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No Offer of Securities.  The information contained on his website 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 securities or financial instruments or to participate in any investment strategy. Offerings of securities shall be made only by private offering memoranda prepared by or on behalf of AVL, which would contain material information not contained on this website and which shall supersede this information in its entirety. Any decision to invest in securities offered by any of AVL's managed funds should be made only after reviewing the definitive private offering memorandum for such fund, conducting such investigations as the investor deems necessary and consulting the investor’s own investment, legal, accounting, and tax advisors in order to make an independent determination of the suitability and consequences of such investment.