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SYMONS CAPITAL MANAGEMENT

1

“Investment Risk ManagersGenerating Above-Benchmark Returns

with Below-Benchmark Risks Over Full Market Cycles.”

Symons Capital Management, Inc.650 Washington Road, Suite 800

Pittsburgh, PA 15228412-344-7690

www.symonscapital.com


I. Overview

1 Symons Capital Management

II. Our People, Process, Risk Management and Performance

2 Representative Institutional Client List

3 Investment Team

4 Six-Step Investment Process

5-6 STEP ONE – Macro Economic and Market Analysis

7 STEP TWO — Initial Idea Generation

8 STEP THREE – Preliminary Valuation

9-10 STEP FOUR – Exhaustive FundamentalAnalysis

11-12 STEP FIVE – Portfolio Construction and Risk Management

13 STEP SIX – Portfolio Oversight and Sell Decision

14 CONCLUSION: Why Symons Capital Management

15 Market Cycle Returns — Value

15.a Risk Statistics — Value

15.b Performance Statistics — Value

15.c Portfolio Statistics – Value

16.a Small Cap Value Overview

16.b Performance Statistics – Small Cap Value

16.c Portfolio Statistics – Small Cap Value

III. Appendix

17-22 Colleagues’ Biographies

23-25 Disclosures

CONTENTS

WWW.SYMONSCAPITAL.COM

OVERVIEW

� PEOPLE:Chief Investment Officer in place since January 2000. Proven, stable and skilled investment team in placefor next two decades.

� PROCESS:Intellectually independent, macro top-down and fundamental bottom-up, holistic risk/reward researchprocess that is disciplined, flexible and repeatable, that steers portfolios away from clouds on the horizonand toward opportunities.

� RISK MANAGEMENT AND PERFORMANCE:Boutique equity manager that has generated material capital protection and material net-alpha over fullmarket cycles.

� COMMITMENT:SCM’s principals and retirement plan invest almost $8.9 million of their assets side-by-side with clients.


OVERVIEW

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1st Summit Bank

AmeriServ Trust and Financial Services

Benefit Plans Administrative Services, Inc.

Buchanan Ingersoll & Rooney

Community Bank Systems

Counsel Trust Company

Lawyers Mutual Insurance Co

Quatrini Rafferty

REPRESENTATIVE INSTITUTIONAL CLIENT LIST


PUBLIC FUNDS / TAFT HARTLEY

Western PA Electrical Employees

Botstiber Foundation

Rancho Research Institute, Inc.

Los Angeles Firemen’s Relief Association

Third Presbyterian Church

Visiting Nurse Association of Northern New Jersey

Westminster Presbyterian Church

Note: The clients identified in this List were selected based on a variety of factors, including name recognition, industry, geographic region and investmentmandate. The investment performance of the accounts managed by Symons Capital, including those identified on this List, was not considered. The Listis neither a statement of a client’s experience with, nor an endorsement of, Symons Capital by the clients identified in the List. It is not known whether theclients identified in the List approve or disapprove of Symons Capital’s advisory services.

CHARITABLE

CORPORATE / BUSINESS

3

INVESTMENT TEAM

Colin E. Symons, CFAChief Investment Officerand Portfolio ManagerYears of experience: 20

Richard F. Foran, MPHVice President, ResearchYears of experience: 13

Sector Coverage:HealthcareIndustrialsUtilitiesFinancialsReal Estate

Joshua I. Armstrong, CFAVice President, ResearchYears of experience: 9

Sector Coverage:TechnologyMaterialsConsumer StaplesTelecom

Matthew S. Wickline, CFAVice President, ResearchYears of experience: 8

Sector Coverage:Consumer DiscretionaryEnergy


INVESTMENT TEAM



SIX-STEP INVESTMENT PROCESS


STEP ONE Macro Economic and Market Analysis

Repeatable FLEXIBLE investment process that generates consistent long-term capital protection and net alpha IN CHANGING MARKETS.

Practical top-down forward-looking macro views of long-term economic,business and demographic cycles data and short-term economic data toidentify risks and opportunities in order to steer the ship in the right direction

STEP TWO Initial Stock Idea Generation Cull entire publicly traded stock universe for initial ideas using macro ideas,proprietary quantitative screens, and opportunistic circumstances

STEP THREE Preliminary Stock ValuationExamine initial stock ideas using standard analyst’s spreadsheets(e.g., revenue and margin trends) and quality of business factors(e.g., barriers to entry) to identify potentially attractive stocks

STEP FOUR Exhaustive Fundamental Stock AnalysisExhaustive, critical fundamental analysis of remaining stocks: detailedanalysis of SEC filings, conference call transcripts, management’s businessplan, etc., to identify both opportunities and potential problems (red flags)

STEP FIVE Portfolio Construction and Risk Control Build economic-risk diversified portfolio, going beyond traditionalsector diversification to reduce coincident economic drivers

STEP SIX

RESULT:

Portfolio Oversight and Sell DecisionOther side of risk-reward analysis – monitor and sell stocks atappropriate time and valuation, based on macro and fundamentalanalysis of evolving market environments



INVESTMENT PROCESS

� STEP ONE

MACRO ECONOMIC ANALYSIS (Long-Term) Develop practical, top-down, holistic view of the investment world

Read broad-ranging news sources such as Hedgeye, Zero Hedge, Bloomberg, and individual commentators

Think independently about big picture – economic data, demographics, cycles, interest rates, inflation, Fed policy, stock valuations to weigh risks and opportunities

Use developed long-term macro overview to build investment themes/portfolio tilts to best reach the goal ofsuperior full market cycle risk/reward management

Steered Away From Risks:

1999 - Exited technology stocks

2004 - Exited housing stocks

2007 - Exited financial stocks

2014 - Exited energy stocks

Steered Toward Opportunities:

1999 - Added housing stocks

2000-2002 - Added energy stocks

2006 - Added food and recession-resistant stocks

2008 - Added high quality (stable revenue/low debt) stocks


INVESTMENT PROCESS


� STEP ONE

MACRO ECONOMIC ANALYSIS (Short-Term) Focus on shorter-term time horizons by considering Growth, Inflation and government Policy data (GIP),

to position portfolio to protect against risks of market environment shifts while identifying sensibleopportunities

Consider GROWTH data including GDP, PMI and ISM reports; INFLATION data including dollar strength,CPI and commodity prices; and Fed/Treasury POLICY monetary and fiscal guidance; all to help gaugeshort-term market change possibilities

Use technical momentum analysis (e.g., volume, volatility, trends) to help determine when market or sectormomentum is changing, to identify potential turning or inflection points relevant to investment themes andsector tilts

Review stocks in identified sector to think about whether and how to scale into or out of sector

� STEP ONE SUMMARYSTEP ONE provides macro insights for building big picture, long-term and short-term, roadmaps for market and sector risk/reward tilts in order to manage through market changes.


INVESTMENT PROCESS


� STEP TWO

INITIAL IDEA GENERATION (5-50 stocks)

Multiple approaches are used to identify possible investment ideas, with varying emphasis depending on particular circumstances and potential opportunities:

Use STEP ONE insights to focus on particular sectors, industries and stocks – tilt or weight screens to the environment

Use internally developed custom screens to look at a stock’s valuation vs. its own historical valuation, itshistorical valuation relative to the market, industry and sector, its shareholder yield over time, and its relativeperformance over time

Use general reading and news criteria screens such as earnings announcements, 52-week lows, suddenprice drops


INVESTMENT PROCESS


� STEP THREE

PRELIMINARY VALUATION (0-5 stocks)

Goal is to determine whether a STEP TWO stock potentially merits STEP FOUR consideration:

Generally examine fundamental financial and business factors of each company

Manipulate standard research analyst’s spreadsheet data, altering assumptions to look at stocks on a cashflow and enterprise valuation (debt plus equity) basis over time and range of possibilities going forward

Examine factors such as revenue growth, operating and net profit margins, balance sheet strength and financing costs, efficiency of operations, barriers to entry and industry economics, chart of stock price movement

Examine factors over the years, business issues, cash flow stability based on sustained product need,shareholder yield (dividends + stock buybacks + debt reduction/market cap)


INVESTMENT PROCESS


� STEP FOUR

EXHAUSTIVE FUNDAMENTAL ANALYSIS

Exhaustive analysis of SEC filings, MD&A, conference call transcripts, and other data and news sources:

Go beyond initial quantitative and fundamental analysis to ponder future risk/reward potential of the company:

Possible changes in capital structure

Possible uses of operating cash flow

What can go right or wrong with management's business plan and the risk of being wrong

Contemplate all valuation factors that may change over time

Search for red flags – e.g., major product launch, narrow customer base, reliance on credit markets, litigation/regulation uncertainties

Explore potential for market valuation change. Valuation metrics can vary in importance depending on the type of business:

Assets are important for basic energy companies

Return on assets and asset risk exposure are important for financial companies

Revenue growth is important for technology and health care companies

Profit margin is important for technology companies

Market share is important for food and beverage companies



INVESTMENT PROCESS

� STEP FOUR

EXHAUSTIVE FUNDAMENTAL ANALYSIS (CONTINUED)

Analyze operating efficiencies and competitive advantages:

Length of product life cycles

Barriers to entry by competitors

Ability to generate cash flow to increase book value and sustain growth

Cost structure

Distribution system

Brand recognition

Operational scale

Intellectual property

Analyze quality of management, particularly concerning quality of information disclosed by management and its use of operating cash flow.

� STEP FOUR SUMMARYFor a stock to survive STEP FOUR, a broad range of metrics will be examined and questioned in-depth in order to identify stocks with sensible downside risk and attractive upside potential.



INVESTMENT PROCESS

� STEP FIVE

PORTFOLIO CONSTRUCTION AND RISK MANAGEMENT

Portfolio Diversification

Go beyond Sector & Industry Diversification to Economic Diversification

Recognize that some sectors and industries have co-dependencies on common economic drivers, such as rate of economic growth, rate of inflation, slope of yield curve, and labor markets, resulting in similar risk exposures for multiple sectors and industries

Examples: Generally – Technology attractive with up growth and up inflation; Utilities attractive with down growth and down inflation; Retail attractive with up growth and down inflation; REITs attractive with down growth and upinflation; consumer staples attractive with slow growth

Be aware of stocks that have business or economic relationships with other holdings


INVESTMENT PROCESS


� STEP FIVE

PORTFOLIO CONSTRUCTION AND RISK MANAGEMENT (CONTINUED)

Portfolio Parameters

Portfolios managed by SCM hold a limited number of stocks, usually between 25 and 40 for Value, and between 40 and 60 for Small Cap Value, with no initial position generally exceeding 5% of portfolio value in Value, or 4% inSmall Cap Value; typical holding period is about three years and typical portfolio turnover is about 39% for Value

Preference is to be fully invested; but cash may be a byproduct of the investment process when attractively valuedstocks are in limited supply, with result that SCM may hold up to approximately 20% in cash at times, rather thanpurchase stocks that fail to meet our investment criteria

� STEP FIVE SUMMARYOverall, STEP FIVE is about understanding where we are taking risks with each stock and why, as well as understanding what relationships there may be among various stocks in the portfolio that may create coincident risks should market changes occur.

� STEP SIX

PORTFOLIO OVERSIGHT AND SELL DECISION

Each position is monitored daily for news and price movement by the individual analyst covering the sector; each position may be appropriately scaled back or sold based on changes in the macro or fundamental environment that influences sector/industry exposures and companyspecific factors

Generally, a stock is scaled back or sold for one of three reasons:

1) Our investment process uncovers a better investment opportunity, requiring us to sell a good stock inorder to buy a better stock

2) A stock reaches full valuation, where downside risk potential appears to outweigh upside rewardpotential

3) Macro factors or a stock’s fundamentals, either internally or externally (sector or industryfundamentals), have changed


INVESTMENT PROCESS



CONCLUSION: WHY SYMONS CAPITAL MANAGEMENT


PEOPLE, PROCESS, RISK MANAGEMENT, PERFORMANCE AND COMMITMENT

Independent boutique firm with a single focus on intellectually independent macro and fundamentalequity research and portfolio management to protect capital and generate material net-alpha over full market cycles

Disciplined, low-risk, time-tested investment process with top-tier, long-term risk metrics andperformance based on teamwork, creative brainpower, discipline and flexibility

By managing risk and holding sensible valuations, able to protect capital, have less fear ofdownturns, preserve purchasing power and thereby able to exploit price opportunities one stock at a time

Firm and its principals invest side-by-side with clients in every stock

Every colleague shares in the success of the firm

Regular, quarterly client communications process

By declining less in down markets, takes less time and less risk to recover the drawdown, thereby leading to benchmark outperformance and greater wealth creation over full market cycles


MARKET CYCLE RETURNS — VALUE


Note: This data is presented as supplemental information to the fully compliant GIPS® presentation on pages 23 and 24. Please see page 25 for additional disclosure

information. Returns include the reinvestment of all income and dividends. Net of fee performancewas calculated using actual management fees. Past performance is not indicative of future results.

FULL MARKET CYCLENET-RETURNS

• 1/1/2000 through 9/30/2007 (7.75 Years)

Symons Value Total Return: 134.57%

Symons Value Annual Compound Rate: 11.63%

S&P 500® Total Return: 18.02%

S&P 500® Annual Compound Rate: 2.16%

• 10/1/2007 through 09/30/2017 (10 Years)





• 1/1/2000 through 09/30/2017 (17.75 Years)





HALF CYCLE DOWNMARKET NET-RETURNS

• 1/1/2000 through 12/31/2002 (3 Years)

Symons Value Total Return: 22.27%Symons Value Annual Compound Rate: 6.93%

S&P 500® Total Return: -37.61%S&P 500® Annual Compound Rate: -14.55%

• 10/1/2007 through 3/31/2009 (1.5 Years)

Symons Value Total Return: -22.89%Symons Value Annual Compound Rate: -15.91%

S&P 500® Total Return: -45.80%S&P 500® Annual Compound Rate: -33.53%

• 7/1/2011 through 9/30/2011 (0.25 Years)Symons Value Total Return: -4.48%

S&P 500® Total Return: -13.87%

• 7/1/2015 through 9/30/2015 (0.25 Years)Symons Value Total Return: -0.47%

S&P 500® Total Return: -6.44%


RISK STATISTICS — VALUE

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METRICS DEFINITIONS

Standard Deviation – Measures the degree of variation of a portfolio’s returns around theportfolio's mean (average) return. A high standard deviation means thatthe portfolio is volatile. A low standard deviation means that the portfoliois generally consistent in producing similar returns.

Sharpe Ratio –Measures a portfolio’s return relative to its risk, with the return being theportfolio's return above the risk-free Treasury bill rate and the risk beingthe portfolio’s standard deviation. The higher the Sharpe ratio the betterthe portfolio’s risk-adjusted performance.

Sortino Ratio –Similar to the Sharpe Ratio, but measures only a portfolio’s downside risk.The higher the Sortino Ratio the better the portfolio’s downside risk protection.

Maximum Drawdown –Measures the maximum loss in any losing period during a portfolio’sinvestment record. It is the percentage retrenchment from the portfolio'speak value to its valley value.

Beta –Measures a portfolio’s volatility relative to broad market movements.With the market given a beta of 1.00, a portfolio with a beta of 0.50will participate only half as much in market movements, so that a lowernumber means less portfolio volatility than the market.

Downside Capture –Measures the percentage of market losses incurred by a portfolio whenmarkets are down, compared to losses incurred by the market. The lower the number the better.

Symons Value Composite (net of fees) Percentile Ranking vs. Zephyr Large Value Universe (Morningstar)*

SYMONS VALUE COMPOSITE (net of fees) PEER RANKINGS – for periods ending 09-30-2017

Category % Ranking*

Metric 5 Yr 7 Yr 10 Yr Since 1/1/2000

Std Dev 5% 1% 1% 2%

Sharpe Ratio 97% 35% 8% 3%

Sortino Ratio 70% 4% 4% 2%

Max Drawdown 1% 1% 1% 1%

Beta 1% 1% 1% 2%

Downside Capture 2% 1% 1% 1%

Note: This data is presented as supplementalinformation to the fully compliant GIPS®

presentation on pages 23 and 24.

Please see page 25 for additional disclosureinformation.

Returns include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Past performance is not indicative of future results.


PERFORMANCE STATISTICS — VALUE

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Note: This data is presented as supplemental information to the fully compliant GIPS® presentation on pages 23 and 24. Please see page 25 for additional disclosure information. Returns include the reinvestment of all income and dividends. Net of fee performance was calculated using actual management fees. Past performance is not indicative of future results.

Symons Capital Management, Inc. — Symons Value Composite Zephyr S t y leAD V I S OR: Symons Capi ta l Management , Inc .

January 2000 - September 2017: Summary Statistics — Supplemental information to the full composite disclosure presentation.

Symons Value Composite (gross of fees) 9.32% 4.22% 386.01% 11.95% 11.59% 79.09% 36.45% 6.03% 0.61 71

Symons Value Composite (net of fees) 8.17% 3.07% 303.02% 11.92% 10.06% 74.08% 39.96% 4.91% 0.61 71

S&P 500® 5.10% 0.00% 141.81% 15.88% 5.10% 100.00% 100.00% 0.00% 1.00 71

S&P 500® Value 5.93% 0.83% 177.95% 16.35% 5.85% 100.17% 93.59% 0.96% 0.99 71

EXCESS RETURN CUMULATIVE STANDARD RISK-ADJ. UP CAPTURE DOWN CAPTURE ALPHA BETA NUMBER OFMODERN PORTFOLIO THEORY STATISTICS RETURN vs. MARKET RETURN DEVIATION PERFORMANCE vs. MARKET vs. MARKET vs. MARKET vs. MARKET OBSERVATIONS

Symons Value Composite (gross of fees) 85.55% 95.17% 99.26% 90.47% 98.14% 97.81% 34.20% 44.10% 6.97%

Symons Value Composite (net of fees) 92.25% 96.97% 99.56% 95.72% 98.70% 98.71% 66.35% 76.66% 19.88%

S&P 500® 15.45% 3.11% 25.78% 4.60% 13.69% 8.38% 14.60% 13.51% 81.98%

S&P 500® Value 45.72% 65.79% 50.74% 29.72% 33.12% 31.42% 66.30% 51.35% 70.78%

LARGE CAP VALUE PEER GROUP RANKING (SOURCE ZEPHYR)***MEDIAN YTD 1 YEAR 3 YEARS 5 YEARS 7 YEARS 10 YEARS 12 YEARS ANALYSIS PERIOD

RANK 442 MNG 442 MNG 417 MNG 387 MNG 358 MNG 323 MNG 290 MNG 182 MNG

Manager PerformanceJanuary 2000 –September 2017

(Single Computation)

Symons Value Composite (gross of fees)

Symons Value Composite (net of fees)

S&P 500® Value

S&P 500®

*** Zephyr creates domestic equity universes based on investment style / fund behavior using the Morningstar, Mobius, Nelson’s, PSN, and eVestment Alliance databases. Ratings were presented by Zephyr StyleADVISOR as the result of surveys created and conducted by Zephyr.SCM did not pay a fee to participate in these surveys.


PORTFOLIO STATISTICS — VALUE (AS OF 09/30/2017)

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Note: This data is presented as supplemental information to the fully compliant GIPS® presentationon pages 23 and 24. Please see page 25 for additional disclosure information.

The securities identified and described do not represent all of the securities purchased, sold orrecommended for client accounts. The reader should not assume that an investment in the securities identified will be profitable.

Consumer Staples 28.46%

Utilities 19.15%

Consumer 11.25%Discretionary

Real Estate 5.16%

Telecommunication 3.73%Services

Information 3.59%Technology

Financials 3.18%

Industrials 2.89%

Health Care 2.61%

Energy 0.00%

Materials 0.00%

TOP 10 SECURITY HOLDINGS

PG & E Corp. 5.18% Utilities

Hershey Company 4.53% Consumer Staples

Alliant Energy Corp. 4.49% Utilities

The J.M. Smucker Company 4.34% Consumer Staples

Dominion Resources, Inc. 4.10% Utilities

Rogers Communications, Inc. 3.73% TelecommunicationServices

Alphabet Inc. 3.59% Information Technology

Molson Coors Brewing Company 3.27% Consumer Staples

General Mills, Inc. 3.25% Consumer Staples

Credit Suisse Group AG 3.18% Financials

SECTOR WEIGHTINGS

PORTFOLIO HIGHLIGHTS

Wtd Avg Mkt Cap: 52.54 B

Median Mkt Cap: 15.84 B

Number of 32Securities:

Largest Mkt Cap: 669.25 B

Smallest Mkt Cap: 0.64 B

Dividend Yield: 3.01%

Median 17.00 Trailing P/E:

Median 18.78Forward P/E:


SMALL CAP VALUE OVERVIEW

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SUMMARY OF SMALL CAP VALUEPORTFOLIO MANAGEMENT PARAMETERS

One investment team – One research process

Typically hold 40-60 stocks

Smaller individual positions – no initial position great than 4%

Average holding period is two-three years

Average annual turnover less than 50%

Narrower market cap range

Domestically focused


PERFORMANCE STATISTICS — SMALL CAP VALUE

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Note: This data is presented as supplemental information to the fully compliant GIPS® presentation on pages 23 and 24. Please see page 25 for additional disclosure information.Returns include the reinvestment of all income and dividends. Net of fee performance was calculated using actual management fees. Past performance is not indicative of future results. *** Zephyr creates domestic equity universes based on investment style / fund behavior using the Morningstar, Mobius, Nelson’s, PSN, and eVestment Alliance databases. Ratings were presented by Zephyr StyleADVISOR as the result of surveys created and conducted by Zephyr.SCM did not pay a fee to participate in these surveys.

Symons Capital Management, Inc. — Small Cap Value Composite Zephyr S t y leAD V I S OR: Symons Capi ta l Management , Inc .

October 2006 - September 2017: Summary Statistics — Supplemental information to the full composite disclosure presentation.

Symons Small Cap Value Composite (gross of fees) 7.85% -1.92% 129.63% 18.44% 8.02% 79.66% 85.08% -0.34% 0.86 44

Symons Small Cap Value Composite (net of fees) 6.94% -2.84% 109.14% 18.42% 7.08% 76.41% 87.16% -1.19% 0.85 44

S&P SmallCap 600® 9.77% 0.00% 178.93% 19.04% 9.77% 100.00% 100.00% 0.00% 1.00 44

S&P SmallCap 600® Value 8.88% -0.89% 154.99% 19.81% 8.64% 99.46% 105.52% -1.04% 1.03 44

EXCESS RETURN CUMULATIVE STANDARD RISK-ADJ. UP CAPTURE DOWN CAPTURE ALPHA BETA NUMBER OFMODERN PORTFOLIO THEORY STATISTICS RETURN vs. MARKET RETURN DEVIATION PERFORMANCE vs. MARKET vs. MARKET vs. MARKET vs. MARKET OBSERVATIONS

Symons Small Cap Value Composite (gross of fees) 84.36% 44.78% 89.77% 28.27% 91.78% 95.26% 78.76% 47.17%

Symons Small Cap Value Composite (net of fees) 90.83% 54.49% 92.64% 47.63% 93.69% 96.68% 90.42% 70.76%

S&P SmallCap 600® 5.30% 15.63% 24.13% 6.00% 3.58% 1.50% 5.87% 5.32%

S&P SmallCap 600® Value 11.51% 39.77% 28.22% 15.20% 5.45% 6.04% 14.63% 21.24%

SMALL CAP VALUE PEER GROUP RANKING (SOURCE ZEPHYR)***MEDIAN YTD 1 YEAR 3 YEARS 5 YEARS 7 YEARS 10 YEARS ANALYSIS PERIOD

RANK 264 MNG 264 MNG 242 MNG 221 MNG 198 MNG 175 MNG 165 MNG

Manager PerformanceOctober 2006 – Septebmer 2017

(Single Computation)

Symons Small Cap Value Composite(gross of fees)

Symons Small Cap Value Composite(net of fees)

S&P SmallCap 600®

S&P SmallCap 600® Value


PORTFOLIO STATISTICS — SMALL CAP VALUE (AS OF 09/30/2017)

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Note: This data is presented as supplemental information to the fully compliant GIPS® presentationon pages 23 and 24. Please see page 25 for additional disclosure information.

The securities identified and described do not represent all of the securities purchased, sold orrecommended for client accounts. The reader should not assume that an investment in the securities identified will be profitable.

Utilities 24.26%

Consumer Staples 23.53%

Consumer 16.64%Discretionary

Real Estate 10.60%

Information 4.40%

Technology

Industrials 4.37%

Financials 4.37%

Telecommunication 1.01%Services

Energy 0.83%

Health Care 0.00%

Materials 0.00%

TOP 10 SECURITY HOLDINGS

South Jersey Industries, Inc. 5.22% Utilities

Cott Corp. 3.72% Consumer Staples

Opus Bank 3.42% Financials

Vista Outdoor, Inc. 3.28% Consumer Discretionary

Energizer Holdings, Inc. 3.17% Consumer Staples

Agree Realty Corp. 3.15% Real Estate

Northwest Natural Gas Company 3.05% Utilities

Fred’s Inc. 3.00% Consumer Discretionary

Washington Prime Group 2.82% Real Estate

Washington Real Estate Investment Trust 2.81% Real Estate

SECTOR WEIGHTINGS

PORTFOLIO HIGHLIGHTS

Wtd Avg Mkt Cap: 1.78 B

Median Mkt Cap: 1.71 B

Number of 44Securities:

Largest Mkt Cap: 3.94 B

Smallest Mkt Cap: 0.09 B

Dividend Yield: 2.74%

Median 22.80Trailing P/E:

Median 19.67Forward P/E:


APPENDIX


PORTFOLIO

MANAGEMENT TEAM





SYMONS CAPITAL COLLEAGUE BIOGRAPHIES

Colin E. Symons, CFAChief Investment Officerand Portfolio Manager

Richard F. Foran, MPHVice President, Research

Mr. Symons, who holds the Chartered Financial Analystdesignation, is Chief Investment Officer and Portfolio Manager ofthe Symons Capital Management Value, Small Cap Value andConcentrated Small Cap Value strategies. In conjunction with hisportfolio management responsibilities, he oversees and isprincipally responsible for the company’s independent equityresearch. Mr. Symons joined Symons Capital Management in July1997 after working as a software developer in Washington andNew York, concentrating on financial services applications forentities such as Chase Manhattan Bank and the InternalRevenue Service. While he was a software developer, Mr.Symons earned the prestigious designation of MicrosoftCertified Solution Developer. Mr. Symons earned his BA atWilliams College in three years, at age 20.

Mr. Foran joined Symons Capital Management as Vice President,Research in May 2004, after a highly successful 16-year careerin analytical biochemistry and clinical research at The JohnsHopkins University and the University of Pittsburgh. Mr. Foranalso served as Coordinator of Clinical Studies at the HealthStudies Research Center in the Department of Epidemiology,University of Pittsburgh, with responsibilities for theadministration and management of clinic staff and operations forall research studies conducted in the Center. Mr. Foran holds aBachelor of Science in Biology from St. Francis (PA) Universityand a Master of Public Health in Epidemiology from theUniversity of Pittsburgh. Mr. Foran works daily with the ChiefInvestment Officer on the firm’s equity research.




Joshua I. Armstrong, CFAVice President, Research

Matthew S. Wickline, CFAVice President, Research

Mr. Armstrong, who holds the Chartered Financial Analystdesignation, joined Symons Capital in November 2011 as VicePresident, Research. Prior to joining Symons Capital, Mr.Armstrong held a series of positions of increasing responsibilitywithin the institutional investment industry. He served asConsulting Analyst at Yanni Partners, a Division of GBSInvestment Consulting, and as Operations Manager at the Bankof New York Mellon. Additionally, he worked as a SystemsAnalyst at the University of Pittsburgh. Mr. Armstrong earned his BS degree in Business and Computer Systems from GroveCity College. He subsequently earned an MS in InformationSystems and an MBA (with a finance concentration) from theUniversity of Pittsburgh. Mr. Armstrong is a trustee of the ScaifeFamily Foundation.

Mr. Wickline, who holds the Chartered Financial Analystdesignation, joined Symons Capital in September 2016 as VicePresident, Research. Mr. Wickline works closely with our ChiefInvestment Officer and our Research Team in implementing thefirm’s portfolio management decisions and trading. Prior to joiningSymons Capital, Mr. Wickline spent 7 years as an Equity Analystat C.S. McKee Investment Managers in Pittsburgh. Mr. Wicklineholds a Bachelor of Science in Business Administration withconcentrations in Finance and Investment Management fromDuquesne University (cum laude) and is currently earning hisMaster of Business Administration with a concentration inFinance from the University of Pittsburgh’s Katz Graduate Schoolof Business.


EXECUTIVE

MANAGEMENT TEAM





Edward L. Symons, Jr., J. D.Chairman and Chief Executive Officer

Mr. Symons is Chairman and Founder of Symons Capital Management. He began his investment careerin January 1980 as a founder of the company, and has a record of more than 30 years of successful,independent investment management. Before devoting his full professional attention to Symons CapitalManagement in 1997, Mr. Symons was a tenured Professor of Law at the University of Pittsburgh Schoolof Law. Mr. Symons co-authored the principal text then used at American law schools regarding bankinglaw, as well as the only text used for teaching the regulation of financial institutions (covering banks,insurance companies and securities firms, including mutual funds). Before joining the law faculty, Mr. Symons served as an Assistant Attorney General for the Commonwealth of Pennsylvania, assignedas Chief Counsel for the Pennsylvania Department of Banking. Mr. Symons earned an undergraduatedegree from Cornell University and his law degree (summa cum laude) from the University of PittsburghSchool of Law. Mr. Symons was a director of St. Clair Hospital from 1995 through 2013 and wasChairman of the Hospital’s Foundation from 1996 through 2006.




Louis J. Iovannone Jr., CIMA®

President

Mr. Iovannone joined Symons Capital Management in April 2013 as President. Mr. Iovannone began hiscareer in the financial services industry in the mid-1990s. He is primarily responsible for SymonsCapital’s business development in the defined contribution and defined benefit retirement planmarketplace, and oversees the Marlton, NJ office. Mr. Iovannone most recently held the position of SeniorVice President of Manchester Advisors, the Investment Advisory division of a large national retirementplan administration firm. His responsibilities included business development, product development andoversight of the day to day operations of the firm. Prior to becoming SVP, Mr. Iovannone held thepositions of Vice President and Chief Investment Officer of Manchester Advisors. Mr. Iovannone alsoserved on the national investment committee for Alliance Benefit Group, a consortium of the topindependent retirement plan firms. Earlier in his career, Mr. Iovannone served in various supervisory rolesas a registered investment advisory representative. Mr. Iovannone graduated cum laude from theWharton School of the University of Pennsylvania, earned his Certified Investment Management Analyst(CIMA) designation at the Wharton School, and is a member of the Investment ManagementConsultants Association.




Vicki Lynn EllisChief Compliance Officer

Ms. Ellis joined Symons Capital Management in August 2001 asExecutive Vice President. Ms. Ellis brings over three decades ofsecurities industry experience to Symons Capital Management, inparticular with respect to sales management, compliance andportfolio administration. Prior to joining Symons CapitalManagement, Ms. Ellis served as Vice President of Operations andBranch Operations Manager for Smith Barney for fifteen years andas an Associate Financial Adviser with Legg Mason for three years.She is an honors graduate of the University of Pittsburgh. In 2006,Ms. Ellis was named our Chief Compliance Officer as she leads ourefforts to meet and exceed the CFA Institute’s Global InvestmentPerformance Standards and the SEC’s compliance requirements,in addition to her daily client relations management role.

Frank L. FournierChief Operating Officer

Mr. Fournier joined Symons Capital Management in October 2007as Vice President, Trading. Mr. Fournier works closely with our ChiefInvestment Officer and our Research Team in implementing the firm’sportfolio management decisions and trading. In August 2012, Mr. Fournier assumed the additional responsibilities of ChiefOperating Officer. Mr. Fournier brought to Symons Capital over 16 years of financial industry and accounting experience. For theprevious eight years, Mr. Fournier held positions of increasingresponsibility with Sovereign Bank, then one of the twenty largestbanks in the United States, ultimately serving as Vice President,Director of Regulatory Reporting. Earlier in his career, Mr. Fournierspent four years in auditing and four years in capital leasing, gainingnumerous promotions. Mr. Fournier earned his degree in BusinessAdministration, with a major in Accounting, from Slippery Rock University.




Margaret E. Svidro Vice President, Support Services

Ms. Svidro joined Symons Capital Management inSeptember 2007 after a 33 year career at the University ofPittsburgh involving a range of responsibilities, ultimatelyserving as Financial Coordinator, Payroll. Ms. Svidro earnedher degree in history from the University of Pittsburgh, andholds a Public Notary commission in Pennsylvania. Ms. Svidro’s responsibilities at Symons Capital encompassa wide array of support services, including new accountsprocessing, individual client services and liaison withcustodians of clients’ assets.

Teresa L. SvidroVice President, Administration

Ms. Svidro joined Symons Capital Management inDecember 1997 after a wide array of experience at theUniversity of Pittsburgh. Ms. Svidro worked for 15 years inthe School of Law Dean’s office, budget office and facultysupport department. As the school’s budget director, shemanaged a $20 million annual budget. Ms. Svidro earned adegree in biology from the University of Pennsylvania. Ms. Svidro oversees the firm’s budget and financialoperations, as well as the daily processing of the firm’sclient and portfolio data.

COMPOSITE NOTES

SCHEDULE OF COMPARATIVE PERFORMANCE STATISTICS (09-30-2017)

* Performance represents a partial year-to-date through09/30/2017.n/a – Annual Dispersion and/or 3 Year Ex-Post StandardDeviation not applicable for this period.


SYMONS VALUE COMPOSITE


2000 22.53% 21.15% -9.10% -0.52% 114 8.32% n/a n/a n/a 50.18 0.00% 62.88% 79.802001 18.96% 17.58% -11.89% -8.18% 126 1.74% n/a n/a n/a 70.65 0.00% 76.94% 91.822002 -13.15% -14.17% -22.10% -16.61% 179 1.43% n/a n/a n/a 81.48 0.00% 79.53% 102.452003 21.81% 20.42% 28.68% 30.35% 182 1.83% n/a n/a n/a 97.98 0.00% 82.53% 118.712004 20.06% 18.71% 10.88% 15.02% 188 1.22% n/a n/a n/a 117.51 0.00% 78.43% 149.812005 11.97% 10.71% 4.91% 8.71% 211 1.11% n/a n/a n/a 139.56 0.00% 76.17% 183.222006 16.00% 14.73% 15.79% 20.78% 244 0.82% n/a n/a n/a 177.68 0.00% 64.83% 274.042007 3.60% 2.49% 5.49% 1.99% 250 1.27% n/a n/a n/a 187.95 0.00% 62.41% 301.132008 -12.03% -12.98% -37.00% -39.22% 251 1.39% n/a n/a n/a 180.07 0.00% 71.00% 253.592009 16.92% 15.65% 26.46% 21.18% 250 1.18% n/a n/a n/a 177.31 1.38% 57.56% 308.032010 11.36% 10.17% 15.06% 15.10% 254 0.71% n/a n/a n/a 200.62 1.36% 50.87% 394.362011 7.68% 6.64% 2.11% -0.48% 307 0.53% n/a n/a n/a 303.11 1.49% 68.02% 445.632012 7.98% 6.93% 16.00% 17.68% 322 0.38% 9.15% 15.09% 15.75% 331.76 1.41% 71.53% 463.792013 18.57% 17.43% 32.39% 31.99% 332 0.92% 7.59% 11.94% 12.97% 392.37 1.46% 74.57% 526.152014 8.94% 7.89% 13.69% 12.36% 329 0.35% 7.17% 8.97% 9.46% 403.61 1.64% 77.53% 520.602015 0.28% -0.67% 1.38% -3.13% 312 0.32% 7.69% 10.47% 10.60% 358.81 1.91% 77.96% 460.262016 7.86% 6.83% 11.96% 17.40% 300 0.45% 7.90% 10.59% 10.73% 367.55 1.97% 75.95% 483.912017* 4.89% 4.15% 14.24% 8.49% 274 n/a n/a n/a n/a 349.91 1.69% 75.77% 461.82

S&P NUMBER OF ANNUAL 3 YEAR EX-POST 3 YEAR EX-POST 3 YEAR EX-POST VALUE OF % NON-FEE % TOTAL TOTAL FIRMGROSS NET S&P 500® ACCOUNTS IN COMPOSITE STD DEVIATION STD DEVIATION STD DEVIATION COMPOSITE PAYING FIRM ASSETS ASSETS

YEAR OF FEES OF FEES 500® VALUE COMPOSITE DISPERSION COMPOSITE S&P 500® S&P 500® VALUE (USD MILLIONS) ASSETS IN COMPOSITE (USD MILLIONS)

1. The Symons Value Composite was created in October 1986 and consists of all fully discretionary portfolios that are managed in theValue style. The Symons Value investment discipline seeks to invest in securities of companies with established, sustainable businesseswhose current prices provide the prospect of long-term appreciation with limited downside price risk. The minimum account size for thiscomposite is $50,000.

2. For comparison purposes the composite is measured primarily against the S&P 500® index, and secondarily against the S&P 500® Valueindex. Effective October 1, 2005, Symons Capital Management, Inc. substituted the benchmark FTSE Russell 3000® Value Index for theFTSE Russell 2000® Index because the FTSE Russell 3000® Value Index provided a better representation of our portfolio managementand stock selection style, being a broad-based index that includes large-, mid-, and small capitalization stocks, in contrast to the FTSERussell 2000® Index, which primarily encompasses only small-capitalization stocks. Effective April 1, 2017, the S&P 500® index replacesthe FTSE Russell 3000® Value index as a primary benchmark, and the S&P 500® Value index replaces the S&P 500® index as asecondary benchmark, since FTSE Russell index returns are no longer available without paying substantial annual licensing fees. TheS&P 500® index is an unmanaged index generally representing the performance of the broad domestic economy through changes in theaggregate market value of 500 stocks, representing all major industries. And the S&P 500® Value index is a much better differentiatedindex for marketing purposes. Both benchmarks are unmanaged indices that primarily include large capitalization stocks that arerepresentative of Symons Capital Management, Inc.’s Value portfolio management and stock selection style. A direct investment in anindex may involve different liquidity, risks and tax considerations. The Adviser may invest in securities outside of those represented inthe indices. S&P 500® returns are shown for the entire composite history.

3. Returns are presented since the beginning of Colin Symons’ tenure as portfolio manager on January 1, 2000. Results are based on fullydiscretionary accounts under management, including those accounts no longer managed by the firm. The U.S. Dollar is the currencyused to express performance. Composite performance is presented net of foreign withholding taxes on dividends, interest income, andcapital gains. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross of fees returns are presented before management and custodial fees, but after alltrading expenses. Net of fee performance was calculated using actual management fees. Prior to July 2015, net of fee performancewas calculated using actual management and sub-advisory fees. Past performance is not indicative of future results.

4. The investment management fee is: 1.25% on the first $1 million; 1.00% on the next $4 million; 0.90% on the next $5 million; 0.80%on the next $15 million; 0.70% on the next $25 million; and 0.60% above $50 million. Actual investment advisory fees incurred by clientsmay vary.

5. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.Three-year annualized ex-post standard deviation of the composite and benchmark are not presented prior to 2012, because 36 monthlycomposite returns were not available until December 31, 2012.

6. Securities purchased by Symons Capital Management, Inc. are listed on a major exchange with published values. Generally, month-endvaluations as shown on custodian account statements are used to calculate portfolio assets and returns. Any cash flow equal to orgreater than 5% of a portfolio’s market value would cause the portfolio to be revalued and accounted for properly so as not to distortperformance. Additional information regarding the policies for valuing portfolios, calculating performance and preparing compliantpresentations is available upon request.

7. Symons Capital Management, Inc. is an independent investment management firm, not affiliated with any parent organization,establishedin 1983 and registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Prior to October1, 2001, the firm was known as Dollins Symons Management, Inc. The firm maintains a complete list and description of composites,which is available upon request.

8. Symons Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has preparedand presented this report in compliance with the GIPS® standards. Symons Capital Management, Inc. has been independently verifiedfor the periods January 1, 1996 through March 31, 2017 by Ashland Partners & Company, LLP; and from April 1, 2017 through June30, 2017 by ACA Performance Services LLC. Verification assesses whether (1) the firm has complied with all the compositeconstruction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed tocalculate and present performance in compliance with the GIPS® standards.

9. The Symons Value composite has been examined for the periods July 1, 1998 through March 31, 2017 by Ashland Partners & Company,LLP; and from April 1, 2017 through June 30, 2017 by ACA Performance Services LLC. Firm verification and composite performanceexamination reports are available upon request.


SYMONS SMALL CAP VALUE COMPOSITE


COMPOSITE NOTES

SCHEDULE OF COMPARATIVE PERFORMANCE STATISTICS (09-30-2017)

1. The Symons Small Cap Value Composite was created in October 2006 and consists of all fully discretionary portfolios that aremanaged in the Small Cap Value style. The investment objective for the Symons Small Cap Value investment discipline is long-termcapital appreciation achieved by investing in companies that can be purchased at attractive valuations. The minimum account size forinitial inclusion in this composite is $250,000.

2. For comparison purposes the composite is measured primarily against the S&P SmallCap 600® index, and secondarily against the S&PSmallCap 600® Value index. Effective October 1, 2012, Symons Capital Management, Inc. substituted the FTSE Russell 2000® Valueindex for the S&P 500® index as a secondary benchmark. Effective September 16, 2015, the FTSE Russell 2000® Value index replacedthe FTSE Russell 2000® index as the primary benchmark. The FTSE Russell 2000® Value index primarily includes small capitalizationvalue stocks that better represented our portfolio management and stock selection style than the S&P 500® index, which primarilyincludes only large-capitalization stocks and the FTSE Russell 2000® index, which primarily encompasses small capitalization stocks.Effective April 1, 2017, the S&P SmallCap 600® index replaces the FTSE Russell 2000® Value index as a primary benchmark, and theS&P SmallCap 600® Value index replaces the FTSE Russell 2000® index as a secondary benchmark, since FTSE Russell index returnsare no longer available without paying substantial annual licensing fees. The S&P SmallCap 600® index measures the small-cap segmentof the U.S. equity market using a capitalization-weighted index and is designed to ensure companies are liquid and financially viable. TheS&P SmallCap 600® Value index consists of stocks from the S&P SmallCap 600® that exhibit value characteristics based on book value,earnings, and sales to price. Both benchmarks are unmanaged indices that primarily include small capitalization stocks that arerepresentative of Symons Capital Management, Inc.’s Small Cap Value portfolio management and stock selection style. A directinvestment in an index may involve different liquidity, risks and tax considerations. The Adviser may invest in securities outside of thoserepresented in the indices. S&P SmallCap 600® returns are shown for the entire composite history.

3. Results are based on fully discretionary accounts under management, including those accounts no longer managed by the firm. The U.S.Dollar is the currency used to express performance. Composite performance is presented net of foreign withholding taxes on dividends,interest income, and capital gains. Returns include the effect of foreign currency exchange rates. Returns are presented gross and netof management fees and include the reinvestment of all income. Gross of fees returns are presented before management and custodialfees, but after all trading expenses. Net of fee performance was calculated using actual management fees. Past performance is notindicative of future results.

4. The investment management fee is: 1.25% on the first $1 million; 1.00% on the next $9 million; 0.90% on the next $15 million; 0.80%on the next $25 million; and 0.70% above $50 million. Actual investment advisory fees incurred by clients may vary.

5. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.Three-year annualized ex-post standard deviation of the composite and benchmark are not presented prior to 2012, because 36 monthlycomposite returns were not available until December 31, 2012.

6. Securities purchased by SCM are listed on a major exchange with published values. Generally, month-end valuations as shown oncustodian account statements are used to calculate portfolio assets and returns. Any cash flow equal to or greater than 5% of aportfolio’s market value would cause the portfolio to be revalued and accounted for properly so as not to distort performance. Additionalinformation regarding the policies for valuing portfolios, calculating performance and preparing compliant presentations is available upon request.

7. Symons Capital Management, Inc. is an independent investment management firm, not affiliated with any parent organization,established in 1983 and registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940.Prior to October 1, 2001, the firm was known as Dollins Symons Management, Inc. The firm maintains a complete list and descriptionof composites, which is available upon request.

8. Symons Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has preparedand presented this report in compliance with the GIPS® standards. Symons Capital Management, Inc. has been independently verifiedfor the periods January 1, 1996 through March 31, 2017 by Ashland Partners & Company, LLP; and from April 1, 2017 through June30, 2017 by ACA Performance Services LLC. Verification assesses whether (1) the firm has complied with all the compositeconstruction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed tocalculate and present performance in compliance with the GIPS® standards.

9. The Symons Small Cap Value composite has been examined for the periods from October 1, 2006 through March 31, 2017 by AshlandPartners & Company, LLP; and from April 1, 2017 through June 30, 2017 by ACA Performace Servcies LLC. The verification andperformance examination reports are available upon request.

* Performance represents a partial year-to-date return from10/01/2006 through 12/31/2006.** Performance represents a partial year-to-date returnthrough 09/30/2017.n/a - Annual Dispersion and/or 3 Year Ex-Post StandardDeviation not applicable for this period.

2006* 11.51% 11.51% 7.85% 8.39% 2 n/a n/a n/a n/a 1.54 100.00% 0.56% 274.042007 10.80% 10.38% -0.30% -5.54% 10 0.53% n/a n/a n/a 7.33 23.37% 2.43% 301.132008 -39.64% -40.24% -31.07% -29.51% 21 1.38% n/a n/a n/a 7.50 13.02% 2.95% 253.592009 55.02% 53.59% 25.57% 22.85% 23 3.78% n/a n/a n/a 12.90 14.96% 4.19% 308.032010 31.55% 30.32% 26.31% 24.72% 25 1.18% n/a n/a n/a 18.84 13.65% 4.78% 394.362011 -6.93% -7.87% 1.02% -1.38% 31 0.56% n/a n/a n/a 23.89 9.61% 5.36% 445.632012 5.15% 4.22% 16.33% 18.21% 31 0.60% 14.43% 18.96% 19.95% 24.17 9.93% 5.21% 463.792013 17.05% 16.01% 41.31% 39.98% 27 0.85% 11.18% 15.37% 15.95% 21.85 12.15% 4.15% 526.152014 0.21% -0.71% 5.76% 7.54% 22 0.22% 8.91% 12.36% 12.68% 18.16 14.70% 3.49% 520.602015 2.71% 1.80% -1.97% -6.67% 18 0.35% 8.46% 13.18% 13.42% 15.92 16.50% 3.46% 460.262016 20.04% 19.00% 26.56% 31.32% 18 0.66% 9.24% 14.95% 15.48% 18.33 16.37% 3.79% 483.912017** 6.71% 6.02% 8.92% 7.20% 17 n/a n/a n/a n/a 18.00 15.33% 3.90% 461.82

S&P S&P NUMBER OF ANNUAL 3 YEAR EX-POST 3 YEAR EX-POST 3 YEAR EX-POST VALUE OF % NON-FEE % TOTAL TOTAL FIRMGROSS NET SMALLCAP SMALLCAP ACCOUNTS IN COMPOSITE STD DEVIATION STD DEVIATION S&P STD DEVIATION S&P COMPOSITE PAYING FIRM ASSETS ASSETS

YEAR OF FEES OF FEES 600® 600® VALUE COMPOSITE DISPERSION COMPOSITE SMALLCAP 600® SMALLCAP 600® VALUE (USD MILLIONS) ASSETS IN COMPOSITE (USD MILLIONS)

IMPORTANT DISCLOSURE INFORMATION

Past performance may not be indicative of future results. Returns do not represent those of any individual investor. Individualinvestor returns may vary based on timing of investment. Different types of investments involve varying degrees of risk. Therefore, itshould not be assumed that future performance of any specific investment, investment strategy (including the investments and/orinvestment strategies recommended by Symons Capital Management, Inc.) or product will be profitable or equal the correspondingindicated performance level(s). The Investment Process described in this document is subject to change. The portfolio managermay deviate from established guidelines based on market conditions and what we believe to be the best interest of our clients.Please remember to contact Symons Capital Management, Inc. if there are any changes in your personal/financial situation orinvestment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. A copy ofour current written disclosure statement discussing our advisory services and fees is available for your review upon request.

The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts.The reader should not assume that an investment in the securities identified was or will be profitable.

Historical performance results for investment indices and/or categories have been provided for general comparison purposes only,and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment managementfee, or the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should notbe assumed that your account holdings do or will correspond directly to any comparative indices.

This document is intended for investor information and broker-dealer/financial institution use only. Do not copy or distribute.


DISCLOSURES


September 30, 2017

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