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Firm Proprietary Database

Daily FTP download of index constituents from fixed income

index providers:Barclays

Merrill Lynch

Daily Morning Maintenance Process:Prices updated, corporate actions processed, cash flows

Index Verification:Reports created to validate index constituent data

When no discrepancies found, continue to next

step

If discrepancies found, update data in World

Asset database and re-run index verification

Morning Downloads:• Cash balance from custodians:

Bank & external custodians via Advent Portfolio Exchange™

• Daily prices via index provider• Corporate actions via custodian

interface

Constituent weightings are calculated and portfolios are reviewed to determine rebalancing trades

ESG Applications:(if applicable)

Environmental, Social &Governmentally responsible restrictions & screens applied, if elected

Trade Execution: Seek to obtain “best execution” on all securities transactions.

Ongoing Portfolio Review & Reporting:Daily review of client portfolio holdings and performance.

Reporting according to client specifications.

Potential Client Investment Review and RecommendationsWork within investment guidelines to best meet investment objectives

Initial:

Ongoing:

Detailed Firm Investment Process