INFORMATION ON THIS WEBSITE IS DIRECTED TOWARD U.S. RESIDENTS ONLY. MARATHON INVESTMENT PROGRAMS IS REGISTERED AS AN INVESTMENT ADVISOR WITH THE STATE OF CALIFORNIA.

PERFORMANCE RESULTS ARE PRESENTED NET-OF-FEES AND REFLECT THE REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS.

PAST PERFORMANCE MAY NOT BE INDICATIVE OF FUTURE RESULTS. THEREFORE, NO CURRENT OR PROSPECTIVE CLIENT SHOULD ASSUME THAT THE FUTURE PERFORMANCE OF ANY SPECIFIC INVESTMENT, INVESTMENT STRATEGY (INCLUDING THE INVESTMENTS AND/OR INVESTMENT STRATEGIES RECOMMENDED BY THE ADVISOR), OR PRODUCT MADE REFERENCE TO DIRECTLY OR INDIRECTLY ON THIS WEBSITE, OR INDIRECTLY VIA HYPERLINK TO ANY UNAFFILIATED THIRD-PARTY WEBSITE, WILL BE PROFITABLE OR EQUAL TO PAST PERFORMANCE LEVELS.

ALL INVESTMENT STRATEGIES HAVE THE POTENTIAL FOR PROFIT OR LOSS; CHANGES IN INVESTMENT STRATEGIES, CONTRIBUTIONS OR WITHDRAWALS MAY MATERIALLY ALTER THE PERFORMANCE AND RESULTS OF YOUR PORTFOLIO.

DIFFERENT TYPES OF INVESTMENTS INVOLVE VARYING DEGREES OF RISK, AND THERE CAN BE NO ASSURANCE THAT ANY SPECIFIC INVESTMENT WILL EITHER BE SUITABLE OR PROFITABLE FOR A CLIENT'S INVESTMENT PORTFOLIO.

HISTORICAL PERFORMANCE RESULTS FOR INVESTMENT INDEXES AND/OR CATEGORIES GENERALLY DO NOT REFLECT THE DEDUCTION OF TRANSACTION AND/OR CUSTODIAL CHARGES OR THE DEDUCTION OF AN INVESTMENT MANAGEMENT FEE, THE INCURRENCE OF WHICH WOULD HAVE THE EFFECT OF DECREASING HISTORICAL PERFORMANCE RESULTS OF THAT INDEX AND/OR BENCHMARK CATEGORY.

ECONOMIC FACTORS, MARKET CONDITIONS, AND INVESTMENT STRATEGIES WILL AFFECT THE PERFORMANCE OF ANY PORTFOLIO AND THERE CAN BE NO ASSURANCE THAT A PORTFOLIO WILL MATCH OR OUTPERFORM ANY PARTICULAR INDEX OR BENCHMARK.

SOME OF THE STRATEGIES REFLECTED IN THE HYP PORTFOLIO ONLY PARTIALLY RELATE, TO THE BENCHMARKS SHOWN FOR COMPARISON (E.G. THE BARCLAYS U.S. AGGREGATE BOND INDEX MEASURES THE PERFORMANCE OF THE U.S. INVESTMENT GRADE BOND MARKET. THE INDEX INVESTS IN A WIDE SPECTRUM OF PUBLIC, INVESTMENT-GRADE, TAXABLE, FIXED INCOME SECURITIES IN THE UNITED STATES – INCLUDING GOVERNMENT, CORPORATE, AND INTERNATIONAL DOLLAR-DENOMINATED BONDS. THE MODEL PORTFOLIO MAY NOT INCLUDE THE SAME INVESTMENT STRATEGIES THAT ARE INCLUDED IN THE INDEX.)

THIS WEBSITE IS A PUBLICATION OF MARATHON INVESTMENT PROGRAMS. INFORMATION PRESENTED IS BELIEVED TO BE FACTUAL AND UP-TO-DATE, BUT WE DO NOT GUARANTEE ITS ACCURACY AND IT SHOULD NOT BE REGARDED AS A COMPLETE ANALYSIS OF THE SUBJECTS DISCUSSED. ALL EXPRESSIONS OF OPINION REFLECT THE JUDGMENT OF THE AUTHORS AS OF THE DATE OF PUBLICATION AND ARE SUBJECT TO CHANGE.

CERTAIN INFORMATION HEREIN HAS BEEN OBTAINED FROM THIRD PARTY SOURCES AND, ALTHOUGH BELIEVED TO BE RELIABLE, HAS NOT BEEN INDEPENDENTLY VERIFIED AND ITS ACCURACY OR COMPLETENESS CANNOT BE GUARANTEED. NO REPRESENTATION IS MADE WITH RESPECT TO THE ACCURACY, COMPLETENESS OR TIMELINESS OF THIS WEBSITE.

INFORMATION ON THIS WEBSITE DOES NOT INVOLVE THE RENDERING OF PERSONALIZED INVESTMENT ADVICE, BUT IS LIMITED TO THE DISSEMINATION OF GENERAL INFORMATION ON PRODUCTS AND SERVICES. A PROFESSIONAL FINANCIAL ADVISOR SHOULD BE CONSULTED BEFORE IMPLEMENTING ANY OF THE OPTIONS PRESENTED.

INFORMATION ON THIS WEBSITE IS NOT AN OFFER TO BUY OR SELL, OR A SOLICITATION OF ANY OFFER TO BUY OR SELL ANY OF THE SECURITIES MENTIONED HEREIN.

THE INVESTMENT MANAGER MAY MODIFY ITS INVESTMENT STRATEGY OR THE CONTENTS OF THIS WEBSITE WITHOUT NOTIFICATION.

THIRD-PARTY RANKINGS AND RECOGNITION FROM RATING SERVICES OR PUBLICATIONS ARE NO GUARANTEE OF FUTURE INVESTMENT SUCCESS. WORKING WITH A HIGHLY-RATED FINANCIAL ADVISOR DOES NOT ENSURE THAT A CLIENT OR PROSPECTIVE CLIENT WILL EXPERIENCE A HIGHER LEVEL OF PERFORMANCE OR RESULTS. THESE RATINGS SHOULD NOT BE CONSTRUED AS AN ENDORSEMENT OF THE ADVISOR BY ANY CLIENT.

AT CERTAIN PLACES ON THIS MARATHON INVESTMENT PROGRAMS WEBSITE, LIVE 'LINKS' TO OTHER INTERNET ADDRESSES CAN BE ACCESSED. SUCH EXTERNAL INTERNET ADDRESSES CONTAIN INFORMATION CREATED, PUBLISHED, MAINTAINED, OR OTHERWISE POSTED BY INSTITUTIONS OR ORGANIZATIONS INDEPENDENT OF MARATHON INVESTMENT PROGRAMS. MARATHON INVESTMENT PROGRAMS DOES NOT ENDORSE, APPROVE, CERTIFY, OR CONTROL THESE EXTERNAL INTERNET ADDRESSES AND DOES NOT GUARANTEE OR ASSUME RESPONSIBILITY FOR THE ACCURACY, COMPLETENESS, EFFICACY, TIMELINESS, OR CORRECT SEQUENCING OF INFORMATION LOCATED AT SUCH ADDRESSES. USE OF ANY INFORMATION OBTAINED FROM SUCH ADDRESSES IS VOLUNTARY, AND RELIANCE ON IT SHOULD ONLY BE UNDERTAKEN AFTER AN INDEPENDENT REVIEW OF ITS ACCURACY, COMPLETENESS, EFFICACY, AND TIMELINESS. REFERENCE THEREIN TO ANY SPECIFIC COMMERCIAL PRODUCT, PROCESS, OR SERVICE BY TRADE NAME, TRADEMARK, SERVICE MARK, MANUFACTURER, OR OTHERWISE DOES NOT CONSTITUTE OR IMPLY ENDORSEMENT, RECOMMENDATION, OR FAVORING BY MARATHON INVESTMENT PROGRAMS.