independent adviser group xyz sample trust - …callan assumes no responsibility for the accuracy or...

September 30, 2018

XYZ SAMPLE TRUST

IndependentAdviserGroup

The following report was prepared by Callan using information from sources that include the following: the Callan UMA Overlay Manager;investment manager(s); mutual fund(s); exchange traded fund(s); Callan computer software; Callan investment manager and peer groupdatabase; third party data vendors; and other outside sources. Callan assumes no responsibility for the accuracy or completeness of theinformation provided, or methodologies employed, by any information providers external to Callan. Reasonable care has been taken to assure theaccuracy of the Callan database and computer software. In preparing the following report, Callan has not reviewed the risk of individual securityholdings or the compliance/non-compliance of individual security holdings with investment policies and guidelines of any particular client, nor has itassumed any responsibility to do so. Copyright 2018 by Callan.

For questions regarding this report, please contact your investment advisor:Prudent Person, Prudent Advisory Inc.

XYZ SAMPLE TRUSTSeptember 30, 2018

Total Portfolio SummaryJune 30, 2018 Fee Client Investment September 30, 2018

Asset Class Market Value Cashflows Cashflows Return Market Value

Portfolio Total $4,238,228 -$13,115 $0 $122,661 $4,347,773

Actual Asset Allocation

Domestic Equity37.0%

International17.5%

Fixed Income45.5%

Target Asset Allocation

Domestic Equity32.0%

Fixed Income50.0%

International18.0%

Actual vs. Target

-8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0

Domestic Equity 5.0

International -0.5

Fixed Income -4.5

1


Total Portfolio Summary - ContinuedJune 30, 2018 September 30, 2018

Asset Class Market Client Investment Market % Total Actual Target % Asset Actual TargetManager Value Cashflows Return Value Fund Target Diff. Class Target Diff.

Domestic EquityWedgewood Large Growth $602,269 $0 $52,981 $655,250 15.1% 12.0% 3.1% 40.8% 37.5% 3.3%Great Lakes LCV $528,404 -$2,154 $33,687 $559,937 12.9% 12.0% 0.9% 34.8% 37.5% (2.7%)Atlanta SMID $403,593 -$44,287 $32,459 $391,764 9.0% 8.0% 1.0% 24.4% 25.0% (0.6%)

Domestic Equity Total $1,534,266 -$46,442 $119,127 $1,606,951 37.0% 32.0% 5.0% 100.0% 100.0% -

InternationalDodge & Cox Intl Stock $756,565 $627 $3,783 $760,976 17.5% 18.0% (0.5%) 100.0% 100.0% 0.0%

International Total $756,565 $627 $3,783 $760,976 17.5% 18.0% (0.5%) 100.0% 100.0% -

Fixed IncomeiShares:Barclays TIPS $536,114 $9,572 -$6,497 $539,189 12.4% 14.0% (1.6%) 27.2% 28.0% (0.8%)Vanguard Int-Tm TxEx;Adm $1,411,282 $36,242 -$6,867 $1,440,657 33.1% 36.0% (2.9%) 72.8% 72.0% 0.8%

Fixed Income Total $1,947,396 $45,814 -$13,364 $1,979,846 45.5% 50.0% (4.5%) 100.0% 100.0% -

Fee Cashflows -$13,115

Portfolio Total $4,238,228 -$13,115 $122,661 $4,347,773 100.0% - - - - -

2


Total Portfolio Performance

Year to One Two Three Four Five Since InceptionTotal Client Quarter Date Year Years Years Years Years Mar 31 2008

Portfolio PerformanceTotal FundNet of FeesAfter Tax (NoF)

2.90%2.59%2.42%

2.25%1.31%1.14%

5.29%4.05%3.75%

7.81%6.53%6.28%

7.92%6.65%6.76%

5.57%4.33%4.16%

6.26%5.01%4.75%

5.90%4.60%4.79%

Benchmark PerformanceTotal Fund Target 2.27% 2.84% 5.92% 7.54% 7.97% 5.61% 6.15% 5.94%

Cumulative Returns Since Inception Ended September 30, 2018

Re

turn

s

(40%)

(20%)

0%

20%

40%

60%

80%

100%

200812 200912 201012 201112 201212 201312 201412 201512 201612 201712

82.50%

60.43%63.41%

83.32%

Total Fund Net of Fees After Tax (NoF) Total Fund Target

Cumulative Market Value Since Inception Ended September 30, 2018

$-500,000

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

200812 200912 201012 201112 201212 201312 201412 201512 201612 201712

$4,347,773

$598,711

Market Value Cumulative Cashflows Cashflows $ Returns

3


Portfolio Attribution

Quarterly Target Portfolio Portfolio Benchmark Absolute Relative Manager AssetAttribution Allocation Allocation Return Return Contribution Contribution Effect Allocation

Domestic Equity 32.0% 35.7% 8.08% 6.75% 2.88% 0.65% 0.47% 0.18%Fixed Income 50.0% 46.5% (0.34%) (0.27%) (0.16%) 0.07% (0.03%) 0.10%International 18.0% 17.9% 0.81% 1.35% 0.14% (0.10%) (0.10%) 0.00%

Total Portfolio 100.0% 100.0% 2.90% 2.27% 2.90% 0.63% 0.35% 0.28%

Quarterly Portfolio Attribution

(0.2%) 0.0% 0.2% 0.4% 0.6% 0.8%

Domestic Equity0.47

0.18

Fixed Income(0.03 )

0.10

International(0.10 )

Total0.35

0.28

Manager Effect Asset Allocation

Cumulative Portfolio Attribution

(0.15%) (0.10%) (0.05%) 0.00% 0.05% 0.10% 0.15%

Domestic Equity(0.06 )

0.09

Fixed Income(0.09 )

International0.07

(0.07 )

Total0.02

(0.06 )

Manager Effect Asset Allocation

Quarterly and Cumulative Total Portfolio Attribution

(5%)(4%)(3%)(2%)(1%)

0%1%2%3%4%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Total Manager Effect Total Asset Allocation

4


Portfolio Characteristics - EquitySector Allocation

Total Equity Index: Blended Benchmark

-20

-10

Index

10

20

7.4 10.7 12.6 5.8 5.1 14.9 3.0 15.9 0.0 7.1 13.1 0.0 4.3

Staples

(5.1)

Discret-ionary

(0.2)

Indus-trial

(0.8)

Energy

1.0

Material

(2.3)

Tech-nology

3.0

Utility

(1.6)

Financial

7.2

Misc

0.2

Tele-Com

(0.9)

Health

2.6

Pooled

0.8

RealEstate

(3.8)

US Equity Index: Blended Benchmark

-10

Index

10

20

5.4 10.6 11.4 5.6 3.4 19.9 2.9 13.9 7.8 14.3 0.0 4.8

Staples

(2.2)

Discret-ionary

2.0

Indus-trial

2.4

Energy

0.7

Material

(2.4)

Tech-nology

1.5

Utility

(1.6)

Financial

6.0

Tele-Com

(3.5)

Health

0.2

Pooled

1.2

RealEstate

(4.4)

International Equity Index: MSCI EAFE

-20

-10

Index

10

20

11.1 10.9 14.8 6.1 8.0 6.1 3.2 19.5 0.0 5.8 11.0 3.4

Staples

(10.5)

Discret-ionary

(4.9)

Indus-trial

(7.0)

Energy

1.5

Material

(1.5)

Tech-nology

4.4

Utility

(1.7)

Financial

10.3

Misc

0.6

Tele-Com

4.3

Health

7.2

RealEstate

(2.8)

Regional Allocation

Total Equity Index: Blended Benchmark

-20

-10

Index

10

20

64.0 22.9 0.0 0.0 8.8 4.2

NorthAmerica

4.0

Dev Europe/MidEast

(1.3)

PacificRim

0.0

EmergingMarkets

7.2

Japan

(5.9)

PacificBasin

(4.0)

US Equity Index: Blended Benchmark

-10

Index

10

100.0 0.0 0.0 0.0

NorthAmerica

(3.7)

Dev Europe/MidEast

3.7

PacificRim

0.0

EmergingMarkets

0.0

International Equity Index: MSCI EAFE

-30

-20

-10

Index

10

20

30

0.0 63.7 0.0 0.0 24.6 11.8

NorthAmerica

8.2

Dev Europe/MidEast

(4.2)

PacificRim

0.0

EmergingMarkets

22.4

Japan

(15.3)

PacificBasin

(11.1)

Holdings-Based Style MapsTotal Equity

vs. Global Equity Market

Value Core Growth

Mega

Large

Mid

Small

Micro

Mar

ket C

ap

Investment Style (Z-Score)

US Equityvs. Domestic Equity Market

Value Core Growth

Mega

Large

Mid

Small

Micro

Mar

ket C

ap


International Equityvs. Int’l Equity Market

Value Core Growth

Mega

Large

Mid

Small

Micro

Mar

ket C

ap


Total Blended U.S. U.S. Intl. Intl.Equity Benchmark Equities Benchmark Equities Benchmark

Wtd. Median Market Cap.Forward P/E

Price/Book ValueDividend Yield

Return on EquityForecasted Growth in Earnings

P/E to GrowthCombined Z-Score

62.016.4

3.11.9

18.516.0

1.1(0.1)

57.216.83.22.2

17.513.51.3

(0.0)

74.318.6

3.91.4

22.813.8

1.30.1

69.318.64.11.7

18.615.81.2

(0.0)

36.111.71.33.09.5

20.80.6

(0.5)

35.613.5

1.73.1

15.59.31.5

(0.0)

5


Portfolio Characteristics - Fixed IncomeSector Allocation

Total Fixed Income Index: Blended Benchmark

-10

Index

10

100.0 0.0 0.0

GovRelated

(0.8)

TotalSecuritized

0.7

Cash

0.1

US Fixed Income Index: Blended Benchmark

-10

Index

10

72.0 28.0 0.0 0.0

Tax-Exempt USMuni

0.0

USTrsy

(0.8)

Bk Ln

0.7

Cash

0.1

International Fixed Income Index:

-10

Index

10

Holdings-Based Style MapsTotal Fixed Income

vs. Global Fixed Income Market

Short Core Long

CCC

High Yield

Credit

Govt/Credit

Aggregate

AAA

Duration

US Fixed Incomevs. Domestic Fixed Income Market

Short Core Long

CCC

High Yield

Credit

Govt/Credit

Aggregate

AAA

Duration

International Fixed Incomevs. Int’l Fixed Income Market

Short Core Long

CCC

High Yield

Credit

Govt/Credit

Aggregate

AAA

Duration

Total Fixed Blended U.S. Fixed U.S. Intl. Fixed Intl.Income Benchmark Income Benchmark Income Benchmark

Effective DurationAverage Quality

Effective YieldCoupon Rate

Wtd. Average Life

5.9AA2.7

-8.7

5.0AA2.83.68.0

5.9AA2.7

-8.7

5.0AA2.83.68.0

-----

-----

6


Portfolio Performance Detail - Cumulative

Performance for Annualized Periods

Investment Last Year to Last Last Last Last LastStyle Quarter Date Year 2 Years 3 Years 5 Years 10 Years

Domestic Equity 8.1% 10.6% 19.1% 18.2% 16.2% 12.5% 12.2%Blended Benchmark 6.8% 10.4% 17.3% 17.9% 16.9% 13.1% 12.1%

Wedgewood Large Growth Large Cap Growth 9.1% (27) 14.7% (78) 24.4% (66) 18.5% (95) 14.5% (97) - -Russell 1000 Growth Index 9.2% 17.1% 26.3% 24.1% 20.6% 16.6% 14.3%

Great Lakes LCV Large Cap Value 6.7% (31) 3.3% (78) 9.2% (79) 14.7% (51) 14.5% (50) 12.0% (32) 10.7% (50)

Russell 1000 Value Index 5.7% 3.9% 9.5% 12.3% 13.6% 10.7% 9.8%Atlanta SMID Small/Mid Cap Broad 8.3% (14) 14.8% (33) 25.4% (23) 22.4% (22) 20.5% (16) 15.7% (8) 15.9% (10)

Russell 2500 Index 4.7% 10.4% 16.2% 17.0% 16.1% 11.4% 12.0%

International 0.8% (6.4%) (5.2%) 9.0% 8.4% 3.5% 5.7%Blended Benchmark 1.4% (1.4%) 2.7% 10.2% 9.8% 4.2% 5.5%

Dodge & Cox Intl Stock Intl Value 0.8% (48) (6.4%) (90) (5.2%) (93) 9.4% (33) 8.1% (30) 3.7% (25) 6.0% (8)

MSCI EAFE 1.4% (1.4%) 2.7% 10.6% 9.2% 4.4% 5.4%

Fixed Income (0.3%) (0.5%) (0.2%) 0.1% 1.8% 2.5% 3.9%Blended Benchmark (0.3%) (0.3%) 0.1% 0.3% 1.8% 2.3% 3.8%

iShares:Barclays TIPS TIPS (0.9%) (65) (0.9%) (45) 0.4% (39) (0.4%) (61) 1.9% (44) 1.2% (19) 3.1% (26)

Blmbg US TIPS (0.8%) (0.8%) 0.4% (0.2%) 2.0% 1.4% 3.3%Vanguard Int-Tm TxEx;Adm Tax-Ex Munis (0.1%) (45) (0.4%) (44) (0.4%) (65) 0.3% (41) 1.8% (41) 2.9% (36) 4.2% (34)

Blmbg Muni 1-15 Yr (0.1%) (0.1%) 0.0% 0.5% 1.8% 2.7% 4.0%

Total Fund 2.9% 2.2% 5.3% 7.8% 7.9% 6.3% 7.1%Net of Fees 2.6% 1.3% 4.1% 6.5% 6.6% 5.0% 5.8%After Tax (NoF) 2.4% 1.1% 3.7% 6.3% 6.8% 4.7% 5.9%

Total Fund Target 2.3% 2.8% 5.9% 7.5% 8.0% 6.1% 7.2%

7


Portfolio Performance Detail - Yearly

Performance for Calendar Years

Investment Year toStyle Date 2017 2016 2015 2014 2013 2012

Domestic Equity 10.6% 21.7% 11.1% 1.0% 8.8% 33.4% 15.4%Blended Benchmark 10.4% 20.5% 13.5% (0.1%) 11.7% 34.0% 16.8%

Wedgewood Large Growth Large Cap Growth 14.7% (78) 20.7% (99) 5.9% (21) - - - -Russell 1000 Growth Index 17.1% 30.2% 7.1% 5.7% 13.0% 33.5% 15.3%

Great Lakes LCV Large Cap Value 3.3% (78) 19.5% (23) 15.8% (39) (1.0%) (24) 12.1% (58) 33.6% (57) 17.1% (43)

Russell 1000 Value Index 3.9% 13.7% 17.3% (3.8%) 13.5% 32.5% 17.5%Atlanta SMID Small/Mid Cap Broad 14.8% (33) 26.7% (21) 11.6% (57) 10.0% (1) 6.1% (55) 37.9% (61) 16.2% (50)

Russell 2500 Index 10.4% 16.8% 17.6% (2.9%) 7.1% 36.8% 17.9%

International (6.4%) 24.2% 9.3% (12.0%) (0.7%) 20.8% 20.7%Blended Benchmark (1.4%) 25.0% 3.4% (4.0%) (4.2%) 16.8% 17.6%

Dodge & Cox Intl Stock Intl Value (6.4%) (90) 23.7% (38) 8.3% (13) (11.3%) (92) 0.1% (1) 26.3% (10) 21.0% (13)

MSCI EAFE (1.4%) 25.0% 1.0% (0.8%) (4.9%) 22.8% 17.3%

Fixed Income (0.5%) 4.0% 1.3% 1.7% 6.4% (3.4%) 5.9%Blended Benchmark (0.3%) 4.0% 1.3% 1.6% 5.6% (3.2%) 5.4%

iShares:Barclays TIPS TIPS (0.9%) (45) 2.9% (36) 4.6% (41) (1.8%) (37) 3.6% (7) (8.4%) (40) 6.3% (52)

Blmbg US TIPS (0.8%) 3.0% 4.7% (1.4%) 3.6% (8.6%) 7.0%Vanguard Int-Tm TxEx;Adm Tax-Ex Munis (0.4%) (44) 4.4% (59) 0.1% (28) 2.9% (26) 7.3% (38) (1.5%) (18) 5.8% (44)

Blmbg Muni 1-15 Yr (0.1%) 4.3% 0.0% 2.8% 6.4% (1.1%) 4.7%

Total Fund 2.2% 13.3% 6.2% (0.7%) 6.1% 12.5% 11.1%Net of Fees 1.3% 12.0% 5.0% (1.9%) 4.8% 11.1% 9.7%After Tax (NoF) 1.1% 11.9% 5.2% (2.4%) 4.2% 10.9% 8.1%

Total Fund Target 2.8% 12.8% 5.6% 0.2% 5.7% 11.5% 11.4%

8


Risk Return Analysis

Benchmark Standard R-Used Return Deviation Alpha Beta Squared

Total Fund Total Target 5.9% 8.6% 0.1% 1.0% 1.0%Net of Fees Total Target 4.6% 8.5% (1.2%) 1.0% 1.0%After Tax (NoF) Total Target 4.8% 8.2% (0.8%) 0.9% 1.0%Total Target Total Target 5.9% 8.7% 0.0% 1.0% 1.0%

Domestic Equity Blended Benchmark 10.3% 16.8% (0.2%) 1.0% 1.0%International Blended Benchmark 3.1% 22.2% 0.7% 1.1% 1.0%Fixed Income Blended Benchmark 3.5% 3.7% (0.2%) 1.1% 1.0%

Risk Return Scatter Chart for Ten and One-Half Years Ended September 30, 2018

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24%0%

2%

4%

6%

8%

10%

12%

Total TargetTotal Fund

Net of Fees After Tax (NoF)

Domestic Equity Blended Benchmark

International

Blended BenchmarkFixed Income

Blended Benchmark

Standard Deviation

Re

turn

s

9

Unified Managed Account - Manager ProfileWedgewood Partners, Inc. - Wedgewood Large Growth September 30, 2018

Product Assets $2,956 MM

Turnover 20%

# of Holdings* 20

Cash* 3.0%

Investment Style Large Cap Growth

Investment Staff PM: 4, Analyst: 1

Manager Fee 0.3%

Sleeve Minimum $100,000

Organization Overview

Wedgewood Partners, Inc. was founded in 1988 by current Chairman and CEO Tony Guerrerio. In 1992,Wedgewood hired David Rolfe as the Chief Investment Officer, a position he has held since joining the firm. The firmwas sold to CNB Bancshares in 1998. Tony and David bought the firm back in 2000 after Fifth Third Bank boughtCNB Bancshares. Wedgewood Partners is employee-owned with Tony Guerrerio and David Rolfe owning the vastmajority of the firm. Based in St. Louis, MO, the firm manages one strategy, focused large cap growth.

Product Description

Wedgewood employs a contrarian and valuation focused large cap growth investment approach, seeking businessesthat possess a superior product or service, and have a history of significant and consistent profitability levels over thecourse of full economic cycles. Portfolios are generally always fully-invested and hold 18-24 stocks, with an averageposition size of 5%. Typically, they overweight 4-5 stocks that they believe have the best combination of corporategrowth and attractive valuation. These portfolio weightings will be in the 6% to 8% range; any position that reaches10% is trimmed. They may hold up to 10% in ADRs and have a soft sector limit of 35%, although sector allocation isa byproduct of company specific opportunities and, on rare occasion, they may exceed the max. Turnover tends tobe 25-35%.

Investment Performance

Wedgewood Large Growth portfolio posted a 9.2% return for the quarter placing it in the 25th percentile of the CallanLarge Cap Growth group for the quarter and in the 100th percentile for the last 3 years. Wedgewood Large Growthportfolio outperformed the S&P 500 Index by 1.5% for the quarter and underperformed the S&P 500 Index for the last3 years by 3.1%.

Cumulative Returns and (Percentile Rankings) vs. Peer Group

3q18 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 7 Yr 10 Yr

Wedgewood Large Growth 9.2% (25) 24.6% (63) 19.0% (93) 14.2% (100) 9.7% (100) 10.9% (100) 15.2% (98) 13.9% (48)

S&P 500 Index 7.7% (70) 17.9% (98) 18.3% (96) 17.3% (85) 12.5% (95) 13.9% (93) 16.9% (81) 12.0% (86)

Russell 1000 Growth Index 9.2% (26) 26.3% (47) 24.1% (42) 20.6% (26) 16.0% (34) 16.6% (33) 18.7% (42) 14.3% (33)

Callan Large Cap Growth 8.4% 25.8% 23.7% 19.8% 15.4% 16.0% 18.5% 13.8%

Calendar Year Returns and (Percentile Rankings) vs. Peer Group

YTD 18 2017 2016 2015 2014 2013 2012 2011

Wedgewood Large Growth 14.5% (79) 21.5% (98) 4.4% (41) (5.8%) (100) 10.6% (68) 30.6% (90) 22.7% (3) 6.4% (7)

S&P 500 Index 10.6% (100) 21.8% (98) 12.0% (2) 1.4% (93) 13.7% (25) 32.4% (79) 16.0% (55) 2.1% (25)

Russell 1000 Growth Index 17.1% (58) 30.2% (44) 7.1% (8) 5.7% (60) 13.0% (29) 33.5% (74) 15.3% (59) 2.6% (20)

Callan Large Cap Growth 18.3% 28.8% 3.4% 6.4% 11.8% 35.6% 16.1% (0.3%)

Peer Group Rankings: Callan Large Cap Growth*Holdings are as of September 30, 2018 and may not have been held by the manager for the entire quarter.

INDEPENDENTADVISERGROUP

Unified Managed Account - Manager ProfileWedgewood Partners, Inc. - Wedgewood Large Growth September 30, 2018

PRODUCT SNAPSHOT

Return vs. Risk Relative to Peer Group Peer Group: Callan Large Cap Growth

Rolling Three Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king

Standard Deviation Ranking

Rolling Five Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Statistics

Wedgewood

Large

Growth

Returns-based (Five Years)

Alpha

Beta

Sharpe Ratio

(3.2)

1.0

1.2

S&P

500

Index

0.0

1.0

1.9

Russell 1000

Growth

Index

2.8

1.0

2.1

Peer

Group

2.1

1.0

1.8

Holdings Based Style Maps* Peer Group: Callan Large Cap Growth

vs. Domestic Equity Market

Value Core Growth

Mega

Large

Mid

Small

Micro

Mar

ket C

ap


vs. Peer Group0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Mar

ket C

ap R

anki

ng

Z-Score Ranking

Sector Allocation* Index: Russell 1000 Growth Index

-20

-10

Index

10

20

5.4 15.4 12.0 0.9 1.7 32.6 4.2 12.1 13.8 2.0

Staples

(5.4)

Discret-ionary

1.5

Indus-trial

(0.4)

Energy

4.9

Material

(1.7)

Tech-nology

(1.9)

Financial

8.8

Commu-nication

(0.4)

Health

(3.4)

RealEstate

(2.0)

Top 10 Holdings* (as of 9/30/18) 6/30/18 9/30/18 9/30/18

% of % of Quarter ReturnName Sector Portfolio Portfolio Return Contrib.

APPLE INC Technology 8.9% 9.5% 22.4% 2.0%BERKSHIRE HATHAWAY INC DEL CL Financial 8.4% 8.8% 14.7% 1.2%VISA INC COM CL A Technology 8.1% 8.2% 13.5% 1.1%EDWARDS LIFESCIENCES CORP Health 6.3% 7.0% 19.6% 1.2%FACEBOOK INC CL A Communication 7.4% 5.8% (15.4%) (1.1%)TRACTOR SUPPLY CO Discretionary 6.5% 5.7% 19.2% 1.3%ALPHABET INC CL A Communication 5.7% 5.5% 6.9% 0.4%QUALCOMM INC Technology 4.5% 5.3% 29.5% 1.3%BOOKING HLDGS INC Discretionary 5.2% 4.7% (2.1%) (0.1%)PAYPAL HOLDINGS INC COMMON STO Technology 4.2% 4.1% 5.5% 0.2%

Portfolio Characteristics*

# of Holdings

Issue Divers.

Median Mkt. Cap.

Forward P/E

Price/Book Value

Dividend Yield

Return on Equity

Forecast Earn Growth

P/E to Growth

Combined Z-Score

20

7

101.3

20.8

5.2

0.9

28.9

14.8

1.4

0.8

505

49

114.3

17.0

3.3

1.9

22.5

15.8

1.1

(0.0)

538

26

115.0

21.4

7.3

1.2

29.8

18.4

1.2

0.9

50

13

108.1

22.6

6.0

0.9

24.5

19.7

1.2

1.0

Regional Exposures *

Dev Europe/Mid East 0.0% 0.0% 0.0% 0.6%

Emerging Markets 0.0% 0.0% 0.0% 0.9%

Japan 0.0% 0.0% 0.0% 0.1%

North America 100.0% 100.0% 100.0% 98.2%

Pacific Basin 0.0% 0.0% 0.0% 0.1%

Style Exposure Matrix*

Value Core Growth Total

Large

Mid

Small

Micro

Total

5.5% (1) 12.3% (2) 59.7% (11) 77.5% (14)

0.0% (0) 7.8% (2) 14.7% (4) 22.5% (6)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

5.5% (1) 20.1% (4) 74.5% (15) 100.0% (20)

29.8% (97) 24.4% (103) 35.4% (84) 89.6% (284)

3.8% (84) 4.1% (83) 2.5% (51) 10.4% (218)

0.0% (1) 0.0% (0) 0.0% (1) 0.0% (2)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

33.6% (182) 28.5% (186) 37.9% (136) 100.0% (504)

5.3% (24) 19.1% (72) 61.1% (95) 85.6% (191)

0.4% (26) 4.3% (109) 9.1% (163) 13.8% (298)

0.0% (8) 0.2% (16) 0.4% (23) 0.7% (47)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

5.7% (58) 23.6% (197) 70.7% (281) 100.0% (536)

Legend: Wedgewood Large GrowthS&P 500 IndexRussell 1000 Growth Index

*Holdings are as of September 30, 2018 and may not have been held by the manager for the entire quarter.


Unified Managed Account - Manager ProfileGreat Lakes Advisors, LLC - Great Lakes LCV September 30, 2018


Turnover 11%

# of Holdings* 39

Cash* 2.7%

Investment Style Large Cap Value

Investment Staff PM: 3, Analyst: 5

Manager Fee 0.3%



Founded in 1990, the firm’s roots date back to a bank trust department in the 1980s. Great Lakes Advisorsservices include equity and fixed income portfolio management for institutions and high net worth individuals. Thefirm merged with Wintrust Wealth Management in 2011 with GLA’s management team remaining in place.

Product Description

Great Lakes’ approach incorporates three guiding principles: a value definition, tested valuation measures, anddiversification across industries. GLA thinks of value as earnings power, best represented by return on investedcapital (ROIC), and looks to invest in companies with rising, or already high returns. Favorable traditional valuationmeasures, with low P/E and above-average yields as outgrowths of the ROIC focus, are sought. Diversificationcovers industries associated with value approaches in the broad areas of consumer, industrial, energy, utility andfinancial stocks. Holding periods tend to be relatively long, so annual turnover of the usual 35-55 positions hasranged between 10 and 40%.


Great Lakes LCV portfolio posted a 6.6% return for the quarter placing it in the 34th percentile of the Callan LargeCap Value group for the quarter and in the 46th percentile for the last 3 years. Great Lakes LCV portfoliounderperformed the Russell 1000 Index by 0.8% for the quarter and underperformed the Russell 1000 Index for thelast 3 years by 2.4%.



Great Lakes LCV 6.6% (34) 8.5% (88) 14.1% (58) 14.7% (46) 10.6% (25) 12.0% (32) 15.5% (49) 10.4% (54)

Russell 1000 Index 7.4% (17) 17.8% (3) 18.2% (10) 17.1% (8) 12.4% (3) 13.7% (5) 16.9% (15) 12.1% (15)

Russell 1000 Value Index 5.7% (54) 9.5% (77) 12.3% (88) 13.6% (80) 8.8% (78) 10.7% (75) 15.0% (67) 9.8% (79)

S&P 500 Index 7.7% (14) 17.9% (3) 18.3% (9) 17.3% (7) 12.5% (2) 13.9% (4) 16.9% (15) 12.0% (16)

S&P 500 Value Index 5.9% (46) 10.1% (63) 13.2% (79) 14.1% (60) 9.2% (68) 10.9% (73) 15.1% (64) 9.6% (82)

Callan Large Cap Value 5.8% 11.5% 14.8% 14.5% 9.8% 11.5% 15.5% 10.7%


YTD 18 2017 2016 2015 2014 2013 2012 2011

Great Lakes LCV 3.3% (79) 18.9% (30) 16.7% (27) (0.6%) (19) 11.5% (70) 33.4% (60) 16.7% (50) 3.9% (12)

Russell 1000 Index 10.5% (3) 21.7% (4) 12.1% (85) 0.9% (5) 13.2% (38) 33.1% (62) 16.4% (53) 1.5% (41)

Russell 1000 Value Index 3.9% (73) 13.7% (91) 17.3% (26) (3.8%) (70) 13.5% (32) 32.5% (71) 17.5% (34) 0.4% (54)

S&P 500 Index 10.6% (3) 21.8% (3) 12.0% (85) 1.4% (3) 13.7% (28) 32.4% (74) 16.0% (59) 2.1% (32)

S&P 500 Value Index 3.5% (78) 15.4% (73) 17.4% (26) (3.1%) (64) 12.4% (52) 32.0% (78) 17.7% (33) (0.5%) (60)

Callan Large Cap Value 4.9% 17.1% 15.3% (2.5%) 12.6% 34.5% 16.7% 0.6%

Peer Group Rankings: Callan Large Cap Value*Holdings are as of September 30, 2018 and may not have been held by the manager for the entire quarter.


Unified Managed Account - Manager ProfileGreat Lakes Advisors, LLC - Great Lakes LCV September 30, 2018

PRODUCT SNAPSHOT

Return vs. Risk Relative to Peer Group Peer Group: Callan Large Cap Value

Rolling Three Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Rolling Five Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Statistics

Great

Lakes

LCV


Alpha

Beta

Sharpe Ratio

(2.1)

1.1

1.4

Russell

1000

Index

0.0

1.0

1.8

Russell 1000

Value

Index

(2.9)

1.0

1.3

Peer

Group

(2.4)

1.0

1.3

Holdings Based Style Maps* Peer Group: Callan Large Cap Value


Value Core Growth

Mega

Large

Mid

Small

Micro

Mar

ket C

ap


vs. Peer Group0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Mar

ket C

ap R

anki

ng

Z-Score Ranking

Sector Allocation* Index: Russell 1000 Value Index

-10

Index

10

20

7.2 5.2 8.1 10.9 3.9 9.8 5.6 22.8 6.7 15.2 4.6

Staples

0.7

Discret-ionary

6.2

Indus-trial

(0.7)

Energy

1.7

Material

(3.9)

Tech-nology

(3.1)

Utility

(2.3)

Financial

5.6

Commu-nication

(4.7)

Health

5.1

RealEstate

(4.6)



MERCK & CO INC Health 3.8% 4.2% 17.7% 0.7%PHILIP MORRIS INTL INC Staples 4.3% 4.1% 2.4% 0.1%ROYAL DUTCH SHELL PLC SPON ADR Energy 4.3% 3.9% (0.2%) (0.0%)AMERICAN EXPRESS CO Financial 3.8% 3.9% 9.0% 0.3%HARLEY DAVIDSON INC Discretionary 3.7% 3.7% 8.5% 0.3%ORACLE CORP Technology 3.3% 3.6% 17.5% 0.6%PRUDENTIAL FINANCIAL INC Financial 3.0% 3.6% 9.3% 0.3%CHUBB LIMITED Financial 3.5% 3.5% 5.8% 0.2%BERKSHIRE HATHAWAY INC DEL CL Financial 3.0% 3.2% 14.7% 0.4%SCHLUMBERGER Energy 3.7% 3.2% (8.4%) (0.3%)


# of Holdings

Issue Divers.

Median Mkt. Cap.

Forward P/E

Price/Book Value

Dividend Yield

Return on Equity


P/E to Growth

Combined Z-Score

39

14

93.2

13.8

2.3

2.5

17.3

13.7

1.0

(0.7)

981

64

92.9

17.2

3.2

1.8

21.3

16.1

1.1

(0.0)

724

49

66.8

14.4

2.1

2.5

13.2

13.7

1.1

(0.9)

61

18

74.0

13.7

2.2

2.4

16.9

16.0

0.9

(0.7)




Japan 0.0% 0.0% 0.0% 0.0%

North America 96.0% 100.0% 100.0% 97.4%



Large

Mid

Small

Micro

Total

40.7% (17) 35.7% (12) 12.7% (5) 89.2% (34)

5.9% (2) 3.1% (2) 1.8% (1) 10.8% (5)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

46.7% (19) 38.8% (14) 14.6% (6) 100.0% (39)

26.7% (97) 22.0% (107) 32.5% (95) 81.2% (299)

5.5% (182) 6.2% (188) 5.8% (181) 17.5% (551)

0.5% (52) 0.5% (44) 0.3% (28) 1.3% (124)

0.0% (0) 0.0% (1) 0.0% (0) 0.0% (1)

32.7% (331) 28.6% (340) 38.6% (304) 100.0% (975)

48.6% (96) 24.9% (86) 3.4% (21) 76.9% (203)

10.6% (181) 8.1% (159) 2.5% (72) 21.2% (412)

1.0% (50) 0.7% (40) 0.2% (14) 1.9% (104)

0.0% (0) 0.0% (1) 0.0% (0) 0.0% (1)

60.2% (327) 33.7% (286) 6.1% (107) 100.0% (720)

Legend: Great Lakes LCVRussell 1000 IndexRussell 1000 Value Index



Unified Managed Account - Manager ProfileAtlanta Capital Management Co., L.L.C. - Atlanta SMID September 30, 2018


Turnover 11%

# of Holdings* 51

Cash* 2.7%

Investment Style Small/Mid Cap Broad

Investment Staff PM: 3

Manager Fee 0.45%



Atlanta Capital Management Company, LLC is a subsidiary of Eaton Vance, which owns a controlling interest in thefirm with a minority equity stake remaining with Atlanta Capital employees. Eaton Vance provides some operationaland distribution support while largely leaving day-to-day management to Atlanta. In October of 2016, Eaton Vanceannounced its acquisition of Calvert Investment Management.

Product Description

Atlanta Capital Management focuses on high quality companies and seeks to develop portfolios with an overall riskprofile similar to the Russell 2500 Index. Atlanta screens for stocks rated B+ or better by S&P and with at least fiveyears of financial history. Portfolio managers screen stocks, primarily those in the Russell 2500 Index, to identifycompanies based on what Atlanta considers a favorable combination of valuation and stable earnings and dividendgrowth. Atlanta’s analyst team also strives to identify companies with a "purchase catalyst" or something thatdifferentiates the company from its industry peers.


Atlanta SMID portfolio posted a 7.7% return for the quarter placing it in the 21st percentile of the CallanSmall/MidCap Broad group for the quarter and in the 17th percentile for the last 3 years. Atlanta SMID portfoliooutperformed the Russell 2500 Index by 3.0% for the quarter and outperformed the Russell 2500 Index for the last 3years by 4.0%.



Atlanta SMID 7.7% (21) 24.8% (24) 21.5% (25) 20.1% (17) 17.6% (8) 15.5% (8) 19.6% (9) 15.8% (11)

Russell 2500 Index 4.7% (61) 16.2% (55) 17.0% (60) 16.1% (51) 12.0% (55) 11.4% (51) 16.5% (57) 12.0% (71)

Callan Small/MidCap Broad 5.7% 18.5% 18.5% 16.2% 12.1% 11.4% 16.9% 12.7%


YTD 18 2017 2016 2015 2014 2013 2012 2011

Atlanta SMID 13.8% (35) 26.3% (21) 12.2% (56) 10.0% (1) 5.9% (57) 37.7% (62) 15.5% (54) 7.4% (6)

Russell 2500 Index 10.4% (56) 16.8% (61) 17.6% (34) (2.9%) (70) 7.1% (53) 36.8% (71) 17.9% (43) (2.5%) (53)

Callan Small/MidCap Broad 12.0% 19.4% 13.6% (1.1%) 7.3% 39.0% 16.2% (1.7%)

Peer Group Rankings: Callan Small/MidCap Broad*Holdings are as of September 30, 2018 and may not have been held by the manager for the entire quarter.


Unified Managed Account - Manager ProfileAtlanta Capital Management Co., L.L.C. - Atlanta SMID September 30, 2018

PRODUCT SNAPSHOT

Return vs. Risk Relative to Peer Group Peer Group: Callan Small/MidCap Broad

Rolling Three Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Rolling Five Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Statistics

Atlanta

SMID


Alpha

Beta

Sharpe Ratio

6.9

0.7

1.9

Russell

2500

Index

0.0

1.0

1.2

Peer

Group

1.1

0.9

1.1

Holdings Based Style Maps* Peer Group: Callan Small/MidCap Broad


Value Core Growth

Mega

Large

Mid

Small

Micro

Mar

ket C

ap


vs. Peer Group0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Mar

ket C

ap R

anki

ng

Z-Score Ranking

Sector Allocation* Index: Russell 2500 Index

-20

-10

Index

10

20

2.6 11.5 15.4 4.6 5.4 15.8 3.4 15.3 3.2 13.6 9.2

Staples

(1.3)

Discret-ionary

(1.9)

Indus-trial

9.4

Energy

(4.6)

Material

(1.0)

Tech-nology

12.0

Utility

(3.4)

Financial

3.4

Commu-nication

(3.2)

Health

(1.6)

RealEstate

(7.8)



TRANSUNION Industrial 4.1% 3.9% 2.8% 0.1%ANSYS INC Technology 4.4% 3.6% 7.2% 0.3%WEX INC Technology 3.4% 3.4% 5.4% 0.2%TELEFLEX INC Health 3.6% 3.3% (0.6%) (0.0%)FAIR ISAAC CORP Technology 3.0% 3.3% 18.2% 0.6%BIO RAD LABS INC CL A Health 3.2% 3.2% 8.5% 0.3%IDEX CORP Industrial 3.1% 3.2% 10.7% 0.3%BERKLEY W R CORP Financial 3.1% 3.1% 11.3% 0.3%SEI CORP Financial 3.4% 3.1% (2.3%) (0.1%)CDW CORP Technology 2.9% 3.0% 10.3% 0.3%


# of Holdings

Issue Divers.

Median Mkt. Cap.

Forward P/E

Price/Book Value

Dividend Yield

Return on Equity


P/E to Growth

Combined Z-Score

51

16

8.7

22.2

4.4

0.8

20.9

14.0

1.6

0.4

2518

367

4.5

20.8

2.4

1.4

10.0

15.2

1.4

(0.0)

73

25

5.3

18.9

2.7

1.0

12.2

16.7

1.2

0.2


Dev Europe/Mid East 0.0% 0.0% 1.2%

Emerging Markets 0.0% 0.0% 0.8%

Japan 0.0% 0.0% 0.4%

North America 100.0% 100.0% 97.4%

Pacific Basin 0.0% 0.0% 0.2%



Large

Mid

Small

Micro

Total

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

4.6% (4) 30.1% (15) 60.3% (27) 95.0% (46)

0.6% (1) 2.6% (3) 1.8% (1) 5.0% (5)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

5.2% (5) 32.7% (18) 62.1% (28) 100.0% (51)

0.0% (0) 0.0% (0) 0.6% (1) 0.6% (1)

14.2% (116) 16.1% (130) 21.3% (158) 51.7% (404)

12.4% (326) 16.6% (487) 13.4% (377) 42.4% (1190)

1.9% (294) 2.2% (382) 1.3% (220) 5.4% (896)

28.4% (736) 35.0% (999) 36.6% (756) 100.0%(2491)

Legend: Atlanta SMIDRussell 2500 Index



Unified Managed Account - Manager ProfileDodge & Cox - Dodge & Cox Intl Stock September 30, 2018


Turnover 17%

# of Holdings* 74

Cash* 1.2%

Investment Style Intl Value

Investment Staff

Manager Fee 0.63%



Dodge & Cox was established in 1930 in San Francisco, CA, which continues to serve as the firm’s headquarters.Dodge & Cox is an independent organization with ownership limited to active employees of the firm. Dana Emery isPresident and CEO and has been with the firm for more than 30 years.

Product Description

Dodge & Cox’s investment process is fundamentally based, focused on identifying temporarily out-of-favor stockswith favorable long-term growth potential. The firms process used to identify investment ideas has remainedconsistent since its founding in 1930 and is based on the following core principles: 1) fundamental analysis of futureearnings prospects, 2) a strict valuation discipline, and 3) a long-term investment horizon. Dodge & Cox searches forpotential stock ideas with market capitalizations greater than $1 billion and valuations in the bottom half of the ofnon-U.S. universe. The Fund holds between 70-100 securities and typcially has an exposure to the emergingmarkets which has ranged between 15-25%.


Dodge & Cox Intl Stock portfolio posted a 0.8% return for the quarter placing it in the 48th percentile of the Callan IntlLg Cap Vl MF group for the quarter and in the 30th percentile for the last 3 years. Dodge & Cox Intl Stock portfoliooutperformed the MSCI ACWI ex US by 0.1% for the quarter and underperformed the MSCI ACWI ex US for the last3 years by 1.8%.



Dodge & Cox Intl Stock 0.8% (48) (5.3%) (93) 9.5% (31) 8.2% (30) 1.5% (77) 3.7% (25) 8.5% (14) 5.9% (10)

MSCI ACWI ex US 0.7% (53) 1.8% (12) 10.3% (24) 10.0% (14) 4.0% (17) 4.1% (18) 7.2% (41) 5.2% (16)

MSCI EAFE 1.4% (22) 2.7% (4) 10.6% (19) 9.2% (16) 4.5% (12) 4.4% (13) 8.3% (18) 5.4% (14)

Callan Intl Lg Cap Vl MF 0.8% (0.6%) 8.6% 7.2% 2.6% 3.0% 7.0% 3.9%


YTD 18 2017 2016 2015 2014 2013 2012 2011

Dodge & Cox Intl Stock (6.4%) (91) 23.9% (36) 8.3% (13) (11.4%)(92) 0.1% (1) 26.3% (10) 21.0% (13) (16.0%)(80)

MSCI ACWI ex US (3.1%) (25) 27.2% (10) 4.5% (24) (5.7%) (73) (3.9%) (22) 15.3% (81) 16.8% (55) (13.7%) (64)

MSCI EAFE (1.4%) (4) 25.0% (23) 1.0% (64) (0.8%) (31) (4.9%) (33) 22.8% (28) 17.3% (48) (12.1%) (41)

Callan Intl Lg Cap Vl MF (4.0%) 22.8% 1.8% (3.1%) (6.1%) 21.2% 17.2% (12.8%)

Peer Group Rankings: Callan Intl Lg Cap Vl MF*Holdings are as of September 30, 2018 and may not have been held by the manager for the entire quarter.


Unified Managed Account - Manager ProfileDodge & Cox - Dodge & Cox Intl Stock September 30, 2018

PRODUCT SNAPSHOT

Return vs. Risk Relative to Peer Group Peer Group: Callan Intl Lg Cap Vl MF

Rolling Three Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Rolling Five Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Statistics

Dodge & Cox

Intl

Stock


Alpha

Beta

Sharpe Ratio

(0.7)

1.1

0.3

MSCI ACWI

ex

US

0.0

1.0

0.4

MSCI

EAFE

0.5

0.9

0.4

Peer

Group

(0.9)

1.0

0.2

Holdings Based Style Maps* Peer Group: Callan NonUS Broad Val Eq

vs. Int’l Equity Market

Value Core Growth

Mega

Large

Mid

Small

Micro

Mar

ket C

ap


vs. Peer Group0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Mar

ket C

ap R

anki

ng

Z-Score Ranking

Sector Allocation* Index: MSCI EAFE

-20

-10

Index

10

20

11.1 10.9 14.8 6.1 8.0 6.1 3.2 19.5 0.0 5.8 11.0 3.4

Staples

(10.5)

Discret-ionary

(4.9)

Indus-trial

(7.0)

Energy

1.5

Material

(1.5)

Tech-nology

4.4

Utility

(1.7)

Financial

10.3

Misc

0.6

Commu-nication

4.3

Health

7.2

RealEstate

(2.8)



SANOFI SHS Health 3.5% 3.6% 10.9% 0.4%ROCHE HLDGS AG BASEL DIV RTS C Health 2.8% 3.0% 9.6% 0.3%ICICI BANK LIMITED SHS DEMATER Financial 2.8% 2.7% 5.3% 0.2%UBS AG SHS NEW Financial 2.4% 2.5% 2.8% 0.1%BNP PARIBAS ORD Financial 2.5% 2.5% (1.4%) (0.0%)BAYER A G NAMEN -AKT Health 2.3% 2.5% (20.1%) (0.5%)ITAU UNIBANCO HOLDING SA PFD S Financial 2.2% 2.4% 7.4% 0.2%LINDE Material - 2.3% (1.1%) -ASTRAZENECA PLC ORD Health 2.0% 2.2% 13.4% 0.3%MITSUBISHI ELEC CORP SHS Industrial 1.9% 2.2% 3.9% 0.1%


# of Holdings

Issue Divers.

Median Mkt. Cap.

Forward P/E

Price/Book Value

Dividend Yield

Return on Equity


P/E to Growth

Combined Z-Score

74

21

36.1

11.7

1.3

3.0

9.5

20.8

0.6

(0.5)

2156

201

31.8

12.7

1.7

3.0

15.2

11.4

1.1

(0.0)

924

117

35.6

13.5

1.7

3.1

15.5

9.3

1.5

(0.0)

108

27

28.7

11.2

1.4

3.4

12.8

9.5

1.2

(0.5)




Japan 9.2% 16.9% 24.6% 20.5%

North America 14.0% 6.6% 0.0% 4.2%

Pacific Basin 0.7% 8.1% 11.8% 7.1%



Europe/Mid East

N. America

Pacific

Emerging

Frontier

Total

24.2% (14) 23.3% (16) 5.5% (3) 52.9% (33)

4.4% (3) 5.9% (6) 3.5% (3) 13.8% (12)

4.0% (4) 3.8% (4) 2.5% (2) 10.3% (10)

5.6% (5) 7.0% (5) 10.4% (6) 23.0% (16)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

38.2% (26) 39.9% (31) 21.9% (14) 100.0% (71)

12.1% (132) 12.5% (130) 16.3% (190) 41.0% (452)

2.0% (34) 2.7% (26) 1.8% (31) 6.5% (91)

8.2% (145) 6.6% (146) 9.1% (177) 23.8% (468)

8.2% (409) 9.7% (371) 10.8% (368) 28.7% (1148)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

30.5% (720) 31.5% (673) 38.0% (766) 100.0%(2159)

18.7% (132) 19.3% (130) 25.2% (190) 63.2% (452)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

12.6% (145) 10.1% (146) 14.0% (177) 36.8% (468)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

31.3% (277) 29.5% (276) 39.2% (367) 100.0%(920)

Legend: Dodge & Cox Intl StockMSCI ACWI ex USMSCI EAFE



Unified Managed Account - Manager ProfileBlackRock - iShares:Barclays TIPS September 30, 2018

Product Assets

Turnover 32%

Cash* -

Investment Style TIPS

Manager Fee 0.2%



BlackRock (BLK on the NYSE) is the largest investment manager in the world, with $6 trillion in AUM and more than12,000 employees around the world. The firm has had a storied history since its founding in 1988 as BlackstoneFinancial Management. It changed its name to BlackRock in 1992, merged with PNC in 1995 and completed an IPOin 1999. In 2006, it merged with Merrill Lynch Investment Management (which led to Bank of America’s formerownership stake sold in May, 2011). In 2009, it acquired Barclays Global Investors (BGI), well-known as a premierindex fund manager and for its iShares line-up. BlackRock is now one of the leading providers of ETFs (iShares).

Product Description

The iShares TIPS Bond Fund seeks results that mimic the Bloomberg Barclays U.S. TIPS Index. The Index includesall publicly issued, U.S. Treasury inflation-protected securities that have at least 1 year remaining to maturity andhave $250 million or more of outstanding face value.


iShares:Barclays TIPS portfolio posted a (0.8%) return for the quarter placing it in the 65th percentile of the CallanTIPS MFs group for the quarter and in the 39th percentile for the last 3 years. iShares:Barclays TIPS portfoliounderperformed the Blmbg US TIPS by 0.0% for the quarter and underperformed the Blmbg US TIPS for the last 3years by 0.1%.



iShares:Barclays TIPS (0.8%) (65) 0.3% (43) (0.3%) (57) 1.9% (39) 1.2% (20) 1.3% (16) 1.2% (27) 3.2% (22)

Blmbg US TIPS (0.8%) (60) 0.4% (36) (0.2%) (47) 2.0% (35) 1.3% (17) 1.4% (14) 1.3% (17) 3.3% (14)

Callan TIPS MFs (0.7%) 0.2% (0.2%) 1.8% 0.8% 0.7% 0.8% 2.7%


YTD 18 2017 2016 2015 2014 2013 2012 2011

iShares:Barclays TIPS (0.9%) (48) 2.9% (35) 4.6% (42) (1.6%) (31) 3.5% (8) (8.7%) (45) 6.8% (29) 13.4% (7)

Blmbg US TIPS (0.8%) (44) 3.0% (32) 4.7% (37) (1.4%) (26) 3.6% (6) (8.6%) (43) 7.0% (22) 13.6% (6)

Callan TIPS MFs (0.9%) 2.7% 4.4% (2.1%) 2.2% (8.8%) 6.4% 11.8%

Peer Group Rankings: Callan TIPS MFs


Unified Managed Account - Manager ProfileBlackRock - iShares:Barclays TIPS September 30, 2018

PRODUCT SNAPSHOT

Return vs. Risk Relative to Peer Group Peer Group: Callan TIPS MFs

Rolling Three Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Rolling Five Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Statistics

iShares:

Barclays

TIPS


Beta

Sharpe Ratio

Excess Return

1.0

0.2

(0.1)

Blmbg

US

TIPS

1.0

0.2

0.0

Peer

Group

1.0

0.1

(0.5)

Style Map * Quality vs. Duration*

Short Core Long

CCC

High Yield

Credit

Govt/Credit

Aggregate

AAA

Duration

vs. Index

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0

Rel

ativ

e E

ffect

ive

Yie

ld

Relative Duration

Sector Allocation* Index: Blmbg US TIPS

-10

Index

10

100.0 0.0

USTrsy

(0.2)

Cash

0.2

Quality Weighting* Index: Blmbg US TIPS

-20

-10

Index

10

100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

AAA

0.0

AA

0.0

A

0.0

BBB

0.0

BB

0.0

B

0.0

<=CCC

0.0

NR

0.0

Historical Duration*

4.5

5.0

5.5

6.0

6.5

7.0

2015 2016 2017 2018iShares:Barclays TIPS Blmbg US TIPS

Historical Effective Yield *

1.0

1.5

2.0

2.5

3.0

2015 2016 2017 2018iShares:Barclays TIPS Blmbg US TIPS


Effective Duration

Average Quality

Effective Yield

Coupon Rate

Wtd. Average Life

Cash Allocation

7.7

AAA

2.9

-

8.4

0.2

4.9

AAA

3.0

0.8

8.4

-

*Portfolio Characteristics are as of June 30, 2018 versus the Callan TIPS MFs.


Unified Managed Account - Manager ProfileVanguard Group, Inc. (The) - Vanguard Int-Tm TxEx;Adm September 30, 2018


Turnover 15%

Cash* -

Investment Style Tax-Ex Munis

Manager Fee 0.09%



Vanguard was founded in 1975 by John Bogle, the creator of the industry’s first index fund available to individualinvestors. Vanguard is a unique fund company in that it is client-owned. As such, investors own the funds, which inturn own Vanguard. Investment management services are provided by Vanguard to the Vanguard funds at cost, andall profits are returned to the funds. This structure has enabled Vanguard to thrive in the funds environment as a lowcost producer. Vanguard favors internal management for its index products as well as for most money market andfixed income products. The rationale for in-house management for these products includes a relatively limited abilityfor alpha generation, the scalability of these products and the relative importance of minimizing costs.

Product Description

Vanguard Intermediate-Term Tax-Exempt Fund invests in municipal bonds and strives to maintain a dollar-weightedaverage nominal maturity between 6 and 12 years. It will invest in securities ranging from 0 to 20 years. The Fundemphasizes high credit quality, with an expected average quality range of AA to AAA, and is broadly diversified withmore than 6,000 bonds. The team seeks to add value primarily via yield curve positioning and sector allocation.


Vanguard Int-Tm TxEx;Adm portfolio posted a (0.1%) return for the quarter placing it in the 44th percentile of theCallan Intm Muni Debt MFs group for the quarter and in the 36th percentile for the last 3 years. Vanguard Int-TmTxEx;Adm portfolio underperformed the Blmbg Muni 1-15 Yr by 0.1% for the quarter and outperformed the BlmbgMuni 1-15 Yr for the last 3 years by 0.1%.



VanguardInt-Tm TxEx;Adm (0.1%) (44) (0.1%) (51) 0.4% (30) 1.9% (36) 2.1% (32) 3.0% (32) 3.0% (34) 4.2% (30)

Blmbg Muni 1-15 Yr (0.1%) (30) 0.0% (43) 0.5% (24) 1.8% (45) 2.0% (37) 2.7% (49) 2.7% (49) 4.0% (43)

Callan Intm Muni Debt MFs (0.2%) (0.1%) 0.1% 1.7% 1.8% 2.7% 2.7% 3.9%


YTD 18 2017 2016 2015 2014 2013 2012 2011

VanguardInt-Tm TxEx;Adm (0.4%) (44) 4.6% (45) 0.2% (26) 2.9% (25) 7.3% (37) (1.5%) (18) 5.8% (43) 9.7% (38)

Blmbg Muni 1-15 Yr (0.1%) (24) 4.3% (60) 0.0% (34) 2.8% (30) 6.4% (62) (1.1%) (10) 4.7% (74) 8.8% (63)

Callan Intm Muni Debt MFs (0.5%) 4.5% (0.2%) 2.5% 6.9% (2.6%) 5.5% 9.3%

Peer Group Rankings: Callan Intm Muni Debt MFs


Unified Managed Account - Manager ProfileVanguard Group, Inc. (The) - Vanguard Int-Tm TxEx;Adm September 30, 2018

PRODUCT SNAPSHOT

Return vs. Risk Relative to Peer Group Peer Group: Callan Intm Muni Debt MFs

Rolling Three Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Rolling Five Year0

10

20

30

40

50

60

70

80

90

100100 90 80 70 60 50 40 30 20 10 0

Ret

urn

Ran

king


Statistics

Vanguard

Int-Tm

TxEx;Adm


Beta

Sharpe Ratio

Excess Return

1.1

0.9

0.3

Blmbg Muni

1-15

Yr

1.0

0.9

0.0

Peer

Group

1.1

0.8

(0.1)

Style Map * Quality vs. Duration*

Short Core Long

CCC

High Yield

Credit

Govt/Credit

Aggregate

AAA

Duration

vs. Index

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

-1.0 -0.5 0.0 0.5 1.0

Rel

ativ

e E

ffect

ive

Yie

ld

Relative Duration

Sector Allocation* Index: Blmbg Muni 1-15 Yr

-10

Index

10

100.0 0.0

Tax-Exempt USMuni

(1.0)

Other

1.0

Historical Average Quality*

AA-

AA

AA+

AAA

Trsy

2016 2017 2018Vanguard Int-Tm TxEx;Adm Blmbg Muni 1-15 Yr

Historical Duration*

4.4

4.6

4.8

5.0

5.2

5.4


Historical Effective Yield *

1.0

1.5

2.0

2.5

3.0



Effective Duration

Average Quality

Effective Yield

Coupon Rate

Wtd. Average Life

Cash Allocation

5.3

AA-

2.7

4.7

8.8

-

4.8

AA

2.6

4.7

8.0

-


0 10 20 30 40 50 60 70 80 90 100

Developed North America 100.0

Emerg. Americas 0.0

Dev Europe/Middle East/Africa

0.0

Other Emerg. Europe 0.0

Developed Asia-Pacific 0.0

Other Emerg. Asia-Pacific 0.0

Emerg. Other 0.0

*Portfolio Characteristics are as of September 30, 2018 versus the Callan Intm Muni Debt MFs.


UMA Performance Report Disclosure 1. How are gross of fee returns being calculated by Natixis? Gross of fee returns are calculated using our portfolio accounting system. Returns are calculated using the time-weighted rate of returns adjusting for cash flows. The daily calculation method is used which values the portfolio daily adjusting for daily cash flows. The daily returns are geometrically linked to present the monthly, quarterly and annual returns. 2. How are net of fee returns being calculated by Natixis? Net of fee returns are calculated using our portfolio accounting system. Returns are calculated using the time-weighted rate of returns adjusting for cash flows. The daily calculation method is used which values the portfolio daily adjusting for daily cash flows. The returns are reduced by the management and custodial fees paid from the account. The daily returns are geometrically linked to present the monthly, quarterly and annual returns. 3. How are net-of-fee after-tax returns being calculated by Natixis? We use the federal and state tax rates provided by the client. Where we are not provided the individual tax rates for the client we then use the maximum rates available under the current tax code. Realized gains and losses are categorized as either long-term or short-term. Furthermore, income is broken up into the categories of interest, dividends, and municipal income. Our methodology is as follows: short-term gains and losses and interest are taxed using the appropriate ordinary income tax rates. Long-term gains and losses and dividend income are taxed using the appropriate long term/dividend tax rates. Municipal income is taxed based upon the appropriate state tax. The tax calculation is expressly based upon the current quarter’s activity. All capital losses are assumed to be used in the current reporting period. The tax benefit of net short-term capital losses is recognized at the appropriate ordinary income tax rate and are not assumed to be offset by net long-term gains Also, the tax benefit of net long-term capital losses are recognized at long-term capital gains rates and are not assumed to be offset by net short-term capital gains. The after-tax returns are subject to the limitations of this calculation methodology applied. Since the client’s actual circumstances and tax rates determined after the fact may differ from the anticipated tax rates used in this process, the reported returns may not equal the actual after-tax returns for any specific client. 4. Are returns provided GIPS compliant?

While returns are calculated consistent with accepted performance reporting calculation methodology, Natixis Advisors, L.P. does not claim compliance with GIPS.

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