Global Balanced Select UMA Lazard Asset Management

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Global Balanced Select UMA Lazard Asset Management LLC Style: Global Multi Asset Year Founded: 1970 Sub-Style: Balanced Value-Oriented GIMA Status: Approved 30 Rockefeller Plaza Firm AUM: $245.1 billion Firm Ownership: Lazard Freres & Co. LLC New York, New York 10112 Firm Strategy AUM: $175.5 million Professional-Staff: 869

PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Lazard Asset Management LLC's Global Balanced investment strategy Number of stock holdings: 40 to 60 ------06/21------12/20 seeks to invest in a high quality portfolio of global equity and fixed ------P/E ratio: Similar to the S&P 500 Lazard Index*** Lazard income securities. The global equity portion of the portfolio consists of Number of stock holdings 60 — 60 U.S. equities and foreign investments in the form of American Depository Cash level over market cycle: 0 to 10% Receipts (ADRs). Lazard's value-oriented equity investment approach Risk (standard deviation): Similar to the 60% MSCI World Dividend Yield 1.3% — 1.4% emphasizes bottom-up stock selection that strives to identify Net /30% BCIGC/10% T-Bills inexpensively priced companies worldwide that are financially Distribution Rate — — — Average turnover rate: 0 to 30% productive, with high returns on equity or assets. Country weightings are 30.30x — 29.60x typically a fallout of stock picking. Lazard's process may, at times, result Number of bond holdings: 1 to 10 Wtd avg P/E ratio ¹ in portfolios that will be over/underweighted in particular Wtd avg portfolio beta — — — sectors/countries/regions versus the S&P 500 Index and MSCI World Average maturity: 1.0 to 5.0 years 0.0% 0.0% 0.0% Index. The fixed income portion of the investment strategy has a Use ADRs: 70 to 90% Mega capitalization ⁺ bottom-up orientation with a focus on credit quality. The fixed income Large capitalization ⁺ 0.0% 0.0% 0.0% portfolio consists of U.S. and foreign securities, which may include ETF's Capitalization: Mega, Large and Medium companies and Closed-End Funds. Medium capitalization ⁺ 0.0% 0.0% 0.0% Emerging markets exposure: No Small capitalization ⁺ 0.0% 0.0% 0.0% Micro capitalization ⁺ 0.0% 0.0% 0.0% Number of bond holdings — — — PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ Avg maturity 3.74 yrs. — 4.33 yrs. ------06/21------12/20 Sector Lazard------Index*** Lazard Materials 1.00 0.00 1.99 PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % Industrials 12.48 0.00 14.20 Microsoft Corporation 3.4 Consumer Discretionary 15.72 0.00 11.78 Alphabet Inc. Class A 3.4 3.0 Consumer Staples 12.03 0.00 14.30 Thermo Fisher Scientific Inc. IQVIA Holdings Inc 2.9 Health Care 14.02 0.00 13.89 Wolters Kluwer NV 2.6 Financials 13.87 0.00 12.69

Information Technology 18.02 0.00 19.18 % PROCESS BASED ON Communication 7.37 0.00 7.17 0 Asset allocation Services 0 Industry or sector weighting Utilities 1.15 0.00 1.65 90 Stock Selection 0 Duration Management MANAGER'S INVESTMENT STRATEGY Cash/Cash Equivalents 4.35 0.00 3.14 0 Yield Curve Management  Top-down / portfolio structures based on economic trends 0 Sector Selection  Bottom-up / portfolio structure based on individual securities 10 Bond Selection

¹High Grade Corporates ***Index : 60% MSCI World/40% BCGCI Index ²The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding.

If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 1 of 7

Global Balanced Select UMA

MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺ • Identify value universe through proprietary screening process Investing in securities entails risks, including: Equity portfolios 06/21 03/21 12/20 09/20 • Fundamental analysis of stocks including accounting validation are subject to the basic stock market risk that a particular U.S. Stocks 0 30 52 54 security, or securities in general, may decrease in value. Fixed • Select stocks with low price/book, low price/cash flow, high return on ADRs 0 25 45 43 Income securities may be sensitive to changes in prevailing equity and assets ISHARES TR 0 21 0 0 interest rates. When rates rise the value generally declines. BARCLYS 1-3 YR • Select high quality bonds through systematic valuation of yield curves, There is no assurance that the private guarantors or insurers will sectors and individual securities ISHARES TR 0 12 0 0 meet their obligations. International investing should be BARCLYS 7-10 • Lazard will sell securities when they believe they have become fairly considered one component of a complete and diversified Invesco Fundamental 0 2 0 0 valued, fundamentals change, or more attractive opportunities exist investment program. Investing in foreign markets entails greater High Yield Bond ETF risks than those normally associated with domestic markets ISHARES 0 8 0 0 such as foreign political, currency, economic and market risks. SHORT-TERM Equity securities' prices may fluctuate in response to specific CORPORATE BOND situations for each company, industry, market conditions and ETF general economic environment. Companies paying dividends Cash/Cash Equivalents 0 2 3 3 can reduce or cut payouts at any time. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of FIXED INCOME SECTOR DISTRIBUTION (%) ⁺ securities, it should be noted that a decline in the value of these 03/21 12/20 09/20 investments would cause the portfolio’s overall value to decline 06/21 to a greater degree than that of a less concentrated U.S. Treasury 39.90 39.95 49.96 49.63 portfolio.The returns on a portfolio consisting primarily of EM 0.18 1.64 39.20 39.39 sustainable investments may be lower or higher than a portfolio 9.57 that is more diversified or where decisions are based solely on High Yield Corporates 10.23 9.18 9.91 investment considerations. Because sustainability criteria Cash/Cash Equivalents 0.79 0.16 0.00 1.07 exclude some investments, investors may not be able to take Financials 48.90 49.08 0.00 0.00 advantage of the same opportunities or market trends as investors that do not use such criteria.

¹High Grade Corporates ***Index : 60% MSCI World/40% BCGCI Index ²The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding.

Global Balanced Select UMA

RISK/RETURN ANALYSIS - 5 YEARS ENDING 06/30/21 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 06/30/21 R R a a t t e e

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R R e e t t u u r r n n s s Standard Deviation (%) STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 06/30/21 Lazard (Gross) 9.68 10.05 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Lazard (Gross) 0.81 12.66 14.55 3.90 1.51 3.08 17.27 -3.80 18.02 12.40 8.02 8.62 Lazard (Net) 9.64 7.49 -1.75 10.05 11.93 1.44 -0.84 0.65 14.56 -6.06 15.29 9.82 5.51 8.59 60% MSCI World/40% BCGCI Index 10.61 10.44 Lazard (Net) 90-Day T-Bills 0.44 1.14 60% MSCI World/40% -0.48 11.54 15.36 4.62 0.47 5.85 14.28 -4.43 19.55 13.21 8.05 9.20 BCGCI Index

RISK VOLATALITY (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS PORTFOLIO'S QUARTERLY RETURNS (%) ENDING 06/30/21 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net t Standard Deviation 12.05% 9.68% 2011 2.61 1.89 1.79 1.07 -8.00 -8.55 4.92 4.33 e 13.60% 10.61% 2012 8.83 8.21 -2.76 -3.34 5.03 4.41 1.37 0.77 Standard Deviation of Primary Benchmark o 2013 4.02 3.42 -0.37 -0.95 4.94 4.33 5.34 4.73 0.78 0.92 f 2014 -0.24 -0.85 3.18 2.57 -1.13 -1.72 2.09 1.50 Sharpe Ratio

2015 2.12 1.51 -0.23 -0.82 -3.60 -4.16 3.36 2.77 Sharpe Ratio of Primary 0.75 0.88 R Benchmark e 2016 0.41 -0.20 1.63 1.03 3.28 2.68 -2.19 -2.78 t 2017 5.08 4.47 3.93 3.33 3.41 2.80 3.84 3.23 Alpha 0.36% 0.56% u 2018 -0.13 -0.71 0.44 -0.15 2.95 2.36 -6.85 -7.43 Beta 0.88 0.89 r 2019 9.06 8.45 3.93 3.33 0.48 -0.12 3.62 3.01 2.07% 1.99% n Downside Risk s 2020 -10.32 -10.84 10.20 9.59 5.91 5.31 7.38 6.73 R-Squared 0.98 0.96 2021 2.51 1.90 4.14 3.54 Tracking Error 2.37% 2.33% Related Select UMA Information Ratio -0.34 -0.17 *07/01/16-12/31/16 **01/01/21-06/30/21 Number Of Up Qtrs. Down PORTFOLIO DIVERSIFICATION - R ² (INCEPTION THROUGH 12/14)+ 1. Statistics are calculated using gross of fee

Qtrs. performance only. Lazard (Gross) 16 4 R² 2. 60% MSCI World/40% BCGCI Index was used as 14 6 0.96 Lazard (Net) Lazard vs. 60% MSCI World/40% BCGCI Index the primary benchmark and the 90-Day T-Bills Index 60% MSCI World/40% BCGCI Index 17 3 as the risk-free benchmark. +Statistics are calculated using gross of fee performance only.

See important notes and disclosures pages for a discussion of the sources of the performance data used to calculate the performance results and related analyses shown above.

Global Balanced Select UMA

COMPOSITE DISCLOSURES The composite returns represent the total returns of all fully discretionary, fee-paying, separately managed account (SMA) portfolios with a Global Balanced Select ADR investment mandate. The The disclosures provided below apply to performance information in this profile, if any. Past Lazard Global Balanced Select ADR strategy invests in both equity and fixed income securities. The performance is not a guarantee of future results. Actual individual account results may differ equity component follows Lazard Global Equity Select ADR, an unconstrained strategy designed to from the performance shown in this profile. There is no guarantee that this investment strategy capture Lazard's best ideas. The strategy seeks to generate strong relative returns over a long-term will achieve its intended results under all market conditions. Do not rely upon this profile as the time horizon by investing in companies across the market spectrum with strong and/or improving sole basis for your investment decisions. financial productivity at attractive valuations. The fixed income component of the portfolio can invest in US government securities, as well as closed-end funds that can have exposure to either developed or Performance results in this profile are calculated assuming reinvestment of dividends and income. emerging global markets, and which are rated investment grade or below. As of December 1, 2012, Returns for more than one calendar year are annualized and based on quarterly data. Returns for the account inclusion criteria minimum has changed from $25,000 to $65,000. Performance presented periods of less than a calendar year show the total return for the period and are not annualized. No prior to January 1, 2006, represents the historical track record of Lazard’s existing Global Balanced representation is being made that any portfolio will or is likely to achieve profits or losses similar to GIPS compliant composite. This prior performance is considered supplemental for this separately those shown. Returns will fluctuate and an investment upon redemption may be worth more or less managed account composite and also excludes accounts that Lazard historically considered to be than its original value. Performance shown does not reflect the impact of fees and expenses of the non-discretionary. Historical and prospective net of fee composite performance returns are calculated underlying mutual fund and ETFs, as applicable. using a 3.0% total fee assumption and is presented before taxes. Actual SMA composite results from January 1, 2006 and forward contain all accounts with bundled fees. Gross of fee results from January Sources of Performance Results and Other Data: The performance data and certain other 1, 2006 and forward are presented supplemental to compliant net of fee results, as no trading costs information for this strategy (including the data on page 1 of this profile) may include one or more of are included. Lazard’s account inclusion policy is the first full month or the end of the month in which the following: (i) the performance results of a composite of Morgan Stanley accounts managed by the the account is fully invested. The composite contains both taxable and nontaxable accounts. The third party investment manager, (ii) the performance results for accounts and investment products returns of the individual portfolios within the composite are time-weighted, use trade date accounting, managed by the third party investment manager, in the same or a substantially similar investment are based upon monthly portfolio valuations, and include the reinvestment of all earnings as of the strategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of Model Portfolio payment date. The composite returns are asset-weighted based upon beginning period market values. Strategies, the Model Portfolio Provider’s results in managing accounts outside of the Morgan Stanley Composite dispersion and standard deviation are based on net returns. Additional information Select UMA program prior to Model Portfolio Strategy’s inception in the Morgan Stanley Select UMA regarding policies for valuing portfolios, calculating performance, and preparing compliant program . For periods through June 2012, the Fiduciary Services program operated through two presentations are available upon request. Composite returns are shown before taxes and the channels – the Morgan Stanley channel and the Smith Barney channel and any performance and other deduction of custody fees (except for mutual funds which includes all fees). The composite and data relating to Fiduciary Services accounts shown here for these periods is calculated using accounts benchmark returns are reported net of foreign withholding taxes on dividends, interest and capital in only one of these channels.) Please note that the Fiduciary Services program was closed on gains. The composite returns presented represent past performance and is not a reliable indicator of January 2, 2018. Although the Fiduciary Services and Select UMA programs are both Morgan Stanley future results, which may vary. As of March 31, 2009, this composite has changed its name from managed account programs, the performance results and other features of similar investment Global Balanced - SMA to Global Balanced Select ADR - SMA. strategies in the two programs may differ due to investment and operational differences. Performance in one program is not indicative of potential performance in the other. For example, the individual Morgan Stanley Performance: investment strategies in Select UMA program accounts may contain fewer securities, which would lead The composite consists of 230 account(s) with a market value of $80.1 million as of 06/30/2021. In to a more concentrated portfolio. The automatic rebalancing, wash sale loss and tax harvesting this profile, the performance from January 1, 2011 through June 30, 2012 consists of accounts features of the Select UMA program, which are not available in Fiduciary Services, also could cause managed by the investment manager in this strategy in either the Morgan Stanley or the Smith Barney differences in performance. In addition, any performance results included in this profile that are based form of the Fiduciary Services program. From July 1, 2012 through December 31, 2015, performance on a third party investment manager’s accounts that are not part of the Morgan Stanley program consists of all Fiduciary Services (FS) accounts managed by the investment manager in this strategy, accounts or institutional accounts that are part of the Model Portfolio strategy may differ due to subject to any other limitations stated in this profile. From January 1, 2016, performance consists of investment and operational differences as well. As such, performance results of the third party the performance of all FS accounts (as described in the previous sentence) as well as the investment manager's composites and the third party Model Portfolio Strategies may differ from those performance of all single style Select UMA accounts managed by the investment manager in this of Select UMA accounts managed in the same or a substantially similar investment strategy. For strategy, subject to any other limitations stated in this profile. Performance composites calculated by example, in the case of Model Portfolio Strategies, Morgan Stanley, as the investment manager, may Morgan Stanley include all fee-paying portfolios with no investment restrictions. New accounts are deviate from the Third Party Model Portfolios. included beginning with the second full calendar month of performance. Terminated accounts are removed in the month in which they terminate (but prior performance of terminated accounts is Related Performance: retained). Performance is calculated on a total return basis and by asset weighting the individual portfolio returns using the beginning of period values.

Global Balanced Select UMA

Gross Performance: Lazard’s gross results do not reflect a deduction of any investment advisory fees The Model Portfolio Provider or Investment Manager may use the same or substantially similar or program fees, charged by Lazard or Morgan Stanley, but are net of commissions charged on investment strategies, and may hold similar portfolios of investments, in other portfolios or products it securities transactions. manages (including mutual funds). These may be available at Morgan Stanley or elsewhere, and may cost an investor more or less than this strategy in Morgan Stanley's Select UMA program. Net Performance for all Periods: Net performance results reflect a deduction of 0.5925% quarterly. This consists of three components: 0.5% maximum quarterly MS Advisory Fee and 0.0175% maximum Overlay Managers or Executing Sub-Managers ("managers") in some of Morgan Stanley’s Separately quarterly Program Overlay Fee (which, together cover the services provided by Morgan Stanley), plus Managed Account ("SMA") programs may affect transactions through broker-dealers other than 0.0750% quarterly SMA Manager Fees (being the fee currently charged by Lazard to new clients for Morgan Stanley or our affiliates. If your manager trades with another firm, you may be assessed costs managing their assets in the Select UMA program). The SMA Manager Fees may differ from manager by the other firm in addition to Morgan Stanley’s fees. Those costs will be included in the net price of to manager, and managers may change their fee to new clients from time to time. If you select this the security, not separately reported on trade confirmations or account statements. Certain managers manager for your account, check the SMA Manager Fees specified in the written client agreement, in have historically directed most, if not all, of their trades to outside firms. Information provided by case these have changed since you received this profile. Historical net fees reflect the Advisory Fee managers concerning trade execution away from Morgan Stanley is summarized at: Schedule as of October 1, 2018. Morgan Stanley program fees are calculated quarterly for the www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information performance illustrated in this profile, and have a compounding effect on performance. The Morgan on trading and costs, please refer to the ADV Brochure for your program(s), available at Stanley program fee, which differs among programs and clients, is described in the applicable Morgan www.morganstanley.com/ADV, or contact your Financial Advisor/Private Wealth Advisor. Stanley ADV brochure, which is available at www.morganstanley.com/ADV or on request from your Financial Advisor or Private Wealth Advisor. Profile: Document approval date February 2013. The portfolio may, at times, invest in exchange-traded funds (ETFs), which are a form of equity security in seeking to maintain continued full exposure to the broad equity market. Focus List, Approved List, and Watch Status: Global Investment Manager Analysis ("GIMA") uses two methods to evaluate investment products in Morgan Stanley investment advisory programs may require a minimum asset level and, depending on applicable advisory programs. In general, strategies that have passed a more thorough evaluation may your specific investment objectives and financial position, may not be suitable for you. Investment be placed on the "Focus List", while strategies that have passed through a different and less advisory program accounts are opened pursuant to a written client agreement. comprehensive evaluation process may be placed on the "Approved List". Sometimes an investment product may be evaluated using the Focus List process but then placed on the Approved List instead "Certain strategies managed or sub-advised by us or our affiliates, including but not limited to Morgan of the Focus List. Stanley Investment Management ("MSIM") and Eaton Vance Management ("EVM") and its investment Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also affiliates, may be included in your account. Morgan Stanley Global Investment Manager Analysis determine that an investment product no longer meets the criteria under either evaluation process and ("GIMA") evaluates certain investment products for the purposes of some – but not all – of Morgan will no longer be recommended in investment advisory programs (in which case the investment Stanley Smith Barney LLC’s investment advisory programs. Please contact your Morgan Stanley team product is given a "Not Approved" status). and/or see the applicable Form ADV, which can be accessed at www.morganstanley.com/adv, for GIMA has a "Watch" policy and may describe a Focus List or Approved List investment product as information about affiliated investment products that are not reviewed or evaluated by GIMA, as well being on "Watch" if GIMA identifies specific areas that (a) merit further evaluation by GIMA and (b) as additional disclosures applicable to affiliated products, that could be included in this strategy." may, but are not certain to, result in the investment product becoming "Not Approved". The Watch period depends on the length of time needed for GIMA to conduct its evaluation and for the investment Diversification does not guarantee a profit or protect against a loss. manager to address any concerns. GIMA may, but is not obligated to, note the Watch status in this report with a "W" or "Watch" on the cover page. No obligation to notify For more information on the Focus List, Approved List, and Watch processes, please see the applicable Morgan Stanley ADV brochure (www.ms.com/adv). Your Financial Advisor or Private Wealth Morgan Stanley has no obligation to notify you when information in this profile changes. Advisor can provide on request a copy of a paper entitled "GIMA: At A Glance ". Sources of information ADDITIONAL DISCLOSURES Material in this profile has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness or timeliness. Third party data providers make no warranties or Actual account holdings, performance and other data will vary depending on the size of an account, representations relating to the accuracy, completeness or timeliness of the data they provide and are cash flows within an account, and restrictions on an account. Holdings are subject to change daily. The not liable for any damages relating to this data. information in this profile is not a recommendation to buy, hold or sell securities. No tax advice Actual portfolio statistics may vary from target portfolio characteristics. Morgan Stanley and its affiliates do not render advice on legal, tax and/or tax accounting matters to clients. Each client should consult his/her personal tax and/or legal advisor to learn about any potential tax or other implications that may result from acting on a particular recommendation.

Global Balanced Select UMA

Not an ERISA fiduciary Capitalization is defined as the following: Mega (Above $100 billion), Large ($12 to $100 billion), Morgan Stanley is not acting as a fiduciary under either the Employee Retirement Income Security Act Medium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (below $.50 billion). of 1974, as amended, or under section 4975 of the Internal Revenue Code of 1986, as amended, in providing the information in this profile. Distribution Rate is defined as the most recent distribution paid, annualized, and then divided by the current market price. Distribution rate may consist of investment income, short-term capital gains, ©2019 Morgan Stanley Smith Barney LLC Member SIPC. long-term capital gains, and /or returns of capital.

INDEX DESCRIPTIONS Dividend a portion of a company's profit paid to common and preferred shareholders. 60% MSCI World/40% BCGCI Index Dividend Yield annual dividend per share divided by price per share. Dividend Yield for the portfolio is 40% Barclays Capital Intermediate Government/Credit Bond Index, 60% MSCI World Index - gross a weighted average of the results for the individual stocks in the portfolio.

90-Day T-Bills Downside Risk is a measure of the risk associated with achieving a specific target return. This statistic separates portfolio volatility into downside risk and upside uncertainty. The downside considers The 90-Day Treasury Bill is a short-term obligation issued by the United States government. T-bills are all returns below the target return, while the upside considers all returns equal to or above the target purchased at a discount to the full face value, and the investor receives the full value when they return. mature. The difference of discount is the interested earned. T-bills are issued in denominations of $10,000 auction and $1,000 increments thereafter. Duration is a measure of price sensitivity expressed in years.

S&P 500 High Grade Corporate Bonds corporate bonds from issuers with credit ratings of AA or AAA.

The S&P 500 Total Return has been widely regarded as the best single gauge of the large cap U.S. Information Ratio is a measure of the investment manager's skill to add active value against a given equities market since the index was first published in 1957. The index has over $5.58 trillion benchmark relative to how stable that active return has been. Essentially, the information ratio explains benchmarked, with index assets comprising approximately $1.31 trillion of this total. The index how significant a manager's alpha is. Therefore, the higher the information ratio, the more significant includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of the alpha. U.S. equities. This index includes dividend reinvestment.

Indices are unmanaged and have no expenses. You cannot invest directly in an index. Investment Grade Bonds are those rated by Standard & Poor's AAA (highest rated), AA, A or BBB (or equivalent rating by other rating agencies or, in the case of securities not rated, by the investment manager). GLOSSARY OF TERMS Alpha is a mathematical estimate of risk-adjusted return expected from a portfolio above and beyond Price/Book Ratio (P/B) weighted average of the stocks' price divided by book value per share. Book the benchmark return at any point in time. value per share is defined as common equity, including intangibles, divided by shares outstanding times the adjustment factor. American Depositary Receipts (ADRs) are receipts for shares of a foreign-based corporation held in the vault of a U.S. bank. Price/Cash Flow Ratio a ratio used to compare a company's market value to its cash flow. It is calculated by dividing the company's market cap by the company' operating cash flow in the most Average Portfolio Beta is a measure of the sensitivity of a benchmark or portfolio's rates of return to recent fiscal year (or the most recent four fiscal quarters); or, equivalently, divide the per-share stock changes against a market return. The market return is the S&P 500 Index. It is the coefficient price by the per-share operating cash flow. measuring a stock or a portfolio's relative volatility. Price/Earnings Ratio (P/E Ratio) shows the multiple of earnings at which a stock sells. Determined Beta is a measure of the sensitivity of a portfolio's rates of return to changes in the market return. It is by dividing current stock price by current earnings per share (adjusted for stock splits). Earnings per the coefficient measuring a stock or a portfolio's relative volatility. share for the P/E ratio are determined by dividing earnings for past 12 months by the number of common shares outstanding. The P/E ratio shown here is calculated by the harmonic mean. Bottom-Up Stock Selection Emphasis primarily on individual stock selection. Considerations of economic and industry factors are of secondary importance in the investment decision-making Price/Sales Ratio determined by dividing current stock price by revenue per share (adjusted for stock process. splits). Revenue per share for the P/S ratio is determined by dividing revenue for past 12 months by number of shares outstanding.

Global Balanced Select UMA

R2 (R-Squared)/Portfolio Diversification indicates the proportion of a security's total variance that is benchmark-related or is explained by variations in the benchmark.

Sharpe Ratio measures the efficiency, or excess return per unit of volatility, of a manager's returns. It evaluates managers' performance on a volatility-adjusted basis.

Standard Deviation is a statistical measure of historical variability or spread of returns around a mathematical average return that was produced by the investment manager over a given measurement period. The higher the standard deviation, the greater the variability in the investment manager's returns relative to its average return.

Top-Down/Economic Analysis Emphasis primarily on macroeconomic trends as opposed to bottom-up stock selection.

Tracking Error represents the standard deviation of the difference between the performance of the investment strategy and the benchmark. This provides a historical measure of the variability of the investment strategy's returns relative to its benchmark.

U.S. Treasury Bonds a marketable, fixed interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest payments semi-annually and the income that holders receive is only taxed at the federal level.

Volatility a measure of risk based on the standard deviation of the asset return. Volatility is a variable that appears in option pricing formulas, where it denotes the volatility of the underlying asset return from now to the expiration of the option. There are volatility indexes. Such as a scale of 1-9; a higher rating means higher risk.