To: All Clients in the Moderate and Conservative Models of the Multi-Asset Strategy Portfolio

November 18, 2016

To: All Clients in the Moderate and Conservative Models of the Multi-Asset Strategy Portfolio

Below is our Rationale of the recent change we made in the Moderate and Conservative Models of the Multi-Asset Strategy Portfolio:

RATIONALE

In the Moderate Model we are selling Ivy Balanced (IBNYX) and buying Parnassus Endeavor (PARWX). Ivy Balanced recently has not performed to our standards relative to their category. It has given us the opportunity to replace it with a fund which fits into our unique/alternative category. Based on our review, we believe that Parnassus is the only fund in any category that is in the top one (1) percent of its peer group for the YTD, 1 Year, 3 year, 5 year, and 10 year timeframe. It has achieved this with its unique filter of only investing in companies which have been judged to have optimal workplace conditions and have a “moat” around their business model. It has accomplished all this while having a correlation of less than 100% to the S & P 500 Index and a beta (volatility factor) of less than 100% as well. It is managed by Jerome Dodson since 2005 and is currently over weighted in technology and financial services.

In the Conservative Model we are selling Gateway Fund (GATEX) and buying Oppenheimer/Steel Path MLP Alpha (MLPOX). Gateway now represents an overlap to another position in this model. This has given us the opportunity to invest in MLPOX. This fund consists of 25-35 Master Limited Partnerships that derive their income from businesses involved in the gathering, transporting, storing, refining, and distributing of natural gas, crude oil, or refined products. It currently sports a yield of 8.15%. It also has only 75% of the volatility (beta) of the MLP Composite Trust. It is managed by Stuart Cartner and Brian Watson since 2010.

Richard Rodman

Past Performance is No Guarantee of Future Results.

DISCLOSURES: All information is subject to change without notice. Past performance may not be indicative of future results and there can be no assurance that any particular investment or strategy will prove profitable. Investors should understand that market fluctuations may affect some or all of the underlying securities within their portfolios. In general, frequent trading and rebalancing may cause a taxable event for investors where the portfolio is not held as part of a qualified plan. This notice contains certain forward-looking statements that indicate future possibilities. Due to known and unknown risks, other uncertainties and factors, actual results may differ materially from the expectations portrayed in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. Additionally, this notice contains information derived from third party sources. Although we believe these third party sources to be reliable, we make no representations as to the accuracy or completeness of any information prepared by any unaffiliated third party incorporated herein, and take no responsibility therefore. There is no guarantee that views and opinions expressed herein will come to pass. This notice should not be regarded as a complete analysis of the subjects discussed.

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Investing involves risk, including the potential loss of principal invested. Investors should be aware that certain fees and tax implications may occur as a result of this transaction. Mutual Fund investments are not guaranteed by any source and can lose money including principal invested. Note: Differing classes of shares have varying expenses, loads, fees and breakpoints. These differing classes also have time line holding periods which are appropriate depending on the investor objectives and goals.

There is no guarantee that a diversified portfolio will outperform a non-diversified portfolio in any given market environment.

In general, the bond market is volatile as prices rise when interest rates fall and vice versa. This effect is usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investors should note that funds that invest in international securities involves special risks not present with U.S. investments due to factors such as increased volatility, currency fluctuation, and differences in auditing and other financial standards. These risks can be accentuated in emerging markets.

Morningstar Rating for Funds

This is a proprietary Morningstar data point. Morningstar rates mutual funds from 1 to 5 stars based on how well they've performed (after adjusting for risk and accounting for sales charges) in comparison to similar funds.

Within each Morningstar Category, the top 10% of funds receive 5 stars and the bottom 10% receive 1 star. Funds are rated for up to three time periods-three-, five-, and 10-years and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated.

Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell signals.