International Alpha ADR Select UMA Schroders Investment Management

Strategy Status: Closed – Strategy closed to new accounts and open to International Alpha ADR additional assets Select UMA Schroders Investment Management Style: International Equities Year Founded: 1980 Sub-Style: Growth-oriented GIMA Status: Focus 7 Bryant Park, 19th Floor Firm AUM: $832.2 billion Firm Ownership: Schroders, PLC New York, New York 10018 Firm Strategy AUM: $1.6 million Professional-Staff: 5295

PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Our International ADR strategy forms part of our International Alpha Number of stock holdings: 40 to 60 ------06/21------12/20 strategy, and is managed according to the same philosophy, process Average dividend yield: — Schroders------Index*** Schroders and by the same investment team. Schroders International Equity Alpha Cash level over market cycle: 0 to 5% Number of stock holdings 46 2,348 46 product is focused on fundamental research, aimed at delivering strong Risk (standard deviation): — outperformance over the longer term within the context of a risk Average turnover rate: 40 to 60% Dividend Yield 1.5% 2.2% 2.9% management framework. We seek to invest in stocks that we expect to Capitalization: Mega, Large and Medium 1.03 — 0.97 deliver forward earnings growth that will exceed the market expectations companies Wtd avg portfolio beta i.e. stocks with a positive growth gap. We focus on only the very best Emerging markets exposure: — 0.0% 25.5% 0.0% investment ideas that are identified by Schroders team of locally based Mega capitalization ⁺ Equity Analysts and our Global and International Equities Team of Large capitalization ⁺ 0.0% 57.7% 0.0% Portfolio Managers and Global Sector Specialists (GSS). While as far as possible our ADR strategy portfolio will mirror the ordinary portfolio, Medium capitalization ⁺ 0.0% 16.4% 0.0% differences may arise for one of two reasons: 1. In selecting ADR stocks 0.0% 0.4% 0.0% to hold, the premium or discount (relative to the underlying), at which the Small capitalization ⁺ ADR trades, is taken into account as part of the fundamental valuation Micro capitalization ⁺ 0.0% 0.0% 0.0% process. Occasionally, where the relative attractiveness of the thesis is significantly altered by the premium/discount, this will produce a different investment decision, and an alternative ADR will be selected.2. Sometimes, although in very few cases, ADRs are not available for stocks that we hold in the ordinary strategy. This is generally the case for Korean and Australian stocks, but also for some stocks in other markets PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ that fall at the lower end of the market cap spectrum. These factors will ------06/21------12/20 drive some divergence in the spread of investments within and therefore Sector Schroders ------Index*** Schroders also the returns between, the ordinary and ADR strategies. PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % Energy 5.27 4.54 3.09 ASML Holding NV ADR 3.7 Materials 0.00 8.30 1.82 Nestle S.A. Sponsored ADR 3.0 2.9 Industrials 18.04 11.79 18.96 adidas AG Sponsored ADR Roche Holding Ltd Sponsored ADR 2.4 Consumer Discretionary 19.54 13.81 20.91 Lonza Group AG Unsponsored ADR 2.3 Consumer Staples 9.72 8.51 6.86 Health Care 9.73 9.28 10.91 Financials 19.23 18.60 14.50 % PROCESS BASED ON 10 Country Weightings Information Technology 12.98 12.93 15.50 0 Currency Decision Communication Services 1.89 6.72 0.00 0 Currency Hedge 10 MANAGER'S INVESTMENT STRATEGY Utilities 2.67 2.98 3.24 Industry/Sector Selection 0 Asset Allocation  Top-down / portfolio structures based on economic trends Miscellaneous 0.00 0.00 0.00 80 Issue Selection  Bottom-up / portfolio structure based on individual securities Real Estate/REITs 0.00 2.55 1.68 Cash/Cash Equivalents 0.92 0.00 2.01

⁺Total may not equal 100% due to rounding. ***Index : MSCI AC Wld xUS Nt

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

Strategy Status: Closed – Strategy closed to new accounts and open to International Alpha ADR additional assets Select UMA

MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺ • The investment process relies on bottom-up fundamental stock Equity securities prices may fluctuate in response to specific 06/21 03/21 12/20 09/20 selection, driven by proprietary fundamental and macroeconomic situations for each company, industry, market conditions and ADRs 99 97 98 98 research. Initial local research draws on the knowledge of 70+ regional general economic environment. Companies paying dividends Cash/Cash Equivalents 1 3 2 2 equity analysts located in 11 countries. The strongest ideas are then can reduce or cut payouts at any time. Strategies that invest a overlaid with the team’s Global Sector Specialists (GSS) who are the large percentage of assets in only one industry sector (or in only team’s key source of idea generation. a few sectors) are more vulnerable to price fluctuation than • We narrow down a universe of approx. 1,800 global companies stocks portfolios that diversify among a broad range of sectors. with market capitalizations greater than $2 billion to approx. 1,000 by Investing in securities entails risks, including: International combining quantitative screening techniques with a qualitative review by investing should be considered one component of a complete 70+ local analysts located worldwide. The final group of stocks is the and diversified investment program. Investing in foreign markets subject of in-depth research, including proprietary company modeling entails greater risks than those normally associated with that incorporates Schroders’ macroeconomic views as inputs. Each domestic markets such as foreign political, currency, economic company is then graded on a scale of 1 to 4 for relative local market and market risks. Growth investing does not guarantee a profit strength. or eliminate risk. The stocks of these companies can have • The GSS further narrow the universe to a list of 300 by focusing on relatively high valuations. Because of these high valuations, an stocks ranked 1 or 2 by the local analysts as being the strongest investment in a growth stock can be more risky than an companies within their respective regions. They evaluate the company’s investment in a company with more modest growth strength relative to global sector dynamics and an ongoing assessment expectations. Value investing does not guarantee a profit or of stock ratings across regions. eliminate risk. Not all companies whose stocks are considered • Focusing on the 300 stocks, the team identifies companies where the to be value stocks are able to turn their business around or forward earnings growth is not yet identified by the market ("growth successfully employ corrective strategies which would result in gap"). They build detailed earnings and cash flow models and conduct stock prices that do not rise as initially expected. meetings with company management to develop their investment thesis and devise an earnings roadmap for each stock. The GSS also appraise the fundamental risks associated with each stock. • Utilizing our highest conviction ideas, we construct a portfolio of 40 to 60 stocks within Schroders’ proprietary, risk framework. Our risk-adjusted return expectations, conviction level and relative upside determine the position size of each stock. Stocks with a higher relative upside, lower fundamental risk profile and higher liquidity will receive higher active weights in the portfolio. PORTFOLIOS COUNTRY WEIGHTINGS % ⁺ ------06/21------12/20 Country Schroders--- Index*** Schroders United Kingdom 17.20 0.00 13.54 Switzerland 12.79 0.00 12.38 Germany 12.00 0.00 16.30 Japan 8.50 0.00 7.23 Hong Kong 6.81 0.00 6.80 China 5.95 0.00 6.13 Netherlands 5.90 0.00 4.63 Norway 4.53 0.00 3.86 Italy 4.06 0.00 4.43 France 3.69 0.00 3.68

⁺Total may not equal 100% due to rounding. ***Index : MSCI AC Wld xUS Nt

Strategy Status: Closed – Strategy closed to new accounts and open to International Alpha ADR additional assets 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

o o f f

R R e e t t u u r r n n Standard Deviation (%) s s 10 Year - Ending 06/30/21 STD ROR INVESTMENT RESULTS Annual Rates of Return (%) Schroders (Gross) 19.15 14.08 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Schroders (Gross) -14.14 17.79 22.11 -5.31 1.68 -1.75 29.44 -14.04 24.98 23.27 7.78 17.54 Schroders (Net) 19.07 11.45 -16.08 15.06 19.37 -7.57 -0.64 -4.07 26.49 -16.06 22.13 20.43 5.29 17.47 MSCI AC Wld xUS Nt 17.97 11.08 Schroders (Net) 90-Day T-Bills 0.44 1.14 MSCI AC Wld xUS Nt -13.71 16.84 15.29 -3.87 -5.67 4.50 27.19 -14.19 21.51 10.65 5.45 16.56

RISK VOLATALITY (%) PORTFOLIO'S QUARTERLY RETURNS (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS ENDING

06/30/21 ¹ ² Ra Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year t Gross Net Gross Net Gross Net Gross Net Standard Deviation 23.90% 19.15% e 2011 2.65 2.04 1.44 0.87 -22.22 -22.68 6.02 5.45 22.61% 17.97% 2012 12.91 12.28 -7.59 -8.15 5.55 4.93 6.96 6.33 Standard Deviation of Primary o 2013 3.75 3.17 -0.27 -0.84 10.26 9.65 7.03 6.42 Benchmark f Sharpe Ratio 0.55 0.68 2014 -1.02 -1.64 3.40 2.80 -4.54 -5.12 -3.08 -3.66 R 2015 4.56 3.94 1.84 1.26 -8.78 -9.31 4.68 4.10 Sharpe Ratio of Primary 0.36 0.55 e 2016 -2.39 -3.00 -1.80 -2.37 6.66 6.06 -3.90 -4.48 Benchmark t 2017 8.53 7.92 7.17 6.56 7.55 6.93 3.47 2.86 Alpha 4.41% 2.45% u Beta 1.04 1.04 r 2018 -0.21 -0.76 -2.36 -2.94 1.41 0.83 -13.01 -13.57 n 2019 12.23 11.61 2.65 2.06 -2.42 -3.01 11.19 10.55 Downside Risk 1.32% 1.73% s 2020 -20.82 -21.31 21.59 20.93 10.32 9.70 16.06 15.36 R-Squared 0.97 0.96 2021 5.25 4.64 4.49 3.88 Tracking Error 4.39% 3.95% Related Select UMA Information Ratio 1.13 0.76 *07/01/16-12/31/16 **01/01/21-06/30/21 Number Of Up Qtrs. Down Qtrs. PORTFOLIO DIVERSIFICATION - R ² (INCEPTION THROUGH 12/14)+ 1. Statistics are calculated using gross of fee performance only. Schroders (Gross) 14 6 R² 2. MSCI AC Wld xUS Nt was used as the primary 0.96 Schroders (Net) 14 6 Schroders vs. MSCI AC Wld xUS Nt benchmark and the 90-Day T-Bills Index as the MSCI AC Wld xUS Nt 14 6 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.

Strategy Status: Closed – Strategy closed to new accounts and open to International Alpha ADR additional assets Select UMA

COMPOSITE DISCLOSURES The composite returns include all of the Firm’s separate accounts and commingled funds which are discretionary, fee paying, tax exempt and managed as described above. New accounts are included in The disclosures provided below apply to performance information in this profile, if any. Past the composite one full month after inception date to ensure the account has been fully invested. performance is not a guarantee of future results. Actual individual account results may differ Terminated accounts are excluded from the composite at the end of the previous month. This from the performance shown in this profile. There is no guarantee that this investment strategy Composite has no minimum asset level for inclusion. The composite currency is US Dollar. Composite will achieve its intended results under all market conditions. Do not rely upon this profile as the Creation Date: 10-14-2003 Composite Start Date: is 11-30-2002. Composite returns are presented as sole basis for your investment decisions. gross returns, including cash, reinvestment of dividends, interest and other income earned in the period and are calculated on a trade date basis after transaction charges (brokerage commissions). Performance results in this profile are calculated assuming reinvestment of dividends and income. Each account's investment performance rate of return is calculated monthly in accordance with the Returns for more than one calendar year are annualized and based on quarterly data. Returns for 'time-weighted' rate of return method (Modified Dietz). Additional information regarding policies for periods of less than a calendar year show the total return for the period and are not annualized. No valuing portfolios, calculating and reporting returns is available upon request. The Currency of the representation is being made that any portfolio will or is likely to achieve profits or losses similar to Composite is USD. Withholding Tax treatment may vary from portfolio to portfolio within this those shown. Returns will fluctuate and an investment upon redemption may be worth more or less composite. This composite comprises of 100% non-fee paying accounts. Internal dispersion is than its original value. Performance shown does not reflect the impact of fees and expenses of the calculated using asset weighted standard deviation of all portfolios where there are at least 5 portfolios underlying mutual fund and ETFs, as applicable. that are included in the composite for the entire year. None of the accounts in the Composite use leverage. Sources of Performance Results and Other Data: The performance data and certain other information for this strategy (including the data on page 1 of this profile) may include one or more of Morgan Stanley Performance: the following: (i) the performance results of a composite of Morgan Stanley accounts managed by the The composite consists of 223 account(s) with a market value of $134.8 million as of 06/30/2021. In third party investment manager, (ii) the performance results for accounts and investment products this profile, the performance from June 1, 2017, consists of the performance of all single style Select managed by the third party investment manager, in the same or a substantially similar investment UMA accounts managed by the investment manager in this strategy, subject to any other limitations strategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of Model Portfolio stated in this profile. Performance composites calculated by Morgan Stanley include all fee-paying Strategies, the Model Portfolio Provider’s results in managing accounts outside of the Morgan Stanley portfolios with no investment restrictions. New accounts are included beginning with the second full Select UMA program prior to Model Portfolio Strategy’s inception in the Morgan Stanley Select UMA calendar month of performance. Terminated accounts are removed in the month in which they program . For periods through June 2012, the Fiduciary Services program operated through two terminate (but prior performance of terminated accounts is retained). Performance is calculated on a channels – the Morgan Stanley channel and the Smith Barney channel and any performance and total return basis and by asset weighting the individual portfolio returns using the beginning of period other data relating to Fiduciary Services accounts shown here for these periods is calculated using values accounts in only one of these channels.) Please note that the Fiduciary Services program was closed on January 2, 2018. Although the Fiduciary Services and Select UMA programs are both Morgan Gross Performance: Schroders’ gross results do not reflect a deduction of any investment advisory Stanley managed account programs, the performance results and other features of similar investment fees or program fees, charged by Schroders or Morgan Stanley, but are net of commissions charged strategies in the two programs may differ due to investment and operational differences. Performance on securities transactions. in one program is not indicative of potential performance in the other. For example, the individual investment strategies in Select UMA program accounts may contain fewer securities, which would lead to a more concentrated portfolio. The automatic rebalancing, wash sale loss and tax harvesting Net Performance for all Periods: Net performance results reflect a deduction of 0.5925% quarterly. features of the Select UMA program, which are not available in Fiduciary Services, also could cause This consists of three components: 0.5% maximum quarterly MS Advisory Fee and 0.0175% maximum differences in performance. In addition, any performance results included in this profile that are based quarterly Program Overlay Fee (which, together cover the services provided by Morgan Stanley), plus on a third party investment manager’s accounts that are not part of the Morgan Stanley program 0.075% quarterly SMA Manager Fees (being the fee currently charged by Schroders to new clients for accounts or institutional accounts that are part of the Model Portfolio strategy may differ due to managing their assets in the Select UMA program). The SMA Manager Fees may differ from manager investment and operational differences as well. As such, performance results of the third party to manager, and managers may change their fee to new clients from time to time. If you select this investment manager's composites and the third party Model Portfolio Strategies may differ from those manager for your account, check the SMA Manager Fees specified in the written client agreement, in of Select UMA accounts managed in the same or a substantially similar investment strategy. For case these have changed since you received this profile. Historical net fees reflect the Advisory Fee example, in the case of Model Portfolio Strategies, Morgan Stanley, as the investment manager, may Schedule as of October 1, 2018. Morgan Stanley program fees are calculated quarterly for the deviate from the Third Party Model Portfolios. performance illustrated in this profile, and have a compounding effect on performance. The Morgan Stanley program fee, which differs among programs and clients, is described in the applicable Morgan Stanley ADV brochure, which is available at www.morganstanley.com/ADV or on request from your Related Performance: Financial Advisor or Private Wealth Advisor. Document approval March 2016 CRC# 1444692

Focus List, Approved List, and Watch Status:

Strategy Status: Closed – Strategy closed to new accounts and open to International Alpha ADR additional assets Select UMA

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 Morgan Stanley has no obligation to notify you when information in this profile changes. applicable Morgan Stanley ADV brochure (www.ms.com/adv). Your Financial Advisor or Private Wealth Advisor can provide on request a copy of a paper entitled "GIMA: At A Glance ". Sources of information Material in this profile has been obtained from sources that we believe to be reliable, but we do not ADDITIONAL DISCLOSURES 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 The Model Portfolio Provider or Investment Manager may use the same or substantially similar tax or other implications that may result from acting on a particular recommendation. investment strategies, and may hold similar portfolios of investments, in other portfolios or products it manages (including mutual funds). These may be available at Morgan Stanley or elsewhere, and may Not an ERISA fiduciary cost an investor more or less than this strategy in Morgan Stanley's Select UMA program. Morgan Stanley is not acting as a fiduciary under either the Employee Retirement Income Security Act of 1974, as amended, or under section 4975 of the Internal Revenue Code of 1986, as amended, in Overlay Managers or Executing Sub-Managers ("managers") in some of Morgan Stanley’s Separately providing the information in this profile. Managed Account ("SMA") programs may affect transactions through broker-dealers other than Morgan Stanley or our affiliates. If your manager trades with another firm, you may be assessed costs ©2019 Morgan Stanley Smith Barney LLC Member SIPC. by the other firm in addition to Morgan Stanley’s fees. Those costs will be included in the net price of the security, not separately reported on trade confirmations or account statements. Certain managers have historically directed most, if not all, of their trades to outside firms. Information provided by INDEX DESCRIPTIONS managers concerning trade execution away from Morgan Stanley is summarized at: 90-Day T-Bills www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information on trading and costs, please refer to the ADV Brochure for your program(s), available at The 90-Day Treasury Bill is a short-term obligation issued by the United States government. T-bills are www.morganstanley.com/ADV, or contact your Financial Advisor/Private Wealth Advisor. purchased at a discount to the full face value, and the investor receives the full value when they mature. The difference of discount is the interested earned. T-bills are issued in denominations of The portfolio may, at times, invest in exchange-traded funds (ETFs), which are a form of equity $10,000 auction and $1,000 increments thereafter. security in seeking to maintain continued full exposure to the broad equity market.

Strategy Status: Closed – Strategy closed to new accounts and open to International Alpha ADR additional assets Select UMA MSCI AC Wld xUS Nt 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, The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to long-term capital gains, and /or returns of capital. measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. Dividend a portion of a company's profit paid to common and preferred shareholders. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. Dividend Yield annual dividend per share divided by price per share. Dividend Yield for the portfolio is The emerging market country indexes included are: Brazil, Chile, China, Colombia, Czech Republic, a weighted average of the results for the individual stocks in the portfolio. Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates (as of June 2014). This Downside Risk is a measure of the risk associated with achieving a specific target return. This index is excluding the United States. Performance is showing net withholding tax. Net total return statistic separates portfolio volatility into downside risk and upside uncertainty. The downside indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a considers all returns below the target return, while the upside considers all returns equal to or above tax rate applicable to non-resident institutional investors who do not benefit from double taxation the target return. treaties. 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. equities market since the index was first published in 1957. The index has over $5.58 trillion Information Ratio is a measure of the investment manager's skill to add active value against a given benchmarked, with index assets comprising approximately $1.31 trillion of this total. The index benchmark relative to how stable that active return has been. Essentially, the information ratio explains includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of how significant a manager's alpha is. Therefore, the higher the information ratio, the more significant U.S. equities. This index includes dividend reinvestment. the alpha.

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

GLOSSARY OF TERMS manager). Alpha is a mathematical estimate of risk-adjusted return expected from a portfolio above and beyond the benchmark return at any point in time. Price/Book Ratio (P/B) weighted average of the stocks' price divided by book value per share. Book value per share is defined as common equity, including intangibles, divided by shares outstanding American Depositary Receipts (ADRs) are receipts for shares of a foreign-based corporation held in times the adjustment factor. 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 Average Portfolio Beta is a measure of the sensitivity of a benchmark or portfolio's rates of return to calculated by dividing the company's market cap by the company' operating cash flow in the most changes against a market return. The market return is the S&P 500 Index. It is the coefficient recent fiscal year (or the most recent four fiscal quarters); or, equivalently, divide the per-share stock measuring a stock or a portfolio's relative volatility. price by the per-share operating cash flow.

Beta is a measure of the sensitivity of a portfolio's rates of return to changes in the market return. It is Price/Earnings Ratio (P/E Ratio) shows the multiple of earnings at which a stock sells. Determined the coefficient measuring a stock or a portfolio's relative volatility. by dividing current stock price by current earnings per share (adjusted for stock splits). Earnings per share for the P/E ratio are determined by dividing earnings for past 12 months by the number of Bottom-Up Stock Selection Emphasis primarily on individual stock selection. Considerations of common shares outstanding. The P/E ratio shown here is calculated by the harmonic mean. economic and industry factors are of secondary importance in the investment decision-making process. Price/Sales Ratio determined by dividing current stock price by revenue per share (adjusted for stock splits). Revenue per share for the P/S ratio is determined by dividing revenue for past 12 months by Capitalization is defined as the following: Mega (Above $100 billion), Large ($12 to $100 billion), number of shares outstanding. Medium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (below $.50 billion). 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.

Strategy Status: Closed – Strategy closed to new accounts and open to International Alpha ADR additional assets Select UMA

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.