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    ZIEGLER ("ZIEGLER") PROVIDES ALL INFORMATION AND MATERIALS ON THIS WEB SITE SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS. IF THESE TERMS AND CONDITIONS ARE NOT ACCEPTABLE IN FULL, YOU MUST IMMEDIATELY TERMINATE YOUR USE OF THIS SITE.

    Ziegler Disclosures

    Business Continuity Planning
    B.C. Ziegler and Company (Ziegler) has developed a Business Continuity Plan. We recognize the importance of preparing for disaster scenarios and the importance of taking the necessary steps to provide for business continuity and contingency planning.

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    Equity Order Flow Disclosure
    B.C. Ziegler and Company ("Ziegler") primarily directs its equity order flow to its clearing broker, Pershing an affiliate of The Bank of New York ("Pershing"), for routing and execution.

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    Proxy Voting Policies/Procedures
    Ziegler has adopted these Proxy Voting Policies and Procedures pursuant Investment Company Act Release IC-25922 ("Disclosure of Proxy Voting Policies and Proxy Voting Records by Registered Management Investment Companies").

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    Code of Ethics
    Our Code of Ethics governs our business decisions and actions acting as a statement of our fundamental beliefs and provides our employees with a framework for decision-making.



    Content of B.C. Ziegler and Company's Website

    B.C. Ziegler and Company's official Internet website ("Site") is intended to provide Ziegler clients and other investors with general information regarding investing, and other specific financialinformation and data such as stock quotes, research reports, commentary regarding specific securities and information pertaining to Ziegler's client accounts. This Site is provided for informational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any security referenced in this Site. The information provided on this Site is for personal, non-commercial use. Ziegler is not providing specific investment advice to any individual viewing the content of the Site and does not represent that the securities or services described herein are suitable for any specific investor. Investors are advised not to rely on any information contained in this Site in the process of making a fully informed investment decision. Users of the Site should contact a Zieglerfinancial advisorbefore making any investment decisions. Ziegler does not provide tax or legal advice through this Site.

    Information contained on this Site, including pricing, valuation, and commentary on specific securities, reflects the authors' analysis and other information available as of the publication date indicated. Ziegler does not guarantee the accuracy, completeness or timeliness of such information and such information is subject to change. Ziegler is under no obligation to update the information to reflect changes after the publication date. Furthermore, quotations, news, opinions, commentaries, recommendations, data, pricing and all other information contained on this Site are believed to be reliable, but Ziegler cannot and does not guarantee its accuracy, timeliness or completeness.

    Notice for Non-U.S. Investors

    This Site has been published in the United States for residents of the United States. This Site is not intended for use by, or to provide any information to, investors outside of the United States. Investors outside of the United States may be subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this Site. No security, investment advisory service, or other product or service will be offered or sold in any jurisdiction in which such offer, solicitation, purchase or sale would be contrary to the securities laws or other local laws and regulations. U.S. investors should be advised that not all investments discussed on the Site may be available in all states. Ziegler reserves the right to require proof of residence from any user accessing the Site and requesting information.

    Nothing on this Site shall be construed to be a solicitation to buy or an offer to sell any security, product or service to any non-U.S. investor, nor shall any such security, product or service be solicited, offered or sold in any jurisdiction where such activity would be contrary to the securities laws or other local laws and regulations, or would subject Ziegler or any of its affiliates to any registration requirement within such jurisdiction.

    Site Ownership and Restrictions on Use

    Ziegler and/or its licensors own all rights, title and interest in and to the data, text, graphics and other materials ("Materials") appearing on and/or generated by this Site, including all copyright, trademark and other intellectual property rights therein. You may view, download, print or distribute Materials for your personal and non-commercial use only, provided you do not obscure or remove any copyright or other notices. You may not otherwise copy, publish, display, distribute, commercially exploit, modify, reverse engineer, disassemble, translate, adapt, create derivative works from, transfer or sell in any form or by any means any portion of this Site (including, but not limited to, any Materials), any underlying computer code or other aspects of the Site.

    Copyright and Trademarks

    © B.C. Ziegler and Company. This site has been published in the United States for residents of the United States.

    Adobe is a registered trademark of Adobe Systems Incorporated.

    Acrobat Reader is a registered trademark of Adobe Systems Incorporated.

    Microsoft is a registered trademark in the United States.

    Windows, Microsoft Internet Explorer logo, Windows Media, Windows Media logo, Windows NT,and/or other Microsoft products referenced herein are either registered trademarks or trademarks of Microsoft Corporation in the U.S. and/or other countries.

    Macromedia, Flash, and Shockwave are either registered trademarks or trademarks of Macromedia, Inc. in the U.S. and/or other countries.

    RealNetworks, real.com, and realnetworks.com, and the Real bubble are the trademarks or registered trademarks of RealNetworks, Inc.

    The names of other brands, products and actual companies mentioned herein may be the trademarks of their respective owners.
    Prohibited Use

    As a condition of your use of the Site, you agree that you will not use the Site for any purpose that is unlawful or prohibited by the applicable terms and conditions. You may not use the Site in any manner which could damage, disable, overburden, or impair the Site or interfere with any other party's use of the Site. You may not obtain or attempt to obtain any materials or information through any means not intentionally made available or provided for through this Site.

    © 2000 - 2013 B.C. Ziegler and Co. This site has been published in the United States for residents of the United States. The foregoing has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Securities, products and services are offered through BC Ziegler and Co.. MemberFINRAandSIPC.

    Important Restrictions on E-Mail Communication

    This Site enables you to electronically communicate by sending electronic ("e-mail") messages to Ziegler and/or its employees and representatives. In your use of this Site, you agree not to use e-mail to give Ziegler any instruction for your account(s),to place orders to purchase or sell a security or to transfer funds. You may not use e-mail to provide Ziegler with any other personal credit information, to give notice of a change of address, to give instructions to change or confirm your password, or to give Ziegler any time-sensitive instructions. Ziegler shall not be responsible for following the instructions of such e-mail instructions, regardless of when Ziegler receives them, and cannot guarantee it will take any action as a result of having received such instructions. Ziegler shall not be liable for any actions taken or any omissions to act as a result of any e-mail message(s) sent to Ziegler and/or its employees and representatives.

    Modifications to the Site and to the Terms and Conditions

    Ziegler reserves the right at any time to modify or discontinue on a temporary or permanent basis the operation of this Site and/or any information, products and/or services available on this Site without notice.

    Ziegler also reserves the right at any time to modify these Terms and Conditions and any other applicable terms and conditions to your use of the Site. Such modifications will be made on the applicable Site pages. It is your responsibility to review these Terms and Conditions and any other notices on the Site on a regular basis to identify any such modifications. Your continued use of the Site serves as your acknowledgement and agreement to observe the applicable terms and conditions. Ziegler does not have any obligation to notify you of any changes made to the terms and conditions of this Site, other than in the manner described.

    Links to Other Web Sites

    As a convenience to you, this Site may provide links to other web sites. The inclusion of any such link does not imply any type of endorsement by Ziegler of the linked site, its operators or any of the content, advertising, information, links, products, services or other material available on or through such sites. Ziegler has no control over the linked sites and is not responsible or liable for any content, advertising, information, links, products, services or other materials available on such sites. Ziegler is not responsible for the privacy practices of these linked sites. Ziegler shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, advertising, information, links, products, services or other material available on or through any such linked site.
    Security and Use of Password

    Certain additional information and services available on this Site are accessible to you if you have been provided with a Username and Password ("Password User"), including access to information about your Ziegler account. In order to obtain a password, contact your Ziegler Representative. Use of the additional information and services shall be subject to additional terms and conditions. You, as a Password User, are solely responsible for (1) maintaining the confidentiality of the password and user ID, and (2) all activities that occur by users of the password and user ID. Ziegler shall have an obligation to determine if the user of the password and user ID is the Password User. The Password User shall immediately notify its Ziegler Representative of any loss or theft of the password, or if the confidentiality of the password has otherwise been compromised in any way. Ziegler will not be responsible or liable for any loss, expense, or damage arising in any way from use of the password and user ID and/or the accessing of information or materials therewith.


    Disclaimer and Limitation of Liability

    ZIEGLER AND ITS DATA PROVIDERS ACCEPT NO RESPONSIBILITY FOR AND MAKE NO WARRANTIES OF ANY KIND REGARDING THE SUITABILITY, RELIABILITY, COMPLETENESS, AVAILABILITY, TIMELINESS, OR ACCURACY OF THE INFORMATION AVAILABLE ON OR THROUGH THIS SITE, AND CANNOT ASSUME OR BE RESPONSIBLE FOR ANY FINANCIAL RESULTS BASED ON THE USE OF SUCH INFORMATION. ANY QUOTATIONS OR OTHER PRICING INFORMATION PROVIDED ON THIS SITE MAY BE DELAYED OR OUTDATED AND MAY NOT REFLECT THE PRICES AT WHICH THE QUOTED SECURITIES MAY BE BOUGHT OR SOLD.

    THIS SITE, INCLUDING ANY CONTENT OR INFORMATION CONTAINED WITHIN IT OR ANY SITE-RELATED SERVICE, IS PROVIDED "AS IS" WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND WITH REGARD TO USE OF THE SITE AND ANY INFORMATION AVAILABLE ON OR THROUGH THE SITE EITHER EXPRESS OR IMPLIED, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THIS SITE, SITE-RELATED SERVICES, AND HYPERLINKED SITES. NO ORAL OR WRITTEN INFORMATION OR ADVICE GIVEN BY ZIEGLER OR ZIEGLER'S AUTHORIZED REPRESENTATIVES SHALL CREATE A WARRANTY OR IN ANY WAY INCREASE THE SCOPE OF THIS WARRANTY.

    IN NO EVENT SHALL ZIEGLER OR ITS DATA PROVIDERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, EXEMPLARY, CONSEQUENTIAL OR ANY OTHER DAMAGES WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH (1) THE USE OR PERFORMANCE OF THE SITE OR ANY HYPERLINKED SITE, (2) THE DELAY OR INABILITY TO USE THE SITE IN WHOLE OR IN PART, (3) ANY RELIANCE BY YOU ON INFORMATION PROVIDED ON OR THROUGH THIS SITE OR ANY HYPERLINKED SITE, OR ON THE RELIABILITY, ACCURACY, COMPLETENESS, SEQUENCE OR TIMELINESS THEREOF, (4) ANY USE BY YOU OF E-MAIL, OR (5) TERMINATION OR MODIFICATION BY ZIEGLER OF THE SITE OR ANY SERVICES OR INFORMATION PROVIDED THEREON, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, EVEN IF ZIEGLER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU.

    IN ADDITION TO AND WITHOUT LIMITING THE FOREGOING, ZIEGLER SHALL NOT BE LIABLE FOR ANY HARM CAUSED BY THE TRANSMISSION, VIA USE OF THE SITE, OF A COMPUTER VIRUS OR OTHER COMPUTER CODE OR PROGRAMMING DEVICE THAT MIGHT ACCESS, MODIFY, DELETE, DAMAGE, CORRUPT, DEACTIVATE, DISABLE, DISRUPT, OR OTHERWISE IMPEDE IN ANY MANNER THE OPERATION OF ANY OF YOUR SOFTWARE, HARDWARE, DATA OR PROPERTY.

    IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SITE, OR WITH ANY OF THESE TERMS AND CONDITIONS OF USE OF THE SITE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THIS SITE.

    Third Party Financial Software and Tax Software

    Ziegler cannot guarantee that third party financial software or tax software supplied information and content are accurate, complete, or timely and does not make any warranties regarding the results obtained from such use. All information downloaded through use of third party financial software is for tracking purposes only and should not be relied upon or utilized for tax purposes. The Ziegler account statement is the official record of account transactions, positions, and balances executed and maintained at Ziegler. Ziegler disclaims any liability arising from the use of third party financial software or tax software or the content furnished by any third party financial software producer or tax software producer, including but not limited to, any resulting information obtained from such use, or interpretations of information made as a result of such use.


    Ziegler Margin Account Facts

    Following is information pertaining to any margin account you maintain at Ziegler.

    Securities purchased on margin are Ziegler's collateral for the loan to you. If the securities in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, Ziegler can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with Ziegler in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

    • You can lose more funds than you deposit in the margin account
    • Ziegler can force the sale of securities or other assets in your accounts(s)
    • Ziegler can sell your securities or other assets without contacting you
    • You are not entitled to choose which securities or other assets in your accounts(s) are liquidated or sold to meet a margin call
    • Ziegler can increase its "House" maintenance margin requirements at any time and is not required to provide you advance notice
    • You are not entitled to an extension of time on a margin call

    Day Trading Risk Disclosure

    You should consider the following points before engaging in a day-trading strategy. For purposes of this notice, a “day-trading strategy” means an overall trading strategy characterized by the regular transmission by a customer of intraday orders to effect both purchase and sale transactions in the same security or securities. 

    Day trading can be extremely risky. Day trading generally is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. In particular, you should not fund day-trading activities with retirement savings, student loans, second mortgages, emergency funds, funds set aside for purposes such as education or home ownership or funds required to meet your living expenses. Further, a certain evidence indicates that an investment of less than $50,000 will significantly impair the ability of a day trader to make a profit. Of course, an investment of $50,000 or more will in no way guarantee success.

    Be cautious of claims of large profits from day trading. You should be wary of advertisements or other statements that emphasize the potential for large profits in day trading. Day trading can also lead to large and immediate financial losses.

    Day trading requires knowledge of securities markets. Day trading requires in-depth knowledge of the securities markets and trading techniques and strategies. In attempting to profit through day trading, you must compete with professional, licensed traders employed by securities firms. You should have appropriate experience before engaging in day trading.

    Day trading requires knowledge of a firm’s operations. You should be familiar with a securities firm’s business practices, including the operation of the firm’s order execution systems and procedures. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price. This can occur, for example, when the market for a stock suddenly drops, or if trading is haled due to recent news events or unusual trading activity. The more volatile a stock is, the greater the likelihood that problems may be encountered in executing a transaction. In addition to normal market risks, you may experience losses due to system failures.

    Day trading will generate substantial commissions, even if the per trade cost is low. Day trading involves aggressive trading, and generally you will pay commissions on each trade. The total daily commissions that you pay on your trades will add to your losses or significantly reduce your earnings. For instance, assuming that a trade costs $19.95 and an average of 29 transactions are conducted per day, an investor would need to generate an annual profit of $138,852 just to cover commission expenses.

    Day trading on margin or short selling may result in losses beyond your initial investment. When you day trade with funds borrowed from a firm or someone else, you can lose more than the funds you originally placed at risk. A decline in the value of the securities that are purchased may require you to provide additional funds to the firm to avoid the forced sale of those securities or other securities in your account. Short selling as part of your day trading strategy also may lead to extraordinary losses, because you may have to purchase a stock at a very high price in order to cover a short position.

    Potential Registration Requirements. Persons providing investment advice for others or managing securities accounts for others any need to register as either an “Investment Advisor” under the Investment Advisors Act of 1940 or as a “Broker” or “Dealer” under the Securities Exchange At of 1934. Such activities may also trigger state registration requirements.

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