Regulatory Disclosures

Investment Advisor Registration

Cavalcade Associates is a registered investment advisor under the Investment Advisers Act of 1940. Registration with the SEC or state securities authorities does not imply a certain level of skill or training. Our Form ADV, which contains important information about our business practices, fees, and conflicts of interest, is available upon request and on the SEC's website at adviserinfo.sec.gov.

Fiduciary Standard

As a registered investment advisor, we are held to a fiduciary standard when providing investment advice to our clients. This means we have a legal obligation to act in your best interest and to provide advice that is suitable for your individual circumstances, financial situation, and investment objectives.

Investment Risks

Investment risks include, but are not limited to:

• Market Risk: The risk that investments will decline in value due to market conditions
• Credit Risk: The risk that bond issuers may default on their obligations
• Interest Rate Risk: The risk that changes in interest rates will affect bond values
• Inflation Risk: The risk that inflation will erode purchasing power
• Liquidity Risk: The risk that investments cannot be sold quickly at fair value
• Currency Risk: The risk associated with foreign currency fluctuations
• Concentration Risk: The risk of having too much exposure to a single investment or sector

Fee Disclosure

Our advisory fees are disclosed in our Form ADV Part 2A and in each client's advisory agreement. Fees are typically charged as a percentage of assets under management and may vary based on account size and services provided.

Additional Costs

In addition to our advisory fees, you may incur:

• Custodial fees charged by the account custodian
• Transaction costs for buying and selling securities
• Mutual fund and ETF expense ratios
• Other investment-related expenses

Conflicts of Interest

We are required to disclose any material conflicts of interest that could affect our advice. Potential conflicts include:

• We may recommend investments in which we or our related persons have a financial interest
• We may receive compensation from third parties for client referrals
• Our principals may have personal investments that could create conflicts with client recommendations
• We may provide services to clients with competing interests

All material conflicts of interest are disclosed in our Form ADV Part 2A, which is provided to all clients and prospective clients.

Custody and Safekeeping

We do not maintain custody of client assets. All client assets are held by qualified custodians that are separate from our firm. Clients receive account statements directly from their custodians and should carefully review these statements.

If we provide additional account reports, these should be compared with custodial statements, and any discrepancies should be reported to us immediately.

Privacy and Confidentiality

We are committed to protecting the privacy and confidentiality of client information. We do not sell or share client information with third parties except as required by law or as necessary to provide advisory services. Our complete Privacy Policy is available on our website.

Business Continuity

We maintain a business continuity plan designed to ensure continued service to our clients in the event of a significant business disruption. This plan addresses various scenarios including natural disasters, technology failures, and other emergencies.

Disciplinary Information

We are required to disclose any material disciplinary events involving our firm or key personnel. Currently, there are no material disciplinary events to report. Any future disciplinary events will be disclosed in our Form ADV.

Client Complaints and Disputes

If you have a complaint about our services, please contact us directly. We are committed to resolving any issues promptly and fairly. If you are not satisfied with our response, you may file a complaint with:

• The Securities and Exchange Commission (SEC)
• Your state securities regulator
• FINRA (if the dispute is subject to arbitration)

Additional Resources

For additional information about investment advisors and investing, please visit:

• Investor.gov - SEC's website for individual investors
• AdviserInfo.sec.gov - Database of investment advisor information
• FINRA.org - Financial Industry Regulatory Authority

Contact Information

For questions about these disclosures or to request additional information: