Investment Risk Disclosure

Clients should invest with a long-term time frame and understand that no one can guarantee investment results. Investing in the securities markets entails the risk of loss. In all events, each account is assigned general investment percentage goals/guidelines and an investment strategy, both which may change from time to time upon verbal or written direction from the Client. The Client understands these goals/guidelines are approximate and the actual amount invested in each asset class may vary considerably depending on Management's assessment of  market risk and the specific investment strategy chosen by the Client. At times, Churchill Management Group may choose to invest accounts, including accounts which have assets with a fixed income and equity goal/guideline, above the equity goal/guideline set by the Client effectively adjusting the balance of the portfolio, as Churchill Management Group determines in its sole discretion, that under present market conditions so doing would in the reasonable best interests of the portfolio. Churchill Management Group may employ defensive investment strategies notwithstanding Clients' investment strategies and restrictions. Other strategies will stay fully invested and thus have a substantial risk of loss in down markets. No guarantee can be made as to curtailing tax liabilities and clients should look to their separate tax advisor for tax advice.