Fundamental Growth Select UMA Amundi Pioneer Asset Management

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1 Fundamnal Growh Amundi Pionr Ass Managmn 60 Sa Sr Boson, Massachuss Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Growh Consrvaiv Growh $67.2 billion^ $7.5 billion^^ Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff: 1928 Focus Privaly-Ownd 516 PODUCT OVEVIEW W sk o ouprform h ussll 1000 Growh Indx ovr a full mark cycl, wih lss volailiy, and ndavor o achiv a compiiv ranking agains rlvan pr univrss ovr h sam priod, whil raining h ingriy of h invsmn syl. W bliv ha a concnrad porfolio of companis wih businss ha gnra high rurns on incrmnal invsd capial, possss a susainabl compiiv advanag, and capializ on scular rnds can provid consisn, compiiv prformanc ovr im. Pionr U.S. Concnrad Growh sragy mphasizs fundamnal boom-up scuriy slcion. Our macroconomic viw can impac our viw of a company s inrmdia rm oulook, bu boom-up rsarch is a h har of h procss. Pionr Invsmns porfolio managrs and analyss inrac in a collaboraiv rsarch-rich nvironmn. Co-Porfolio Managrs Andrw Achson and Paul Cloonan hav full auhoriy and discrion and ar joinly rsponsibl for all dcisions mad rlaing o h managmn of h porfolio. Th porfolio managrs may accp or rjc any individual sock rcommndaion by our fundamnal analyss, bu hisorically h majoriy of posiions hld in h porfolio hav bn addd as a rsul of a rcommndaion from our cnral rsarch am. A buy or ovrwigh raing from a mmbr of our analys am srvs as h primary saring poin for mos scuriis addd o h porfolio and all socks in h porfolio ar covrd by h analys am. Whil auhoriy, rsponsibiliy, and accounabiliy ar clarly dfind, h invsmn procss is collgial and inndd o nsur ha all rlvan inpus from all sourcs ar considrd. Invsmn dcisions ar basd on ongoing dialogu and shard idas among xprincd profssionals, including quiy porfolio managrs, fundamnal and quaniaiv analyss, and porfolio managrs and analyss on our fixd incom am, as wll as ohr sourcs of informaion. MANAGE'S INVESTMENT STATEGY Top-down / porfolio srucurs basd on conomic rnds Boom-up / porfolio srucur basd on individual scuriis ^As of 03/31/2016. Informaion as of 12/31/2017 is no y availabl. ^^As of 06/30/2016. Informaion as of 12/31/2017 is no y availabl. TAGET POTFOLIO CHAACTEISTICS Numbr of sock holdings: 35 o 45 Avrag dividnd yild: P/E raio: Similar o/blow h Similar o/blow h Cash lvl ovr mark cycl: 0 o 5% isk (sandard dviaion): Similar o/blow h Avrag urnovr ra: 20 o 40% Us ADs: Capializaion: No Mga, Larg and Mdium companis POTFOLIO'S EQUITY SECTO WEIGHTINGS / /17 Scor Pionr Invms Indx*** Pionr Invms Enrgy Marials Indusrials Consumr Discrionary Consumr Sapls Halh Car Financials Informaion Tchnology Tlcomm Srvics Uiliis Miscllanous EIT'S Cash/Cash Equivalns ¹Th P/E usd hr is calculad by h harmonic man. POTFOLIO STATISTICS / /17 Pionr Invms Indx*** Pionr Invms Numbr of sock holdings Wd avg dividnd yild 1.3% 1.3% 1.3% Wd avg P/E raio ¹ 25.70x 27.10x 23.90x Wd avg porfolio ba Mga capializaion % 49.5% 0.0% Larg capializaion % 41.1% 0.0% Mdium capializaion + 4.4% 9.4% 0.0% Small capializaion + 0.0% 0.1% 0.0% Micro capializaion + 0.0% 0.0% 0.0% POTFOLIO'S TOP FIVE EQUITY HOLDINGS APPLE INC 7.5 MICOSOFT COP 7.4 ALPHABET INC CL C 5.5 HOME DEPOT INC 5.0 MASTECAD INC CL A 4.1 % POCESS BASED ON 0 Ass allocaion - cash vs. sock 25 Indusry or scor wighing 75 Sock Slcion % Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dcmbr 31, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 1 of 6

2 MANAGE'S INVESTMENT POCESS Scrning: Th sragy s porfolio managrs work wih Pionr s quaniaiv analyss o scrn a univrs of 1,000 socks basd on h facors mniond abov such as long rm sals and arnings growh ras, rurns on capial, balanc sh srngh, and valuaion as wll as raings from h fundamnal analyss. This procss idnifis 500 or so socks ha h sragy could concivably own. sarch: Basd on h oupu from h scrning procss, Pionr s cnral rsarch am prforms fundamnal analysis on h 500 or so companis, analyzing h compiiv posiion of ach company, is growh prospcs, and h qualiy of managmn among ohr facors. Th rsul is a lis of likly holdings. Analysis: Sragy spcific analysis cnrs on idnifying h companis in h lis of ha bs m h sragy s invsmn criria. In addiion, h analyss in conjuncion wih h sragy s porfolio managrs prform an xnsiv valuaion analysis using discound cash flow o assss h inrinsic valu of ach sock. Insad of using a poin sima for valuaion, h analyss cra mulipl scnarios and valu ach sock undr ach scnario. By doing so, w can assss no only h ponial upsid o h sock ovr im bu also h downsid if hings go wrong. Porfolio Consrucion: Using h oupu from Sp 3, h sragy s porfolio managrs consruc h porfolio. isk managmn is a criical par of h porfolio consrucion procss. Wih his in mind, h sragy has limis on xposurs o scors and individual socks. Th porfolio managrs, wih inpu from Pionr s isk Managmn Commi, also acivly monior risk a h porfolio lvl. Individual posiions ar gnrally blow 5% (a h im of purchas) of porfolio asss a purchas, 6% wih pric apprciaion. Posiion wighs rflc h individual mris of ach company and is conribuion o h risk-rurn profil of h porfolio. Top-down facors may play an imporan rol in scuriy slcion, bu scor wighs ar drivn mor by individual scuriy slcion. ISK CONSIDEATIONS Invsing in scuriis nails risks, including: Equiy porfolios ar subjc o h basic sock mark risk ha a paricular scuriy, or scuriis in gnral, may dcras in valu. Growh invsing dos no guaran a profi or limina risk. Th socks of hs companis can hav rlaivly high valuaions. Bcaus of hs high valuaions, an invsmn in a growh sock can b mor risky han an invsmn in a company wih mor mods growh xpcaions. Valu invsing dos no guaran a profi or limina risk. No all companis whos socks ar considrd o b valu socks ar abl o urn hir businss around or succssfully mploy corrciv sragis which would rsul in sock prics ha do no ris as iniially xpcd. POTFOLIO'S ALLOCATION HISTOY (%) + Fundamnal Growh 12/17 09/17 06/17 03/17 U.S. Socks Cash/Cash Equivalns S imporan nos and disclosurs pags for a discussion of h sourcs of h prformanc daa usd o calcula h prformanc rsuls and rlad analyss shown abov. Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dcmbr 31, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 2 of 6

3 Fundamnal Growh ISK/ETUN ANALYSIS - 5 YEAS ENDING 12/31/17 a o f u r n s Sandard Dviaion STD O Pionr Invms (Gross) Pionr Invms (N) ussll 1000 Gr Day T-Bills AVEAGE ANNUAL TOTAL ETUN (%) - PEIODS ENDING 12/31/17 a o f u r n s INVESTMENT ESULTS Annual as of urn (%) 10 Yar - Ending 12/31/ Annual Sd. Dv. Pionr Invms (Gross) Pionr Invms (N) ussll 1000 Gr ISK VOLATALITY (%) a o f u r n s POTFOLIO'S QUATELY ETUNS (%) Quarr1 Quarr2 Quarr3 Quarr4 Gross N Gross N Gross N Gross N lad POTFOLIO'S ISK STATISTICS - PEIODS ENDING 12/31/17 ¹ ² 3 Yar 5 Yar Sandard Dviaion 7.11% 7.87% Sandard Dviaion of Primary 8.13% 7.89% Bnchmark Sharp aio Sharp aio of Primary Bnchmark Alpha -0.11% -0.12% Ba Downsid isk 2.65% 2.14% -Squard Tracking Error 2.58% 2.49% Informaion aio Pionr Invms (Gross) Pionr Invms (N) ussll 1000 Gr Numbr Of Up Qrs Down Qrs POTFOLIO DIVESIFICATION - ²(INCEPTION THOUGH 12/14)+ ² Pionr Invms vs. ussll 1000 Gr Saisics ar calculad using gross of f prformanc only. 1. Saisics ar calculad using gross of f prformanc only. 2. ussll 1000 Gr was usd as h primary bnchmark and h 90-Day T-Bills Indx as h risk-fr bnchmark. Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dcmbr 31, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 3 of 6

4 Fundamnal Growh COMPOSITE DISCLOSUES Pas prformanc is no guaran of fuur rsuls. Acual individual accoun rsuls may diffr from h prformanc shown in his profil. Thr is no guaran ha his invsmn sragy will work undr all mark condiions. Do no us his profil as h sol basis for your invsmn dcisions. Prformanc rsuls in his profil ar calculad assuming rinvsmn of dividnds and incom. urns for mor han on yar ar annualizd and basd on quarrly daa. urns for priods of lss han a calndar yar show h oal rurn for h priod and ar no annualizd. Sourcs of Prformanc suls and Ohr Daa: Th prformanc daa and crain ohr informaion for his sragy (including h daa on pag 1 of his profil) rflc h invsmn managr's rsuls in managing Morgan Sanly program accouns, or h invsmn managr's rsuls in managing accouns and invsmn producs, in h sam or a subsanially similar invsmn disciplin. (For priods hrough Jun 2012, h Fiduciary Srvics program oprad hrough wo channls - Morgan Sanly channl and h Smih Barny channl - and any prformanc and ohr daa rlaing o Fiduciary Srvics accouns shown hr for hs priods is calculad using accouns in only on of h hs channls.) This informaion for h invsmn managr is prsnd solly o provid informaion abou accouns ha wr managd according o invsmn objcivs and sragis h sam or subsanially similar o h corrsponding invsmn disciplin in h Slc UMA program. Alhough h Fiduciary Srvics and programs ar boh Morgan Sanly managd accoun programs, h prformanc rsuls and ohr faurs of similar invsmn disciplins in h wo programs may diffr du o invsmn and opraional diffrncs. For xampl, h individual invsmn disciplins in h accouns may conain fwr scuriis, which would lad o a mor concnrad porfolio. Th auomaic rbalancing, wash sal loss and ax-harvsing faurs of h program, which ar no availabl in Fiduciary Srvics, also could caus diffrncs in prformanc. Accordingly, h prformanc of h accouns in h Fiduciary Srvics program is no, and may diffr significanly from, h prformanc of h accouns in h program and should no b considrd indicaiv of or a subsiu for prformanc. Similarly, prformanc rsuls of h invsmn managr's composis may diffr from hos of accouns managd in h sam or a subsanially similar invsmn disciplin. lad Prformanc: Pionr Invsmn s porfolios which ar includd in h composi in h firs full calndar monh undr managmn and whn h porfolio asss m h minimum hrshold rquirmns for h composi sragy, as dscribd blow, a h bginning of h monh. Porfolios ar xcludd from h composi a h complion of h las full calndar monh undr managmn or whn asss fall blow h minimum hrshold. All rurns ar calculad using h im wighd ra of rurn. urns for porfolios ha ar US muual funds ar calculad n of fs and h mos rcn pro-rad oal n annual xpns raio is addd back o cra a gross of f rurn. urns for porfolios ha ar Insiuional accouns ar calculad gross of f rurns wih h pro-rad managmn f subracd o cra n f rurns. urns for porfolios ha ar Offshor Accouns ar calculad n of fs and h acual monhly xpns raio is addd back o cra gross of f rurn. Grman rail funds ar calculad n of fs, gross prformanc is availabl sinc April Grman Insiuional funds ar calculad n of fs, gross prformanc is availabl sinc January Addiional informaion rgarding h Firm's policis for valuing porfolios, calculaing prformanc, and prparing complian prsnaions ar availabl upon rqus. Composi disprsion masurs rprsn h consisncy of a firm's composi prformanc rsuls wih rspc o h individual porfolio rurns wihin a composi. Pionr uilizs an ass wighd sandard dviaion calculaion o masur disprsion. Only porfolios ha hav bn includd in h composi for a full calndar yar ar includd in h disprsion calculaion. This calculaion is no considrd maningful if hr ar no a las wo or mor porfolios ha hav bn managd wihin h composi syl for a full yar, and is no prsnd for hs priods. Morgan Sanly Prformanc: Th composi consiss of 319 accoun(s) wih a mark valu of $143.4 million as of 12/31/2017. In his profil, h prformanc from Ocobr 1, 2016, consiss of h prformanc of all singl syl accouns managd by h invsmn managr in his sragy, subjc o any ohr limiaions sad in his profil. Prformanc composis calculad by Morgan Sanly includ all f-paying porfolios wih no invsmn rsricions. Nw accouns ar includd bginning wih h scond full calndar monh of prformanc. Trminad accouns ar rmovd in h monh in which hy rmina (bu prior prformanc of rminad accouns is raind). Prformanc is calculad on a oal rurn basis and by ass wighing h individual porfolio rurns using h bginning of priod valus. Gross Prformanc: Pionr Invms s gross rsuls do no rflc a dducion of any invsmn advisory fs or program fs, chargd by Pionr Invms or Morgan Sanly, bu ar n of commissions chargd on scuriis ransacions. N Prformanc for all Priods: N prformanc rsuls rflc a dducion of % quarrly. This consiss of hr componns: 0.625% maximum quarrly MS Advisory F and % maximum quarrly Program Ovrlay F (which, oghr covr h srvics providd by Morgan Sanly), plus 0.07% quarrly SMA Managr Fs (bing h f currnly chargd by Pionr Invms o nw clins for managing hir asss in h program). Th SMA Managr Fs may diffr from managr o managr, and managrs may chang hir f o nw clins from im o im. If you slc his managr for your accoun, chck h SMA Managr Fs spcifid in h wrin clin agrmn, in cas hs hav changd sinc you rcivd his profil. Hisorical n fs rflc h Advisory F Schdul as of March 31, Documn approval da 05/18/2016 CC# Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dcmbr 31, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 4 of 6

5 Fundamnal Growh Morgan Sanly program fs ar usually dducd quarrly, and hav a compounding ffc on prformanc. Th Morgan Sanly program f, which diffrs among programs and clins, is dscribd in h applicabl Morgan Sanly ADV brochur, which is availabl a or on rqus from your Financial Advisor or Priva Walh Advisor. Focus Lis, Approvd Lis, and Wach Saus: Global Invsmn Managr Analysis ("GIMA") uss wo mhods o valua invsmn producs in applicabl advisory programs. In gnral, sragis ha hav passd a mor horough valuaion may b placd on h "Focus Lis", whil sragis ha hav passd hrough a diffrn and lss comprhnsiv valuaion procss may b placd on h "Approvd Lis". Somims an invsmn produc may b valuad using h Focus Lis procss bu hn placd on h Approvd Lis insad of h Focus Lis. Invsmn producs may mov from h Focus Lis o h Approvd Lis, or vic vrsa. GIMA may also drmin ha an invsmn produc no longr ms h criria undr ihr valuaion procss and will no longr b rcommndd in invsmn advisory programs (in which cas h invsmn produc is givn a "No Approvd" saus). GIMA has a "Wach" policy and may dscrib a Focus Lis or Approvd Lis invsmn produc as bing on "Wach" if GIMA idnifis spcific aras ha (a) mri furhr valuaion by GIMA and (b) may, bu ar no crain o, rsul in h invsmn produc bcoming "No Approvd". Th Wach priod dpnds on h lngh of im ndd for GIMA o conduc is valuaion and for h invsmn managr o addrss any concrns. GIMA may, bu is no obligad o, no h Wach saus in his rpor wih a "W" or "Wach" on h covr pag. For mor informaion on h Focus Lis, Approvd Lis, and Wach procsss, plas s h applicabl Morgan Sanly ADV brochur ( Your Financial Advisor or Priva Walh Advisor can provid on rqus a copy of a papr nild "GIMA: A A Glanc ". ADDITIONAL DISCLOSUES Th informaion abou a rprsnaiv accoun is for illusraiv purposs only. Acual accoun holdings, prformanc and ohr daa will vary dpnding on h siz of an accoun, cash flows wihin an accoun, and rsricions on an accoun. Holdings ar subjc o chang daily. Th informaion in his profil is no a rcommndaion o buy, hold or sll scuriis. Acual porfolio saisics may vary from arg porfolio characrisics. Th invsmn managr may us h sam or subsanially similar invsmn sragis, and may hold similar porfolios of invsmns, in ohr porfolios or producs i manags (including muual funds). Ths may b availabl a Morgan Sanly or lswhr, and may cos an invsor mor or lss han his sragy in Morgan Sanly's program. Th porfolio may, a ims, invs in xchang-radd funds (ETFs), which ar a form of quiy scuriy in sking o mainain coninud full xposur o h broad quiy mark. Morgan Sanly invsmn advisory programs may rquir a minimum ass lvl and, dpnding on your spcific invsmn objcivs and financial posiion, may no b suiabl for you. Invsmn advisory program accouns ar opnd pursuan o a wrin clin agrmn. Th invsmn managr acs indpndnly of, and is no an affilia of, Morgan Sanly Smih Barny LLC. Divrsificaion dos no guaran a profi or proc agains a loss. No obligaion o noify Morgan Sanly has no obligaion o noify you whn informaion in his profil changs. Sourcs of informaion Marial in his profil has bn obaind from sourcs ha w bliv o b rliabl, bu w do no guaran is accuracy, complnss or imlinss. Third pary daa providrs mak no warranis or rprsnaions rlaing o h accuracy, complnss or imlinss of h daa hy provid and ar no liabl for any damags rlaing o his daa. No ax advic Morgan Sanly and is affilias do no rndr advic on lgal, ax and/or ax accouning mars o clins. Each clin should consul his/hr prsonal ax and/or lgal advisor o larn abou any ponial ax or ohr implicaions ha may rsul from acing on a paricular rcommndaion. No an EISA fiduciary Morgan Sanly is no acing as a fiduciary undr ihr h Employ irmn Incom Scuriy Ac of 1974, as amndd, or undr scion 4975 of h Inrnal vnu Cod of 1986, as amndd, in providing h informaion in his profil Morgan Sanly Smih Barny LLC Mmbr SIPC. INDEX DESCIPTIONS 90-Day T-Bills Th 90-Day Trasury Bill is a shor-rm obligaion issud by h Unid Sas govrnmn. T-bills ar purchasd a a discoun o h full fac valu, and h invsor rcivs h full valu whn hy maur. Th diffrnc of discoun is h inrsd arnd. T-bills ar issud in dnominaions of $10,000 aucion and $1,000 incrmns hrafr. ussll 1000 Gr Th ussll 1000 Growh Indx is rprsnaiv of h U.S. mark for larg capializaion socks conaining hos companis in h ussll 1000 Indx wih highr pric-o-book raios and highr forcasd growh. S&P 500 Th S&P 500 Toal urn has bn widly rgardd as h bs singl gaug of h larg cap U.S. quiis mark sinc h indx was firs publishd in Th indx has ovr $5.58 rillion bnchmarkd, wih indx asss comprising approximaly $1.31 rillion of his oal. Th indx includs 500 lading companis in lading indusris of h U.S. conomy, capuring 75% covrag of U.S. quiis. This indx includs dividnd rinvsmn. Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dcmbr 31, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 5 of 6

6 Fundamnal Growh Indics ar unmanagd and hav no xpnss. You canno invs dircly in an indx. GLOSSAY OF TEMS Alpha is a mahmaical sima of risk-adjusd rurn xpcd from a porfolio abov and byond h bnchmark rurn a any poin in im. Amrican Dposiary cips (ADs) ar rcips for shars of a forign-basd corporaion hld in h vaul of a U.S. bank. Avrag Porfolio Ba is a masur of h snsiiviy of a bnchmark or porfolio's ras of rurn o changs agains a mark rurn. Th mark rurn is h S&P 500 Indx. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Ba is a masur of h snsiiviy of a porfolio's ras of rurn o changs in h mark rurn. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Boom-Up Sock Slcion Emphasis primarily on individual sock slcion. Considraions of conomic and indusry facors ar of scondary imporanc in h invsmn dcision-making procss. Capializaion is dfind as h following: Mga (Abov $100 billion), Larg ($12 o $100 billion), Mdium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (blow $.50 billion). Dividnd a porion of a company's profi paid o common and prfrrd sharholdrs. Downsid isk is a masur of h risk associad wih achiving a spcific arg rurn. This saisic sparas porfolio volailiy ino downsid risk and upsid uncrainy. Th downsid considrs all rurns blow h arg rurn, whil h upsid considrs all rurns qual o or abov h arg rurn. Duraion is a masur of pric snsiiviy xprssd in yars. High Grad Corpora Bonds corpora bonds from issurs wih crdi raings of AA or AAA. Informaion aio is a masur of h invsmn managr's skill o add aciv valu agains a givn bnchmark rlaiv o how sabl ha aciv rurn has bn. Essnially, h informaion raio xplains how significan a managr's alpha is. Thrfor, h highr h informaion raio, h mor significan h alpha. Invsmn Grad Bonds ar hos rad by Sandard & Poor's AAA (highs rad), AA, A or BBB (or quivaln raing by ohr raing agncis or, in h cas of scuriis no rad, by h invsmn managr). Pric/Cash Flow aio a raio usd o compar a company's mark valu o is cash flow. I is calculad by dividing h company's mark cap by h company' opraing cash flow in h mos rcn fiscal yar (or h mos rcn four fiscal quarrs); or, quivalnly, divid h pr-shar sock pric by h pr-shar opraing cash flow. Pric/Earnings aio (P/E aio) shows h mulipl of arnings a which a sock slls. Drmind by dividing currn sock pric by currn arnings pr shar (adjusd for sock splis). Earnings pr shar for h P/E raio ar drmind by dividing arnings for pas 12 monhs by h numbr of common shars ousanding. Th P/E raio shown hr is calculad by h harmonic man. Pric/Sals aio drmind by dividing currn sock pric by rvnu pr shar (adjusd for sock splis). vnu pr shar for h P/S raio is drmind by dividing rvnu for pas 12 monhs by numbr of shars ousanding. 2 (-Squard)/Porfolio Divrsificaion indicas h proporion of a scuriy's oal varianc ha is bnchmark-rlad or is xplaind by variaions in h bnchmark. Sharp aio masurs h fficincy, or xcss rurn pr uni of volailiy, of a managr's rurns. I valuas managrs' prformanc on a volailiy-adjusd basis. Sandard Dviaion is a saisical masur of hisorical variabiliy or sprad of rurns around a mahmaical avrag rurn ha was producd by h invsmn managr ovr a givn masurmn priod. Th highr h sandard dviaion, h grar h variabiliy in h invsmn managr's rurns rlaiv o is avrag rurn. Top-Down/Economic Analysis Emphasis primarily on macroconomic rnds as opposd o boom-up sock slcion. Tracking Error rprsns h sandard dviaion of h diffrnc bwn h prformanc of h invsmn sragy and h bnchmark. This provids a hisorical masur of h variabiliy of h invsmn sragy's rurns rlaiv o is bnchmark. U.S. Trasury Bonds a markabl, fixd inrs U.S. govrnmn db scuriy wih a mauriy of mor han 10 yars. Trasury bonds mak inrs paymns smi-annually and h incom ha holdrs rciv is only axd a h fdral lvl. Volailiy a masur of risk basd on h sandard dviaion of h ass rurn. Volailiy is a variabl ha appars in opion pricing formulas, whr i dnos h volailiy of h undrlying ass rurn from now o h xpiraion of h opion. Thr ar volailiy indxs. Such as a scal of 1-9; a highr raing mans highr risk. Pric/Book aio (P/B) wighd avrag of h socks' pric dividd by book valu pr shar. Book valu pr shar is dfind as common quiy, including inangibls, dividd by shars ousanding ims h adjusmn facor. Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dcmbr 31, 2017, unlss ohrwis nod. All daa ar subjc o chang. Pag 6 of 6

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