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Beacon Consumer Defensive

Start Date 01/01/2009 End Date 12/31/2019 Initial Balance $10,000 Periodic Adjustment None Rebalancing Rebalance quarterly Reinvest Dividends Yes Benchmark Vanguard Consumer Staples ETF

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Beacon Consumer Defensive B028

Ticker Name Allocation WMT Walmart Inc 10.00% WBA Walgreens Boots Alliance, Inc. 10.00% PEP Pepsico Inc 10.00% NKE Nike, Inc. 10.00% MDLZ Mondelez International, Inc. 10.00% COST Costco Wholesale Corporation 10.00% CL Colgate-Palmolive Company 10.00% MO Altria Group 10.00% KO Coca-Cola Company 10.00% PG Procter & Gamble Company 10.00%

Portfolio Performance

Metric Beacon Consumer Defensive B028 Vanguard Consumer Staples ETF Start Balance $10,000 $10,000 End Balance $44,648 $36,586 End Balance (inflation adjusted) $36,526 $29,930 CAGR 14.57% 12.51% CAGR (inflation adjusted) 12.50% 10.48% Stdev 11.39% 11.02% Best Year 31.71% 28.02% Worst Year -2.07% -7.79% Max. Drawdown -12.03% -14.38% Sharpe Ratio 1.21 1.08 Sortino Ratio 2.21 1.79 US Stock Market Correlation 0.72 0.75

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Risk and Return Metrics

Metric Beacon Consumer Defensive B028 Vanguard Consumer Staples ETF Arithmetic Mean (monthly) 1.19% 1.04% Arithmetic Mean (annualized) 15.30% 13.19% Geometric Mean (monthly) 1.14% 0.99% Geometric Mean (annualized) 14.57% 12.51% Volatility (monthly) 3.29% 3.18% Volatility (annualized) 11.39% 11.02% Downside Deviation (monthly) 1.78% 1.91% Max. Drawdown -12.03% -14.38% US Market Correlation 0.72 0.75 Beta (*) 0.98 1.00 Alpha (annualized) 2.12% 0.00% R Squared 89.90% 100.00% Sharpe Ratio 1.21 1.08 Sortino Ratio 2.21 1.79 Treynor Ratio (%) 14.08 11.93 Calmar Ratio 1.09 0.74 Active Return 2.06% N/A Tracking Error 3.63% N/A Information Ratio 0.57 N/A Skewness -0.28 -0.62 Excess Kurtosis 0.03 0.41 Historical Value-at-Risk (5%) -4.40% -5.09% Analytical Value-at-Risk (5%) -4.17% -4.20% Conditional Value-at-Risk (5%) -6.50% -7.05% Upside Capture Ratio (%) 103.95 100.00 Downside Capture Ratio (%) 90.40 100.00 Safe Withdrawal Rate 18.45% 16.86% Perpetual Withdrawal Rate 11.11% 9.49% Positive Periods 83 out of 132 (62.88%) 83 out of 132 (62.88%) Gain/Loss Ratio 1.46 1.30 (*) Vanguard Consumer Staples ETF is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

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Beacon Consumer Defensive B028 Returns

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Inflation Balance 2009 -4.57% -7.82% 5.60% 4.29% 5.36% -1.29% 6.45% 1.30% 5.50% 1.29% 4.82% -0.42% 21.19% 2.72% $12,119 2010 -1.19% 2.44% 4.12% -1.14% -4.32% -3.83% 6.09% -1.70% 8.82% 2.29% 0.21% 4.40% 16.44% 1.50% $14,112 2011 -1.47% 2.67% -1.37% 6.14% 2.65% -0.79% -2.85% 1.02% -1.74% 3.93% 1.93% 1.93% 12.31% 2.96% $15,849 2012 -0.19% 1.99% 3.22% 1.04% -1.10% 1.90% 6.05% -0.19% 0.81% -2.02% 1.74% -0.74% 12.96% 1.74% $17,902 2013 5.93% 2.03% 6.55% 3.76% -2.57% -0.59% 4.54% -3.50% 3.83% 6.37% 2.43% -0.29% 31.71% 1.50% $23,579 2014 -5.60% 4.46% 0.81% 3.57% 2.12% 0.70% -3.08% 2.49% 2.66% 3.65% 7.01% -1.12% 18.41% 0.76% $27,920 2015 -1.47% 5.16% -1.98% -1.27% 1.43% -1.69% 6.24% -5.67% 1.99% 5.37% -0.89% 1.43% 8.25% 0.73% $30,224 2016 0.08% -1.22% 4.21% -1.48% 0.26% 4.50% 0.01% 0.17% -1.65% -0.81% -3.01% 2.91% 3.73% 2.07% $31,352 2017 1.09% 5.72% -1.19% 1.87% 2.58% -2.19% 0.32% -2.10% -0.49% -0.13% 6.97% 2.28% 15.26% 2.11% $36,135 2018 2.52% -7.24% -0.60% -3.12% -0.93% 4.66% 4.77% 1.64% 1.99% 0.89% 2.40% -8.09% -2.07% 1.91% $35,386 2019 5.87% 1.92% 3.47% 1.14% -3.83% 6.03% 1.49% 1.76% 1.97% -0.44% 2.35% 2.12% 26.17% 2.29% $44,648

Vanguard Consumer Staples ETF Returns

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Inflation Balance 2009 -7.61% -7.33% 3.74% 5.88% 5.37% 0.63% 6.62% 0.93% 3.53% 0.73% 3.83% 0.32% 16.55% 2.72% $11,655 2010 -0.96% 3.04% 4.10% -1.05% -4.97% -2.62% 6.29% -1.81% 5.97% 3.08% -0.95% 4.33% 14.62% 1.50% $13,359 2011 -1.61% 2.84% 1.79% 5.27% 2.70% -2.20% -1.44% 0.23% -3.45% 4.49% 2.03% 2.58% 13.60% 2.96% $15,175 2012 -1.06% 3.85% 3.07% 0.22% -1.56% 3.63% 2.47% -0.27% 1.59% -1.06% 1.90% -2.04% 11.02% 1.74% $16,847 2013 5.89% 3.10% 4.96% 2.93% -1.65% 0.03% 4.53% -4.33% 1.63% 5.96% 1.67% 0.77% 28.02% 1.50% $21,568 2014 -5.32% 3.90% 2.32% 2.55% 2.05% -0.09% -3.46% 4.75% 0.31% 3.68% 5.14% -0.33% 15.96% 0.76% $25,011 2015 -1.44% 4.28% -1.34% -1.14% 1.17% -1.67% 4.89% -5.57% -0.04% 5.81% -0.91% 2.22% 5.82% 0.73% $26,466 2016 0.00% 0.40% 4.91% -1.07% 0.84% 5.18% -0.35% -0.52% -1.61% -0.78% -3.76% 3.25% 6.30% 2.07% $28,132 2017 1.31% 4.46% -0.23% 1.08% 2.20% -2.23% 0.62% -1.23% -0.59% -1.47% 5.57% 2.05% 11.85% 2.11% $31,466 2018 1.71% -7.44% -0.61% -3.71% -1.11% 4.56% 3.45% 0.83% 0.63% 1.70% 1.94% -9.04% -7.79% 1.91% $29,014 2019 5.44% 2.03% 3.44% 2.53% -4.18% 5.00% 2.36% 1.60% 1.91% -0.46% 1.46% 2.63% 26.10% 2.29% $36,586

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Exposures for Beacon Consumer Defensive B028

Ticker Name Category Weight WMT Walmart Inc Consumer Services / Department/Specialty Retail Stores 10.00% WBA Walgreens Boots Alliance, Inc. Health Care / Medical/Nursing Services 10.00% PEP Pepsico Inc Consumer Non-Durables / Beverages 10.00% NKE Nike, Inc. Consumer Non-Durables / Shoe Manufacturing 10.00% MDLZ Mondelez International, Inc. Consumer Non-Durables / Packaged Foods 10.00% COST Costco Wholesale Corporation Consumer Services / Department/Specialty Retail Stores 10.00% CL Colgate-Palmolive Company Consumer Non-Durables / Package Goods/Cosmetics 10.00% MO Altria Group Consumer Non-Durables / Farming/Seeds/Milling 10.00% KO Coca-Cola Company Consumer Non-Durables / Beverages 10.00% PG Procter & Gamble Company Basic Industries / Package Goods/Cosmetics 10.00%

Asset Allocation for Beacon Consumer Defensive B028

Category Weight US Stocks 100.00% Intl Stocks 0.00% US Bonds 0.00% Intl Bonds 0.00% Other 0.00% Cash 0.00%

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Equity Market Capitalization for Beacon Consumer Defensive B028 Stock Sectors for Beacon Consumer Defensive B028

Category Weight Category Weight Basic Materials 10.00% Large Cap 100.00% Consumer Cyclical 20.00% Mid Cap 0.00% Financial Services 0.00% Small Cap 0.00% Real Estate 0.00% Consumer Defensive 60.00% Healthcare 10.00% Utilities 0.00% Communication Services 0.00% Energy 0.00% Industrials 0.00% Technology 0.00%

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Drawdowns for Beacon Consumer Defensive B028 (worst 10)

Rank Start End Length Recovery By Recovery Time Underwater Period Drawdown 1 Jan 2009 Feb 2009 2 months May 2009 3 months 5 months -12.03% 2 Feb 2018 May 2018 4 months Sep 2018 4 months 8 months -11.51% 3 Apr 2010 Jun 2010 3 months Sep 2010 3 months 6 months -9.03% 4 Dec 2018 Dec 2018 1 month Mar 2019 3 months 4 months -8.09% 5 Dec 2013 Jan 2014 2 months Apr 2014 3 months 5 months -5.87% 6 Aug 2015 Aug 2015 1 month Oct 2015 2 months 3 months -5.67% 7 Sep 2016 Nov 2016 3 months Feb 2017 3 months 6 months -5.38% 8 Jun 2017 Oct 2017 5 months Nov 2017 1 month 6 months -4.53% 9 Jun 2011 Sep 2011 4 months Nov 2011 2 months 6 months -4.33% 10 May 2019 May 2019 1 month Jun 2019 1 month 2 months -3.83%

Drawdowns for Vanguard Consumer Staples ETF (worst 10)

Rank Start End Length Recovery By Recovery Time Underwater Period Drawdown 1 Jan 2009 Feb 2009 2 months Jul 2009 5 months 7 months -14.38% 2 Feb 2018 May 2018 4 months Mar 2019 10 months 1 year 2 months -12.40% 3 Apr 2010 Jun 2010 3 months Sep 2010 3 months 6 months -8.43% 4 Jul 2016 Nov 2016 5 months Feb 2017 3 months 8 months -6.86% 5 Jun 2011 Sep 2011 4 months Dec 2011 3 months 7 months -6.72% 6 Aug 2015 Sep 2015 2 months Dec 2015 3 months 5 months -5.61% 7 Jan 2014 Jan 2014 1 month Mar 2014 2 months 3 months -5.32% 8 Jun 2017 Oct 2017 5 months Nov 2017 1 month 6 months -4.82% 9 Aug 2013 Aug 2013 1 month Oct 2013 2 months 3 months -4.33% 10 May 2019 May 2019 1 month Jun 2019 1 month 2 months -4.18%

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Portfolio Components

Ticker Name CAGR Stdev Best Year Worst Year Max DD Sharpe Ratio Sortino Ratio US Mkt Correlation WMT Walmart Inc 9.73% 17.03% 46.54% -26.64% -32.98% 0.60 0.96 0.29 WBA Walgreens Boots Alliance, Inc. 10.61% 27.02% 58.94% -13.31% -44.47% 0.49 0.81 0.53 PEP Pepsico Inc 11.94% 12.98% 27.37% -4.81% -15.47% 0.90 1.52 0.45 NKE Nike, Inc. 22.35% 22.24% 54.50% -17.71% -23.48% 1.00 1.74 0.56 MDLZ Mondelez International, Inc. 13.63% 17.64% 41.70% -4.27% -19.54% 0.79 1.30 0.50 COST Costco Wholesale Corporation 19.84% 17.14% 45.70% 0.28% -19.06% 1.12 2.01 0.57 CL Colgate-Palmolive Company 9.11% 14.37% 27.60% -19.18% -19.26% 0.64 1.03 0.50 MO Altria Group 17.55% 18.39% 40.31% -27.09% -38.26% 0.95 1.52 0.30 KO Coca-Cola Company 11.89% 14.25% 30.24% -0.34% -11.05% 0.83 1.41 0.44 PG Procter & Gamble Company 10.02% 14.55% 39.70% -9.95% -23.30% 0.70 1.13 0.44

Portfolio Return Decomposition

Ticker Name Beacon Consumer Defensive B028 WMT Walmart Inc $3,185 WBA Walgreens Boots Alliance, Inc. $2,276 PEP Pepsico Inc $3,117 NKE Nike, Inc. $5,672 MDLZ Mondelez International, Inc. $3,508 COST Costco Wholesale Corporation $5,207 CL Colgate-Palmolive Company $1,937 MO Altria Group $3,675 KO Coca-Cola Company $2,852 PG Procter & Gamble Company $3,219

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Portfolio Risk Decomposition

Ticker Name Beacon Consumer Defensive B028 WMT Walmart Inc 7.67% WBA Walgreens Boots Alliance, Inc. 15.26% PEP Pepsico Inc 8.54% NKE Nike, Inc. 11.47% MDLZ Mondelez International, Inc. 10.46% COST Costco Wholesale Corporation 10.72% CL Colgate-Palmolive Company 9.29% MO Altria Group 9.22% KO Coca-Cola Company 8.74% PG Procter & Gamble Company 8.63%

Rolling Returns

Beacon Consumer Defensive B028 Vanguard Consumer Staples ETF Roll Period Average High Low Average High Low 1 year 14.94% 31.71% -2.07% 12.91% 28.02% -7.79% 3 years 13.98% 20.77% 5.40% 12.13% 18.12% 3.11% 5 years 14.48% 18.71% 8.46% 12.60% 16.62% 6.11% 7 years 14.43% 17.12% 12.16% 12.55% 14.92% 9.70% 10 years 13.70% 13.93% 13.47% 11.68% 12.12% 11.24% Result statistics are based on annualized rolling returns over full calendar year periods

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