Effective April 1, 2019
The Firm is a U.S. federally registered investment adviser. The Firm may only transact business or render personalized investment advice in those states and international jurisdictions where the Firm is registered, has filed notice, status or is otherwise excluded or exempted from notice or registration requirements. The information provided on the Site is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to applicable laws. All persons accessing the Site do so of their own initiative and are responsible for compliance with applicable local laws. The Site is not directed to any person in any jurisdiction where the publication or availability of the Site is prohibited by reason of that person's nationality, residence or otherwise. Any visitor subject to such restrictions must not access the Site.
The Site is for information only. Nothing on the Site should be construed as investment advice to you, which will be provided only after you have signed an investment advisory agreement with the Firm or invested in one of the Firm’s funds.
PERSONAL AND NON-COMMERCIAL USE LIMITATION
This Site links to a password protected portal provided by a third party, Morgan Stanley & Co. LLC and its affiliates, including Morgan Stanley Fund Services (the “Administrator”). To the extent you receive password access to such portal, in consideration for your use of such access, you agree to provide true, accurate, current and complete information about yourself as prompted by the Administrator and to maintain and update such account information to keep it true, accurate, current and complete. If you provide any information that is untrue, inaccurate or incomplete, or if we or the Administrator has reasonable grounds to suspect that such information is untrue, in accurate or incomplete, we or the Administrator has the right to suspend your access to the password protected portal. You may not allow others to use your user name or password to access or use any part of the password protected portal. If your password has been compromised for any reason, you must contact the Administrator immediately for a new password. If you provide your password to any third party, you will be solely responsible for any actions taken by such third party using your password. All information accessible by the password protected portal is confidential and private and may not be disclosed or distributed by you to any other person for any purpose and is made available solely for your personal use in connection with your investment in the funds that we manage.
You are prohibited from using the Site to advertise or perform any commercial solicitation. You also are prohibited from using any robot or other automated means to access the Site for any purpose without the Firm’s prior written permission. You may not take any action that imposes, or may impose, in our sole discretion, an unreasonable or disproportionately large load on our infrastructure, interfere or attempt to interfere with the proper working of the Site or any activities conducted on the Site, or bypass any measures we may use to prevent or restrict access to the Site. Any rights not expressly granted herein are reserved.
NO SECURITIES OFFERING OR INVESTMENT ADVICE
The funds advised by the Firm are not offered through the Site. An offer regarding any such fund may be made only after you have received a Confidential Offering Circular or Private Offering Memorandum concerning that fund and have had the opportunity to discuss all matters concerning any prospective investment that you desire. The Site does not provide all information material to an investor’s decision to invest in any such fund, including, but not limited to, risk factors. For more information, please refer to a fund’s Confidential Offering Circular or Private Offering Memorandum and read it carefully before you invest.
The information on the Site is intended to enable investors to understand the nature of the Firm’s financial advisory services. It is not intended as and does not constitute investment advice or legal or tax advice or an offer to sell any securities to any person or a solicitation of any person of any offer to purchase any securities. The information in the Site should not be construed as any endorsement, recommendation or sponsorship of any company or security by the Firm. There are inherent risks in relying on, using or retrieving any information found on the Site, and the Firm urges you to make sure you understand these risks before relying on, using or retrieving any information on the Site. You should evaluate the information made available through the Site, and you should seek the advice of professionals, as appropriate, to evaluate any opinion, advice, product, service or other information. You agree that the Firm is not liable for any action you take or decision you make in reliance on any information on the Site.
The Firm’s services are designed to integrate with the services provided by its clients’ other financial, legal and tax advisers, not to replace their services. The Firm may from time to time advise its clients and investors in the funds that the Firm manages on non-investment related matters, but clients and investors must rely on their other professional advisers for final approval and/or implementation of non-investment matters.
You acknowledge that any requests for information are unsolicited and any information provided shall neither constitute nor be construed as investment advice by the Firm to you or constitute the formation of an investment advisory relationship or any other client relationship. It is strongly recommended that you seek outside advice from a qualified securities professional. The Firm does not guarantee the suitability or potential value of any particular investment or information source. The Firm may invest or otherwise hold an interest in companies or securities that may be discussed on the Site.
PAST PERFORMANCE IS NOT COMPARABLE
The performance data presented in the Site (if any) or presented in the password protected portal hosted by the Administrator and attributed to the Firm (if any) reflect the reinvestment of dividends and other earnings, and net figures reflect the deduction of expenses, management fees and performance fees and allocations.
The Firm believes that performance shown (if any) was generated with an investment philosophy and methodology similar to that described in the funds’ respective Confidential Offering Circulars and Private Offering Memoranda, that it would expect to use in the future. Future investments, however, will be made under different economic conditions and in different securities and may be made using different investment strategies than were used during the times discussed. Furthermore, any performance discussed reflects investment of limited funds for a limited period of time and does not reflect performance in different economic or market cycles. It should not be assumed that any account or fund advised by the Firm will experience returns, if any, comparable to those described herein. Past performance is not indicative of future returns. The performance results have not been compiled, reviewed or audited by an independent accountant. Results for the current year are based on the internal books and records of each fund and are subject to adjustment when that fund’s financial statements for the current year are audited.
The Firm believes that the comparison of each fund’s performance to any single market index is inappropriate. If indices are provided for comparative purposes, they are only as examples of general market performance. Unlike indices, each fund’s portfolio may contain options (including covered and uncovered puts and calls) and other derivative securities, may include short sales of securities, margin trading and securities of different capitalization companies than those reflected in these indices, and is not as diversified as these indices. Due to the differences between the composition of a fund’s portfolio and indices, the Firm cautions potential investors that no such index is directly comparable to any fund.
DISCLAIMERS AND LIMITATION OF LIABILITY
The information, software and services published on this website may include inaccuracies or typographical errors. Due to various factors, including the inherent possibility of human and mechanical error, the accuracy, completeness, timeliness and correct sequencing of such information, software and services and the results obtained from their use are not guaranteed by the firm or any persons creating or transmitting such information, software and services.
The firm and/or its respective suppliers may make improvements and/or changes in the content and operation of the site at any time without notice. The site may be temporarily unavailable from time to time due to required maintenance, telecommunications interruptions or other reasons.
The firm and/or its respective suppliers make no representations about the suitability of the information, software, products and services contained on this website for any purpose. All such information, software, products and services are provided “as is” without warranty of any kind. The firm and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, software, products and services, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title, non-infringement and availability. Because some states/jurisdictions do not allow the exclusion of implied warranties, the above exclusion may not apply to you.
Your use of the site is at your own risk. You are solely responsible for any damage to your computer system, loss of data or any other damage or loss that results from the download of any content from the site. In no event shall the firm and/or its suppliers be liable for any direct, indirect, punitive, incidental, special or consequential damages arising out of or in any way connected with or relating to the use of or access to this website or with the delay or inability to use this website, or for any information, software, products or services obtained through this website, whether based on contract, tort, strict liability or otherwise, even if the firm or any of its suppliers has been advised of the possibility of damages. Because some states/jurisdictions do not allow the exclusion or limitation of liability for consequential or incidental damages, the above limitation may not apply to you.
OWNERSHIP OF CONTENT
NO UNLAWFUL OR PROHIBITED USE
REFERENCES TO PUBLICATIONS AND OTHER COMPANIES
References to any publication or any other company in the Site are for reference and informational purposes only and are not intended to suggest that any of such companies endorse, recommend or approve of the services, analysis or recommendations of the Firm or that the Firm endorses, recommends or approves the services or products of such companies. News stories reflect only the author’s opinion and not necessarily that of the Firm.
LINKS TO THIRD PARTY WEBSITES
The Site may contain hyperlinks to websites operated by parties other than the Firm, which may not have been screened or reviewed by the Firm and which may contain inaccurate, inappropriate or offensive material, products or services. The Firm does not control such websites, and the Firm assumes no responsibility or liability with regard to the accuracy, reliability, legality or decency of such third-party websites, content, products or services. Such hyperlinks are provided for your convenience only. The Firm’s inclusion of hyperlinks to such websites does not imply any endorsement of the material on such websites or any association with their operators.
TERMINATION AND CANCELLATION
The Firm reserves the right to modify or terminate the Site and to terminate your access to the Site, without notice at any time and for any reason.
JURISDICTIONAL ISSUES AND APPLICABLE LAW
Unless otherwise specified, the Firm controls and operates the Site from its offices within the State of Illinois, United States of America.
The Firm does not claim that materials in the Site are appropriate or available for use in locations other than Illinois. If you choose to access the Site from other locations, you do so on your own initiative, and you are responsible for compliance with any applicable local laws.
Software from the Site is further subject to United States export controls. Software from the Site may not be downloaded or otherwise exported or reexported outside the United States. By downloading or using such software, you represent and warrant that you are not located in, under the control of, or a national or resident of any country or territory outside of the United States.
You agree to be bound by any agreement or consent you transmit to or through the Site via any media or electronic device, including internet, telephone and wireless devices.