Past performance is not a guarantee of future results.

Rates of return for periods greater than one year are annualized. The information given for this composite is historic and should not be taken as an indication of future performance. Performance returns are presented both before and after the deduction of advisory fees. Account returns are calculated monthly, using a time weighted return method. Account returns reflect the reinvestment of dividends and other income and the deduction of brokerage fees and other commissions, if any, but do not reflect the deduction of certain other expenses such as custodial fees. Monthly composite returns are calculated by weighting account returns by beginning market value. Net returns reflect the deduction of actual advisory fees.

The Barclays Capital U.S. Aggregate Bond Index (“BC Aggregate”) is an unmanaged index which is widely regarded as the standard for measuring U.S. investment grade bond market performance. It includes all non-convertible, fixed-rate debt issues rated investment grade or higher. This index does not incur expenses and is not available for investment. Index returns reflect the reinvestment of interest. The BC Aggregate Index performance is not, however, directly comparable to the composites’ performance because accounts in the composites generally in a wide range of fixed income credit qualities and maturities and the BC Aggregate Index is an unmanaged index that is is widely regarded as the standard for measuring U.S. investment grade bond market performance.

The fee schedule is as follows: 1.00% on the first $25 million and 0.75% on assets in excess of $25 million. A discounted rate is available for tax-free institutions, eleemosynary accounts and large institutions.

Clients invested in the fixed income separately managed accounts are subject to various risks including potential loss of principal, general market risk, default risk, interest rate risk, inflation risk, liquidity risk and small and medium-sized company risk. For a complete discussion of the risks involved, please see our ADV and refer to pages 14-15.

The Fixed Income Composite includes all fee-paying separately managed accounts and mutual funds that are predominantly invested in fixed income securities of various maturities and qualities, as well as income-generating equities. Individual account performance will vary from the composite performance due to differences in individual holdings, cash flows, etc.