FEM 4%

First Trust Large Cap Growth FTC 14%

First Trust Large Cap Value FTA 15%

First Trust Mid Cap Growth FNY 4%

First Trust Small Cap Growth FYC 3%

First Trust Small Cap Value FYT 4%

Equity Total: 57%

iShares Barclays 3-7 Year Treasury Bond IEI 5%

iShares Barclays 7-10 Year Treasury IEF 20%

iShares Barclays 20+ Year Treasury Bond TLT 4%

iShares iBoxx High Yield Corporate Bond HYG 8%

Vanguard Int-Term Corporate Bond VCIT 4%

Fixed Income Total: 41%

Cash (USD) BIL 2%



Commentary

www.RBAdvisors.com



In the News

UBS Enhances Wealth Management Americas Research through a Strategic Partnership with Richard Bernstein Advisors LLC

40 40

© Copyright 2013 Richard Bernstein Advisors LLC. All rights reserved. Nothing contained herein constitutes tax, legal, insurance or investment advice, or the recommendation of or an offer to sell, or the solicitation of an offer to buy or invest in, any investment product, vehicle, service or instrument. Such an offer or solicitation may only be made by delivery to a prospective investor of formal offering materials, including subscription or account documents or forms, which include detailed discussions of the terms of the respective product, vehicle, service or instrument, including the principal risk factors that might impact such a purchase or investment, and which should be reviewed carefully by any such investor before making the decision to invest. Specifically, and without limiting the generality of the foregoing, before acquiring the shares of any mutual fund, it is your responsibility to read the fund’s prospectus. Links to appearances and articles by Richard Bernstein, whether in the press, on television or otherwise, are provided for informational purposes only and in no way should be considered a recommendation of any particular investment product, vehicle, service or instrument or the rendering of investment advice, which must always be evaluated by a prospective investor in consultation with his or her own financial adviser and in light of his or her own circumstances, including the investor's investment horizon, appetite for risk, and ability to withstand a potential loss of some or all of an investment's value. Investing is an inherently risky activity, and investors must always be prepared to potentially lose some or all of an investment's value. Past performance is, of course, no guarantee of future results.

Disclaimers

for investment professional use only strictly confidential...

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