Composite & Benchmark Definitions

Advantage Conservative Income Builder

Composite Characteristics: The Conservative Income Builder Composite (Composite) was created May 1, 2009. The Composite Benchmark is currently a blend consisting of 30% S&P 500 Index TR and 70% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Composite Benchmark was changed retroactively on 1/1/2012 back to the inception of the portfolio on 5/1/2009. Prior to this change, the Composite Benchmark was a blend consisting of 40% S&P 500 Index TR and 60% Bloomberg US Treasury Bond Index TR (formerly Lehman US Treasury Index) that was rebalanced monthly. The recent change to the Composite Benchmark was due to the Bloomberg Aggregate Index TR more accurately representing the fixed income mandate of the composite, which is much broader than the Bloomberg US Treasury Index TR. The equity component of the Composite Benchmark was changed from a 40% weighting to a 30% weighting as it was more representative of the conservative nature of the portfolio and how it is being managed. The underlying security selection and portfolio management process remain unchanged. Additional information regarding the Composite Benchmark changes is available upon request.

The S&P 500 Index TR measures the performance of 500 large cap stocks, which together represent about 80% of the total US equities market. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Composite seeks to provide current income to the portfolio and modest potential for that income to grow over time primarily through investments in fixed income securities supplemented by equity securities. The portfolio will include fixed income instruments in an effort to significantly dampen shorter term portfolio volatility. The portfolio’s 3-5-year investment horizon typically results in the majority of portfolio assets allocated to relatively low risk investments, with upside opportunities enhanced by a lower weighting in higher risk assets with better long-term return potential, in our view. The portfolio is constructed by our asset allocation, security selection, and risk management processes. The 3-5-year horizon of this portfolio indicates that short term asset protection may sometimes need to be emphasized, even at the risk of reducing long term appreciation potential.

Advantage Moderate Growth & Income

Composite Characteristics: The Moderate Growth & Income Composite (Composite) was created October 1, 2003. The composite inception date was restated to April 1, 2008.

The Composite Benchmark is currently a blend consisting of 40% S&P 500 Total Return Index TR (S&P 500), 10% MSCI EAFE Net Total Return (NR) USD Index and 50% Bloomberg US Aggregate Bond Index that is rebalanced monthly. The Composite Benchmark was changed prospectively on January 1, 2020. The benchmark was changed to more accurately represent the Composite’s global mandate.

Prior to January 1, 2020, the Composite Benchmark was a blend consisting of 50% S&P 500 Total Return Index TR and 50% Bloomberg US Aggregate Bond Index TR that was rebalanced monthly. The Composite Benchmark was changed retroactively on 1/1/2012 back to 4/1/2009. Prior to this change, the Composite Benchmark was a blend consisting of 50% S&P 500 Index TR and 50% Bloomberg US Treasury Bond Index TR (formerly Lehman US Treasury Index) that was rebalanced monthly. This change was due to the Bloomberg US Aggregate Bond Index TR more accurately representing the fixed income mandate of the composite, which is much broader than the Bloomberg US Treasury Index TR. The underlying security selection and portfolio management process remain unchanged.

From 04/01/2008 to 3/31/2009, the Composite Benchmark was a blend consisting of 60% S&P 500 Index TR and 40% Bloomberg US Treasury Bond Index TR (formerly Lehman US Treasury Index) that was rebalanced monthly. The Composite Benchmark performance given is the time-weighted performance of these benchmarks. The previous Composite Benchmark was a blend of the Dow Jones Industrial Index and the Lehman US Treasury Index. Additional information regarding the benchmark changes is available upon request.

The S&P 500 Index TR measures the performance of 500 large cap stocks, which together represent about 80% of the total US equities market. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. MSCI EAFE Net Total Return (NR) USD Index: The index captures large and mid-cap representation in 21 develop markets around the world, excluding the US and Canada. The index covers approximately 85% of the adjusted free- float market capitalization in each country. For Net returns, the regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate of the company’s country of incorporation applicable to institutional investors.

The Composite seeks to provide current income to the portfolio and potential for that income to grow over time primarily through investments in equity securities, with fixed income instruments used to supplement income and dampen portfolio volatility. The portfolio’s 5-7-year investment horizon typically results in a balanced investment strategy, with upside opportunities in higher risk assets somewhat muted by risk reducing, lower volatility investments. The portfolio is constructed by our asset allocation, security selection, and risk management processes. The portfolio will seek income and income growth opportunities across multiple asset classes, including international equity securities (both developed and emerging market), but the higher volatility of these asset classes may restrict their weighting in the portfolio. The 5-7-year horizon of this portfolio indicates that short term asset protection may sometimes need to be emphasized, even at the risk of reducing long term appreciation potential.

Advantage Dynamic Equity Income

Composite Characteristics: The Dynamic Equity Income Composite (Composite) was created May 1, 2009. The Composite Benchmark is currently a blend consisting of 70% MSCI ACWI NR and 30% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Composite Benchmark was changed retroactively on 1/1/2012 back to the inception of the portfolio on 5/1/2009. Prior to this most recent change, the Composite Benchmark was a blend consisting of 70% S&P 500 Index TR and 30% Bloomberg US Treasury Bond Index TR (formerly Lehman US Treasury Index) that was rebalanced monthly. The recent change to the Composite Benchmark was due to the Bloomberg US Aggregate Bond Index TR more accurately representing the fixed income mandate of the composite, which is much broader than the Bloomberg US Treasury Index TR. The equity component change was due to the MSCI ACWI NR more accurately representing the global mandate of the composite as well as to be more consistent with our portfolio peers. The underlying security selection and portfolio management process remain unchanged. Additional information regarding the benchmark changes is available upon request.

The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg US Aggregate Index TR is an unmanaged index that covers the investment grade fixed rate bond market with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Composite seeks to provide current income to the portfolio and potential for that income to grow over time primarily through investments in equity securities, with fixed income instruments used to supplement income and modestly dampen portfolio volatility. The portfolio’s 7-10-year investment horizon typically results in an investment strategy concentrated in equity investments across multiple asset classes, including international equity securities (both developed and emerging market and fixed income investments offering income and the potential to diversify some of the portfolio’s equity investment risks. The portfolio is constructed by our asset allocation, security selection, and risk management processes.

Advantage Global Allocation

Composite Characteristics: The Global Allocation Composite (Composite) was created October 1, 2003. The composite inception date was restated to April 1, 2008. The Composite Benchmark is currently a blend consisting of 80% MSCI ACWI NR and 20% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Composite Benchmark was changed retroactively on 1/1/2012 back to 4/1/2008. The previous Composite Benchmark was a blend consisting of 80% S&P 500 Index TR and 20% Bloomberg US Treasury Bond Index TR (formerly Lehman US Treasury Index) that was rebalanced monthly. The change to the benchmark was due to the Bloomberg US Aggregate Bond Index TR more accurately representing the fixed income mandate of the composite, which is much broader than the Bloomberg US Treasury Index TR. The equity component change was due to the ACWI more accurately representing the global mandate of the Composite as well as to be more consistent with our portfolio peers. The underlying security selection and portfolio management process remain unchanged. Additional information regarding the benchmark changes is available upon request.

The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Composite seeks to take advantage of its relatively long, 7-10-year investment horizon to identify asset classes that are attractive on a long-term basis, in our view. The portfolio’s 7-10-year investment horizon typically results in an investment strategy concentrated in equity investments, including US and international equity securities (both developed and emerging market), since these investments typically provide the opportunity for long-term total returns. Equity investments will typically be supplemented by a modest allocation to fixed income investments to diversify some of the portfolio’s equity investment risks. The portfolio is constructed by RiverFront’s asset allocation, security selection, and risk management processes.

Advantage Global Growth

Composite Characteristics: The Global Growth Composite (Composite) was created October 1, 2003. The composite inception date was restated to April 1, 2008. The Composite Benchmark is currently 100% MSCI ACWI NR. The Composite Benchmark was changed retroactively on 1/1/2012 back to 4/1/2008. The previous Composite Benchmark was 100% S&P 500 Index TR. The change to the benchmark was due to the MSCI ACWI NR more accurately representing the global mandate of the composite as well as to be more consistent with our portfolio peers. The underlying security selection and portfolio management process remain unchanged. Additional information regarding the benchmark change is available upon request.

The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Composite seeks to take advantage of its long, 10+ year investment horizon to identify asset classes that are attractive, in our view, on a long-term basis and thus provide the potential for long-term growth of capital. The portfolio’s 10+ year investment horizon typically results in an investment strategy concentrated in equity investments, including US and international equity securities (both developed and emerging market) since these investments typically provide the best opportunity for long term growth of capital, in our view. The portfolio is constructed by our asset allocation, security selection, and risk management processes.

ETF Advantage Dynamic Fixed Income

Composite Characteristics: The ETF Dynamic Fixed Income Composite (Composite) was created on January 1, 2014. The Composite Benchmark is the Bloomberg US Aggregate Bond Index TR, which is an unmanaged index that covers the investment grade fixed rate bond market with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The ETF Dynamic Fixed Income composite is designed for investors seeking a total return (interest income and potential price appreciation) that aims to outpace the Bloomberg US Aggregate Bond Index while investing in a diversified portfolio of income-oriented ETFs and closed-end funds (CEFs). In an attempt to outperform its benchmark, the portfolio managers will employ a combination of investment strategies such as sector rotation, yield curve and interest rate anticipation, and security selection, depending upon market conditions. The portfolio may invest in a wide variety of income oriented ETPs and CEFs including Treasuries, Corporate Bonds, Agencies, Mortgage-Backed Securities (MBS), Convertible Bonds, High Yield Bonds, Emerging Market Bonds, Foreign Bonds/Currencies, Preferred Securities, Floating Rate Securities and Asset Backed Securities (ABS).

ETF Advantage Conservative Income Builder

Composite Characteristics: The ETF Conservative Income Builder Composite (Composite) was created October 1, 2012. The Composite Benchmark is currently a blend consisting of 30% S&P 500 Index TR and 70% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The S&P 500 Index TR measures the performance of 500 large cap stocks, which together represent about 80% of the total US equities market. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Composite seeks to provide current income to the portfolio and modest potential for that income to grow over time primarily through investments in fixed income ETFs supplemented by equity ETF securities. The portfolio will include fixed income instruments in an effort to significantly dampen shorter term portfolio volatility. The portfolio’s 3-5-year investment horizon typically results in the majority of portfolio assets allocated to relatively low risk investments, with upside opportunities enhanced by a lower weighting in higher risk assets with better long-term return potential, in our view. The portfolio is constructed by our asset allocation, security selection, and risk management processes. The 3-5-year horizon of this portfolio indicates that short term asset protection may sometimes need to be emphasized, even at the risk of reducing long term appreciation potential.

ETF Advantage Moderate Growth & Income

Composite Characteristics: The ETF Moderate Growth & Income Composite (Composite) was created April 1, 2006. The composite inception date was restated to April 1, 2008. The Composite Benchmark is currently a blend consisting of 40% S&P 500 Total Return Index TR (S&P 500), 10% MSCI EAFE Net Total Return (NR) USD Index and 50% Bloomberg US Aggregate Bond Index that is rebalanced monthly. The Composite Benchmark was changed prospectively on January 1, 2020. The benchmark was changed to more accurately represent the Composite’s global mandate. From 1/1/2012 to 12/31/2019, the Composite Benchmark was a blend consisting of 50% S&P 500 Index TR and 50% Bloomberg US Aggregate Bond Index TR that was rebalanced monthly. From 4/1/2008 to 12/31/2011, the benchmark was a blend of 60% S&P 500 Index TR and 40% Bloomberg US Treasury Bond Index TR (formerly Lehman US Treasury Index) that was rebalanced monthly. This change to the benchmark was due to the Bloomberg US Aggregate Bond Index TR more accurately representing the fixed income mandate of the composite, which is much broader than the Bloomberg US Treasury Index TR. The equity component of the Composite Benchmark was changed from a 60% weighting to a 50% weighting as it was more representative of the conservative nature of the portfolio and how it is being managed. The underlying security selection and portfolio management process remain unchanged. The Composite Benchmark performance given is the time-weighted performance of these benchmarks. Additional information regarding the benchmark changes is available upon request.

The S&P 500 Index TR measures the performance of 500 large cap stocks, which together represent about 80% of the total US equities market. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. MSCI EAFE Net Total Return (NR) USD Index: The index captures large and mid-cap representation in 21 develop markets around the world, excluding the US and Canada. The index covers approximately 85% of the adjusted free- float market capitalization in each country. For Net returns, the regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate of the company’s country of incorporation applicable to institutional investors.

The Composite seeks to provide current income to the portfolio and potential for that income to grow over time primarily through investments in equity ETF securities, with fixed income instruments used to supplement income and dampen portfolio volatility. The portfolio’s 5-7-year investment horizon typically results in a balanced investment strategy, with upside opportunities in higher risk assets somewhat muted by risk reducing, lower volatility investments. The portfolio is constructed by our asset allocation, security selection, and risk management processes. The portfolio will seek income and income growth opportunities across multiple asset classes, including international ETF securities (both developed and emerging market), but the higher volatility of these asset classes may restrict their weighting in the portfolio. The 5-7-year horizon of this portfolio indicates that short term asset protection may sometimes need to be emphasized, even at the risk of reducing long term appreciation potential.

ETF Advantage Dynamic Equity Income

Composite Characteristics: The ETF Dynamic Equity Income Composite (Composite) was created October 1, 2012. The Composite Benchmark is currently a blend consisting of 70% MSCI ACWI NR and 30% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg US Aggregate Index TR is an unmanaged index that covers the investment grade fixed rate bond market with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Composite seeks to provide current income to the portfolio and potential for that income to grow over time primarily through investments in equity ETF securities, with fixed income ETFs used to supplement income and modestly dampen portfolio volatility. The portfolio’s 7-10-year investment horizon typically results in an investment strategy concentrated in equity investments across multiple asset classes, including international equity ETFs (both developed and emerging market and fixed income investments offering income and the potential to diversify some of the portfolio’s equity investment risks. The portfolio is constructed by our asset allocation, security selection, and risk management processes.

ETF Advantage Global Allocation

Composite Characteristics: The ETF Global Allocation Composite (Composite) was created April 1, 2006. The composite inception date was restated to April 1, 2008. The Composite Benchmark is currently a blend consisting of 80% MSCI ACWI NR and 20% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Composite Benchmark was changed retroactively on 1/1/2012 back to 4/1/2008. The previous Composite Benchmark was a blend consisting of 80% S&P 500 Index TR and 20% Bloomberg US Treasury Bond Index TR (formerly Lehman US Treasury Index) that was rebalanced monthly. The change to the benchmark was due to the Bloomberg US Aggregate Bond Index TR more accurately representing the fixed income mandate of the composite, which is much broader than the Bloomberg US Treasury Index TR. The equity component change was due to the MSCI ACWI NR more accurately representing the global mandate of the composite as well as to be more consistent with our portfolio peers. The underlying security selection and portfolio management process remain unchanged. Additional information regarding the benchmark changes is available upon request.

The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Composite seeks to take advantage of its relatively long, 7-10-year investment horizon to identify asset classes that are attractive on a long-term basis, in our view. The portfolio’s 7-10-year investment horizon typically results in an investment strategy concentrated in equity investments, including US and international ETF securities (both developed and emerging market), since these investments typically provide the opportunity for long-term total returns. Equity investments will typically be supplemented by a modest allocation to fixed income investments to diversify some of the portfolio’s equity investment risks. The portfolio is constructed by our asset allocation, security selection, and risk management processes.

ETF Advantage Global Growth

Composite Characteristics: The ETF Global Growth Composite (Composite) was created April 1, 2006. The composite inception date was restated to April 1, 2008. The Composite Benchmark is currently 100% MSCI ACWI NR. The Composite Benchmark was changed retroactively on 1/1/2012 back to 4/1/2008. The previous Composite Benchmark was 100% S&P 500 Index TR. The change to the Composite Benchmark was due to the MSCI ACWI more accurately representing the global mandate of the composite as well as to be more consistent with our portfolio peers. The underlying security selection and portfolio management process remain unchanged. Additional information regarding the benchmark change is available upon request.

The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The Composite seeks to take advantage of its long, 10+ year investment horizon to identify asset classes that are attractive on a long-term basis, in our view, and thus provide the potential for long term growth of capital. The portfolio’s 10+ year investment horizon typically results in an investment strategy concentrated in equity investments, including US and international ETF securities (both developed and emerging market) since these investments typically provide the best opportunity for long term growth of capital, in our view. The portfolio is constructed by our asset allocation, security selection, and risk management processes.

RiverSharesTM Global Balanced

Composite Characteristics: RiverShares Global Balanced Composite was created December 1, 2021. The Composite Benchmark is 60% MSCI ACWI NR, and 40% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Composite is designed for a 6-to-8-year time horizon and seeks to implement an investment strategy with a general preference for equities in order to provide the opportunity for capital appreciation and income growth to the portfolio over time. The strategy includes multiple asset classes, including US and international (both developed and emerging market). This strategy is implemented in part via allocating to a suite of actively managed ETFs affiliated with RiverFront.

RiverSharesTM Moderate Tactical Income

Composite Characteristics: RiverShares Moderate Tactical Income Composite was created February 1, 2022. The Composite Benchmark is 40% S&P 500 High Dividend Index, and 60% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The S&P 500 High Dividend Index is designed to measure the performance of 80 high yield companies within the S&P 500 and is equally weighted to best represent the performance of this group, regardless of constituent size. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The RiverShares Moderate Tactical Income composite seeks to provide total return primarily through investments in ETFS that seek income including equity securities, equity income securities, covered call writing, master limited partnerships, real estate investment trusts, fixed income instruments (including high yield) and other income producing assets. The portfolio may invest in US and International (both developed and emerging market) securities. The portfolio consists of a balanced investment strategy, with income opportunities in higher risk assets somewhat muted by risk reducing, lower volatility investments. The portfolio attempts to achieve a floating yield target of three-month United States Treasury bills’ yield + 400 basis points (or higher) in normal yield, spread and volatility environments. In abnormal yield, spread and volatility environments, the portfolio may target a yield lower than three-month United States Treasury bills’ yield + 400 basis points. The mix between assets in the portfolio is determined through a fundamental selection process, a tactical overlay and a risk management discipline. The primary objective of the composite is to achieve a yield target and thus the composite’s total return is expected to have high tracking error to its stated performance benchmark.

RiverSharesTM Global Balanced Constrained

Composite Characteristics: The RiverShares Global Balanced Constrained Composite (Composite) was created August 1, 2016. As of October 3, 2022, the RiverShares Moderate Growth & Income Composite changed its name to the RiverShares Global Balanced Constrained composite, includes 3rd party ETFs, and targets a 4–6-year time horizon. Prior to this date, the composite only included actively managed ETFs sub-advised by RiverFront and targeted a 5–7-year time horizon. The Composite Benchmark is a blend of 40% MSCI ACWI and 60% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Benchmark was changed prospectively on October 3rd, 2022, to more accurately represent the Composite’s 60% fixed income and 40% equity asset allocation target. Prior to this change, the Composite Benchmark was a blend consisting of 40% S&P 500 Total Return Index TR (S&P 500), 10% MSCI EAFE Net Total Return (NR) USD Index and 50% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Composite Benchmark was also changed prospectively on January 1, 2020. The Benchmark was changed to more accurately represent the portfolio’s global mandate. Prior to this change, the Composite Benchmark was a blend consisting of 50% S&P 500 Index TR and 50% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Composite Benchmark performance given is the time-weighted performance of these benchmarks.

The S&P 500 Index TR measures the performance of 500 large cap stocks, which together represent about 80% of the total US equities market. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. MSCI EAFE Net Total Return (NR) USD Index captures large and mid-cap representation in 21 develop markets around the world, excluding the US and Canada. The index covers approximately 85% of the adjusted free- float market capitalization in each country. For net returns, the regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate of the company’s country of incorporation applicable to institutional investors. The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

The RiverShares Global Balanced Constrained composite is an actively managed strategy based on a 4–6-year time horizon and seeks a combination of income and growth for the portfolio through a balance of global equities and fixed income. Tactical portfolio strategies seek to provide additional protection from market volatility through short-term, momentum-based strategies. The portfolio will typically target an asset allocation of 40% equities, 60% fixed income, with the flexibility to shift by as much as 20% from the target allocation. The strategy utilizes multiple asset classes, including US and international (both developed and emerging markets). The product will invest in both 3rd-party ETFs as well as RiverFront affiliated ETFs.

RiverSharesTM Global Balanced Opportunistic

Composite Characteristics: The RiverShares Global Balanced Opportunistic Composite (Composite) was created August 1, 2016. As of October 3, 2022, the RiverShares Dynamic Equity Income Composite changed its name to the RiverShares Global Balanced Opportunistic composite, includes 3rd party ETFs, and targets an 8–10-year time horizon. Prior to this date, the composite only included actively managed ETFs sub-advised by RiverFront and targeted a 7–10-year time horizon. The Composite Benchmark is a blend of 80% MSCI ACWI and 20% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Benchmark was changed prospectively on October 3rd, 2022, to more accurately represent the Composite’s 20% fixed income and 80% equity asset allocation target. Prior to this change, the Composite Benchmark was a blend consisting of 70% MSCI ACWI NR and 30% Bloomberg US Aggregate Bond Index TR that is rebalanced monthly. The Composite Benchmark performance given is the time-weighted performance of these benchmarks.

The MSCI ACWI NR is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg US Aggregate Bond Index TR is an unmanaged index that covers the investment grade fixed rate bond market with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The issues must be rated investment grade, be publicly traded, and meet certain maturity and issue size requirements.

The RiverShares Global Balanced Opportunistic composite is an actively managed strategy that is designed for an 8–10-year time horizon and seeks to implement an investment strategy concentrated in equities in order to provide the opportunity for capital appreciation and income growth to the portfolio over time. The portfolio will typically target an asset allocation of 80% equities, 20% fixed income, with the flexibility to shift by as much as 20% from the target allocation. The strategy includes multiple asset classes, including US and international (both developed and emerging market). The strategy utilizes multiple asset classes, including US and international (both developed and emerging markets). The product will invest in both 3rd-party ETFs as well as RiverFront affiliated ETFs.