Investment Risks: All investments are subject to risk, including possible loss of principal. Fixed income investments are subject to credit and interest rate risk. To the extent that a strategy invests in asset-backed, mortgage-backed or commercial mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities. Investments in high-yield securities and foreign securities, including emerging markets, involve risks beyond those inherent in solely higher-rated and domestic investments. Bank loans are subject to liquidity risk, prepayment risk, credit and interest rate risk, recovery spread and call risk. Small and mid-sized companies may involve higher risk than a strategy that invests in larger, more established companies.

Paul Stephen Daniels does not intend to provide investment advice through this Web site. The information on this Web site is not to be construed as an offer to buy or sell, or the solicitation of an offer to buy or sell, any security or as a recommendation or advice about the purchase or sale of any security. This Web site is for informational purposes only. We do not warrant or guarantee the timeliness or accuracy of the information throughout this Web site, including information regarding market or other financial information Research material provided on this Web site is for your private information, and we are not soliciting any action based upon it. This material is not tailored to reflect your institution’s particular circumstances or investment objectives. Nothing on this Web site should be interpreted to suggest that past results are an indication of future performance. We shall not be liable for any errors or inaccuracies, regardless of cause, or the lack of timeliness of, or for any delay or interruption in the transmission of information to the user. There are no warranties, expressed or implied, as to accuracy, completeness, or results obtained from any information posted on this or any linked Web site.