300 S. Spring Street, Suite 300, Aspen, CO 81611
Phone: (970) 920-7000 Fax: (970) 920-7017 Email: collins@collinsbis.com

Investment products, including long-only funds, hedge funds and funds of funds, involve a high degree of risk, can engage in leveraging and other speculative investment practices that may increase the risk of investment loss, may be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds, often charge high fees which may offset any trading profits, and may not provide transparency at regular intervals, and/or provide no transparency to investors in funds of funds. Between periodic pricing or valuation reports, the underlying securities may be known only to the funds' investment managers. Investment performance of these products can be volatile. An investor could lose all or a substantial amount of his or her investment. Fund managers have total trading authority over their funds; the use of a single advisor could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in long-only funds, hedge funds and hedge funds of funds and may not develop. There may be restrictions on transferring interests in these products. These funds may execute a portion of their trades on non-U.S. exchanges. Investing in foreign markets may entail risks that differ from those associated with investments in U.S. markets. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS.

Collins/Bay Island Securities, LLC, a FINRA member and a Registered Investment Advisor, offers various investments, including long-only funds, hedge funds, and hedge funds of funds that may operate in foreign markets, among others. Collins/Bay Island Securities, LLC and/or its officers/partners may have an investment in these funds. working with clients, Collins/Bay Island Securities, LLC acts in its capacity as an SEC-registered Broker-Dealer. While Collins/Bay Island Securities, LLC may give advice that is incidental to its brokerage services, it is not a Registered Investment Adviser with the Securities and Exchange Commission. When acting as a Broker/, Collins/Bay Island Securities, LLC enters into selling agreements with long-only funds, hedge funds, hedge funds of funds and separately managed accounts that it offers, pursuant to which Collins/Bay Island Securities, LLC, with respect to the interests it sells, is paid 20% of the management and performance fees charged by the funds or their managers. This enables Collins/Bay Island Securities, LLC to offer long-only funds, hedge funds, hedge funds of funds and separately managed accounts without charging fees.