Flexible Equity Strategy

This strategy is suited for investors whose primary objective is capital appreciation with a moderate to higher level of volatility. This strategy invests in a combination of equity managers that have the ability to invest in sectors or securities that are very different than the S&P 500, which may lead to increased volatility. Investors most suitable for this model would be looking for a total return strategy and not a relative return strategy as compared to a benchmark.

Also available in the Freedom Flexible Equity UMA is a model that invests 20% of assets in the Raymond James Managed Completion Alternative Portfolio. Consisting of approximately a dozen mutual funds invested in non-traditional asset classes, the Alternative Managed Completion Portfolio seeks to lower overall volatility.

Investors who are considering investing in either model should generally have a long-term time horizon and moderate to higher tolerance for volatility.

Mutual funds are sold by prospectus only. Investors should consider the investment objectives, risks, charges and expenses of an investment company carefully before investing. The prospectus contains this and other information about an investment company and is available from your financial advisor. The prospectus should be read carefully before investing.

UMAs are not suitable for all investors. It is important to review the investment objectives, risk tolerance, tax objectives and liquidity needs before choosing an investment style or manager. All investments carry a certain degree of risk and no one particular investment style or manager is suitable for all types of investors. This should not be be construed as a recommendation to purchase any security outside of a managed account. Diversification and asset allocation does not ensure a profit or guarantee against a loss.

- Alternative investments are generally considered speculative in nature and may involve a high degree of risk, particularly if concentrating investments in one or few alternative investments. These risks are potentially greater and substantially different than those associated with traditional equity or fixed income investments. The investment strategies used by certain Funds require a substantial use of leverage. The investment strategies employed and associated risks are more fully disclosed in each Fund's prospectus, which is available from your financial advisor.

- High-yield (below investment grade) bonds are not suitable for all investors.

- There is an inverse relationship between interest rate movements and fixed income prices. Generally, when interest rates rise, fixed income prices fall and when interest rates fall, fixed income prices generally rise

- International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility.

- Investing in emerging markets can be riskier than investing in well-established foreign markets. Investing involves risk and investors may incur a profit or a loss, including the loss of all principal.

- Investing in small-cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor.

- Commodities trading is generally considered speculative because of the significant potential for investment loss. Commodities are volatile investments and should only form a small part of a diversified portfolio.

- Among the factors that could affect the value of the fund's investments in commodities are cyclical economic conditions, sudden political events, and adverse international monetary policies.

- These portfolios may be subject to international, small-cap and sector-focus exposures as well.

- Markets for precious metals and other commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising.

- Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments.

- Some accounts may invest in Master Limited Partnership (“MLP”) units, which may result in unique tax treatment. MLPs may not be appropriate for ERISA or IRA accounts, and cause K-1 tax treatment. Please consult your tax adviser for additional information regarding the tax implications associated with MLP investments.

Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns.

Standard & Poor's 500 (S&P 500): Measures changes in stock market conditions based on the average performance of 500 widely held common stocks. It is a market-weighted index calculated on a total return basis with dividend reinvested. The S&P 500 represents approximately 75% of the investable US equity market.

Account strategies are as of September 1, 2010 and are subject to change without notice from the addition, removal or substitution of one or more asset classes. The illustrated allocation is only available to investors with at least $300,000 to invest. Those investing less than this amount in a Freedom UMA may receive a less diversified portfolio.