Client Disclosures

Past performance is not an indication of future returns. The returns presented herein are net of advisory fees and transaction costs associated with the account, and include the reinvestment of dividends and other income. The “IRR” means the “internal rate of return”. Benchmarks do not have fees.

MSCI ACWI All Cap GR USD

The index measures the performance of large, mid, small and micro cap segment of both developed and emerging markets equity securities. It covers approximately 99% of the global equity investment opportunity set across 23 developed markets and 21 emerging markets. The index is free float-adjusted market capitalization weighted.

S&P 500 Index

Measures the performance of large capitalization U.S. stocks. The S&P 500 is a market-value-weighted index of 500 stocks. The weightings make each company’s influence on the Index performance directly proportional to that company’s market value.

 

50/50 Bond Blend Benchmark Categories

Barclays Capital US Aggregate Bond Index

Measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States – including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

Bloomberg Municipal TR USD

The index measures the performance of the Bloomberg U.S. Municipal bond, which covers the USD-denominated Long-Term tax exempt bond market with four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

 

5 Asset Class Benchmark Categories

Bloomberg commodity total return index – 4%

The Bloomberg Commodity Total Return Index is comprised of futures contracts and reflects the returns on a fully collateralized investment. This combines the returns of the BCOM with the returns on cash collateral invested in 13 week US treasury bills.

MSCI EAFE Index – 8%

The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries* around the world, excluding the US and Canada. With 798 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country.

Russell 1000 Growth Index – 9%

The Russell 1000® Growth Index measures the performance of the largecap growth segment of the US equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 1000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

Russell 1000 Value Index – 9%

The Russell 1000® Value Index measures the performance of the largecap value segment of the US equity universe. It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The Russell 1000® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics

Russell 2000 Index – 9%

The Russell 2000® Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 7% of the total market capitalization of that index, as of the most recent reconsitution. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

Russell Midcap Index – 9%

The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 27% of the total market capitalization of the Russell 1000® companies, as of the most recent reconstitution. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set.

Morningstar Broad Hedge Fund Index – 8%

The index is a rules-based, asset-weighted index designed to capture the performance and behavior of the most investable hedge funds. The index seeks to leverage Morningstar¡¯s high-quality hedge fund database of approximately 5,000 single-strategy hedge funds. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

LBMA Gold Price PM – 4%

The LBMA Gold Price PM Index measures the performance of setting price of gold, determined twice each business day on the London bullion market by the five members of The London Gold Market Fixing Ltd. It is designed to fix a price for settling contracts between members of the London bullion market, but informally the gold fixing provides a recognized rate that is used as a benchmark for pricing the majority of gold products and derivatives throughout the world’s markets.

Morningstar US Cash T-bill – 0.50%

The index consists of a single US T-Bill. At each monthly rebalancing, the index replaces the existing constituent with a US T-Bill maturity between six and eight weeks from the purchase date. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

FTSE Emerging Market Index – 3.50%

The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid Large and Mid Cap companies in the emerging markets.   FTSE Emerging Markets indexes are part of the FTSE Global Equity Index Series (GEIS). The series includes large and mid cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process.   The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 99% of the world’s investable market capitalization.

Bloomberg Municipal Index – 6.50%

The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/BBB- or higher by at least two of the ratings agencies: Moody’s, S&P, and Fitch.

FTSE Nareit All REITs – 6%

Contains all publicly traded US REITs. The FTSE Nareit All REITs Index is not free float adjusted, and constituents are not required to meet minimum size, liquidity or minimum voting right criteria.

Barclays U.S. 1-5 Year Government/Credit Float Adjusted Index – 6.50%

This index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 5 years and are publicly issued.

Barclays Capital US Aggregate Bond Index – measures the performance of the U.S. investment grade bond market. The index invests in a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States – including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities, all with maturities of more than 1 year.

S&P Short Duration Municipal Yield Index – 6.50%

The S&P Short Duration Municipal Yield Index consists of bonds from the S&P Municipal Bond Index and is subject to allocation as detailed in Constituent Weightings. For the avoidance of doubt, the lowest rating is used in determining if a bond is eligible for the index. All bonds must have an effective maturity, as measured from the first business day of the month, which is greater than or equal to one month and less than 12 years. Also, bonds that are pre-refunded/escrowed to maturity or defaulted are not included.  Constituent Weightings : S&P Short Duration Municipal Yield Index.  The index is subject to the following ratings criteria scheme to determine the weight of index constituents. Constituents are market-value-weighted within each credit rating bucket:  • 10% of the market value of the index is comprised of bonds rated between AA+ and AA- by SPGR, Aa3 and Aa1 by Moody’s, or AA+ and AA by Fitch Ratings; • 10% of the market value of the index is comprised of bonds rated between A+ and A-, A3 and A1, or A+ and A- by SPGR, Moody’s, or Fitch Ratings;  • 20% of the market value of the index is comprised of bonds rated BBB+ and BBB-, Baa3 and Baa1, or BBB+ or BBB- by SPGR, Moody’s, or Fitch Ratings;  • 60% of the market value of the index is comprised of bonds that are either non-rated or have a rating no higher than BB+, Ba1 or BB+ by SPGR, Moody’s, or Fitch Ratings.