EFTA Document EFTA01364828

GLDUS238 SOUTHERN FINANCIAL LLC Section 9: Cede., Legal. ERISA and Tax Considerations Glendower Capital Secondary Opportunities Fund IV. LP expenses allocable to such investments. The Fund may deduct organizational expenses rateably over 15 years. or it may elect to capitalize such expenses. No deduction is allowed for offering expenses, including placement fees. A non- corporate taxpayer is not permitted to deduct Investment interest" expense in excess of 'net investment income.' This limi