Alternative investments are often speculative, lack liquidity, lack diversification, are not subject to the same regulatory requirements as mutual funds, may involve complex tax structures and delays in distributing important tax information, and may involve substantial fees. These products often execute trades on non-U.S. exchanges. Investing in foreign markets may entail risks that differ from those associated with investments in U.S. markets.  These investments may not be appropriate for all investors.

Investments in real estate are speculative and involve a high degree of risk including, but not limited to: loss of principal, variations in occupancy which may negatively impact cash flow, illiquidity.  The manager has broad authority and discretion over the real estate and the terms of financing; the various fees paid to the manager and its affiliates are significant and may offset profits related to the ownership and operation of the real estate.  Real estate investments are often leveraged:  leverage may increase volatility and may increase the risk of investment loss.  Cash distributions to you may constitute a return of your own capital and may be paid from proceeds of the offering, e.g. reserves.  There are a number of significant tax risks and tax issues involved with the purchase of an interest in real estate.  Investors should consult their own tax advisors and legal counsel.  Some real estate interests are subject to recourse liability, e.g. tenants-in-common (TIC) will be responsible for providing any cash needed in the future in connection with the property.  The purchase of real property with other investors, e.g. as a TIC presents risks related to the relationship with those other investors.  The material contained here, does not constitute an offer to buy or sell real estate, Securities, or insurance. 

Variable annuities are sold by prospectus only.  The prospectus contains the investment objectives, risks, fees, charges, expenses and other information regarding the contract and underlying funds, which should be considered carefully before investing.  Please contact your Financial Representative or the issuing Insurance Company to request a prospectus.  Investors should read the prospectus before investing.  Annuities are long-term investment vehicles designed for retirement purposes.  Withdrawals of taxable amounts are subject to income tax and, if taken prior to age 59½, a 10% federal tax penalty may apply.  Early withdrawal may be subject to withdrawal charges.  Partial withdrawals may also reduce benefits available under the contract as well as the amount available upon a full surrender.  All products may not be available in all states.  An investment in a variable annuity involves investment risk, including possible loss of principal.  The contract, when redeemed, may be worth more or less than the total amount invested.  The purchase of a variable annuity is not required for, and is not a term of, the provision of any banking service or activity.