It provides its services to High net worth individuals, their families, family offices and related entities, funds organized as domestic or offshore (non-U.S.) companies, limited partnerships, limited liability companies or other types of legal entities; U.S. registered investment companies; Trusts and othe

from earlier this year and one that has accelerated post-election. ° We are now moderately overweight U.S. small capitalization equities and neutral non-U.S. developed markets. e We maintain our preference for U.S. high-quality large caps and continue to overweight emerging markets. ° We continue to favor

rency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which the Fund’s non-U.S. investments are denominated, and costs associated with conversion of investment principal and income from one currency to another; (ii) differences b

stered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or qualified under any applicable U.S. state statutes or laws of any non-U.S. jurisdiction. The Units will be offered and sold under the exemption from registration provided by Section 4(2} of the Securities Act and Regulation

cal and legislative bodies globally. Additionally, he heads up the Bank’s U.S. Direct Investment Advisory Group (DIAG) providing strategic counsel to non-U.S. companies engaged in cross-border mergers and acquisitions requiring regulatory and political approvals. Mr. Kelly also serves as the Chief Political

till be subject to U.S. federal income tax on its share of the partnership's "effectively connected" U.S. business income in the same manner as other non-U.S. persons making an investment in a U.S. business partnership. Here are some examples of what can be done in light of the changes made by the PATH Act