DISCLAIMERS

MuniRisk LTD, 805 3rd Avenue, 14th Floor, New York NY 10022, www.munirisk.com

DISCLAIMER:

 

Communications from MuniRisk LTD are intended solely for informational purposes, and should not be construed as investment/trading advice and are not meant to be a solicitation or recommendation to buy, sell, or hold any securities mentioned. MuniRisk LTD is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority or any state securities regulatory authority. At present, MuniRisk LTD is exempt from federal registration as an investment adviser because it does not provide “continuous and regular supervisory or management services” contemplated by the definition of “investment adviser” under the Investment Advisers Act of 1940.

 

Statements made by various authors do not necessarily reflect the opinions of MuniRisk LTD, and should not be construed as an endorsement by MuniRisk LTD, either expressed or implied. Part of the author’s compensation may be, directly or indirectly, related to the recommendations or views expressed by the author. MuniRisk LTD is not responsible for typographic errors or other inaccuracies in the content. We believe the information contained herein to be accurate and reliable. However, errors may occasionally occur. Therefore, all information and materials are provided “AS IS” without any warranty of any kind. The information provided in this communication should not be used as the sole basis for making any trading decision. Rather, readers should use the information as a starting point for doing additional research on the companies mentioned in order to allow the reader to form his or her own opinion. We do not guarantee, warrant or represent that any investor purchasing or selling the shares of any of the mentioned companies will profit from doing so. The possibility exists that you that they may lose all or a substantial portion of your investment were you to buy or sell shares in these companies.

 

Non-factual statements, including statements regarding possible future events, constitute only subjective views and/or present intentions; are not representations or warranties; and are subject to change. MuniRisk LTD’s views or intentions with respect to purchases or sales of particular securities in the future may change. Sector and security recommendations may change. Some information is obtained from third party sources that MuniRisk LTD believes are reliable, but MuniRisk LTD has not independently verified the information and cannot guarantee its accuracy or completeness. Indices are for illustrative purposes only; are unmanaged; assume reinvestment of income; do not represent the performance of actual accounts; and have limitations when used for comparison or other purposes because they may have different volatility, credit, or other material characteristics (such as number or types of securities). One cannot invest directly in an index.

 

Past results are not indicative of future results. Opinions expressed in these reports may change without prior notice. MuniRisk LTD, investment accounts and funds it manages or advises and its staff may or may not have investments in any funds, programs or companies discussed. Not every account advised by MuniRisk LTD holds particular securities discussed in any communications. MuniRisk LTD does not provide tax, legal or accounting advice and you should consult your own tax, legal and accounting advisors before engaging in any transaction.

 

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward looking statements.” Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as “expects”, “will”, “anticipates”, “estimates”, “believes”, or statements indicating certain actions “may”, “could”, or “might” occur.

 

Internal Revenue Service Circular 230 notice: You are notified that any discussion of U.S. federal tax issues contained or referred to herein is not intended or written to be used, and cannot be used, for the purpose of: (A) avoiding penalties that may be imposed under the Internal Revenue Code; nor (B) promoting, marketing or recommending to another party any transaction or matter addressed herein.