INVESTMENT RESEARCH · The cornerstone of the Tower Square Investment Management Research offering...

INVESTMENT RESEARCHProactive. Responsive. Consistent.

For use with financial professionals only.

PRIMARY RESOURCES

As part of our ongoing commitment to you and your clients, Tower Square Investment Management® offers you this guide to our comprehensive tools, resources and services so you can deliver sound investment advice and knowledgeable insights to your clients.

The cornerstone of the Tower Square Investment Management Research offering is:

Thought leadership on the economy, financial markets and investment strategies;

Investment implementation resources such as recommended mutual fund lists and asset allocation portfolios; and

Solutions to help improve the efficiency of your business.

The team is staffed with experienced, well-credentialed veterans of the mutual fund and individual equities industry and are dedicated to providing you with unrivaled expertise and support. We deliver presentations at meetings and conferences to share information with you, learn more about your needs, and meet with you personally.

We know personal connections make a difference and that’s why every member of our team is easily accessible to make your needs a priority.

Contact us at [email protected].

Our goal: to

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For use with financial professionals only. 2

The team publishes a variety of materials that preview potential financial market drivers and events.

MARKET OUTLOOK RESOURCES

TowerViewYou and your clients can benefit from quarterly, mid-year and annual outlooks that offer analysis of the financial markets and discuss the current economic environment. Outlooks feature investment guidance that help to position your clients’ portfolios.

The team also produces a corresponding PowerPoint presentation, which includes talking points for client seminars and prospecting events.

2017 Market Outlook: Investing in a Trump Economy


Investing in a Trump Economy

In a year full of stunning macro surprises, which included Britain’s vote to leave the European Union and the election of Donald J. Trump, markets were remarkably buoyant after an ugly start. Heading into 2017, optimism is high as the global economy appears to be finding its footing and forthcoming policies from the Trump administration are expected to be pro-growth. In particular, we believe economic growth may be boosted by tax cuts and relaxed regulation. Cuts to both corporate and individual tax rates are likely to encourage firms to repatriate cash, and the unwinding of many regulations recently enacted by the Obama administration on the beleaguered financial, energy, and healthcare sectors are likely to renew their growth. A large infrastructure spending program is also anticipated, but is likely to meet some resistance in Congress. Vocal opponents within the Congressional Republican caucus, who are concerned that entitlement spending programs and increasing interest expense are already pushing the federal deficit to troubling levels, may be reluctant to support any plans for additional expenditure. What is reasonable, in our view, is to expect improving trends and likely tax policy changes in the U.S. to generate better economic growth in 2017 than during the past twelve months. The consensus now largely reflects this view. We are mindful of several risks to our viewpoint. While these aforementioned growth initiatives are likely to drive optimism, trade policy remains a wild card which could hamper global growth if protectionist policies such as tariffs are enacted on a widespread basis. Economic growth failing to meet rising expectations and sentiment turning somewhat more cautious could also challenge markets. More concerning is the possibility that growth-boosting policies may spark inflationary pressures, accelerate increases in interest rates, and bring forward expectations for future Fed rate hikes to create headwinds to growth. A more hawkish Fed might also push the U.S. dollar higher, which could tighten global financial conditions in a manner similar to 2015. Lastly, we are concerned that financial markets may have become too optimistic too fast. The 12-month forward PE ratio for the S&P 500 has surpassed long term averages, and, factoring in an aging economic expansion, the third longest domestic equity bull market on record and a rising interest rate environment, any disappointment may quickly reverse this euphoria. For now, we view these scenarios as tail risks that could disrupt our base case expectations of another solid year for global equities. In short, a very exciting macro backdrop is likely to result in a somewhat boring market outcome in the first half of the year. Overall, our outlook remains one of tempered optimism, with the bull market likely to remain intact but facing headwinds from stretched valuations, diminishing central bank support, and frothy investor sentiment. This environment is likely to limit upside for global equities to single-digit gains. Leadership from cyclical groups, and particularly financials, remains intact, and we will be watching for renewed strength from defensive sectors such as utilities, telecom, and consumer staples for evidence that rising interest rates are increasing the odds of a significant equity market correction. On the fixed income side, even in the wake of moderately higher rates, we still believe bonds serve a valuable role in a portfolio. With a strong economic backdrop, we recommend shorter-than-benchmark duration and still favor credit-sensitive bonds. Lastly, to mitigate unforeseen volatility, we believe it is prudent to retain an allocation to alternative investments that have low correlations to traditional investments, and we prefer managers with flexible investment styles with the discretion and ability to move nimbly within their mandates in the face of the changing economic environment that we foresee.

Global Economy Early in 2016, economic data showed declines in the manufacturing sector and growing global recession risks. By mid-year, signs of improvement began to develop and evidence of stabilization strengthened throughout the second half of the year. In circumstances similar to those we found at the end of 2015, markets are digesting a Fed rate hike in December. In contrast, however, economic data is trending higher rather than deteriorating. This is

2017 Annual Outlook

PORTFOLIO CONSTRUCTION RESOURCES

Strategic Asset Allocation Take advantage of Strategic portfolio allocations designed to capitalize on the best opportunities over a three- to five-year investment horizon. The team’s process determines optimal combinations of asset allocation that abide by investment policy expectations given their underlying investment objective. Strategic models are available for five risk profiles (conservative, balanced, moderate, growth, and aggressive).

Tactical Asset AllocationWe also construct Tactical asset allocation models, which aim to systematically exploit inefficiencies or temporary imbalances between asset classes over a short-term horizon of usually one to four quarters. Tactical asset allocation models are derived from the team’s strategic asset allocations, over weighting asset classes that are expected to outperform on a relative basis and underweighting those expected to underperform. Tower Square Investment Management publishes tactical asset allocation models for five risk profiles (conservative, balanced, moderate, growth, and aggressive).

The main objective of our tactical asset allocations is to systematically exploit inefficiencies or temporary imbalances in different asset classes. Over time, strategic long-term target allocations are the most important determinant of total return for a broadly diversified portfolio with limited market timing. We believe tactical asset allocation can add value to strategic asset allocation by overweighting those asset classes that are expected to outperform on a relative basis and under-weighting those expected to underperform. Similar to the strategic asset allocation portfolios, we have also constructed tactical asset allocation portfolios. For a complete description of the process, please see the Tactical Asset Allocation Process document.

11% Domestic Large Cap Growth11% Domestic Large Cap Value2% Domestic Mid Cap Growth2% Domestic Mid Cap Value2% Domestic Small Cap Core2% Global Real Estate2% Specialty - Natural Res (Commodities)15% International Equity5% Emerging Markets17% FI - Short Govt/Corp15% FI - Intermediate Govt/Corp2% FI - High Yield Bonds3% FI - Bank Loans4% Alt. Strat. Bucket (Multi-Alternative)4% Alt. Strat. Bucket (Long/Short)3% Cash

20% Domestic Large Cap Growth19% Domestic Large Cap Value 3% Domestic Mid Cap Growth 3% Domestic Mid Cap Value 2% Domestic Small Cap Growth 2% Domestic Small Cap Value 3% Global Real Estate 3% Specialty - Natural Res (Commodities)24% International Equity 8% Emerging Markets 5% Alt. Strat. Bucket (Multi-Alternative) 5% Alt. Strat. Bucket (Long/Short) 3% Cash

5% Domestic Large Cap Growth 4% Domestic Large Cap Value 2% Domestic Small Cap Core 7% International Equity 35% FI - Short Govt/Corp 34% FI - Intermediate Govt/Corp 4% FI - High Yield Bonds 4% FI - Bank Loans 2% Alt. Strat. Bucket (Multi-Alternative) 3% Cash

GROWTH 16% Domestic Large Cap Growth15% Domestic Large Cap Value 2% Domestic Mid Cap Growth 2% Domestic Mid Cap Value 2% Domestic Small Cap Growth 2% Domestic Small Cap Value 3% Global Real Estate 2% Specialty - Natural Res (Commodities)20% International Equity 7% Emerging Markets 8% FI - Short Govt/Corp 7% FI - Intermediate Govt/Corp 2% FI - High Yield Bonds 4% Alt. Strat. Bucket (Multi-Alternative) 5% Alt. Strat. Bucket (Long/Short) 3% Cash

AGGRESSIVE

MODERATE

BALANCED

CONSERVATIVE

9% Domestic Large Cap Growth 8% Domestic Large Cap Value 2% Domestic Mid Cap Core 2% Domestic Small Cap Core 2% Global Real Estate10% International Equity 3% Emerging Markets 26% FI - Short Govt/Corp25% FI - Intermediate Govt/Corp 3% FI - High Yield Bonds 3% FI - Bank Loans 2% Alt. Strat. Bucket (Multi-Alternative) 2% Alt. Strat. Bucket (Long/Short) 3% Cash

1

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For Broker-Dealer use only.Not for use with the public.

STRATEGIC ASSET ALLOCATION Models

15% Domestic Large Cap Growth 16% Domestic Large Cap Value 4% Domestic Mid Cap Core 4% Domestic Small Cap Core 2% Global Real Estate 4% Specialty - Natural Res (Commodities) 16% International Equity 4% Emerging Markets 13% FI - Short Govt/Corp 12% FI - Intermediate Govt/Corp 3% FI - High Yield Bonds 4% World Bond 3% Cash

17% Domestic Large Cap Growth 18% Domestic Large Cap Value 2% Domestic Mid Cap Growth 3% Domestic Mid Cap Value 5% Domestic Small Cap Core 3% Global Real Estate 4% Specialty - Natural Res (Commodities) 18% International Equity 5% Emerging Markets 9% FI - Short Govt/Corp 8% FI - Intermediate Govt/Corp 5% FI - High Yield Bonds 3% Cash

22% Domestic Large Cap Growth

23% Domestic Large Cap Value

4% Domestic Mid Cap Growth

4% Domestic Mid Cap Value

3% Domestic Small Cap Growth

3% Domestic Small Cap Value

3% Global Real Estate

5% Specialty - Natural Res (Commodities)

23% International Equity

7% Emerging Markets

3% Cash

7% Domestic Large Cap Growth

8% Domestic Large Cap Value

2% Domestic Mid Cap Core

2% Domestic Small Cap Core

2% Specialty - Natural Res (Commodities)

9% International Equity

27% FI - Short Govt/Corp

26% FI - Intermediate Govt/Corp

6% FI - High Yield Bonds

8% World Bond

3% Cash

GROWTH

Strategic asset allocation is the process of determining the target long-term allocations to the asset classes that present the best opportunities over that time period. Our process determines optimal combinations of allocations that abide by investment policy expectations given the underlying investment objective. For a complete description of the process, please see the Strategic Asset Allocation Process document.

AGGRESSIVE

MODERATE

BALANCED

CONSERVATIVE

11% Domestic Large Cap Growth 13% Domestic Large Cap Value 3% Domestic Mid Cap Core 3% Domestic Small Cap Core 2% Global Real Estate 3% Specialty - Natural Res (Commodities) 12% International Equity 3% Emerging Markets 19% FI - Short Govt/Corp 18% FI - Intermediate Govt/Corp 4% FI - High Yield Bonds 6% World Bond 3% Cash

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4 For use with financial professionals only.

After you establish an asset allocation policy, you can populate the portfolio using the team’s investment implementation resources.

INVESTMENT IMPLEMENTATION RESOURCES

Research Select ListOctober 2015

C/M/A SymbolMorningstarCategory Month QTD YTD 1 YR 3 YR 5 YR 10 YR

Since Incept

12 Mo Yield

Pros Net Exp Ratio

EQUITY MUTUAL FUNDS

Domestic Large Cap CorePrudential Jennison 20/20 Focus Aggressive PTWZX Large Growth -3.59 -7.74 -3.09 -2.58 10.16 10.25 6.94 7.56 0.00 0.88American Funds Investment Co. of America Conservative AIVSX Large Blend -3.46 -7.68 -6.92 -4.52 11.69 11.27 6.14 12.02 1.95 0.59JPMorgan US Large Cap Core Plus** Moderate JLCAX Large Blend -4.10 -8.92 -6.99 -1.81 13.41 12.82 -N/A 9.23 0.39 1.26MFS® Research Moderate MFRFX Large Growth -3.40 -7.12 -4.92 -0.93 11.51 12.53 6.98 9.79 0.67 0.81Benchmark: Russell 1000 TR USD XIUSA000O4 -2.74 -6.83 -5.24 -0.61 12.66 13.42 6.95 11.63

Domestic Large Cap GrowthEdgewood Growth Aggressive EGFIX Large Growth -2.59 -3.64 1.82 6.33 16.88 16.22 -N/A 8.75 0.00 1.00Alger Capital Appreciation Aggressive ACAAX Large Growth -3.40 -8.03 -1.75 2.22 14.11 14.45 10.49 8.77 0 1.24American Funds AMCAP Conservative AMCPX Large Growth -4.00 -8.42 -4.47 -1.21 14.17 13.61 7.43 11.37 0.00 0.68American Funds Growth Fund of America Conservative AGTHX Large Growth -3.65 -6.71 -2.23 0.45 13.51 12.57 6.91 13.43 0.37 0.66Fidelity Advisor® New Insights Moderate FNIAX Large Growth -2.87 -6.60 -2.90 -0.10 11.37 11.95 7.60 10.42 0.00 0.92MFS® Growth Moderate MFEGX Large Growth -3.06 -4.61 -1.19 3.69 13.42 13.92 8.66 8.16 0.00 0.98Benchmark: Russell 1000 Growth TR USD XIUSA000KO -2.47 -5.29 -1.54 3.17 13.61 14.47 8.09 10.91

Domestic Large Cap ValueJohn Hancock Disciplined Value Moderate JVLAX Large Value -4.32 -9.14 -9.28 -4.46 11.24 12.35 6.94 7.74 0.53 1.08American Beacon Bridgeway Large Cap Value Moderate BWLAX Large Value -3.73 -8.82 -7.07 -2.93 13.99 13.92 6.97 13.98 0.52 1.15Columbia Dividend Opportunity Moderate INUTX Large Value -1.94 -7.27 -8.55 -7.19 8.31 10.73 6.71 8.56 3.17 1.00Federated Strategic Value Dividend* Conservative SVAIX Large Value -0.46 -1.54 -1.82 -0.24 9.49 11.37 6.29 6.75 3.37 0.81Franklin Mutual Shares Aggressive TESIX Large Value -4.28 -9.20 -7.19 -5.82 8.89 9.09 4.66 7.57 2.73 1.10Invesco Comstock Moderate ACSTX Large Value -4.35 -10.97 -10.28 -8.53 10.77 11.38 5.76 10.72 1.86 0.83Invesco Growth and Income Moderate ACGIX Large Value -4.21 -9.44 -7.71 -5.67 10.92 11.21 5.76 9.40 2.06 0.84Benchmark: Russell 1000 Value TR USD XIUSA000KP -3.02 -8.39 -8.96 -4.42 11.59 12.29 5.71 11.97

Domestic Mid Cap CoreASTON/Fairpointe Mid Cap** Moderate CHTTX Mid-Cap Blend -5.06 -14.65 -14.70 -10.95 11.61 10.66 8.97 11.86 0.11 1.11Scout Mid Cap Conservative UMBMX Mid-Cap Blend -2.45 -5.68 -2.09 -0.81 12.30 12.56 -N/A 10.06 0.13 1.02Benchmark: Russell Mid Cap TR USD XIUSA000L2 -3.60 -8.01 -5.84 -0.25 13.91 13.40 7.87 13.27

Investors should consider the investment objectives, risks and charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. Contact the fund/insurance company to obtain a prospectus, which should be read carefully before investing or sending money.

The returns assume reinvestment of all dividends (ordinary income and capital gains) and are annualized and net of fees and other fund operating expenses with the exception of advisory or wrap fees. Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund and is the date used in calculating the periodic returns.

Funds in bold are Highest Conviction Picks.Performance numbers are calculated from Morningstar as of September 30, 2015 unless otherwise footnoted.

FOR BROKER-DEALER USE ONLY.

This document discusses the rationale for selecting our highest conviction picks in each asset class on the Tower Square Research Select List (RSL).

Asset Class Fund Rationale for Selection

Domestic Large Cap Growth

Edgewood Growth The team seeks to invest in large, established companies with high quality earnings growth and focuses their efforts on four areas to determine quality – financial model strength, market leading position, consistent growth and management style. This is a high conviction, concentrated portfolio of 22 stocks run by a strong team in a single strategy boutique shop employing a fundamentally-driven research process focused on high quality earnings growth.

Since 2008, the market has not distinguished between high- and low-quality earnings generation, with stocks in a number of broad market indices trading at all-time high levels of correlation. We believe this trend is reversing and in a low-growth environment such as we anticipate going forward, quality will command a premium.

Historically, Edgewood companies typically outperform in a lower nominal growth environment. Additionally, larger companies with global reach will benefit from multiple sources of growth, and in reviewing holdings attribution for this fund; we already see this reflected in Edgewood’s performance YTD.

Fund performance fell along with the rest of the equity market in 2008 and as expected, higher quality names saw a lower upswing in the liquidity-fueled recovery that followed. This caused the portfolio to underperform in 2009 and 2010. We believe this trend is reversing and because we are confident in the management team, its process and portfolio construction methodology, we believe investing at this time reduces the likelihood of investing with a manager at its performance peak.

Domestic Large Cap Value

John Hancock Disciplined Value

Management’s investment philosophy centers around key tenets of value: low valuation stocks outperform high valuation stocks, companies with strong fundamentals outperform those with poor fundamentals, and stocks with positive business momentum outperform stocks with negative business momentum.

Management applies this philosophy through a repeatable investment process that starts with quantitative screening which targets companies with low valuation, business momentum (i.e. improving earnings) and solid fundamentals. For the subset of companies that pass the initial screen, management conducts in-depth fundamental research and determines appropriate valuation. Most importantly, through this investment process, management tends to buy stocks that exhibit attractive valuation characteristics, strong business fundamentals, and offer an investment catalyst. The low valuation focus puts the portfolio firmly in the value camp, while the improving fundamentals/investment catalyst step helps the portfolio benefit when the financial markets favor growing or improving companies.

Additionally, this fund has a proven track record over market cycles and in a variety of market conditions.

06/30/2015

Allocation ModelsTower Square Investment Management provides mutual fund recommendations—including ticker symbols—for each portfolio in the strategic and tactical allocation models. Funds are drawn from the Research Select List.

Research Select List (RSL)A “best ideas” list of approximately 100 mutual funds across equity, fixed income, alternative strategy and flexible allocation categories.

The team has identified, for each asset class, the “highest conviction pick,” which is the mutual fund that the team believes offers the best opportunity to outperform both its benchmark and peers going forward.

The list is updated monthly and features fund information, performance and modern portfolio theory statistics to help you choose the mutual funds that are most suitable for your client.

Fact sheets, updated every quarter, are also available for each fund on the RSL. These two-page fund sheets contain client-ready information, including trailing and calendar year performance, investment growth, top holdings, sector weights and risk/reward statistics.

Investment theses, available for all the RSL funds, provide the investment objective, philosophy, investment process, and the primary reasons we recommend the fund.

Ticker Symbols EGFIX

Portfolio Management Alan W. Breed, Alexander M. Farman-Farmaian,Kevin R. Seth, Lawrence G. Creel, Nicholas A. Stephens, Peter H. Jennison,Scott D. Edwardson

Inception Date 2/28/2006

Number of Holdings 20-25

Tower Square Asset Class Domestic Large Cap Growth

Morningstar Category Large Cap Growth

Tower Square Benchmark Russell 1000 Growth

Investment Objective To pursue long-term capital growth.

Philosophy Edgewood’s goal is to produce superior and sustainable long-term performance by investing in high-quality growth companies. Their investment philosophy is grounded in the conviction that earnings growth will drive stock prices over the long term. This is the foundation for their high-quality, low-risk approach to investing.

Investment Process The Edgewood team relies on stock selection in constructing a concentrated portfolio of 22 high-quality growth companies with moderate turnover. Edgewood purchases companies trading at substantial discounts to their fair value and believes that over time, the stock prices of high-quality companies will rise to reflect the true value of the underlying company.

Using an investment horizon of three to five years, careful attention is paid to valuation, quality of earnings, strength of the balance sheet and cash generation. Based on the conviction of their comprehensive, proprietary analysis, they take significant positions in securities that they believe are their best ideas and hold them for the long term.

Primary Reasons to Recommend Management takes a private equity approach to evaluating companies for investment, prioritizing strength of business model, competitive market positioning, growth consistency and competency of leadership.

The fund is team-managed by a group of seasoned investment professionals with a disciplined system of checks and balances with overlapping coverage between PMs.

In a slow growth environment, big, multinational companies are better positioned to capitalize on growth in developing markets than smaller companies.

As long as market volatility and global economic uncertainty continue to be a challenge, larger, more established and well-capitalized companies with stronger cash flows will be better equipped to weather ups and downs.

This strategy performs well relative to peers when the market distinguishes and values fundamentals and high-quality earnings growth.

Edgewood Growth Fund Investment Thesis

The fund listed in this document may or may not be approved by your broker-dealer. Please verify whether or not this fund is approved directly with your broker-dealer prior to transacting. Investors should consider the investment objectives, risks and charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. Contact Edgewood at 800.791.4226 to obtain a prospectus, which should be read carefully before investing or sending money. For broker-dealer use only. Not for use with the public. 1

Edgewood Growth Instl Russell 1000 Growth TR USD Return Date: 3/31/2015

Calendar Year Performance

Retu

rn

YTD 2014 2013 2012 2011 2010 20090.00

2.50

5.00

7.50

10.00

12.50

15.00

17.50

20.00

22.50

25.00

27.50

30.00

32.50

35.00

37.50

Edgewood Growth Instl Russell 1000 Growth TR USD

YTD 2014 2013 2012 2011 2010 2009

Edgewood Growth Instl

Russell 1000 Growth TR USD

1.92 13.50 37.19 18.72 3.73 12.15 30.73

3.84 13.05 33.48 15.26 2.64 16.71 37.21

YTD Quarter 1 Year 3 Years 5 Years 10 Years SinceInception

InceptionDate

Edgewood Growth Instl

Russell 1000 Growth TR USD

2/28/2006

12/29/1978

1.92

3.84

1.92

3.84

16.43

16.09

17.19

16.35

16.84

15.64 9.36

9.26

11.23

Trailing Performance

Retu

rn

YTD Quarter 1 Year 3 Years 5 Years 10 Years Since Inception0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

Edgewood Growth Instl Russell 1000 Growth TR USD

Disclosures

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Stock fund values fluctuate in response to the activities of individual companies and general market and economic conditions.

Investors should consider the investment objectives, risks and charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. Contact Edgewood at 800.791.4226 to obtain a prospectus, which should be read carefully before investing or sending money.

Fund Profile

Ticker

Inception Date

Fund Size

Annual Report Net Expense Ratio

Annual Report Gross Expense Ratio

Manager Name

Manager Tenure (Longest)

Manager Tenure (Average)

12 Mo Yield

Turnover Ratio %

Average Market Cap (mil)

# of Holdings

Price/Prospective Earnings

Price/Book

Price/Sales

Price/Cash Flow

Long-Term Earnings %

Historical Earnings %

Sales Growth %

Cash-Flow Growth %

Book-Value Growth%

EGFIX

2/28/2006

4,549,993,878

1.00

1.10

Multiple

9.33

9.33

0.00

41.00

50,981.45

25

24.72

5.56

4.60

20.42

17.05

11.61

15.35

23.26

11.85

Source: Morningstar Direct


Once you build a portfolio for your client, the next step is to monitor it on an ongoing basis. To help you, the team offers a variety of tools and resources.

PORTFOLIO MONITORING RESOURCES

Vantage Point Market RecapsTower Square offers resources that can help clients better understand the financial markets and assist with the portfolio review process.

Get an in-depth recap of market drivers and investment opportunities from the previous week, month, and quarter. This publication is designed for both advisors and clients to help frame market performance, major events, actions and news. Provide your clients with a timely review of the markets, as well as additional engaging content to keep your firm and brand top of mind.

Stocks End Week Sharply Lower November 16, 2015 — U.S. stocks slumped last week, as a rout in commodities sparked concerns over uneven world growth and as central bank policymakers are still considering raising interest rates in December. On Friday, the Eurozone reported third quarter GDP growth of 0.3%, down from 0.4% the prior quarter. The S&P 500 fell the most since August and ended it’s a six-week rally. With West Texas Intermediate (WTI) crude oil falling just over 8% since November 6, the Bloomberg Commodity Index retreated 3.3% on the week to its lowest level since 1999. While China’s slowing growth is largely to blame for falling commodity prices, metals prices have also tumbled as prospects for higher interest rates make them less competitive against yield-returning assets. In key U.S. economic updates, import and export prices both fell in October. Import prices fell 0.5% for its tenth consecutive monthly contraction, while September prices revised lower (-0.6% from -0.1%), with non-petroleum import prices off 0.4%. Export prices fell 0.2%. Retail sales rose just 0.1% last month, missing forecasts, while the Producer Price Index (PPI) unexpectedly declined in October, falling a second month in a row. Producer prices are down 1.6% over the past 12 months, a record low for the index since its final demand addition was introduced in late 2009. On the bright side, the University of Michigan’s preliminary reading of November consumer sentiment climbed to a four-month high. For the week, the S&P 500 fell 3.56%, the Dow Jones Industrial Average lost 3.71%, while the NASDAQ Composite slumped 4.22%. Nine of the ten major sectors ended negative for the week, with Energy (-5.70%), Technology (-4.59%) and Consumer Discretionary (-4.56%) falling the most. Utilities (+0.69%), a defensive oriented sector, advanced. WTI crude oil futures fell 2.42% on Friday, ending the week at $40.74/bbl. Oil supplies have soared to a record of nearly 3 billion barrels because of strong output in OPEC and other oil producing nations. Treasuries advanced last week, with the yield on 10-year Treasuries down seven basis points to 2.267%.

What We’re Reading Week’s Economic Calendar

A Decisive Monetary Policy Approach Is About More Than Economics What Britain Forgets: Why Running a Budget Deficit Can Reduce the National Debt Eurozone GDP: Growth Slows to Just 0.3% These links to outside web sites are provided as a courtesy and are not under the control of Tower Square Investment Management LLC. For more details, please see the “Disclosures” section.

Monday, November 16: Empire State Manufacturing Survey; Tuesday, November 17: Consumer Price Index, Industrial Production, Housing Prices; Wednesday, November 18: Housing Starts, FOMC Minutes (2 pm ET); Thursday, November 19: Jobless Claims, Philly Fed Business Outlook, Leading Indicators; Friday, November 20: Kansas City Manufacturing Index.

3Q 2015 Recap

Market Indices1 September 3Q 2015 Year-to-Date S&P 500 -2.47% -6.44% -5.29% Russell 3000 -2.91% -7.25% -5.45% MSCI EAFE -5.08% -10.23% -5.28% MSCI Emerging Markets -3.01% -17.90% -15.47% Barclays U.S. Aggregate Bond 0.68% 1.23% 1.13% Barclays U.S. Municipal 0.72% 1.65% 1.77% Barclays U.S. Corporate High Yield -2.60% -4.86% -2.45%

1Morningstar Direct (all performance percentages are total return based, which include reinvested dividends, interest)

At-A-Glance The S&P 500 finished the third quarter at 1,920, down 9.9% from its May 21 all-time high of 2,131. Safer-haven buying drove 10-year Treasury yields down 31 basis points during the quarter to end at 2.04%. The Bloomberg Commodities Index sank 14.47% during the third quarter, extending its 2015 loss to 15.80%.

Despite rallying 1.9% on the last day of the quarter, the S&P 500 suffered its worst quarterly performance in four years. Equity losses were widespread, with the MSCI All-Country World Index falling 6.6% year-to-date (YTD), erasing nearly $11 trillion from the value of global shares. The majority of losses occurred in mid-August as investors grappled with a series of unexpected Chinese currency devaluations, mixed messages from the Federal Reserve about when interest rates will tighten, and the worst drop in commodities since 2008. Concerns widened on mounting evidence of slower growth in China and other emerging markets. Policymakers held rates unchanged at their September 16 – 17 Federal Open Market Committee (FOMC) meeting, but Fed Chair Janet Yellen subsequently signaled that an uncertain global outlook will not derail the U.S. economy nor would it postpone a rate hike planned later this year. A ¼-point increase is expected by December, while a number of economists believe the start of the Fed’s tightening cycle could be deferred until early 2016. While analysts have trimmed their 2015 world growth estimates to 3% from 3.5%, we note that U.S. second quarter GDP growth was upwardly revised to 3.9% from 3.7%. Small-cap U.S. companies underperformed relative to large-cap stocks during September, the third quarter and YTD. The Russell 2000 Index, a broad measure of small-cap equity performance, fell 4.91% last month, sank 11.92% during the quarter and is down 7.73% YTD. The Russell Midcap Index fell 3.60% in September and 8.01% during the quarter. Mid-cap stocks are down 5.84% YTD. Growth stocks fell less than value in September, while the performance spread was more pronounced in the quarter and YTD. The Russell 1000 Growth Index fell 2.47% last month, and lost 5.29% during quarter, whereas the Russell 1000 Value Index lost 3.02% in September and sank 8.39% during the quarter. Growth stocks are down 1.54% YTD, while value equities have lost 8.96% so far this year. Eight of the ten major sector groups declined in September, with Materials (-7.36%) and Energy (-6.67%) falling the most, while Utilities (+2.92%) and Consumer Staples (+0.52%) advanced. For the quarter, Energy (-17.41%), Materials (-16.90%) and Healthcare (-10.67%) dropped the most, while Utilities (+5.40%) outperformed. On a YTD basis, Energy (-21.28%) and Materials (-16.48%) are down the most, followed by Industrials (-9.75%). Developed markets outside the U.S. and Canada, as measured by the MSCI EAFE Index, underperformed relative to the U.S. in September and on the quarter, declining 5.08% and 10.23% respectively. The MSCI Emerging Markets Index fell the most in four years in the quarter, losing 17.90%. China’s Shanghai Composite plummeted 27.90% during the quarter. Comparably, Brazil’s Ibovespa index lost 15.11% as its real currency tumbled to a record low after credit agency S&P downgraded the nation’s credit rating to below investment grade. The Barclays U.S. Government Bond Index returned 0.85% last month, extending a third quarter gain to 1.71%. As measured by the Barclays U.S. Corporate High Yield Index, returns on below-investment grade high-yield corporate bonds lost 2.60% in September, capping the quarter with a 4.86% loss. Investment grade bonds, as measured by the Barclays U.S. Aggregate Bond Index, returned 0.68% in September, increasing third quarter gains to 1.23%. The Barclays U.S. Municipal Bond Index rose 0.72% last month, extending quarter and YTD gains to 1.65% and 1.77% respectively.

This report is created by Tower Square Investment Management LLC

Daily Market BriefingThe daily pace of change in the markets can cause clients to react emotionally. Our Daily Market Briefing gives you a quick read on the day’s key market drivers, putting you in a better position to address any client questions or concerns. You can subscribe to this intraday report on market catalysts to receive it by email.


Sightline CommentariesYou and your clients can benefit from our thought leadership resources. We live in an unpredictable and complicated world. As the boundaries between governments and markets change, investment relationships evolve and propel the global economy into uncharted waters. Sightline is designed to dive deeper into these forces of change and offer a thorough analysis and recommendation for both our advisors and clients. Sightline is a specialized series of white papers designed to provide comprehensive analysis and detailed recommendations around timely and complex financial, economic or investment related themes.

Asset Allocation UpdatesWhen Tower Square Investment Management revises the Strategic or Tactical asset allocation models, we publish an update to discuss the changes and underlying rationale.

Social MediaFor timely updates, you and your clients can follow Tower Square Investment Management on Twitter. @towersquareIM

SIGHTLINE

1

09/17/2015

Federal Reserve Leaves Interest Rates Unchanged Market participants anticipated the outcome of the Federal Open Market Committee (FOMC) September 16-17 meeting with some trepidation. At the conclusion of the two-day meeting, the FOMC voted 9-to-1 to leave interest rates unchanged. Collectively, central bank policymakers said the reason behind the no-action decision was that “recent global economic and financial developments” may cause a slowdown in economic activity and put a downward pressure on inflation. The committee also stated that it will maintain its current policy of reinvesting principal payments of agency and mortgage backed securities and maturing Treasuries, which should keep the Federal Reserve balance sheet at its current levels. The FOMC policy statement mentioned that key economic sectors, such as housing and business investment, have been growing modestly while exports are less robust. The U.S. labor market continues to improve, but inflation continues to run below the committee’s stated 2% target, partly due to lower costs for energy and non-energy imports. The committee also mentioned that while its current 0% to 0.25% target range for the federal funds rate remains appropriate, it will continue to review new information to determine when a rate rise may be reasonable. There was no time frame given for this decision, but the FOMC is looking for continued labor market improvement and stronger indications that inflation is moving close to its 2% target. The FOMC lowered its expectations for the long-term Fed Funds Rate by 0.25% for the end of 2016, but the updated “Dot plot” which indicates rate expectations still suggests one Fed Funds rate hike later this year. The decision to leave short-term rates unchanged was largely in line with market expectations, as analysts had placed the odds of a rate move at 34%. The equity markets were trading higher early in Thursday’s session, with the S&P 500 index hovering near the 2,000 level before the rate decision. Investors interpreted today’s dovish move as an indication of possible weakness in global economic conditions and the equity markets turned south following the announcement. Over the course of the day, the S&P 500 index traded higher to just above the 2,020 level before closing at 1,990, down a little over five-points on the day. The Treasury markets traded higher on the decision as bond investors felt a reprieve from the looming risk of rising rates. The two-year rate fell 13.1 basis points to 0.682% as a result, and the bellwether 10-year Treasury yield closed at 2.191%, down 10.4 basis points from yesterday’s close of 2.295%. The decision to reinvest longer-term bonds is likely to provide more demand support for longer dated securities, and we expect that long-term rates may move slowly as a result. We still believe the U.S economy remains on a stronger footing, and with interest rates unchanged for the time being, there should be increased support for economic growth. The lower-rate environment is also likely to be supportive for a slightly weaker U.S. dollar, which may be a tailwind to exporters and may also improve the results of foreign subsidiaries of U.S companies. We expect market volatility to remain at elevated levels, as there is still some uncertainty on exactly when policymakers begin to normalize monetary policy. We continue to recommend an allocation to equities in line with long-term investment objectives, and maintain a defensive position in fixed income, with an overweight to credit sensitive bonds and a shorter duration. Our portfolios are also focused on broad diversification across asset classes in order to protect principal in volatile periods.

This report is created by Tower Square Investment Management LLC

SIGHTLINE

For broker-dealer use only. Not for use with the public. 1

11/05/2015

Navigating Active and Passive Investing in Investment Portfolios

Introduction As the universe of investment vehicles grows to include both passive and active strategies, investors are faced with an increasingly confusing decision as to which types of investments to include in their portfolios. Furthermore, as data mounts, pointing to the increasing failure of many active managers to consistently beat benchmarks and peers, investors have had a crisis of confidence in the value and validity of actively managed mutual funds. With relatively low barriers to entry in the mutual fund industry, new funds and new managers appear every day, responding to investor demand. But to blindly follow a benchmark may be just as risky as trusting an unproven manager, as doing so does not explicitly offer downside protection. How, then, does one choose whether to go with an active or a passive manager?

The majority of fund assets worldwide, roughly two-thirds, are still held in actively managed funds. However, according to the Investment Company Institute, index funds and, of course, passively managed exchange-traded funds (ETFs) have seen enormous inflows over the past 15 years. Much has been written, debating the merits and shortcomings of active versus passive. The goal of this commentary is not to add additional data to this debate, but rather to present another perspective from which we consider not “whether active or passive,” but rather “where and when to use active and/or passive investment strategies.” What makes this subject particularly timely is that after a protracted bull market in equities, in which the rising tide of investor optimism and policy stimuli lifted even the most speculative stocks (those with poor fundamentals which many active managers would avoid) to high peaks, there are signs that the tide is turning and active managers may outperform passive strategies in many areas of the market.

Definition of Terms Generally, the terms “passive” and “active” are used in reference to the way portfolio decisions are made. Actively managed vehicles generally involve a human element to the decision making where an individual or team makes the final decision as to which securities to include in a portfolio and when they should be traded. Passive portfolios, on the other hand, are generally run with minimal human involvement.

The primary differences between the two are cost and presumption of market efficiency. Passive investing assumes markets are efficient and that the potential returns captured from market inefficiencies are not worth the associated research cost and risk. Active management assumes that market inefficiencies are aplenty and that there are many ways to exploit these opportunities to outpace a benchmark or an asset class.

What are “Passive Investments”? In the universe of passive investments, there are both mutual funds and exchange-traded funds (ETFs) which are passively managed. Often, these funds are indexed to a specific benchmark, or to an otherwise defined collection of securities, and essentially attempt to own the entire basket in a configuration as close to the index as possible. The goal of passive instruments is to match the performance of a specific index, (or basket of instruments) in which investors cannot directly invest, such as the S&P 500, the MSCI EAFE Index, or the Barclays U.S. Aggregate Bond Index. There are also vehicles focused on providing exposure to sectors, geographic regions, investing styles, and investing themes. In fact, the preponderance of ETFs (roughly 1,500 at the end of 2013) makes it possible for the average retail investor to gain access and exposure to almost any area of the market imaginable, usually at a cost much lower than that of active funds.


Page 1 | For broker-dealer use only. Not for use with the public.

3/1/2017

Strategic Asset Allocation Update – 2017

Strategic asset allocation is the process of determining the target long-term allocations to the asset classes that present the best opportunities over that time period. Strategic asset allocation is one of the most important decisions in the investment process and can be a dominant determinant of performance.

Strategic asset allocation weights are meant to be long-term in nature. Tower Square Investment Management (TSIM) considers long-term to be 3-5 years. Given the dynamic nature of todayʼs financial markets, it becomes increasingly difficult to predict market movements beyond a five-year horizon. With that said, TSIM conducts a complete annual review, analysis and, if necessary, an update of the strategic asset allocation weights every one to two years. This review is in addition to the ongoing monitoring that TSIM conducts on a quarterly, weekly and daily basis to ensure the portfoliosʼ positions are consistent with the investment objectives and investment goals.

We believe the current secular bull market will likely continue, albeit with more measured gains. Considering slower global growth projections and current market valuations in general, we would expect long-term returns in stocks and bonds to be below average, accompanied by higher volatility. Central bank accomodation, although diminishing in scale, should continue to provide support to financial markets and may forestall the likelihood of recession in the near term. However, policy risks emerging —from changes in global leadership to lags in the implementation of productive policies— remain. Given this perspective and our reduced optimism toward longer term market prospects, we continue to emphasize risk reduction as well as protection against rising interest rates in the management of our strategic weights.

Summary of Strategic Asset Allocation Process

There are numerous allocation processes and methods throughout the industry, however, TSIM believes a process that strikes a balance between ʻartʼ and ʼscienceʼ is a best practice in creating efficient strategic asset allocation models. The process determines an optimal combination of allocations that abide by investment policy expectations given the underlying investment objective. In general, the process utilizes a combination of backward-looking mean-variance optimization with forward-looking mean reversion.

• Mean–variance optimization is a quantitative tool used to spread investments across different assets within a portfolio by assessing the trade-off between risk and return in

TABLE OF CONTENTS

P1 Summary of Strategic Asset Allocation Process

P2 Updated Data Inputs

P4 Recommended Weights

Tower Square Inv. Management@TowerSquareTower Square Investment Management

Daily Performance ReviewThis review document lists periodic returns and Morningstar® category rank for each fund on the RSL, as well as returns for more than 50 commonly referenced indices across multiple time periods. It also features a table that details the percentage of RSL funds in equity, fixed income and alternative strategy categories outperforming their benchmarks for each time period. You can use this report for in-depth performance monitoring of the RSL funds.

Monitoring a client’s portfolio is important, but reviewing the results with your clients is just as essential. Tower Square Investment Management offers resources that can help clients better understand the financial markets and assist with the portfolio review process.

PORTFOLIO REVIEW RESOURCES

8 For use with financial professionals only.

Daily Performance Review - Research Select List Data as of last business day prior to 8/31/15

Percentage of Funds Outperforming BenchmarkDay Week MTD QTD YTD 1 YR 3 YR 5 YR 10 YR

All Mutual Funds 48% 59% 34% 36% 48% 38% 61% 50% 50%Equity Mutual Funds 23% 66% 52% 52% 62% 50% 54% 42% 65%Fixed Income Mutual Funds 86% 55% 14% 10% 31% 14% 62% 59% 38%Alternative Mutual Funds 47% 71% 24% 35% 47% 41% 71% 41% 31%Flexible Allocation Mutual Funds 63% 0% 13% 25% 25% 50% 75% 88% 50%

C/M/A Symbol DayCat

Rank WeekCat

Rank MTDCat

Rank QTDCat

Rank YTDCat

Rank 1 YRCat

Rank 3 YRCat

Rank 5 YRCat

Rank 10 YRCat

Rank12 Mo

YieldPros Net

Exp Ratio

Aggressive PTWZX 2.66 -N/A -0.84 -N/A -6.18 -N/A -3.27 -N/A 1.60 -N/A -0.71 -N/A 13.52 -N/A 13.26 -N/A 8.08 -N/A 0.00 0.88

Conservative AIVSX 0.28 14 0.77 62 -5.36 48 -3.56 44 -2.77 54 -1.37 69 13.87 51 13.94 61 6.82 45 1.77 0.59

Moderate JLCAX 0.14 41 1.24 17 -5.40 52 -4.23 64 -2.19 39 2.12 19 16.15 11 15.60 22 -N/A -N/A 0.36 1.31

Moderate MFRFX 0.08 58 1.09 25 -4.95 23 -2.94 17 -0.63 15 2.16 19 14.15 43 15.28 31 7.64 17 0.62 0.81

XIUSA000O4 0.15 0.95 -5.23 -3.40 -1.75 1.61 14.95 15.93 7.59

Aggressive EGFIX -0.05 86 1.94 45 -5.07 37 0.42 3 6.11 7 8.15 13 19.79 3 19.38 2 -N/A -N/A 0.00 1.00

Alger Capital Appreciation Aggressive ACAAX 0.14 41 2.72 8 -5.79 76 -3.47 75 3.12 30 6.13 33 16.82 19 17.60 15 11.47 1 0.00 1.24

Conservative AMCPX 0.26 15 1.72 51 -4.83 23 -3.78 81 0.36 61 1.80 74 16.84 19 16.54 33 8.01 40 0.00 0.68

Conservative AGTHX 0.23 21 2.03 39 -4.52 10 -2.28 44 2.41 38 3.51 58 16.44 24 15.32 58 7.67 48 0.34 0.66

Moderate FNIAX 0.19 29 1.52 61 -5.14 41 -2.94 61 0.91 53 2.42 70 13.93 68 14.76 68 8.60 26 0.00 0.92

Moderate MFEGX -0.07 89 1.66 55 -4.58 13 -0.26 7 3.32 27 6.94 24 16.17 28 17.04 24 9.51 12 0.00 0.98

XIUSA000KO 0.10 1.56 -4.99 -1.76 2.13 5.82 15.67 17.29 8.67

Moderate JVLAX 0.16 40 0.54 33 -5.29 36 -4.47 40 -4.61 47 -1.33 30 14.20 25 14.97 15 7.89 6 0.48 1.08

Moderate BWLAX 0.16 39 -0.19 91 -5.37 41 -4.98 54 -3.15 20 -0.38 19 16.37 6 -N/A -N/A -N/A -N/A 0.47 1.15

Moderate INUTX 0.11 55 0.11 74 -5.51 50 -4.89 52 -6.20 78 -5.42 79 9.94 87 12.91 58 7.26 16 2.83 1.01

Conservative SVAIX 0.15 44 -0.71 97 -4.00 5 -0.05 1 -0.33 3 -0.23 18 10.29 84 12.74 61 6.66 29 3.21 0.81

Aggressive TESIX 0.32 15 0.49 36 -5.81 66 -4.74 48 -2.63 12 -3.39 59 11.20 74 11.29 86 5.38 66 2.93 1.10

Moderate ACSTX 0.38 10 0.89 14 -7.06 95 -6.73 91 -6.01 75 -5.49 80 13.72 33 13.90 32 6.36 39 1.65 0.82

Moderate ACGIX 0.16 41 0.39 46 -6.35 85 -5.13 59 -3.32 22 -1.87 38 13.74 32 13.67 38 6.59 31 1.81 0.84

XIUSA000KP 0.20 0.30 -5.48 -5.07 -5.65 -2.61 14.08 14.51 6.40Benchmark: Russell 1000 Value

Columbia Dividend Opportunity

Invesco Comstock

Federated Strategic Value Dividend

Invesco Growth and Income

The returns assume reinvestment of all dividends (ordinary income and capital gains) and are annualized and net of fees and other fund operating expenses with the exception of advisory or wrap fees. Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund and is the date used in calculating the periodic returns.

Investors should consider the investment objectives, risks and charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. Contact the fund/insurance company to obtain a prospectus, which should be read carefully before investing or sending money.

Franklin Mutual Shares

MFS® Growth

Benchmark: Russell 1000 Growth

Domestic Large Cap ValueJohn Hancock Disciplined Value

Prudential Jennison 20/20 Focus

Benchmark: Russell 1000

Domestic Large Cap GrowthEdgewood Growth

American Funds AMCAP

American Funds Growth Fund of America

Fidelity® Advisor New Insights

American Beacon Bridgeway Large Cap Value

EQUITY MUTUAL FUNDS

Domestic Large Cap Core

American Funds Investment Co. of America

JPMorgan US Large Cap Core Plus**

MFS® Research

Funds in bold are Highest Conviction Picks.Performance numbers are calculated from Morningstar unless otherwise footnoted. Category ranks are based on Morningstar category.

FOR BROKER/DEALER USE ONLY Page 1 of 13


Quarterly Conference CallDuring the first month of each quarter, Tower Square Investment Management hosts a conference call for advisors that recaps the previous quarter, discusses timely investment topics, and details changes to the Research Select List. The team also introduces advisors to any new research tools and resources.

Quarterly Index SummaryAt the conclusion of each quarter, Tower Square Investment Research publishes a summary listing the performance of major indices and Standard & Poor’s (S&P) sectors. Get quarterly, year-to-date, one-year, three-year, five-year, and 10-year performance summarized in one publication.

Quarterly Index Summary Data as of September 30, 2015

Month Quarter YTD 1 YR 3 YR 5 YR 10 YRDomestic EquityDJ Industrial Average -1.35 -6.98 -6.95 -2.11 9.26 11.38 7.17NASDAQ Composite -3.21 -7.09 -1.61 4.00 15.48 15.66 9.02S&P 500 -2.47 -6.44 -5.29 -0.61 12.40 13.34 6.80S&P MidCap 400 -3.22 -8.50 -4.66 1.40 13.12 12.93 8.25FTSE NAREIT Equity REITs 2.93 2.00 -3.79 9.88 9.59 12.00 6.82Russell 3000 -2.91 -7.25 -5.45 -0.49 12.53 13.28 6.92Russell 1000 -2.74 -6.83 -5.24 -0.61 12.66 13.42 6.95Russell 1000 Growth -2.47 -5.29 -1.54 3.17 13.61 14.47 8.09Russell 1000 Value -3.02 -8.39 -8.96 -4.42 11.59 12.29 5.71Russell Mid Cap -3.60 -8.01 -5.84 -0.25 13.91 13.40 7.87Russell Mid Cap Growth -3.86 -7.99 -4.15 1.45 13.98 13.58 8.09Russell Mid Cap Value -3.34 -8.04 -7.66 -2.07 13.69 13.15 7.42Russell 2000 -4.91 -11.92 -7.73 1.25 11.02 11.73 6.55Russell 2000 Growth -6.32 -13.06 -5.47 4.04 12.85 13.26 7.67Russell 2000 Value -3.46 -10.73 -10.06 -1.60 9.18 10.17 5.35Russell 2500 -4.47 -10.30 -5.98 0.38 12.39 12.69 7.40Russell 2500 Growth -5.47 -11.05 -3.85 3.35 13.79 13.93 8.38Russell 2500 Value -3.53 -9.58 -8.04 -2.44 11.00 11.49 6.31Fixed IncomeBarclays US Agg Bond 0.68 1.23 1.13 2.94 1.71 3.10 4.64Barclays US Government 0.85 1.71 1.79 3.68 1.30 2.47 4.27Barclays US Government Long 1.52 4.97 0.22 8.62 2.78 6.18 6.92Barclays US Govt Interm 0.75 1.21 2.03 3.00 1.10 1.88 3.85Barclays US Govt 1-3 Yr 0.30 0.32 1.01 1.20 0.70 0.79 2.62Barclays US Govt/Credit 0.70 1.20 0.90 2.73 1.59 3.09 4.61Barclays US Govt/Credit Long 0.81 2.18 -2.39 3.09 2.17 5.96 6.65Barclays US Govt/Credit Interm 0.67 0.95 1.77 2.68 1.45 2.42 4.17Barclays US Govt/Credit 1-3 Yr 0.30 0.29 1.02 1.19 0.86 1.04 2.85Barclays US Credit 0.50 0.53 -0.26 1.50 2.02 4.09 5.28Barclays US Credit 3+ Yr 0.56 0.62 -0.64 1.56 2.21 4.69 5.75Barclays US Corporate High Yield -2.60 -4.86 -2.45 -3.43 3.51 6.15 7.25Barclays Municipal 0.72 1.65 1.77 3.16 2.88 4.14 4.64Barclays Municipal 3 Yr 2-4 0.36 0.80 1.19 1.07 1.24 1.66 3.04Barclays Municipal 5 Yr 4-6 0.61 1.16 1.76 1.85 1.85 2.79 4.08Barclays Municipal 7 Yr 6-8 0.89 1.65 1.97 2.80 2.46 3.72 4.75Barclays GNMA 0.56 1.11 1.23 2.85 1.54 3.08 4.75BofAML US Treasury Bill 3 Mon 0.00 0.01 0.02 0.02 0.06 0.08 1.33

This chart is shown for illustrative purposes only and does not represent the performance of any specific security. An investment cannot be made in an index. However, these indices are accurate reflections of the performance of the individual asset classes shown. Past performance cannot guarantee future results. The returns assume reinvestment of all dividends (ordinary income and capital gains). Performance numbers are calculated from Morningstar as of September 30, 2015.

FOR BROKER/DEALER USE ONLY Page 1 of 2

CALENDAR OF INVESTMENT RESEARCH PUBLICATIONS

10

JANUARY

1st business day • Quarterly Vantage Point (recap)• Quarterly Index Summary

5th business day • Research Select List• Research Select List - Advanced Statistics

15th business day • Quarterly Conference Call

Last business day • Research Select List - Fact Sheets

FEBRUARY

1st business day • Monthly Vantage Point (recap)


MARCH



5 business days before month-end

• TowerView Quarterly Market Outlook and PowerPoint

Last week of the month • Tactical Asset Allocation Update and Models

APRIL





MAY



JUNE




• TowerView Midyear Market Outlook and PowerPoint


Each business day you will receive Daily Market Briefing email.



JULY





AUGUST



SEPTEMBER




• TowerView Quarterly Market Outlook and PowerPoint


OCTOBER





NOVEMBER



DECEMBER



2 weeks before month-end

• TowerView Annual Market Outlook and PowerPoint


About Tower Square Investment Management®

Tower Square Investment Management LLC is an SEC registered investment adviser owned by Cetera Financial Group®. Tower Square Investment Management provides market perspectives, portfolio guidance, investment research, and other investment advice that can help you advance your business and client relationships.

About Cetera Financial Group®

Cetera Financial Group (“Cetera”) is a leading network of independent firms empowering the delivery of professional financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.

Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit cetera.com.

* “Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services. All firms are members FINRA/SIPC.

For more information, please contact:

Tower Square Investment Management LLC 200 N. Sepulveda Blvd., Suite 1200, El Segundo, CA 90245

© 2017 Tower Square Investment Management® LLC 17-0403 06/17 CET-BRO-TS-RESEARCH

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