In accordance with applicable federal law, investment advisers and investment funds must have privacy policies in place. In addition to being distributed at the time of subscription, privacy notices must be distributed at least once per year, and more often if there are any changes to the policy/notice. We believe that the best time for the annual distribution of the notice is with your annual financial statements and/or tax reports. Additionally, certain states have privacy regulations in place that may subject investment advisers and investment funds to additional, or in some cases more stringent, requirements. Clients are advised to contact us in order to determine the applicability of such regulations.