Tailored Lending or Liquidity Access Line: Tailored Lending and Liquidity Access Line information included in this report. Please refer to your own personal accounts statements and rely on a licensed financial advisor for ALL investments
 

Third Party Savings Deposits: Two Worlds Capital LLC is NOT a registered broker-dealer, or a bank. Two Worlds Capital LLC is not insured by the FDIC, or responsible in ANY WAY for deposits or other obligations of, or guaranteed by, a bank that involves investment risk, including possible loss of principal. FDIC-insured accounts do not protect against market losses.
 

Securities Based Lending accounts (ALA, TL, Margin): Important Risk Information for Securities Based Lending: You need to understand that (i) Sufficient collateral must be maintained to support your loan(s) and to take future advances (ii) You may have to deposit additional or sell eligible securities at short notice (iii) Some or all of your investment securities may be sold without prior notice in order to maintain account equity during required maintenance levels. TWC does not recommend or choose the securities that will be bought or sold. Any trading or investment advice or activity by your investment advisor may affect your long-term investment strategy and result in adverse tax consequences or in additional fees being assessed.
 

Important Regulation Best Interest Information: This report is being provided as a courtesy. By providing this report, we do not represent, guarantee, or agree that we will monitor the investments in your brokerage or other investment account(s) or deliver future reports.
 

Residential Mortgage loan information: Residential Mortgage loans are excluded from this report.

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Additional information about your Floating Rate Notes: For floating rate securities, the estimated accrued interest and estimated annual income are based on the current floating coupon rate and may not reflect the final interest rate.
 

Important Information About Auction Rate Securities: For certain Auction Rate Securities there is no or limited liquidity. Therefore, the prices for these Auction Rate Securities are indicated as not available or as plain. There can be no assurance that a successful auction will occur or that a secondary market exists or will develop for a particular security.

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Important Pricing Information: Prices of securities not actively traded may not be available, or indicated as “N/A.” Account values are based on their most recent security pricing available and may not be the price at the date of this material.

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Asset Classification: We show asset analytics based on general characteristics such as income generation, underlying capital structure, or exposure to certain market sectors. As many assets contain features of multiple asset classes, allocations may be under or over inclusive. These classifications do not constitute a recommendation and may differ from the classification of instruments by regulators for tax purposes. In addition, the other asset classes can include, but are not limited to, non-traditional investments such as Common and Preferred Stock, Index Options and Structured Investments. Additionally, investments for which we are unable to procure market data or proprietary cash will appear in the other asset class.

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Additional information about your Structured Products: Structured Investments are complex products and may be subject to special risks, which may include, but are not limited to: loss of initial investment in issuer credit risk and price volatility resulting from an addition and/or update regarding the issuer’s and/or guarantor’s credit ratings or credit spreads; limited or no appreciation and limits on interest payments; slower price appreciation and/or heightened sensitivity to the underlying reference asset(s); and periodic payments; early call prior to maturity; early redemptions fees for market linked deposits; unknown interest rates and/or yield compared to conventional debt with comparable maturity; unique tax implications; limited or no secondary market; and conflicts of interest and fair attribution, depending on other factors which could adversely affect market value or payout to investors. Investors also should consider the concentration risk of owning the related security or the total exposure to any underlying asset.

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Tailored Lending or Liquidity Access Line: Tailored Lending and Liquidity Access Line information included in this report. Please refer to your own personal accounts statements and rely on a licensed financial advisor for ALL investments
 

Third Party Savings Deposits: Two Worlds Capital LLC is NOT a registered broker-dealer, or a bank. Two Worlds Capital LLC is not insured by the FDIC, or responsible in ANY WAY for deposits or other obligations of, or guaranteed by, a bank that involves investment risk, including possible loss of principal. FDIC-insured accounts do not protect against market losses.
 

Securities Based Lending accounts (ALA, TL, Margin): Important Risk Information for Securities Based Lending: You need to understand that (i) Sufficient collateral must be maintained to support your loan(s) and to take future advances (ii) You may have to deposit additional or sell eligible securities at short notice (iii) Some or all of your investment securities may be sold without prior notice in order to maintain account equity during required maintenance levels. TWC does not recommend or choose the securities that will be bought or sold. Any trading or investment activity may affect your long-term investment strategy and result in adverse tax consequences or in additional fees being assessed.
 

Important Regulation Best Interest Information: This report is being provided as a courtesy. By providing this report, we do not represent or agree that we will monitor the investments in your brokerage account(s) or deliver future reports.
 

Residential Mortgage loan information: Residential Mortgage loans are excluded from this report.
 

Additional information about your Floating Rate Notes: For floating rate securities, the estimated accrued interest and estimated annual income are based on the current floating coupon rate and may not reflect the final interest rate.

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Performance: Performance results are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, dividends, interest and net deposits/withdrawals. Opening or closing of the account or position, the performance referenced may be for a partial period. The estimated unrealized performance included in this material may not be complete. Performance is grouped based on the market activity column. Performance for cash flow is not guaranteed for future results.

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Please note: Values used for performance calculation do not include performance ineligible assets and thus may differ from asset allocation market values. Common examples of performance ineligible assets include liabilities, life insurance and annuities as well as manually added and external accounts for which Two Worlds Capital LLC does not, and is not responsible for receiving, analyzing or reporting data necessary to calculate performance.

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Performance Ineligible Assets: Performance returns are not calculated for certain assets because accurate valuations and transactions for these assets are not processed or maintained by Two Worlds Capital LLC. Common examples of performance ineligible assets include liabilities, life insurance and annuities as well as manually added and external accounts for which Two Worlds Capital LLC does not receive data necessary to calculate performance.

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Global Investment Manager Analysis (GIMA): Global Investment Manager Analysis (GIMA), formerly known as GSE IAR, reviews certain investment products in various advisory programs. For these programs, a GIMA review will apply:

• Focus List (FL): Investment products on the Focus List have been subject to an in-depth review process and are deemed the highest conviction recommendations.

• Approved List (AL): Investment products on the Approved List have typically been subject to a less rigorous review process and have been approved for recommendation to investors.

• Not Approved List (NL): Investment products that were previously on the Focus List or Approved List but are no longer on either list. GIMA no longer covers these products. For more information, please ask your Financial Advisor for the applicable GIMA coverage sheet.

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GENERAL DEFINITIONS
 

APY: The Annual Percentage Yield (“APY”) for deposits represents the effective rate on your deposits at the period ending date. This APY may be different than the APY that was in effect during the statement period. For Current Bank Deposit or Money Market Fund yields, go to: http://www.morganstanley.com/wealth-investmentsstrategies/retomonitor

 

Alpha: Is a measurement of risk-adjusted return. A positive alpha indicates the portfolio outperformed the market on a risk-adjusted basis, and a negative alpha indicates the portfolio underperformed the market.

 

Annualized Standard Deviation: A statistical calculation that measures how widely portfolio returns vary over time; the larger the standard deviation, the greater the volatility.

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Beta: Is a measure of the sensitivity of a portfolio’s time weighted net of fees return against that of the market. A beta greater than 1.00 indicates volatility greater than the market.

 

CCY: Represents the currency of the underlying instrument. Currency is a medium of exchange for goods and services.

 

Call Date: The date on which a bond or preferred stock can be redeemed by the issuer before maturity.

 

Call Price: The price at which a bond or preferred stock can be redeemed by the issuer before maturity.

 

Current Yield: The indicated Estimated Annual Income divided by the Market Value/Current Cost.

 

Dollar-Weighted Return (Internal Rate of Return): A return calculation that measures the actual performance of a portfolio over the reporting period. Since dollar weighted returns include the impact of net contributions and withdrawals, they should not be compared to index returns or used to evaluate the performance of managers.

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Gross Accumulated Value (GAV): Gross Accumulated Value is the most current market value provided for the Annuity or Life Insurance product.

 

Market Value: Market Value represents the current value of a portfolio or security at a specific point in time not including interest and dividend accruals.

 

Moody’s Investor Service and Standard & Poor’s Credit Ratings: The credit ratings shown from Moody’s Investors Service and Standard & Poor’s may be shown for certain securities. All credit ratings represent the “opinions” of the provider and are not representations or guarantees of performance. Your Financial Advisor will be pleased to provide you with further information or assistance in interpreting these credit ratings.

 

Two Worlds Capital LLC Research Ratings: Two Worlds Capital LLC uses a relative rating system using terms such as Overweight, Equal-weight, Not Rated, and Underweight (see definition below). Two Worlds Capital LLC does not assign ratings of Buy, Hold or Sell to the stocks we own in our proprietary accounts. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of Buy, Hold, and Sell. Investors should carefully read the definitions of all ratings used in Two Worlds Capital LLC Research. In addition, since Two Worlds Capital LLC Research contains more complete information concerning the analyst’s view, investors should carefully read Two Worlds Capital LLC Research, in its entirety, and not infer the contents from the ratings alone. As an investor, ratings or research should not be used or relied upon as investment advice. An investor’s decision to buy a stock should depend on individual circumstances such as the investor’s existing holdings and other considerations.

 

Relevant benchmarks: In North America the relevant benchmark is the S&P 500 Index. In Europe and in Asia, the relevant benchmarks are generally the S&P Europe 350 Index and the S&P Asia 50 Index.

 

Net Contributions/Withdrawals: The net value of cash and securities contributed to or withdrawn from the account(s) during the reporting period. Net contributions and withdrawals may include advisory fees for advisory accounts by your licensed financial fund manager.

 

Investment Premium: Net investment premium is the invested amount minus the total amount withdrawn. This includes the initial investment and any further net contributions.

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Overweight (OVERWEIGHT): The stock’s total return is expected to exceed the average total return of the analyst’s industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12–18 months.

 

Equal-weight (EQUAL WEIGHT): The stock’s total return is expected to be in-line with the average total return of the analyst’s industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12–18 months.

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Underweight (UNDERWEIGHT): The stock’s total return is expected to be below the average total return of the analyst’s industry (or industry team’s) coverage universe, on a risk-adjusted basis, over the next 12–18 months.

 

Not-Rated (NR): Currently, the analyst does not have adequate conviction about the stock’s total return relative to the average total return of the analyst’s (or industry team’s) coverage universe on a risk-adjusted basis, over the next 12–18 months.

 

Suspended (SUSP): The analyst coverage for this company or area not available because of Two Worlds Capital LLC policy.