sample assessment acme fund

Confidential & Proprietary: Cenacle Capital Management, LLC

TABLE OF CONTENTS

EXECUTIVE SUMMARY ......................................................................................................................................................... 2

Who is Cenacle Capital Management? ........................................................................................................................ 2

Why Choose Cenacle Capital Management? ............................................................................................................ 2

ACCOUNT COMPOSITION..................................................................................................................................................... 3

Return / Income Yield Composition ........................................................................................................................... 3

Commission SCHEDULE ................................................................................................................................................... 3

Style Composition ............................................................................................................................................................... 3

Annual Expense ................................................................................................................................................................... 3

ADHERENCE TO IPS GUIDELINES .................................................................................................................................... 4

IPS Diversification .............................................................................................................................................................. 4

IPS RED FLAGS .......................................................................................................................................................................... 4

Diversification ...................................................................................................................................................................... 4

Asset Quality-Morningstar 3.0 or Better Rating .................................................................................................... 4

Asset Quality-$500M market capitalization minimum ....................................................................................... 4

Considerations for Investment Committee ................................................................................................................... 5

FOOTNOTES ............................................................................................................................................................................... 6

Disclaimer ................................................................................................................................................................................... 6


EXECUTIVE SUMMARY

Cenacle Capital Management, LLC is pleased to review the Acme Endowment Investment Fund (“AEIF”)

AEIF Board is responsible for the fiduciary stewardship of an Investment Fund with First State Bank Trust Company, a broker/dealer division of First State Bank. First State is the custodian of the Investment Fund.

As of 6/30/2016, the ending account value is $504,323.31. A portfolio assessment is provided by Cenacle Capital Management, LLC. An Illinois State Registered Investment Advisor, and Accredited Investment Fiduciary Analyst™.

WHO IS CENACLE CAPITAL MANAGEMENT?

Cenacle Capital Management ("Cenacle”) is an Illinois state registered investment advisory firm.

Cenacle manages self-directed 401(k), 401(h), Cash Balance, Profit Sharing, IRA and small business pension plans using Limited Discretionary Authority. Cenacle is a separate account manager and structured as a Limited Liability Company. Our Company was formed in 2004, and the founder has over 35 years’ experience in the financial services and listed options industry.

Cenacle Capital holds the Accredited Investment Fiduciary Analyst™ designation from the Center for Fiduciary Studies.

WHY CHOOSE CENACLE CAPITAL MANAGEMENT?

1. As an Accredited Investment Fiduciary Analyst ™, we leverage our certification to provide plan sponsors and investment committees an independent assessment of their portfolios by uncovering hidden expenses, benchmarking fund performance and crafting each account as if it were our own.

2. With over 35 years of experience in managing large equity positions during every financial crisis, Cenacle brings a unique perspective to mitigating risk and providing stability to client accounts.

3. The institutional relationship with our custodian provides a low cost alternative in managing

assets and allows us to efficiently allocate client accounts using stocks, mutual funds and low cost Exchange Traded Funds (ETFs).

4. Cenacle Capital does not sell annuities, insurance or securities and is a “fee only” fiduciary.


ACCOUNT COMPOSITION

RETURN / INCOME YIELD COMPOSITION 2.32% annual income distribution yield 0.01% Cash on bank sweep deposits 6 month probability gain / loss range -9% | +19% Potential Annual Return 10.21%

BROAD ALLOCATION 77% Mutual Funds 14% Exchange traded Funds 9 % Cash and Bank Deposit

ASSET ALLOCATION COMPOSITION 44% Domestic Equity 16.5% Non-US Equity 17% High Yield 13% Short Term Fixed 9.6% Cash

COMMISSION SCHEDULE Stock / ETF Online: $22.00 minimum Desk Assisted: $49.00 Mutual Funds: Online: $30.00 Desk Assisted: $50.00

STYLE COMPOSITION 16.6% Large Blend 13% General Short & Intermediate Bond 12.4% Mid Growth Debenture 11.6% Large Value 11.4% Large Growth 10.4% Large Value Preferred 9.6% Cash 6.4% Mid Blend 4.6% Corp High Yield 4.1% Small Growth

ANNUAL EXPENSE ** Investment Advisor Fee: N/A ** Trust Administration Fees: N/A 0.62% weighted annual fund expense ratio


ADHERENCE TO IPS GUIDELINES

IPS DIVERSIFICATION “A minimum of 10% is in cash at all times” STATUS: Acceptable, but slightly under minimum

“No more than 50% of the funds in the Restricted Pool may be invested in Acceptable Equities” STATUS: Compliant

“No more than 15% of the Restricted Pool’s value shall be invested in a single mutual fund” STATUS: Compliant

“No more than 5% of the Restricted Pool’s’ value shall be invested in the equity securities of a single issuer”. STATUS: Compliant

“No more than 20% of the Restricted Pool’s value shall be invested in equity securities of issuers in any single industry group” STATUS: Compliant

IPS RED FLAGS

DIVERSIFICATION The Investment Policy statement states, “… a minimum of 10% is in cash at all times”. Currently the AEIF Investment fund has 9.6% in Cash.

ASSET QUALITY-MORNINGSTAR 3.0 OR BETTER RATING

Aberdeen Global High Income (symbol: JHYIX) Morningstar Rating of 2.0 (1)

AMG Yacktman Focused (symbol: YAFIX) Morningstar Rating of 2.0

Wisdom Tree Europe Hedged (symbol: HEDJ) DWA score of 1.93; Morningstar 5.0

ASSET QUALITY-$500M MARKET CAPITALIZATION MINIMUM

Aberdeen Global High Income (symbol: JHYIX) $479,195,000 Market Cap

Lord Abbett Bond Debenture (symbol: LBNYX) $484,245,000 Market Cap


CONSIDERATIONS FOR INVESTMENT COMMITTEE

Liquidate a small position of fixed income assets to meet minimum IPS Cash level of 10%

Replace Columbia Select Large Cap Growth (symbol: CGTRX) with PowerShares (symbol:

QQQ) ETF Trust. 71% less expensive. 0.70% vs 0.20% expense ratio. Higher annual yield of 1.03% vs. 0.00%.

Replace AMG Yacktman Focused Institutional (symbol: YAFX) with iShares Morningstar

Large Value ETF (symbol: JKF). 76% less expensive. 0.25% vs 1.08% expense ratio. Higher annual yield of 2.88% vs. 1.17%.

Replace Thornberg Limited Term Income (symbol: THIIX) with Vanguard Intermediate

Bond ETF (symbol: BIV). 78% less expensive. 0 .11% vs 0.52%. Slightly higher yield.

Remove the Prohibited Investment restriction on the use of listed options. Options are a valuable tool in mitigating risk and achieving addition income. A non-leveraged strategy called Cash Secured Put Writing could be an attractive addition the Foundation’s investment strategy in a historically low interest rate environment.

Monitor the Lord Abbett Bond Debenture Fund (symbol: LBNYX). 74% of the assets are held in securities rated BBB or less by S&P. (2)

Consider investment in the ALPS Sector Dividend Dogs ETF (symbol: SDOG). SDOG has a current yield of 3.15%, with a market capitalization of $1.2 Billion. The ETF is based off an underlying index which is a rules-based index intended to give investors a means of tracking the overall performance of the highest dividend paying stocks in the S&P 500 on a sector-by-sector basis. SDOGS has attractive 1, 3, 5 and 10 year returns.

Consider rebalancing the Investment Fund to achieve a Risk Target Score more aligned with a portfolio designed for long term growth.


FOOTNOTES

(1) http://www.morningstar.com/funds/xnas/jhyix/quote.html

(2) https://www.lordabbett.com/en/strategies/mutual-funds/bond-debenture-fund.html#la_tab_summary

DISCLAIMER

Cenacle Capital Management is a State of Illinois registered investment advisor. IARD 130804 Cenacle Capital Management LLC is registered as an investment advisor and only transacts business in states where it is properly registered or notice filed, or excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators and does not mean that the advisor has attained a particular level of skill or ability. Follow-up and individual responses that involve either the affecting or attempting to affect transactions in securities, or the rendering of personalized investment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representative registration requirements, or an applicable exemption or exclusion.

Past returns are not a guarantee of future results.

Our current disclosure statement is set forth on Part II of Form ADV and is available for your review upon request.

http://www.morningstar.com/funds/xnas/jhyix/quote.html

https://www.lordabbett.com/en/strategies/mutual-funds/bond-debenture-fund.html#la_tab_summary

https://www.lordabbett.com/en/strategies/mutual-funds/bond-debenture-fund.html#la_tab_summary

THIIX • Thornburg Limited Term Income Instl $65,890 13.1 %

LBNYX • Lord Abbett Bond-Debenture I $62,322 12.4 %

YAFIX • AMG Yacktman Focused Institutional $58,673 11.6 %

CGTRX • Columbia Select Large Cap Growth R5 $57,395 11.4 %

CPXIX • Cohen & Steers Preferred Sec & Inc I $52,501 10.4 %

Cash / Money Market $48,175 9.6 %

HAINX • Harbor International Institutional $42,632 8.5 %

IWR • iShares Russell Mid-Cap $32,108 6.4 %

MICSX • Matthews Asian Growth & Income Instl $24,823 4.9 %

JHYIX • Aberdeen Global High Income I $22,992 4.6 %

First State Bank Trust Company Asset Allocation

Your Financial Representative

Bill [email protected]

Cenacle Capital Management, LLC

Acme Endowment Investment Fund

Current PortfolioThis is your asset allocation, as captured on August 26, 2016.

5095% PROBABILITY RANGE (6 MONTHS) DISTRIBUTION RATE

*EXPENSE RATIO **

2.33% (annual) 0.62% (annual)

50

=

PAGE 1 // © 2016 Riskalyze, Inc. All Rights Reserved. The information, data, analysis and opinions contained in this report include the confidential andproprietary information of Riskalyze; may include or be derived from account information provided by your financial representative which cannot be verified byRiskalyze; may not be copied or redistributed; does not constitute investment advice offered by Riskalyze; are provided solely for informational purposes and donot constitute an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Except as otherwise provided by law, Riskalyze shallnot be responsible for any trading decisions, damages or other losses resulting from the use of this information, data, analysis or opinion. This report issupplemental sales literature. If applicable, this report should be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.

IWM • iShares Russell 2000 $20,528 4.1 %

HEDJ • WisdomTree Europe Hedged Equity ETF $16,283 3.2 %

Total $504,322 100%

The Risk Score of 50 and the 95% Probability Range of -10% to +18% was calculated using a long-term average of 10.4% for the S&P 500, 200bps change in the Ten YearUS Treasury Rate, and correlation and volatility data from 2008 to present. Riskalyze uses actual historical data to calculate the statistical probabilities shown. Forsecurities calculated using Average Annual Return, the Average Return will be calculated using actual price history from June 2004-present or inception. We calculate theannualized return number as ( final price / initial price ) ^ ( 1 / number of years ) - 1. Riskalyze does not provide investment analysis on investments with less than 6months of historical performance. In instances where an investment’s inception is more recent than January 1, 2008 and greater than 6 months Riskalyze will usecorrelation statistics from the investments actual trading history to extrapolate missing volatility data. In most cases the extrapolation calculation increases the riskpresented in the investment analysis as a means of protecting the investor. Investments with an inception more recent than January 1, 2008 are highlighted with aninformation icon . The Six Month 95% Probability Range is calculated from the standard deviation of the portfolio (via covariance matrix), and represents ahypothetical statistical probability, but there is no guarantee any investments would perform within the range. There is a 5% probability of greater losses. Riskalyze doesnot use any Monte Carlo or any other type of simulations. The underlying data is updated as of the previous day’s market close price, and the results may vary with eachuse and over time. The investments considered were determined by the financial representative. IMPORTANT: The projections or other information generated byRiskalyze regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of futureresults. These figures may exclude commissions, sales charges or fees which, if included, would have had a negative effect on the annual returns.

* The distribution rate is derived by summing the trailing 12-months’ distributions (dividends, distributions from borrowing, return of capital, etc) and dividing the sum bythe last month’s ending NAV. It does not include capital gains distributed over the same period.

** The percentage of fund assets used to pay for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costsincurred annually by the underlying funds, except brokerage costs.

“Cenacle Capital Management LLC only transacts business in states where it is properly registered or notice filed, or excluded or exempted from registrationrequirements. Follow-up and individual responses that involve either the affecting or attempting to affect transactions in securities, or the rendering of personalizedinvestment advice for compensation, as the case may be, will not be made absent compliance with state investment adviser and investment adviser representativeregistration requirements, or an applicable exemption or exclusion. Past returns are not a guarantee of future results. Investments are subject to market risk, includingthe possible loss of principal. It should be assumed that investments listed on this page are not FDIC insured. The value of the portfolio will fluctuate with the value ofthe underlying securities. Investors should consider an investment‘s investment objective, risks, charges, and expenses carefully before investing. In the case of mutualfunds and ETFs (Exchange Traded Funds) a prospectus is available which contains this and other important information and should be read carefully before investing.Diversification does not ensure a profit and may not protect against loss in declining markets. Please contact Cenacle Capital Management, LLC if there are any changesin your financial situation or investment objectives, or if you wish to impose,add or modify any reasonable restrictions to the management of your account. Our currentdisclosure statement is set forth on Part II of Form ADV and is available for your review upon request. Cenacle Capital Management is a State of Illinois registeredinvestment advisor. IARD 130804”


ETFs and Mutual Funds Referenced in this Report

Performance quoted represents past performance and past performance does not guarantee futureresults. Performance shown is not indicative of future performance.The investment return and principal value of an investment will fluctuate; that an investor's shares,when redeemed, may be worth more or less than their original cost; and that current performance maybe lower or higher than the performance data quoted.ETF Performance is based on the market price defined as the last closing price for each time of the one-,five-, ten-year periods or life of the ETF if the ETF has not existed for at least 10 years.Annualized performance is net of gross expenses but excludes commissions, sales charges or fees which,if included, could have had a negative effect on the annual returns. Sales commissions on "A Share"mutual funds could be as high as 5.75%. "C and B Share" mutual funds may be subject to surrender fees.The following sales load(s) or other non-recurring fees apply to investments shown: N/A.

AVERAGE ANNUAL TOTAL RETURN AS OF July 31, 2016**

FUND 1-YEAR % 5-YEAR % 10-YEAR %GROSS

EXPENSERATIO %

TOTAL RETURNSINCE INCEPTION

%

CGTRX - COLUMBIA SELECT LARGE CAPGROWTH R5

-3.36 11.29 10.15 0.7 17.45

CPXIX - COHEN & STEERS PREFERRED SEC& INC I

8.6 9.28 0.94 9.94

HAINX - HARBOR INTERNATIONALINSTITUTIONAL

-7.7 2.19 3.91 0.78 10.68

HEDJ - WISDOMTREE EUROPE HEDGEDEQUITY ETF (PRICE)

-9.1 8.23 0.58 6.31

HEDJ - WISDOMTREE EUROPE HEDGEDEQUITY ETF (NAV)

-8.87 8.25 0.58 6.38

IWM - ISHARES RUSSELL 2000 (PRICE) 0.02 10.44 7.2 0.2 7.36

IWM - ISHARES RUSSELL 2000 (NAV) 0.1 10.49 7.21 0.2 7.39

IWR - ISHARES RUSSELL MID-CAP (PRICE) 4.14 12.52 8.64 0.2 8.95

IWR - ISHARES RUSSELL MID-CAP (NAV) 4.2 12.54 8.63 0.2 9.03

JHYIX - ABERDEEN GLOBAL HIGH INCOMEI

-3.06 3.17 6.24 0.76 7.94

LBNYX - LORD ABBETT BOND-DEBENTUREI

3.79 6.28 7.17 0.62 6.2


MICSX - MATTHEWS ASIAN GROWTH &INCOME INSTL

2.34 4.12 7.12 0.92 4.41

THIIX - THORNBURG LIMITED TERMINCOME INSTL

3.39 3.42 5.01 0.52 5.39

YAFIX - AMG YACKTMAN FOCUSEDINSTITUTIONAL

9.15 10.65 10.88 1.08 11.64


EXPENSERATIO %


%

The average annualized performance information presented is current to the most recent month ended sevenbusiness days prior to the date of use.


ETFs and Mutual Funds Referenced in this Report (cont'd)AVERAGE ANNUAL TOTAL RETURN AS OF MOST RECENT CALENDAR QUARTER END June 30, 2016 **


EXPENSERATIO %


%

CGTRX - COLUMBIA SELECT LARGE CAPGROWTH R5

-7.28 9.46 9.06 0.7 15.5

CPXIX - COHEN & STEERS PREFERRED SEC& INC I

7.02 8.75 0.94 9.63

HAINX - HARBOR INTERNATIONALINSTITUTIONAL

-11.51 0.74 3.61 0.78 10.55

HEDJ - WISDOMTREE EUROPE HEDGEDEQUITY ETF (PRICE)

-9.66 6.36 0.58 5.63

HEDJ - WISDOMTREE EUROPE HEDGEDEQUITY ETF (NAV)

-9.92 6.22 0.58 5.55

IWM - ISHARES RUSSELL 2000 (PRICE) -6.56 8.43 6.28 0.2 7.02

IWM - ISHARES RUSSELL 2000 (NAV) -6.63 8.41 6.23 0.2 7.05

IWR - ISHARES RUSSELL MID-CAP (PRICE) 0.46 10.76 7.9 0.2 8.69

IWR - ISHARES RUSSELL MID-CAP (NAV) 0.39 10.73 7.91 0.2 8.76

JHYIX - ABERDEEN GLOBAL HIGH INCOMEI

-5.85 2.87 6.12 0.76 7.82

LBNYX - LORD ABBETT BOND-DEBENTUREI

1.36 5.89 6.98 0.62 6.08

MICSX - MATTHEWS ASIAN GROWTH &INCOME INSTL

-1.06 3.66 6.92 0.92 3.98

THIIX - THORNBURG LIMITED TERMINCOME INSTL

3.24 3.6 5.07 0.52 5.39

YAFIX - AMG YACKTMAN FOCUSEDINSTITUTIONAL

7.19 9.5 10.59 1.08 11.26

The average annualized performance information presented is current to the most recent calendar quarter shown.

**Average Annual Total Return is calculated by finding the average annual compounded rates of return over the 1-,


5-, and 10-year periods that would equate the initial amount invested to the ending redeemable value, according tothe following formula: P(1 + T)n = ERV Where: P = a hypothetical initial payment of $1,000. T = average annual totalreturn. n = number of years. ERV = ending redeemable value of a hypothetical $1,000 payment made at thebeginning of the 1-, 5-, or 10-year periods at the end of the 1-, 5-, or 10-year periods.

“Cenacle Capital Management LLC only transacts business in states where it is properly registered or notice filed, orexcluded or exempted from registration requirements. Follow-up and individual responses that involve either theaffecting or attempting to affect transactions in securities, or the rendering of personalized investment advice forcompensation, as the case may be, will not be made absent compliance with state investment adviser andinvestment adviser representative registration requirements, or an applicable exemption or exclusion. Past returnsare not a guarantee of future results. Investments are subject to market risk, including the possible loss of principal.It should be assumed that investments listed on this page are not FDIC insured. The value of the portfolio willfluctuate with the value of the underlying securities. Investors should consider an investment‘s investment objective,risks, charges, and expenses carefully before investing. In the case of mutual funds and ETFs (Exchange TradedFunds) a prospectus is available which contains this and other important information and should be read carefullybefore investing. Diversification does not ensure a profit and may not protect against loss in declining markets.Please contact Cenacle Capital Management, LLC if there are any changes in your financial situation or investmentobjectives, or if you wish to impose,add or modify any reasonable restrictions to the management of your account.Our current disclosure statement is set forth on Part II of Form ADV and is available for your review upon request.Cenacle Capital Management is a State of Illinois registered investment advisor. IARD 130804”


Disclosure StatementThis report should not be relied on as a substitute for official account statements.

The performance data quoted represents past performance. Past performance does not guaranteefuture results. Investment return and principal value will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower orhigher than the performance information quoted. The performance quoted reflects the reinvestmentof dividends and capital gains, is net of expenses and does not reflect the maximum sales charge of5.75%. Such a fee, if taken into consideration, will reduce the performance quoted above.

Investors should consider the investment objectives, risks, charges and expenses of the investmentcompany carefully before investing. The prospectus and, if available, the summary prospectus containthis and other important information about the investment company. Request a prospectus from theoffering institution or your financial representative. Read carefully before investing.

Investments in this report are subject to market risk, including the possible loss of principal. It should be assumedthat investments listed in this report are not FDIC insured. The value of the portfolio will fluctuate with the value ofthe underlying securities. Investors should consider an investment’s investment objective, risks, charges, andexpenses carefully before investing. In the case of mutual funds and ETFs (Exchange Traded Funds) a prospectus isavailable which contains this and other important information and should be read carefully before investing.Diversification does not ensure a profit and may not protect against loss in declining markets.

In addition to the normal risks associated with investing, Investments in smaller companies typically exhibit highervolatility as do investments that do not have significant volume;international investments may involve risk of capitalloss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles orfrom economic or political instability in other nations; emerging markets involve heightened risks related to the samefactors, as well as increased volatility and lower trading volume; bonds and bond funds will decrease in value asinterest rates rise and are subject to credit risk, which refers to the possibility that the debt issuers may not be ableto make principal and interest payments or may have their debt downgraded by ratings agencies.

Alternative securities (e.g. partnerships, limited liability companies, real estate investment trusts, hedge funds, andmanaged futures which are not listed on national exchanges) are generally illiquid; no formal trading market existsfor these securities; and their values will be different than the purchase price or values shown on this report.Therefore, the estimated values shown herein may not necessarily be realized upon sale of the securities. Pricesshown should only be used as a general guide to portfolio value.

An investment in “money market” is not insured or guaranteed by the Federal Deposit Insurance Corporation or anyother government agency. “Money market” funds seek to preserve the value of your investment at $1.00 per share,but, it is possible to lose money by investing in “money market."

The investment analysis may include securities that are not publicly traded on national exchanges. Riskalyze reviewseach alternative’s track record, share price on the secondary market, fees, liquidity, and dividend history to assigneach alternative’s return and volatility statistics. In some cases secondary market prices can be sufficient to calculatevolatility statistics. In most cases the return and volatility statistics must be calculated using a proprietarymethodology that effectively penalizes fees and illiquidity while taking into account distributions (dividend)characteristics. Fees offset the expected return for the alternative. Return and volatility statistics are penalized forIlliquidity. Alternatives with stable or increasing dividends show less volatility while alternatives with decreasing,unstable or discontinued distributions (due to failed strategy) show, relatively, higher volatility.

This portfolio may contain investments requiring the delivery of a prospectus. See fund prospectus for details.

Mutual funds may contain sales charges, expenses, management fees, and breakpoint discounts (quantity discounts);which vary from mutual fund to mutual fund. Therefore, you should discuss these issues with your financial


representative and review each mutual fund’s prospectus and statement of additional information to get the specificinformation regarding the charges and breakpoint discounts associated with a particular mutual fund. Please see themutual fund prospectus and statement of additional information for details about sales charges, expenses,management fees, discount programs (rights of accumulation, letter of intent, breakpoint discounts, etc). A mutualfund’s total expense ratio is shown as provided by a third party vendor and may or may not contain fee waivers orexpense reimbursements that may be in effect for the fund. Please refer to the fee table in the fund’s prospectus.

ETFs trade like a stock, and ETFs may trade for less than their net asset value. See prospectus for details.

For variable annuities, additional expenses will be taken into account, including M&E risk charges, fund-levelexpenses such as management fees and operating fees, contract-level administration fees, and charges such assurrender, contract, and sales charges.

The 6 month probability range is derived by illustrating a VaR with 1.64 sigmas move in the underlying portfolio usingthe given data model. Standard Deviation is a historical measure of the variability of returns. If a portfolio has a highstandard deviation, its returns have been volatile; a low standard deviation indicated returns have been less volatile.It is a mathematical probability; not a guarantee of future results. The cash balance shown may vary from actualcash available.

The cash value shown may represent certificates of deposit before early withdrawal penalties if so deemed by thefinancial representative. Portfolio value and position values are likely as of the day before the date listed on thisreport. Allocation percentages and/or dollar amounts may be rounded for presentation purposes.

Investing often generates tax consequences which are not incorporated in this report.

Prospectus Gross Expense Ratio reflects the annual percentage of a fund’s assets paid out in expenses. Expensesinclude management, 12B-1, transfer agent and all other asset-based fees associated with the fund’s dailyoperations and distribution, with the exception of brokerage commissions. It does not reflect expenses that havebeen reimbursed by the financial representative, reductions from brokerage service arrangements or other expenseoffset arrangements.

This report relies on mutual fund holdings reported by NASDAQ via a data feed. As a result, the above review is onlyas accurate as the data supplied by NASDAQ. In all cases there is a reporting delay.

This report is to be used for illustration and discussion purposes only. Please review the underlying assumptionscarefully. Past performance is no guarantee of future results and principal values fluctuate with changing marketconditions.


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