For the following disclosures, references to Hilliard Lyons include both J.J.B. Hilliard, W. L. Lyons, LLC and Hilliard Lyons Trust Company, LLC, unless specifically indicated otherwise.

Business Continuity

We plan to continue business in the event of a significant business disruption, with a planned recovery time proportional to the disruption’s severity. Our business continuity plan will let us continue to perform mission-critical services after a building-only, city-wide, or regional business disruption. 

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USA PATRIOT Act Information

To help combat funding for terrorism and money laundering activities, Hilliard Lyons and its affiliates are mandated to verify the identity of all persons who establish a customer relationship with the Firm.

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Quarterly Reporting for SEC Rule 606

The Securities and Exchange Commission Rule 606 of Regulation NMS requires every broker-dealer that routes orders to make publically available quarterly reports that presents statistical information about non-directed customer orders in certain equity and option securities. The quarterly report must disclose any material aspects of the broker-dealer’s relationship with each of the top ten venues with the largest number of non-directed orders. 

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Cash Sweep Program

Read the Cash Sweep disclosure statement for J.J.B. Hilliard W.L. Lyons, LLC  clients. 

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Social Media Disclosure

The information on advisors' social media sites are not intended to be used as the primary basis of investment decisions. It is for informational purposes only and is not a representation by us or an offer or a solicitation of an offer to sell or buy any security. Furthermore, this site has been published in the United States for residents of the United States. It is not intended for use by or to provide information to investors outside of the United States.

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Hilliard Lyons Trust Company Disclosures

Read the terms, conditions and legal disclosures that may affect your rights as a client of Hilliard Lyons Trust Company, LLC.

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Municipal Securities Group Legal Disclosures

The information and statistics in Municipal Securities reports have been obtained from sources we believe are reliable but we do not warrant their accuracy or completeness. We do not undertake to advise the reader as to changes in figures or our views. This is not a solicitation of an order to buy or sell any securities.

Municipal Securities Group Publications

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Third-Party Research Disclosures

Investors should consider the information below, in reviewing third party research provided by Hilliard Lyons:
Hilliard Lyons makes the third party research material available to its clients without charge for their convenience.  Any opinion, advice and/or recommendation regarding securities or markets contained in such material does not reflect the views of Hilliard Lyons, and Hilliard Lyons does not verify any information included in such material. Hilliard Lyons assumes no responsibility for any recommendation, opinion, advice and/or purported fact contained in any such research material and expressly disclaims any responsibility for its accuracy.

Further, Hilliard Lyons assumes no responsibility for the completeness or timeliness of any such research or for updating such research, which is subject to change without notice at any time.

Because of the nature of its business, Hilliard Lyons may have potential conflicts of interest with subject companies of research reports provided to clients.

As of the end of the preceding month, Hilliard Lyons had voting or investment control of 1% or more of a class of common equity securities of the following issuers: Brown-Forman Corp., BJ’s Restaurants, Inc., Citizens First Corp., Expeditors International of Washington, Inc., Fastenal Company, Harley-Davidson, Inc. and Omnicom Group, Inc.

Hilliard Lyons also managed or co-managed a public offering of securities for the following issuers within the past 12 months: Allstate Corp., AT&T, Inc., Gladstone Capital Corp., Invesco High Income 2024 Target Term Fund,  iREIT Global, , MetLife, Inc., Nuveen Emerging Markets Debt 2022 Target Term Fund, Physicians Realty Trust, Sotherly Hotels, Inc., and Urstadt Biddle Properties, Inc.

Last updated July 19, 2018.

Research Disclosures

Hilliard Lyons will no longer be producing research reports as of Monday, April 30. Please contact your Wealth Advisor with questions.

The Hilliard Lyons research analyst(s) named on the front page of a research report certifies that the views expressed in the report accurately reflect their personal views about the subject. They also certify that they have not been, are not, and will not be receiving direct or indirect compensation in exchange for expressing the specific points of view in this report. Hilliard Lyons’ analysts or members of their households typically have positions in the companies they follow, which may include, but are not limited to, common stock, options, rights, warrants, or futures contracts. They may not engage in buying or selling securities contrary to their recommendation.Hilliard Lyons' analysts receive bonus compensation based on Hilliard Lyons' profitability. They do not receive direct payments from investment banking activity. 

Investment Ratings: 

  • Buy: We believe the stock has significant total return potential in the coming 12 months.
  • Long-term Buy: We believe the stock is an above average holding in its sector, and expect solid returns to be realized over a longer time frame than our Buy rated issues, typically 2-3 years.
  • Neutral: We believe the stock is an average holding in its sector, is currently fully valued, and may be used as a source of funds if better opportunities arise.
  • Underperform: We believe the stock is vulnerable to a price set back in the next 12 months.

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Legal Disclosures