Special U.S. Mid Cap Value SMA Select UMA Wells Fargo Funds Management

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Special U.S. Mid Cap Value SMA Select UMA Wells Fargo Funds Management, LLC Style: US Mid Cap Value Year Founded: 1971 Sub-Style: Traditional Value GIMA Status: Focus 525 Market Street, 12th Floor Firm AUM: $512.5 billion Firm Ownership: Wells Fargo & Co. San Francisco, California 94105 Firm Strategy AUM: $27.8 million Professional-Staff: 1468

PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS The team's philosophy and process are designed to exploit inefficiencies Number of stock holdings: 50 to 70 ------06/21------12/20 in the market that exist due to the common methodology of analysis and ------P/E ratio: Similar to/Above the S&P 500 Wells Index*** Wells stock selection used by the investment community. This approach allows Fargo Fargo for the potential for consistent alpha generation through differentiation Cash level over market cycle: 0 to 5% Number of stock holdings 68 695 74 versus the benchmark and peers while intending to maintain a lower risk Risk (standard deviation): Below the S&P 500 profile.The team believes that most investors spend the majority of their Dividend Yield 1.2% 1.6% 1.6% research efforts analyzing the income statement and thus the market is Average turnover rate: 30 to 35% highly efficient at valuing expected probability-adjusted changes in the Distribution Rate — — — Use ADRs: 0 to 10% income statement into company stock prices. However, most investors 21.99x 19.10x 24.30x are not focused on analyzing the balance sheet including the proper Capitalization: Large and Medium Wtd avg P/E ratio ¹ capital structure of the company and the value that can be created companies Wtd avg portfolio beta 0.96 — 0.97 through deployment of the balance sheet. As a result, the value-creation potential embedded in the balance sheet is often not properly priced into Mega capitalization ⁺ 0.0% 0.0% 0.0% stock prices.Inefficiencies also exist in the use of GAAP-based 0.0% 70.5% 0.0% (Generally Accepted Accounting Principles) metrics such as Earnings Large capitalization ⁺ Per Share in valuing businesses. The team believes that the value of a Medium capitalization ⁺ 0.0% 29.4% 0.0% company is based on the sustainable cash generating power of the business. By focusing on free cash flow generation as opposed to GAAP Small capitalization ⁺ 0.0% 0.1% 0.0% based earnings metrics, the team uses the CPA-based approach to Micro capitalization ⁺ 0.0% 0.0% 0.0% remove the inherent biases in management estimates and assumptions PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ when compiling GAAP-based financial statements.By exploiting the inefficiencies that exist in both the true cash generating power of the ------06/21------12/20 business and the value creation potential of the balance sheet, the team Sector Wells------Index*** Wells develops valuation targets to quantify both the upside reward potential Fargo Fargo PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % and the downside risk potential. Using a reward/risk valuation framework Energy 5.02 5.07 3.12 Carlisle Companies Incorporated 3.3 to objectively make portfolio construction decisions, the team allocates 2.9 Materials 3.84 7.33 7.28 CBRE Group, Inc. Class A capital when the stock price allows for an asymmetric return profile, with Stanley Black & Decker, Inc. 2.6 meaningful stock price appreciation potential to the team's intrinsic value Industrials 20.90 16.03 19.83 Arch Capital Group Ltd. 2.6 price target from the current stock price and limited loss of capital in a AerCap Holding NV 2.6 downside scenario. Consumer Discretionary 13.79 10.94 9.35 Consumer Staples 8.59 4.24 6.58 Health Care 7.38 8.83 8.06 % PROCESS BASED ON Financials 16.78 16.14 19.02 0 Asset allocation - cash vs. stock Information Technology 10.07 9.71 13.38 30 Industry or sector weighting Communication Services 0.00 4.21 0.00 70 Stock Selection MANAGER'S INVESTMENT STRATEGY  Top-down / portfolio structures based on economic trends Utilities 5.09 6.97 5.23  Bottom-up / portfolio structure based on individual securities Miscellaneous 1.69 0.00 0.00 Real Estate/REITs 6.83 10.53 8.16

¹The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. ***Index : Russell Mid Cap Vl

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

Special U.S. Mid Cap Value SMA Select UMA

MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺ • Most companies in the investible universe do not possess the three Equity securities prices may fluctuate in response to specific 06/21 03/21 12/20 09/20 required fundamental characteristics; long-term competitive advantage situations for each company, industry, market conditions and U.S. Stocks 92 92 91 93 (provided by a durable asset base), sustainable free cash flow, and a general economic environment. Companies paying dividends Non-U.S. Stocks 7 7 7 7 flexible balance sheet. Companies that meet the team’s criteria go can reduce or cut payouts at any time. Strategies that invest a through our valuation process to determine if the stock is selling at a large percentage of assets in only one industry sector (or in only ETF 1 1 1 0 price that creates an asymmetric reward/risk return profile. a few sectors) are more vulnerable to price fluctuation than Warrant / Right 0 0 0 0 • The team values companies using its estimate of sustainable, portfolios that diversify among a broad range of sectors. Cash/Cash Equivalents 0 0 2 0 long-term free cash flow. The analysts adjust the value to account for Investing in securities entails risks, including: The stocks of potential value creation through the company’s ability to deploy any medium-sized companies are often associated with higher risk available balance sheet flexibility and add/subtract value for any hidden than stocks of larger companies, including higher volatility. assets/liabilities. At the conclusion of this process they have calculated Investing in smaller/mid-cap companies involves greater risks their estimate of the company’s intrinsic value (upside) as well as a not associated with investing in more established companies, downside estimate as to where the stock could trade under a worst-case such as business risk, significant stock price fluctuations and scenario. illiquidity. Value investing involves the risk that the market may not recognize that securities are undervalued and they may not • During the research process, analysts are identifying several key appreciate as anticipated. When investing in value securities, drivers for the company’s stock price and the current consensus view on the market may not necessarily have the same value each factor. Our ability to invest in a company is typically dependent on assessment as the manager, and, therefore, the performance of having a differentiated view on one or more of these factors compared to the securities may decline. Growth investing does not guarantee the consensus viewpoint. a profit or eliminate risk. The stocks of these companies can • Analysts and the PM team regularly meet with the management teams have relatively high valuations. Because of these high of many companies, including the management of portfolio holdings, valuations, an investment in a growth stock can be more risky competitors with our portfolio holdings or companies that could be than an investment in a company with more modest growth holdings in the future. These meetings/conversations often time take expectations. Value investing does not guarantee a profit or place at a company headquarters and are associated with a more eliminate risk. Not all companies whose stocks are considered comprehensive facility visit. to be value stocks are able to turn their business around or • Investment ideas are communicated by the analysts to the PM team successfully employ corrective strategies which would result in via ongoing conversations that take place during the research process. stock prices that do not rise as initially expected. Bonds rated When an analyst believes an allocation of capital should be made to a below investment grade may have speculative characteristics company, they will have a conversation with the PM team on the merits and present significant risks beyond those of other securities, of the investment thesis, how the thesis is differentiated from consensus, including greater credit risk and price volatility in the secondary the downside price risk if we are wrong and the upside opportunity if we market. Investors should be careful to consider these risks are right. The PM team will then decide on whether to allocate capital alongside their individual circumstances, objectives and risk and the weight that stock will have in the portfolio. tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline in the value of these investments would cause the portfolio’s overall value to decline to a greater degree than that of a less concentrated portfolio.

¹The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. ***Index : Russell Mid Cap Vl

Special U.S. Mid Cap Value SMA 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 s Standard Deviation s (%) STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 06/30/21 Wells Fargo (Gross) 22.33 13.12 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Wells Fargo (Gross) 0.52 19.72 40.28 12.98 -1.88 22.69 12.13 -12.41 36.62 3.35 13.32 19.12 Wells Fargo (Net) 22.23 10.51 -1.76 16.94 37.13 10.32 -4.17 19.79 9.51 -14.47 33.54 1.01 10.70 19.04 Russell Mid Cap Vl 22.60 11.79 Wells Fargo (Net) 90-Day T-Bills 0.44 1.14 Russell Mid Cap Vl -1.38 18.49 33.45 14.75 -4.79 20.00 13.35 -12.29 27.06 4.96 11.74 18.91

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

ENDING 06/30/21 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net Standard Deviation 28.87% 22.33% t 2011 7.95 7.33 -0.02 -0.59 -19.53 -20.03 15.74 15.14 e 29.36% 22.60% 2012 10.33 9.71 -4.31 -4.88 6.02 5.39 6.95 6.33 Standard Deviation of Primary Benchmark o 2013 14.91 14.28 2.44 1.84 7.92 7.32 10.42 9.80 0.45 0.54 f 2014 3.73 3.09 5.30 4.68 -2.88 -3.47 6.50 5.90 Sharpe Ratio 2015 3.95 3.31 -0.58 -1.17 -7.35 -7.90 2.48 1.90 Sharpe Ratio of Primary 0.36 0.47 R Benchmark e 2016 3.60 2.96 4.98 4.37 4.78 4.17 7.67 7.02 t 2017 2.25 1.65 1.96 1.36 3.14 2.54 4.28 3.66 Alpha 2.40% 1.41% u 2018 -2.50 -3.06 0.67 0.07 3.27 2.68 -13.59 -14.14 Beta 0.98 0.98 r 2019 16.23 15.61 5.58 4.98 2.81 2.21 8.29 7.66 Downside Risk 1.25% 1.53% n s 2020 -31.60 -32.01 18.92 18.29 5.76 5.16 20.14 19.44 R-Squared 0.99 0.99 2021 11.39 10.72 6.26 5.67 Tracking Error 2.61% 2.64% Related Select UMA Information Ratio 0.92 0.50

*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. Wells Fargo (Gross) 17 3 R² 2. Russell Mid Cap Vl was used as the primary Wells Fargo (Net) 17 3 0.98 Wells Fargo vs. Russell Mid Cap Vl benchmark and the 90-Day T-Bills Index as the 17 3 Russell Mid Cap Vl 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.

Special U.S. Mid Cap Value SMA Select UMA

COMPOSITE DISCLOSURES The Special U. S. Mid Cap Value Equity Composite (Composite) includes all discretionary accounts managed in this style. The Composite contains accounts seeking capital growth by investing, under The disclosures provided below apply to performance information in this profile, if any. Past normal conditions at least 80% of its net assets in stocks of medium-capitalization companies that the performance is not a guarantee of future results. Actual individual account results may differ manager believes present attractive opportunities, but have not been widely recognized by investment from the performance shown in this profile. There is no guarantee that this investment strategy analysts or the financial press. This strategy defines medium capitalization companies as companies will achieve its intended results under all market conditions. Do not rely upon this profile as the whose market capitalization is substantially similar to that of companies in the Russell Midcap ® Index sole basis for your investment decisions. at the time of investment . Accounts may also invest up to 25% of its net assets in foreign securities, and may utilize an active trading approach. The manager may sell a stock when changes in price or Performance results in this profile are calculated assuming reinvestment of dividends and income. growth potential no longer make it an attractive investment. Accounts may use derivatives to attempt to Returns for more than one calendar year are annualized and based on quarterly data. Returns for manage market or business risk or to seek to enhance account returns. Investment results are periods of less than a calendar year show the total return for the period and are not annualized. No measured versus the Russell Midcap® Value Index. The Composite creation and inception date is May representation is being made that any portfolio will or is likely to achieve profits or losses similar to 1, 2001. Effective March 26, 2009, Bob Costomiris, Senior Portfolio Manager of the Special Global those shown. Returns will fluctuate and an investment upon redemption may be worth more or less Equity team left WFAM. than its original value. Performance shown does not reflect the impact of fees and expenses of the Composite returns are net of transaction costs and non-reclaimable withholding taxes, if any are underlying mutual fund and ETFs, as applicable. expressed in US dollars, and reflect the reinvestment of dividends and other earnings. Gross Composite returns do not reflect the deduction of investment advisory fees. Net Composite returns are Sources of Performance Results and Other Data: The performance data and certain other calculated using a model investment advisory fee, which is the maximum annual advisory fee based information for this strategy (including the data on page 1 of this profile) may include one or more of upon the fee schedule in effect during each respective performance period. Any changes to the fee the following: (i) the performance results of a composite of Morgan Stanley accounts managed by the schedule are reflected in the calculation of the net Composite returns beginning with the period in third party investment manager, (ii) the performance results for accounts and investment products which the fee schedule is revised. Actual fees may vary depending on, among other things, the managed by the third party investment manager, in the same or a substantially similar investment applicable fee schedule and portfolio size. WFAM's fee schedules are available upon request and may strategy outside of the applicable Morgan Stanley program, and/or (iii) in the case of Model Portfolio also be found in Part 2 of Form ADV. The published fee schedule for this strategy is 0.85% for the first Strategies, the Model Portfolio Provider’s results in managing accounts outside of the Morgan Stanley $25mm, 0.75% for the next $25mm, 0.70% for the next $50mm, and 0.65% over $100mm. Additional Select UMA program prior to Model Portfolio Strategy’s inception in the Morgan Stanley Select UMA information regarding WFAM's policies for valuing accounts, calculating performance and preparing program . For periods through June 2012, the Fiduciary Services program operated through two compliant presentations are available upon request. channels – the Morgan Stanley channel and the Smith Barney channel and any performance and other data relating to Fiduciary Services accounts shown here for these periods is calculated using accounts Morgan Stanley Performance: in only one of these channels.) Please note that the Fiduciary Services program was closed on Gross Performance: Wells Fargo’s gross results do not reflect a deduction of any investment January 2, 2018. Although the Fiduciary Services and Select UMA programs are both Morgan Stanley advisory fees or program fees, charged by Wells Fargo or Morgan Stanley, but are net of commissions managed account programs, the performance results and other features of similar investment charged on securities transactions. 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 Net Performance for all Periods: Net performance results reflect a deduction of 0.5925% quarterly. investment strategies in Select UMA program accounts may contain fewer securities, which would lead This consists of three components: 0.5% maximum quarterly MS Advisory Fee and 0.0175% maximum to a more concentrated portfolio. The automatic rebalancing, wash sale loss and tax harvesting quarterly Program Overlay Fee (which, together cover the services provided by Morgan Stanley), plus features of the Select UMA program, which are not available in Fiduciary Services, also could cause 0.075% quarterly SMA Manager Fees (being the fee currently charged by Wells Fargo to new clients differences in performance. In addition, any performance results included in this profile that are based for managing their assets in the Select UMA program). The SMA Manager Fees may differ from on a third party investment manager’s accounts that are not part of the Morgan Stanley program manager to manager, and managers may change their fee to new clients from time to time. If you accounts or institutional accounts that are part of the Model Portfolio strategy may differ due to select this manager for your account, check the SMA Manager Fees specified in the written client investment and operational differences as well. As such, performance results of the third party agreement, in case these have changed since you received this profile. Historical net fees reflect the investment manager's composites and the third party Model Portfolio Strategies may differ from those Advisory Fee Schedule as of October 1, 2018. of Select UMA accounts managed in the same or a substantially similar investment strategy. For example, in the case of Model Portfolio Strategies, Morgan Stanley, as the investment manager, may deviate from the Third Party Model Portfolios. Morgan Stanley program fees are calculated quarterly for the 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 Related Performance: available at www.morganstanley.com/ADV or on request from your Financial Advisor or Private Wealth Advisor.

Special U.S. Mid Cap Value SMA Select UMA

Document approval date 06/2019. #CRC 2544136 Morgan Stanley investment advisory programs may require a minimum asset level and, depending on Focus List, Approved List, and Watch Status: your specific investment objectives and financial position, may not be suitable for you. Investment Global Investment Manager Analysis ("GIMA") uses two methods to evaluate investment products in advisory program accounts are opened pursuant to a written client agreement. applicable advisory programs. In general, strategies that have passed a more thorough evaluation may be placed on the "Focus List", while strategies that have passed through a different and less "Certain strategies managed or sub-advised by us or our affiliates, including but not limited to Morgan comprehensive evaluation process may be placed on the "Approved List". Sometimes an investment Stanley Investment Management ("MSIM") and Eaton Vance Management ("EVM") and its investment product may be evaluated using the Focus List process but then placed on the Approved List instead affiliates, may be included in your account. Morgan Stanley Global Investment Manager Analysis of the Focus List. ("GIMA") evaluates certain investment products for the purposes of some – but not all – of Morgan Investment products may move from the Focus List to the Approved List, or vice versa. GIMA may also Stanley Smith Barney LLC’s investment advisory programs. Please contact your Morgan Stanley team determine that an investment product no longer meets the criteria under either evaluation process and and/or see the applicable Form ADV, which can be accessed at www.morganstanley.com/adv, for will no longer be recommended in investment advisory programs (in which case the investment information about affiliated investment products that are not reviewed or evaluated by GIMA, as well product is given a "Not Approved" status). as additional disclosures applicable to affiliated products, that could be included in this strategy." GIMA has a "Watch" policy and may describe a Focus List or Approved List investment product as being on "Watch" if GIMA identifies specific areas that (a) merit further evaluation by GIMA and (b) Diversification does not guarantee a profit or protect against a loss. 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 No obligation to notify manager to address any concerns. GIMA may, but is not obligated to, note the Watch status in this Morgan Stanley has no obligation to notify you when information in this profile changes. report with a "W" or "Watch" on the cover page. 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 Sources of information Advisor can provide on request a copy of a paper entitled "GIMA: At A Glance ". 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 representations relating to the accuracy, completeness or timeliness of the data they provide and are ADDITIONAL DISCLOSURES not liable for any damages relating to this data. Actual account holdings, performance and other data will vary depending on the size of an account, cash flows within an account, and restrictions on an account. Holdings are subject to change daily. The No tax advice information in this profile is not a recommendation to buy, hold or sell securities. 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 Actual portfolio statistics may vary from target portfolio characteristics. tax or other implications that may result from acting on a particular recommendation.

The Model Portfolio Provider or Investment Manager may use the same or substantially similar Not an ERISA fiduciary investment strategies, and may hold similar portfolios of investments, in other portfolios or products it Morgan Stanley is not acting as a fiduciary under either the Employee Retirement Income Security Act manages (including mutual funds). These may be available at Morgan Stanley or elsewhere, and may of 1974, as amended, or under section 4975 of the Internal Revenue Code of 1986, as amended, in cost an investor more or less than this strategy in Morgan Stanley's Select UMA program. providing the information in this profile.

Overlay Managers or Executing Sub-Managers ("managers") in some of Morgan Stanley’s Separately ©2019 Morgan Stanley Smith Barney LLC Member SIPC. 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

by the other firm in addition to Morgan Stanley’s fees. Those costs will be included in the net price of INDEX DESCRIPTIONS the security, not separately reported on trade confirmations or account statements. Certain managers 90-Day T-Bills have historically directed most, if not all, of their trades to outside firms. Information provided by managers concerning trade execution away from Morgan Stanley is summarized at: The 90-Day Treasury Bill is a short-term obligation issued by the United States government. T-bills are www.morganstanley.com/wealth/investmentsolutions/pdfs/adv/sotresponse.pdf. For more information purchased at a discount to the full face value, and the investor receives the full value when they on trading and costs, please refer to the ADV Brochure for your program(s), available at mature. The difference of discount is the interested earned. T-bills are issued in denominations of www.morganstanley.com/ADV, or contact your Financial Advisor/Private Wealth Advisor. $10,000 auction and $1,000 increments thereafter.

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.

Special U.S. Mid Cap Value SMA Select UMA

Russell Mid Cap Vl 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 Russell Mid Cap Value Index contains Russell Midcap companies with lower price-to-book ratios all returns below the target return, while the upside considers all returns equal to or above the target and lower forecasted growth values. The stocks are also members of the Russell 1000 Value Index. return.

S&P 500 Duration is a measure of price sensitivity expressed in years.

The S&P 500 Total Return has been widely regarded as the best single gauge of the large cap U.S. High Grade Corporate Bonds corporate bonds from issuers with credit ratings of AA or AAA. equities market since the index was first published in 1957. The index has over $5.58 trillion benchmarked, with index assets comprising approximately $1.31 trillion of this total. The index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of Information Ratio is a measure of the investment manager's skill to add active value against a given U.S. equities. This index includes dividend reinvestment. benchmark relative to how stable that active return has been. Essentially, the information ratio explains how significant a manager's alpha is. Therefore, the higher the information ratio, the more significant Indices are unmanaged and have no expenses. You cannot invest directly in an index. the alpha.

Investment Grade Bonds are those rated by Standard & Poor's AAA (highest rated), AA, A or BBB (or GLOSSARY OF TERMS equivalent rating by other rating agencies or, in the case of securities not rated, by the investment Alpha is a mathematical estimate of risk-adjusted return expected from a portfolio above and beyond manager). 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 American Depositary Receipts (ADRs) are receipts for shares of a foreign-based corporation held in value per share is defined as common equity, including intangibles, divided by shares outstanding the vault of a U.S. bank. times the adjustment factor.

Average Portfolio Beta is a measure of the sensitivity of a benchmark or portfolio's rates of return to Price/Cash Flow Ratio a ratio used to compare a company's market value to its cash flow. It is changes against a market return. The market return is the S&P 500 Index. It is the coefficient calculated by dividing the company's market cap by the company' operating cash flow in the most measuring a stock or a portfolio's relative volatility. recent fiscal year (or the most recent four fiscal quarters); or, equivalently, divide the per-share stock 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 the coefficient 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 by dividing current stock price by current earnings per share (adjusted for stock splits). Earnings per Bottom-Up Stock Selection Emphasis primarily on individual stock selection. Considerations of share for the P/E ratio are determined by dividing earnings for past 12 months by the number of economic and industry factors are of secondary importance in the investment decision-making common shares outstanding. The P/E ratio shown here is calculated by the harmonic mean. process. Price/Sales Ratio determined by dividing current stock price by revenue per share (adjusted for stock Capitalization is defined as the following: Mega (Above $100 billion), Large ($12 to $100 billion), splits). Revenue per share for the P/S ratio is determined by dividing revenue for past 12 months by Medium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (below $.50 billion). number of shares outstanding.

Distribution Rate is defined as the most recent distribution paid, annualized, and then divided by the R2 (R-Squared)/Portfolio Diversification indicates the proportion of a security's total variance that is current market price. Distribution rate may consist of investment income, short-term capital gains, benchmark-related or is explained by variations in the benchmark. long-term capital gains, and /or returns of capital. Sharpe Ratio measures the efficiency, or excess return per unit of volatility, of a manager's returns. It Dividend a portion of a company's profit paid to common and preferred shareholders. evaluates managers' performance on a volatility-adjusted basis.

Dividend Yield annual dividend per share divided by price per share. Dividend Yield for the portfolio is Standard Deviation is a statistical measure of historical variability or spread of returns around a a weighted average of the results for the individual stocks in the portfolio. 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.

Special U.S. Mid Cap Value SMA Select UMA

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.