Disclosures

Performance represents the Narwhal Moderate Balanced composite, net of Narwhal’s advisory fee, brokerage and all other expenses and reflects the reinvestment of dividends and other earnings. Additional information including advisory fees and expenses is provided on Narwhal’s Form ADV Part II. The actual return and value of an account fluctuate and, at any time, the account may be worth more or less than the amount invested. Bond investments are affected by interest rate changes and the creditworthiness of the issues held in the portfolio. A rise in interest rates will cause a decrease in the value of fixed income positions.

The material herein is not to be construed as a representation by us or as an offer or the solicitation of an offer to sell or buy any security. Narwhal portfolio characteristics and holdings are subject to change at any time. Holdings and portfolio characteristics of individual client portfolios may differ, sometimes significantly, from those shown. Past performance results are not indicative of future results.