Roosevelt · the All Cap Core SMA Composite presentation on the last page; please see back page for further disclosures. The portfolio may hold exchange-traded funds (ETF). Roosevelt

RooseveltInvestments

www.rooseveltinvestments.com | (646) 452-6742

As of March 31, 2020

Institutional PresentationALL CAP CORE EQUITY

Table of Contents

The Roosevelt Advantage ...........................3

All Cap Core Overview................................4

All Cap Core Approach...............................5

Portfolio & Performance Information.........17

Biographies...............................................24

Glossary....................................................26

Page 3

The Roosevelt Investment Group Advantage

A History of Roosevelt Investments

In 1971 P. James Roosevelt of Oyster Bay, NY, a cousin of Theodore Roosevelt, founded the investment advisory firm P. James Roosevelt, Inc. The firm managed investment assets of individuals and endowments including several members of the Roosevelt family as well as the assets of the Theodore Roosevelt Association. The firm’s name was changed in 1993 to The Roosevelt Investment Group, Inc.

In 2002, The Roosevelt Investment Group, Inc. merged into Sheer Asset Management, Inc., an investment advisory firm founded by Arthur Sheer in 1990, retaining The Roosevelt Investment Group, Inc. as the name of the combined firm.

To this day, The Roosevelt Investment Group, Inc. manages investment assets of the Theodore Roosevelt Association in addition to several members of the Roosevelt family.*

*It is not known whether the listed clients approve or disapprove of The Roosevelt Investment Group’s advisory services provided.

We are a privately held, unaffiliated boutique investment management firm located in midtown Manhattan, near Grand Central Station

We value our diverse client base of Individuals, Family Offices, Endowments, Foundations

Investment strategies span numerous equity, fixed income and balanced portfolios

Approximately $2.50 billion in assets under advisement (consisting of approximately $2.45 billion in assets under management and approximately $46 million in advisory only or where we provide an investment model) as of March 31,2020

We take great pride in our intellectual capital and leveraging the experience of our investment professionals

Page 4


Roosevelt Investments’ All Cap Core Strategy:

Flexible strategy that pursues investment opportunities regardless of market capitalization, style, or company domicile

Thematic approach that combines top-down and bottom-up methods. Themes may be based on economic, political, social, demographic, or industry-specific changes

A risk-managed style; downside protection is a primary concern. Capital preservation is sought during periods where the investment committee perceives there to be heightened risks to the downside. During such periods, excess cash is used as well as other potential tools such as zero coupon Treasury ETFs, TIPS ETFs, inverse/leveraged inverse ETFs and precious metal related securities

All Cap Core Equity Overview

All investing involves risk. There is no guarantee that any strategy will be successful.

Page 5


Thematic Approach Security Analysis Risk Management PortfolioAll Cap Core Equity

SECURITIES UNIVERSE

THEMATIC APPROACH

SECURITY ANALYSIS

PORTFOLIO

RISK MAN

AGEMEN

T RISK

MAN

AGEM

ENT

We take a whole-market, thematic, and risk-conscious approach to investing.

All Cap Core Equity Approach


Page 6


Holdings are based on a model portfolio as of March 31, 2020. Market Cap data supplied by Bloomberg. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. The holdings are subject to change at any time, and this is not a recommendation to buy, sell or hold any of the securities listed. Any securities mentioned may be considered by Roosevelt Investments for purchase or sale in client and/or employee portfolios in the future. The portfolio is for demonstration purposes only, and the holdings for a specific account may not be identical to this portfolio due to market conditions, account size, the ability of the custodian to hold certain securities, and other variables. All investments carry a degree of risk, including the loss of principal. All holdings within the preceding 12 months are available upon request. International investing presents certain risks not associated with investing solely in the US, such as currency fluctuation, political and economic change, social unrest, changes in government regulations, differences in accounting and the lesser degree of accurate public information available. Small cap companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they generally have a higher level of volatility. The information contained on this slide is supplemental to the All Cap Core SMA Composite presentation on the last page; please see back page for further disclosures. The portfolio may hold exchange-traded funds (ETF). Roosevelt Investments considers investment objectives, risks, charges, and expenses associated with the ETF before investing. This and other information is found in the prospectus, which can be obtained through a financial advisor and/or the fund’s sponsor. Past performance is not indicative of future results, and the reader should not assume that an investment in the securities listed was or will be profitable.

Our flexible all cap strategy breaks from the rigid style-box mold and also seeks opportunity despite company domicile.

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity

Portfolio / Performance

value blend growth cap weight

large $10b+

10.7% 35.4% 35.1% 81.2%

mid $2b-10b

0.00% 5.5% 7.7% 13.2%

small <$2b

0.00% 0.00% 0.00% 0.00%

style weights 10.7% 40.9% 42.8% 94.4%

cash 5.65% 100%*


Page 7

Top-down macro research process designed to monitor critical variables driving change including:

Changes in government regulations

Changes in technology

Changes in industry structure

Changes in demographics

A synthesis of top-down and bottom-up analysis.

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity


1. Idea Generation

Themes are inspired by many sources, such as news articles, industry publications, and internal research. Themes represent changes that we find compelling and investable. 2. Intensive Screening

We seek out companies that possess attractive risk-adjusted leverage to these changes. We especially seek secondary and tertiary beneficiaries of these trends as sometimes these companies are overlooked.

3. Stock SelectionQualitative and quantitative research is applied on these beneficiaries. Appealing characteristics may include: increasing financial returns, proven entrepreneurial management, compelling valuations, and a catalyst to release earnings growth (often related to the theme).

4. Ongoing ResearchWe continue to evaluate developments within the theme and companies that comprise the theme. Holdings are added, trimmed, or sold per our evaluation. Themes are dynamic - as new information comes out our themes may evolve. Often times stock research plays into the development of a theme, similar to how a theme may inform stock selection.

Thematic Process


Page 8

We believe there are multiple benefits to employing a thematic approach, such as:

Freedom to see the bigger picture; Roosevelt’s thematic investing is benchmark and sector agnostic

Themes act as diversifiers; multiple themes point us to different market areas; often times companies from several sectors and industry groups will make up a theme

Intensive screening for secondary and tertiary beneficiaries; overlooked companies, with themes acting as a tailwind, could be undergoing transformational change

Consistent source of idea generation; the basis for the philosophy is rooted in change and themes may evolve as developments occur. The search for stock beneficiaries may be the catalyst for the creation of a new theme or the growth of an existing theme

Security Analysis

Risk Management

All Cap Core Equity


Thematic Approach



Page 9

Based off of a model portfolio as of March 31, 2020. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. Note: Themes assigned as per Roosevelt Investments’ evaluation. Solely for illustration purposes. All expressions of opinion reflect the judgment of Roosevelt Investments at this time and are subject to change. This material is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions.

Our thematic approach aims to capitalize on global trends and acts as a framework for our investment analysis.

Security Analysis

Risk Management

All Cap Core Equity


Thematic Approach Roosevelt

Investments

RepResentative themes DescRiption

Mobile World

The mobile ecosystem continues to expand at a rapid speed, and we see myriad possibilities with seemingly endless innovation and new applications of connected technology. In our opinion, examples include: mobile payments, location-based and targeted advertising, as well as increased mobile media consumption. Additionally, smartphones are enabling access to the internet in the developing world, expanding the geographic base of beneficiaries to this change.

Corporate Catalysts

We believe management teams have been conservative following the recovery, and potential opportunities can arise during periods of corporate transition. In particular, in today’s low interest rate environment, with capital markets receptive to deal activity, we believe this is an opportune time for activist investors to drive change at these companies. Activists have historically had good track records compared to their alternative investment peers, and they are beginning to put capital raised over the past few years to work. Therefore, we are selectively investing in situations where our analysis suggests that an activist proposal would add value and propel change in a timely fashion.

Healthcare Revival

We see the biotechnology and pharmaceutical industries showing renewed potential, with robust R&D pipelines and several recent notable FDA approvals. Companies working on novel, breakthrough therapies are finding a more accommodating FDA. In the pharmaceutical industry, reasonable valuations, high dividend yields, and the potential for shareholder-friendly actions that include restructurings and/or spin-offs, provide further underpinning for our favorable view of the group.

Demographic DividendsAs the baby boomer generation ages, we expect outsized population growth in the 65 to 85 year cohort over the next five years. We believe this will create new sources of demand across many sectors of the economy, including certain areas of healthcare, financial services, and discretionary spending by consumers.

5G

We believe 5G, the next generation of wireless communication standards, is a game-changer. It offers faster speeds, higher throughput, lower latency, and greater density of connected devices. This should support new use cases, possibly including fixed wireless access, smart homes, the Internet of things, advanced driver-assistance and augmented reality. Importantly, national security concerns have catalyzed a global race to adoption. We see potential winners across the supply chain, from infrastructure suppliers to application developers.

Cannabis

Recently there has been a wave of companies raising capital to invest in the burgeoning market for legal cannabis in both Canada and the U.S. Nearly half of U.S. states have legalized cannabis for medical and/or recreational use. Consumer packaged goods companies are rapidly getting up to speed on how cannabis derivatives might be used in food and beverage or health and wellness products, with some of the largest players acquiring stakes in publicly-traded Canadian companies to try and gain an edge in this regard. The pharmaceutical sector is also investigating therapeutic uses of cannabis-derived compounds. We believe this phenomenon is in the early stages and there will be material growth as well as consolidation ahead.

Natural Hedges

We define a natural hedge as an equity security that we expect will outperform when the broader market declines for a specific reason that we have previously identified. We identify a business rationale for the outperformance and analyze whether historically the stock has exhibited such behavior. Otherwise our natural hedges are what we believe to be solid businesses with competitive moats and healthy growth prospects that we expect would participate in market advances. Holding such stocks in the portfolio may provide a buffer during volatile periods without unduly penalizing performance in an advancing market.

Risk Mitigation ToolsCash, Zero-Coupon Treasury (STRIPS) ETFs, TIPS ETFs, Inverse/Leveraged Inverse ETFs, Precious Metal related securities, and other instruments (e.g., Crude Oil ETN) are used as Roosevelt feels appropriate.

Non-Thematic Holdings At any given time individual securities may be picked for their unique risk/reward merits. Some holdings are possible components of future themes.

Page 10

The collection of our themes.

Security Analysis

Risk Management

All Cap Core Equity


Thematic Approach

Holdings are derived from a model portfolio as of March 31, 2020. The holdings are subject to change at any time, and this is not a recommendation to buy, sell, or hold any of the securities listed. Any securities mentioned may be considered by Roosevelt Investments for purchase or sale in client and/or employee portfolios in the future. Themes assigned as per The Roosevelt Investment Group’s evaluation. The portfolio is for demonstration purposes only, and the holdings for a specific account may not be identical to this portfolio due to market conditions, account size, the ability of the custodian to hold certain securities, and other variables.. All holdings within the preceding 12 months are available upon request.

All investments carry a degree of risk, including the loss of principal. International investing presents certain risks not associated with investing solely in the US., such as currency fluctuations, political and economic changes, social unrest, changes in government regulations, differences in accounting, and the lesser degree of accurate public information available. Small cap companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they generally have a higher level of volatility. Past performance is not indicative of future results, and the reader should not assume that an investment in the securities listed was or will be profitable.The portfolio may hold exchange-traded funds (ETFs) or exchange-traded notes (ETNs) Investors should consider the investment objective, risks, charges, and expenses associated with the ETF or ETN before investing. This and other information is found in the prospectus, which can be obtained through a financial advisor and/or the fund’s sponsor.


theme/secuRity% of

poRtfoliotickeR

mobile WoRlD 21.70

ALPHABET 3.50 GOOGL

AMAZON.COM 4.50 AMZN

APPLE 5.50 AAPL

FACEBOOK 3.00 FB

PROLOGIS 1.50 PLD

VISA 3.70 V

healthcaRe Revival 12.10

JOHNSON & JOHNSON 2.40 JNJ

PFIZER 1.50 PFE

STRYKER CORP 1.25 SYK

THERMO FISHER SCIENTIFIC 2.00 TMO

UNITEDHEALTH GROUP 2.75 UNH

VERTEX PHARMACEUTICALS INC. 2.20 VRTX

coRpoRate catalyst 5.20

HONEYWELL INTERNATIONAL 2.70 HON

LAMB WESTON 2.50 LW

theme/secuRity% of

poRtfoliotickeR

5G 13.45

APTIV PLC 2.25 APTV

CROWN CASTLE 2.50 CCI

KEYSIGHT TECHNOLOGIES 2.20 KEYS

MARVELL TECHNOLOGY 1.40 MRVL

MICROCHIP TECHNOLOGY 3.30 MCHP

VERIZON COMMUNICATIONS 1.80 VZ

DemoGRaphic DiviDenDs 6.50

NEXTERA ENERGY 3.75 NEE

ROSS STORES INC. 2.75 ROST

natuRal heDGes 7.80

BERKSHIRE HATHAWAY 3.00 BRK/B

CME GROUP 1..50 CME

LOCKHEED MARTIN 2.00 LMT

MARKETAXESS HOLDINGS 1.30 MKTX

cannabis 3.50

CONSTELLATION BRANDS 2.00 STZ

GW PHARMACEUTICALS ADR 1.50 GWPH

theme/secuRity% of

poRtfoliotickeR

non-thematic holDinGs 24.10

BRIGHT HORIZONS FAMILY SOLUTION 0.70 BFAM

CONOCOPHILLIPS 1.00 COP

FIRST REPUBLIC BANK 1.50 FRC

GOLDMAN SACHS 1.00 GS

HOME DEPOT 2.75 HD

JPMORGAN CHASE & CO 3.00 JPM

MICROSOFT 5.50 MSFT

NVIDIA 0.50 NVDA

OLD DOMINION FREIGHT LINE 3.00 ODFL

S&P GLOBAL 1.65 SPGI

UNION PACIFIC 3.00 UNP

UNIVERSAL DISPLAY CORP 0.50 OLED

cash 5.65

total poRtfolio 100.00

Page 11

The anatomy of a theme: Mobile WorldSmartphone capabilities are expanding - with seemingly endless innovation and new applications of connected technology. The user base is also broadening to the developing world.

Macro Observations:

Smartphone applications are proliferating and include mobile payments, social interaction, location-based and individually targeted services (such as advertising), keyless access, and new forms of media delivery and consumption.

In many emerging markets, internet access is limited. The smartphone, which is being shipped to these markets in astounding quantities, meet a variety of unmet user needs.

Going forward we believe that wearable devices may become a much more important part of the mobile device ecosystem.

Holdings and weights based on a model portfolio as of March 31, 2020 and sector data is supplied by Bloomberg. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. For illustrative purposes only. Themes assigned as per Roosevelt Investments’ evaluation. Theme and/or securities may or may not be contained in the portfolio. All expressions of opinion reflect the judgment of Roosevelt Investments at this time and are subject to change. The holdings are subject to change at any time, and this is not a recommendation to buy, sell or hold any of the securities listed. Reader should not assume that an investment in the securities listed was or will be profitable. All holdings within the preceding 12 months are available upon request. International investing presents certain risks not associated with investing solely in the US, such as currency fluctuation, political and economic change, social unrest, changes in government regulations, differences in accounting and the lesser degree of accurate public information available. Small cap companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they generally have a higher level of volatility. This material is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. We do not guarantee that the material presented is accurate or that it provides a complete description of the securities, markets or developments mentioned. We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions.

Security Analysis

Risk Management

All Cap Core Equity


Thematic Approach

Company % of Portfolio Symbol Sector

ALPHABET 3.50 GOOGL Communication Services

AMAZON.COM 4.50 AMZN Consumer Discretionary

APPLE 5.50 AAPL Information Technology

FACEBOOK 3.00 FB Communication Services

PROLOGIS 1.50 PLD Real Estate

VISA 3.70 V Information Technology

All Holdings: Mobile World


Page 12

PORTFOLIO

FUNDAMENTAL

VALUATION

CATALYTIC IMPACT

QUALITATIVE

QUANTITATIVE/TECHNICAL

QUANTITATIVE ANALYSIS

RELATIVE STRENGTH

PROPRIETARY-TOOLS

Bottom up fundamental analysis: Does a good company equal a good stock?

Qualitative Analysis:

Analyze and understand competition, customers, and suppliers. Meeting with company management and industry experts is integral to the process.

Valuation methodologies:

Assign fair multiples, comparing our earnings estimates to Street estimates and backing out market implied growth rates

Estimate downside risk if forecast is wrong

Catalytic Impact:

Assess impact on revenues (sizing the opportunity) and estimate margins in order to understand the ultimate impact on earnings power

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity




Page 13

PORTFOLIO

FUNDAMENTAL

VALUATION

CATALYTIC IMPACT

QUALITATIVE

QUANTITATIVE/TECHNICAL

QUANTITATIVE ANALYSIS

RELATIVE STRENGTH

PROPRIETARY-TOOLS

Quantitative/technical analysis: Does a good company still equal a good stock?

Proprietary Tools:

“DNA Analysis” – Market intelligence and what is the market rewarding

Diffusion Index – Breadth of market; evaluation of directional shifts in market sectors and industry groups

Relative Strength (RSI):

Avoid “falling knives”

Quantitative Analysis:

Up/Down capture optimization

New low list

Analysis factor exposures in portfolio

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity




Page 14

Buy Discipline:

Establish modest positions in potential themes

Gain conviction in investments and themes through proprietary research

Build concentration as thesis is confirmed

Typically 1% - 3% in initial stock positions at purchase and no more than 5% in any one stock position at cost

Sell Discipline:

Automatic trim over 8% of portfolio weight

Company reaches price objectives or fails to execute

Theme plays out

Events fail to confirm theme

Future growth prospect declines

Loss of confidence in management

Better idea emerges

Change in risk/return characteristics

Rebalance portfolio to achieve targeted upside/downside capture ratios

We have established and repeatable buy and sell disciplines.

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity




Page 15

Our goal is to deliver strong returns over a full market cycle, not only by performing well in up markets, but by capturing only a fraction of down market.

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity


Macro Risk

Roosevelt’s proprietary “Risk Dashboard” - contains over 20 risk measurements including volatility, equity correlation levels, yield curve slope, interbank lending spreads, inflation measure, several technical indicators

Evaluate government and central bank policy statements

Analyze data such as macroeconomic government statistics and negative earnings preannouncements.

Review proprietary studies of past crisis periods

Monitor geopolitical developments

Portfolio Risk

Up/Down Capture model utilized to target a capture ratio for the portfolio

Stress testing

Diversification across market capitalizations, sectors and investment styles

Stock Level Risk

Identification of transformative stocks potentially increases upside while limiting downside

Risk Management Tools

Ability to go to cash (target max. 30%)

Use of precious metal-related securities, long maturity zero coupon U.S. Treasury (STRIPS) ETFs and TIPS ETFs

Use of inverse/leveraged inverse ETFs - to hedge, not speculate


Page 16

Our risk-conscious approach seeks to provide protection during severe market downturns.

PERIODS OF MARKET DECLINE: CUMULATIVE RETURN COMPARISON (%)

-11.69% -15.30%-16.80%

-35.18%

-50.17%-50.30%

-28.52%

-43.75%-43.09%

Tech Bubble 4/1/00 - 9/30/02

Great Recession10/1/07 - 2/28/09

S&P Downgrade6/1/11 - 9/30/11

-30.07% -36.57%

-12.02%

Risk Management

Our risk-oriented approach seeks to build long-term outperformance — especially in periods of severe market decline. Outperformance over full market cycles, in our view, is often determined by “what you keep” in turbulent periods rather than “what you earn” in rising markets.

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity


† Performance presented prior to 2004 is a representative group of actual accounts managed by Roosevelt prior to the firm becoming GIPS Compliant. This information is supplemental to the All Cap Core SMA Composite Annual Disclosure Presentation on the last page.

Gross of Fee returns are “Pure Gross” and do not reflect the deduction of transaction costs associated with investment. Pure Gross returns should be used as Supplemental Information only. Please see the All Cap Core SMA Composite presentation on the last page for more performance disclosures. Data supplied from various sources, including program Sponsors and other parties. Supplemental performance of All Cap Core from prior to 2004 is based on a representative group of accounts. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. Indices are unmanaged and cannot accommodate direct investment. Please see glossary pages 27 - 28 for definitions. Performance is derived from Roosevelt’s All Cap Core SMA Composite, which is not necessarily representative of the sponsor firms composites of Roosevelt’s All Cap Core Equity accounts. Performance figures for the trailing three months (and as incorporated into performance numbers for longer periods of time) may be based upon preliminary information. Past performance is not indicative of future results.

S&P 500 IndexRuSSell 3000 IndexAll CAP CoRe equIty (gRoSS) All CAP CoRe equIty (net)


Page 17

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity


Portfolio holdings, by sector.

Holdings are derived from a model portfolio as of March 31, 2020. The holdings are subject to change at any time, and this is not a recommendation to buy, sell, or hold any of the securities listed. Any securities mentioned may be considered by Roosevelt Investments for purchase or sale in client and/or employee portfolios in the future. The portfolio is for demonstration purposes only, and the holdings for a specific account may not be identical to this portfolio due to market conditions, account size, the ability of the custodian to hold certain securities, and other variables. All investments carry a degree of risk, including the loss of principal. All holdings within the preceding 12 months are available upon request. International investing presents certain risks not associated with investing solely in the U.S., such as currency fluctuations, political and economic changes, social unrest, changes in government regulations, differences in accounting, and the lesser degree of accurate public information available. Small cap companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they generally have a higher level of volatility. Past performance is not indicative of future results, and the reader should not assume that an investment in the securities listed was or will be profitable. The portfolio may hold exchange-traded funds (ETFs) or exchange-traded notes (ETNs). Investors should consider the investment objective, risks, charges, and expenses associated with the ETF or ETN before investing. This and other information is found in the prospectus, which can be obtained through a financial advisor and/or the fund’s sponsor. The information contained on this slide is supplemental to the All Cap Core SMA Composite presentation on the last page. Past performance is not indicative of future results, and the reader should not assume that an investment in the securities listed was or will be profitable.


sectoR/secuRity% of

poRtfoliotickeR

consumeR DiscRetionaRy 12.95

AMAZON.COM 4.50 AMZN

APTIV 2.25 APTV

BRIGHT HORIZONS FAMILY SOLUTIONS 0.70 BFAM

HOME DEPOT 2.75 HD

ROSS STORES 2.75 ROST

consumeR staples 4.50

CONSTELLATION BRANDS 2.00 STZ

LAMB WESTON HOLDINGS 2.50 LW

eneRGy 1.00

CONOCOPHILLIPS 1.00 COP

financials 12.95

BERKSHIRE HATHAWAY 3.00 BRK/B

CME GROUP 1.50 CME

FIRST REPUBLIC BANK 1.50 FRC

GOLDMAN SACHS GROUP 1.00 GS

JPMORGAN CHASE & CO 3.00 JPM

MARKETAXESS HOLDINGS 1.30 MKTX

sectoR/secuRity% of

poRtfoliotickeR

financials (cont.)

S&P GLOBAL 1.65 SPGI

healthcaRe 13.60

GW PHARMACEUTICALS ADR 1.50 GWPH

JOHNSON & JOHNSON 2.40 JNJ

PFIZER 1.50 PFE

STRYKER CORP. 1.25 SYK

THERMO FISHER SCIENTIFIC 2.00 TMO

UNITEDHEALTH GROUP 2.75 UNH

VERTEX PHARMACEUTICALS 2.20 VRTX

inDustRials 10.70

HONEYWELL INTERNATIONAL 2.70 HON

LOCKHEED MARTIN 2.00 LMT

OLD DOMINION FREIGHT LINE 3.00 ODFL

UNION PACIFIC 3.00 UNP

sectoR/secuRity% of

poRtfoliotickeR

infoRmation technoloGy 30.90

ALPHABET 3.50 GOOGL

APPLE 5.50 AAPL

FACEBOOK 3.00 FB

KEYSIGHT TECHNOLOGIES 2.20 KEYS

MARVELL TECHNOLOGY 1.40 MRVL

MICROCHIP TECHNOLOGY 3.30 MCHP

MICROSOFT 5.50 MSFT

NVIDIA CORP 0.50 NVDA

UNIVERSAL DISPLAY CORP 0.50 OLED

VERIZON COMMUNICATIONS 1.80 VZ

VISA 3.70 V

Real estate 4.00

CROWN CASTLE 2.50 CCI

PROLOGIS 1.50 PLD

utilities 3.75

NEXTERA ENERGY 3.75 NEE

cash 5.65

total poRtfolio 100.00

Page 18

Due to rounding, totals may not sum to 100%. All Cap Core holdings information and weights are based on a model portfolio as of March 31,2020. Sector and market cap data supplied by Bloomberg. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. The holdings are subject to change at any time, and this is not a recommendation to buy, sell or hold any of the securities listed. Any securities mentioned may be considered by The Roosevelt Investment Group for purchase or sale in client and/or employee portfolios in the future. The portfolio is for demonstration purposes only, and holdings for a specific account may not be identical to this model portfolio due to market conditions, account size, the ability of the custodian to hold certain securities, and other variables. All investments carry a degree of risk, including the loss of principal. All holdings within the preceding 12 months are available upon request. International investing presents certain risks not associated with investing solely in the US, such as currency fluctuation, political and economic change, social unrest, changes in government regulations, differences in accounting and the lesser degree of accurate public information available. Small cap companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies. Therefore, they generally have a higher level of volatility. Indices are unmanaged and cannot accommodate direct investment. The portfolio may hold exchange-traded funds (ETF). Roosevelt Investments considers investment objectives, risks, charges, and expenses associated with the ETF before investing. This and other information is found in the prospectus, which can be obtained through a financial advisor and/or the fund’s sponsor. The information contained on this page is supplemental to the All Cap Core SMA Composite presentation on the last page and the table entitled “Top Ten Holdings” sets forth the 10 largest holdings held in the model. Please see back page for additional disclosures. Please see glossary pages 27 - 28 for definitions. Past performance is not indicative of future results, and the reader should not assume that an investment in the securities listed was or will be profitable.

1 Cash represents 5.65% which is not represented in this breakdown.2 Based on an S&P 500 ETF. Other (0.16%) of the funds allocation is not represented in this breakdown

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity Roosevelt

Investments


Sector AllocationPortfolio

(%)S&P

500 (%)Russell

3000 (%)Communication Services 8.30 10.71 9.84Consumer Discretionary 12.95 9.80 10.02Consumer Staples 4.50 7.77 7.06Energy 1.00 2.65 2.46Financials 12.95 10.89 11.44Health Care 13.60 15.33 15.64Industrials 10.70 8.22 9.04Information Technology 22.60 25.44 24.50Materials 0.00 2.44 2.60Real Estate 4.00 3.02 3.87Risk Tools 0.00 0.00 0.00Utilities 3.75 3.57 3.52Cash 5.65 0.00 0.00Total Portfolio 100.00 100.00 100.00

Top 10 Holdings (by weight)

Portfolio (%) Symbol Sector

APPLE 5.50 AAPL Information TechMICROSOFT 5.50 MSFT Information TechAMAZON 4.50 AMZN Consumer DiscNEXTERA ENERGY 3.75 NEE UtilitiesVISA 3.70 V Information TechALPHABET 3.50 GOOGL Communication SvsMICROCHIP TECHNOLOGY 3.30 MCHP Information TechBERKSHIRE HATHAWAY 3.00 BRK/B FinancialsFACEBOOK 3.00 FB Communication Svs

UNION PACIFIC 3.00 UNP IndustrialsTotal 38.751

Market CapitalizationPortfolio1

(%)S&P 5002

(%)Russell 3000

(%)> $10B 89.15 95.72 84.74$2- $10B 5.20 3.90 11.49< $2B 0.00 0.04 3.77Weighted Average Market Cap (In Millions) $317,469 $283,504 $244,063

A diversified all cap equity portfolio.

Page 19

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity


Data as of March 31, 2020. All charaacteristics measured against the Russell 3000. Statistics are calculated by Informa Investment Solutions Plan Sponsor Network (PSN) using monthly, gross data, which is supplied by program Sponsors and other parties. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. Gross of Fee returns are “Pure Gross” and do not reflect the deduction of transaction costs associated with investment. Pure Gross returns should be used as Supplemental Information only. Indices are unmanaged and cannot accommodate direct investment. Please see last page for additional disclosures. Please see glossary pages 27 - 28 for definitions. Performance is derived from Roosevelt’s All Cap Core SMA Composite, which is not necessarily representative of the sponsor firms composites of Roosevelt’s All Cap Core Equity accounts. Performance figures for the trailing three months (and as incorporated into performance numbers for longer periods of time) may be based upon preliminary information. Past performance is not indicative of future results.

Portfolio Statistics 3 Years 5 Years 7 Years 10 Years

Upside Capture Ratio 98.89 86.82 82.35 81.36

Downside Capture Ratio 75.28 81.12 81.12 85.07

Alpha 3.83 0.97 0.36 0.00

Beta 0.82 0.89 0.81 0.81

Sharpe Ratio Russell 3000

0.40 0.12

0.38 0.30

0.61 0.60

0.61 0.63

Standard Deviation Russell 3000

15.45 18.71

13.02 15.40

11.61 13.58

12.83 15.18

R2 0.98 0.95 0.91 0.92

Information Ratio 0.93 0.09 -0.25 -0.37

Tracking Error 4.09 3.87 4.22 4.72


Page 20

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity


Data as of March 31, 2020. Gross of Fee returns are “Pure Gross” and do not reflect the deduction of transaction costs associated with investment and advisory fees, which would decrease performance. Pure Gross returns should be used as Supplemental Information only. Please see the All Cap Core SMA Composite presentation on the last page for more performance disclosures. All performance figures greater than one year are annualized. Performance data supplied from various sources, including program Sponsors and other parties. Standard deviation is calculated by Informa Investment Solutions Plan Sponsor Network (PSN) using monthly, gross data, which is supplied by program Sponsors and other parties (monthly data was used for the 1 Year figure). We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. Standard deviation of All Cap Core is measured against the Russell 3000 Index. Indices are unmanaged and cannot accommodate direct investment. Please see glossary pages 27 - 28 for definitions. Performance is derived from Roosevelt’s All Cap Core SMA Composite, which is not necessarily representative of the sponsor firms composites of Roosevelt’s All Cap Core Equity accounts. Performance figures for the trailing three months (and as incorporated into performance numbers for longer periods of time) may be based upon preliminary information. Past performance is not indicative of future results.

Standard Deviation 1 Year 3 Years 5 Years 7 Years 10 YearsAll Cap Core Equity (Gross) 16.81 15.45 13.02 11.61 12.83All Cap Core Equity (Net) 16.62 15.40 12.98 11.57 12.79Russell 3000 19.89 18.71 15.40 13.58 15.18S&P 500 18.96 17.97 14.79 13.04 14.54

All Cap Core Equity Annualized Total Return Comparison

* All performance figures greater than one year are annualized.


All Cap Core Equity Composite Gross of FeesAll Cap Core Equity Composite Net of FeesRussell 3000 Total Return IndexS&P 500 Total Return Index

-10.0

-4.5

1.0

6.5

12.0

-6.98

5.10

6.73

9.6210.53

-9.13

4.00

5.77

8.96

10.15

6.28

4.56

6.336.82

0.14

7.82

6.11

7.918.4

10 Year*7 Year*5 Year*3 Year*1 Year

-1.25

0.14

Page 21

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity


Source: Informa Investment Solutions Plan Sponsor Network (PSN), using monthly, gross data. HFRI Equity Hedge Index - An equal-weighted performance index of investment managers who maintain positions both long and short in primarily equity and equity derivative securities using a wide variety of investment approaches, including quantitative and fundamental techniques, broadly diversified or narrowly focused exposure, and widely ranging levels of net exposure, leverage, holding periods, concentrations, and valuations.

Gross of Fee returns are “Pure Gross” and do not reflect the deduction of transaction costs associated with investment and advisory fees, which would lower returns. Pure Gross returns should be used as Supplemental Information only. This information is supplemental to the All Cap Core SMA Composite Annual Disclosure Presentation on the last page; please see the last page for more performance disclosures. Data supplied from various sources, including program Sponsors and other parties. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. Indices are unmanaged and cannot accommodate direct investment. Performance is derived from Roosevelt’s All Cap Core SMA Composite, which is not necessarily representative of the sponsor firms composites of Roosevelt’s All Cap Core Equity accounts. Performance figures for the trailing three months (and as incorporated into performance numbers for longer periods of time) may be based upon preliminary information. Past performance is not indicative of future results.


Many investors desire the potential for capital appreciation without taking on the risk of the overall stock market, especially when risks appear excessive.

All Cap Core portfolio volatility falls in between the Russell 3000 and the HFRI Equity Hedge (Total) Index. Similar to some absolute

return strategies, our defensive posturing was an active decision to protect against potential market declines when risk was observed.

10 11 12 13 14 15 16 17 18 19 200

2

4

6

8

10

Rate

of Re

turn

Standard Deviation

Russell 3000

All Cap Core Gross

HFRI Equity Hedge Index

All Cap Core Net

Standard Deviation6.00 7.25 8.50 9.75 11.00 12.25 13.50 14.75 16.00

2

4

6

8

Rate

of Re

turn

Standard Deviation

Russell 3000

All Cap Core Gross


All Cap Core Net

7 8 9 10 11 12 13 140

2

4

6

8

10

Rate

of Re

turn

Standard Deviation

Russell 3000All Cap Core Gross


All Cap Core Net

8 9 10 11 12 13 14 15 160

2

4

6

8

10

12

Rate

of Re

turn

Standard Deviation

Russell 3000

All Cap Core Gross


All Cap Core Net

Standard Deviation

Rate

of R

etur

n

Rate

of R

etur

n

Standard Deviation

Rate

of R

etur

n

Standard Deviation

Rate

of R

etur

n

3 Year Risk/Reward, 3/31/17 - 3/31/20 5 Year Risk/Reward, 3/31/15 - 3/31/20

7 Year Risk/Reward, 3/31/13 - 3/31/20 10 Year Risk/Reward, 3/31/10 - 3/31/20

Standard Deviation

Page 22


Gross of Fee returns are “Pure Gross” and do not reflect the deduction of transaction costs associated with investment and advisory fees, which would decrease performance. Pure Gross returns should be used as Supplemental Information only. Please see the All Cap Core SMA Composite presentation on the last page for more performance disclosures. Performance data supplied from various sources, including program Sponsors and other parties. Supplemental performance of All Cap Core from prior to 2004 is based on a representative group of accounts. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. Indices are unmanaged and cannot accommodate direct investment. Please see glossary pages 27 - 28 for definitions. Performance is derived from Roosevelt’s All Cap Core SMA Composite, which is not necessarily representative of the sponsor firms composites of Roosevelt’s All Cap Core Equity accounts. Performance figures for the trailing three months (and as incorporated into performance numbers for longer periods of time) may be based upon preliminary information. Past performance is not indicative of future results.

As of 3/31/20All Cap Core

Gross of Fees (%)All Cap Core

Net of Fees (%)Russell 3000

Total Return (%)S&P 500

Total Return (%)2020 YTD -15.13 -15.42 -20.90 -19.602019 31.22 29.39 31.02 31.492018 -3.26 -4.67 -5.24 -4.382017 23.36 21.57 21.13 21.832016 5.68 4.07 12.74 11.962015 -1.62 -3.09 0.48 1.382014 5.24 3.66 12.56 13.692013 29.28 27.43 33.55 32.392012 12.88 11.21 16.42 16.002011 -4.15 -5.56 1.03 2.112010 14.76 13.12 16.93 15.06

2009 16.55 14.87 28.34 26.462008 -28.95 -29.99 -37.31 -37.002007 24.85 23.18 5.14 5.49

2006 14.63 12.99 15.72 15.80

2005 12.16 10.64 6.12 4.91

2004 18.59 17.15 11.95 10.88

Supplemental Information†

All Cap Core Gross of Fees (%)

All Cap Core Net of Fees (%)

Russell 3000 Total Return (%)

S&P 500 Total Return (%)

2003 39.85 38.30 31.06 28.68

2002 -12.54 -13.49 -21.54 -22.10

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity

Portfolio / Performance Roosevelt

Investments

Page 23

The result of risk mitigation? Capital appreciation.

Thematic Approach

Security Analysis

Risk Management

All Cap Core Equity



Gross of Fee returns are “Pure Gross” and do not reflect the deduction of transaction costs associated with investment and advisory fees, which would decrease performance. Pure Gross returns should be used as Supplemental Information only. Please see the All Cap Core SMA Composite presentation on the last page for more performance disclosures. Data supplied from various sources, including program Sponsors and other parties. Supplemental performance of All Cap Core from prior to 2004 is based on a representative group of accounts. We deem these to be reliable sources, but cannot guarantee their accuracy and completeness. Indices are unmanaged and cannot accommodate direct investment. Please see glossary pages 27 - 28 for definitions. Performance is derived from Roosevelt’s All Cap Core SMA Composite, which is not necessarily representative of the sponsor firms composites of Roosevelt’s All Cap Core Equity accounts. Performance figures for the trailing three months (and as incorporated into performance numbers for longer periods of time) may be based upon preliminary information. Past performance is not indicative of future results.

August 2000 – September 2002All Cap Core (ACC): Declined 33.13%Russell 3000: Declined 44.13%

October 2007 – February 2009All Cap Core (ACC): Declined 37.92%Russell 3000: Declined 51.20%

Hypothetical start value of

$100,000

Supplemental Information†


$-

$100,000.00

$200,000.00

$300,000.00

$400,000.00

$500,000.00

$600,000.00

Ma

r-0

0

Ma

r-0

1

Ma

r-0

2

Ma

r-0

3

Ma

r-0

4

Ma

r-0

5

Ma

r-0

6

Ma

r-0

7

Ma

r-0

8

Ma

r-0

9

Ma

r-1

0

Ma

r-1

1

Ma

r-1

2

Ma

r-1

3

Ma

r-1

4

Ma

r-1

5

Ma

r-1

6

Ma

r-1

7

Ma

r-1

8

Ma

r-1

9

Ma

r-2

0

Outperformance Over the Long-Term: 3/31/2000 - 3/31/2020

ACC GrossACC NetRussell 3000S&P 500

$408,188

$311,706

$272,924$260,670

Page 24


JOHN ROSCOE, CFA* Managing Director, Chief Investment Officer John Roscoe joined Roosevelt Investments in 2008 and is currently the firm’s Chief Investment Officer and Senior Portfolio Manager. Prior to Roosevelt, Mr. Roscoe was employed by Morgan Stanley Investment Management, where he held a number of different roles in portfolio management and analysis, most recently as Co-Manager of the Dividend Growth Securities Fund. Before joining Morgan Stanley, he served as an analyst on the global large cap equity team at Rockefeller & Co. and as a manager in the Treasury Division of Pfizer. Mr. Roscoe earned a BS in biology and an MBA with a concentration in Finance from Cornell University, and holds the Chartered Financial Analyst® designation.

JASON BENOWITZ, CFA* Senior Portfolio Manager Jason Benowitz joined Roosevelt Investments in 2009 as a Securities Analyst. Prior to Roosevelt, Mr. Benowitz was a Principal at Druker Capital, a long/short hedge fund manager, and a Vice President in the U.S. Equity Research Group at Morgan Stanley Investment Management. He was also an investment banking analyst at Merrill Lynch. Mr. Benowitz earned a BA in Computer Science from Harvard College and an MBA in Finance and Accounting from The Wharton School at the University of Pennsylvania, where he was a Palmer Scholar. Mr. Benowitz holds the Chartered Financial Analyst® designation.

JASON SHEER, CFA* Portfolio Manager Jason Sheer joined Roosevelt Investments in 2005 as a Portfolio Manager of equity investments and a Securities Analyst. Mr. Sheer is a member of the Investment Committee. He earned a BA in Philosophy from Tulane University and an MBA in Finance and Investments from the George Washington University. Mr. Sheer holds the Chartered Financial Analyst® designation. He is also a member of the New York Society of Securities Analysts.

Equity Investment Team

*Members of the Domestic Equity Investment Committee. Committee members serve as both analysts and portfolio managers for Roosevelt’s various domestic equity strategies, though not all committee members contribute to every strategy in the same capacity.

Page 25


ROBERT L. MEYER, CFA* Managing Director and Portfolio Manager Robert L. Meyer’s association with Roosevelt Investments began in 2005 when the clients of his predecessor company, Ehrlich Meyer Associates, were brought under Roosevelt management. In 2007, he became a Managing Director and Portfolio Manager of the firm. His prior experience includes Director of Research at two Wall Street brokerages, Fahnestock & Co. and H.C.Wainwright & Co., following his position as an oil and gas analyst and early member of the Institutional Investor Magazine’s All Star Team while a partner at Wainwright. Mr. Meyer has also managed fixed income assets for approximately the past twenty years. Many of his clients, typically high net worth individuals and institutions, seek liquid alternatives to stocks that are relatively more conservative in nature but that will achieve the clients’ need for income. He is a graduate of Harvard College and Harvard Business School and holds the Chartered Financial Analyst® designation.

ARTHUR H. SHEER* Chairman Arthur H. Sheer is the Chairman of the Board of Directors of The Roosevelt Investment Group, Inc. Mr. Sheer was previously the Founder and Chief Executive Officer of Sheer Asset Management, Inc., which he began in 1990 and later expanded in 2002 with the merger with The Roosevelt Investment Group, Inc. He began his career in 1970 as a Securities Analyst at First National Bank of Chicago, and has held various positions in equity research and investment management at Keystone Custodian Funds and Fidelity Management. He also served as the appointed Chief Investment Officer at J. Rothschild and Rothschild affiliated companies. Mr. Sheer earned his BS in Economics from the University of Rhode Island with Phi Kappa Psi honors, and an MBA from Babson College.

Domestic Equity Investment Team

*Members of the Domestic Equity Investment Committee. Committee members serve as both analysts and portfolio managers for Roosevelt’s various domestic equity strategies, though not all committee members contribute to every strategy in the same capacity.

Page 26


Absolute Return Strategies - investment strategies or funds that seek positive returns independent of a benchmark, such as the Russell 3000, and regardless of market envi-ronment. To accomplish this goal, these strategies typically engage in hedging, and also may invest in multiple asset classes to increase diversification.

Alpha - A measure of the risk-adjusted return expected from a portfolio above and beyond the benchmark return.

American Depositary Receipts (ADRs) - Receipts for shares of a foreign-based corporation held in the vault of a U.S. bank.

Beta - Beta is used to measure market risk. Beta defines the average relationship, over time, of the rate of return of a portfolio or security to the rate of return of the style index. A manager that is equally as volatile as the market index has a beta of 1.0, a manager half as volatile as the market index has a beta of 0.5. Managers with a beta higher that 1.0, such as 1.2 are more volatile than the market index.

Cap-X Spending - Refers to the money spent to acquire or upgrade physical assets, such as buildings and machinery.

Downside Capture Ratio - A measure of the portfolio’s performance during down markets relative to the market benchmark (S&P 500, for example). The lower the capture ratio, the better the portfolio performed in a declining market. For example, a Down-Market Capture ratio of 90 indicates that the portfolio’s losses were only 90% of the market’s losses when the market was down. A negative ratio indicates the portfolio had positive returns when the market had negative returns. Note: The magnitude of the ratio may be deceiving if the return figures are small. For example, if the market returned -0.1% and the portfolio returned -0.3%, the result is a down market capture ratio of 300.

HFRI Equity Hedge (Total) Index - An equal weighted performance index, updated three times a month. The index consists of investment managers who maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net ex-posure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short. The Equity Hedge (Total) Index includes managers from 7 sub-catego-ries. source: Informa Investment Solutions Plan Sponsor Network (PSN)

Information Ratio - A ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a port-folio manager’s ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR the more consistent a manager is and consistency is an ideal trait.

Inverse/Leveraged Inverse ETFs - Leveraged ETFs are securities that attempt to replicate multiples of the performance of an underlying financial index. Inverse ETFs are de-signed to replicate the opposite direction of these same indices, often at a multiple. These ETFs often use a combination of futures, swaps, short sales, and other derivatives to achieve these objectives. Most leveraged and inverse ETFs are designed to achieve these results on a daily basis only. This means that over periods longer than a trading day, the value of these ETFs can and usually do deviate from the performance of the index they are designed to track. Over longer periods of time or in situations of high volatility, these deviations can be substantial.

Market Capitalization is defined as the following: Large (> $10 billion), Medium ($2 - $10 billion), Small (< $2 billion), although the market segments may vary for different investment products.

Natural Hedges - Security that tends to move inversely to another security or market.

Precious Metals - The value of precious metals may be affected by various and often unpredictable factors, including, but not limited to, the economic, financial, social and po-litical conditions globally and in particular countries. A precious metal’s market price and the liquidity and trading values of precious metals may be affected by, retail markups, safekeeping charges, shipping costs, the actions of sovereign governments that may directly or indirectly impact the price of a precious metal. Precious Metals markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regula-tions and intervention. In addition, U.S. futures exchanges and some non-U.S. exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” and the maximum or minimum price on a contract on any given day as a result of these limits is referred to as a “limit price”. Once the limit price has been reached in a particular contract, no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

R2 - Reflects the percentage of a strategy’s movements that can be explained by movements in its benchmark index. An R2 of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, portfolios invested in S&P 500 stocks will typically have an R2 close to 100. Conversely, a low R2 indicates that very few of the fund’s movements can be explained by movements in its benchmark index. An R2 measure of 35, for example, means that movements in the benchmark index can explain only 35% of the portfolio’s movement.

All Cap Core Equity Glossary

Page 27


Russell 3000 Index - A market index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

S&P 500 Index - An index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.

Sharpe Ratio - A risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance. The Sharpe Ratio can be used to compare two portfolios directly on how much risk a fund has to bear to earn excess return over the risk-free rate.

Standard Deviation - Measure of the amount of risk present in a portfolio. Standard Deviation gives an indication of the range of returns to be expected in an average year. For example, if a portfolio has an average annual return of 10% and a Standard Deviation of 6%, 2/3 of the time, returns were between 4% and 16% in a year. Standard Deviation is a measure of the dispersion (variability) of a portfolio’s quarterly rates of return around its mean rate for the period. Generally, the higher the Standard Deviation, the higher the variability or risk.

TIPS - Treasury Inflation Protected Securities.

Tracking Error - Measures the divergence between the price behavior of a portfolio and the price behavior of a benchmark.

Upside Capture Ratio - A measure of the portfolio’s performance during up markets relative to the market benchmark (S&P 500, for example). The higher the capture ratio, the better the portfolio has performed in a rising market. For example, an Up-Market Capture ratio of 110 indicates that the portfolio captured 110% of the market’s performance (the portfolio returns were 10% greater than the market). A negative ratio indicates that the portfolio had negative returns when the market had positive returns.

Zero Coupon US Treasury - US Treasury debt security that does not pay interest (coupon) but is issued at a discount.

VIX - The ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options.

DISCLOSURES

All expressions of opinion reflect the judgment of Roosevelt Investments at this time and are subject to change. This material is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Information has been obtained from sources considered reliable, but we do not guarantee that the material presented is accurate or that it provides a complete description of the securities, markets or developments mentioned. We may, from time to time, have a position in the securi-ties mentioned and may execute transactions that may not be consistent with this communication’s conclusions.

Holdings-based information for the All Cap Core Portfolio is based on a model portfolio (unless otherwise stated) and is derived from the Portfolio Accounting System of Axys, an Advent licensed product, and Bloomberg. We deem these to be reliable sources but cannot guarantee their accuracy and completeness.

The indices mentioned are unmanaged, may include the reinvestment of earnings and may reflect transaction costs or management fees and other expenses. Unlike these in-dices, the strategy is actively managed and may include substantially fewer securities than the number of securities comprising the indices, and may have volatility, investment and other characteristics that differ from the strategy. Investments cannot be made directly into an index.

Roosevelt Investments is solely responsible for the content of its website. The sponsor/broker dealer firm has not reviewed or verified the accuracy or completeness of its con-tent and is not responsible for any statements included therein.

All Cap Core Equity Glossary and Disclosures

RIG-03639-20

The Roosevelt Investment Group, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. The Roosevelt Investment Group, Inc. has been independently verified for the periods January 1, 2004 through December 31, 2016. The verification report(s) is/are available upon request. Verification as-sesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

The Roosevelt Investment Group, Inc. (TRIG) is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers act of 1940. The All Cap Core SMA Composite is com-prised of 100% SMA accounts and includes all SMA portfolios managed in the all cap core style. Our All Cap Core portfolio construction begins with a top-down, global macro (thematic) approach. Once we identify a theme, we apply our propriety fundamental bottom-up security selection process. In order to provide diversification, the portfolio will typically maintain 8 - 12 themes at any given time. The portfolio management team is agnostic to benchmarks, sectors and traditional valuation and capitalization metrics. Particular attention is paid to risk management where tools and techniques are incorporated when the portfolio management team perceives heightened risks in the markets. For comparison purposes the composite is measured against the Russell 3000 (DRI) Index and the S&P 500 Index. The Russell 3000 (DRI) Index is a market index that measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The S&P 500 Index is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. Companies included in the index are selected by the S&P Index Committee, a team of analysts and economists at Standard & Poor’s. The S&P 500 is a market value weighted index - each stock’s weight is proportionate to its market value. Benchmark returns are net of withholding taxes. Unlike the index, the strategy is actively managed and may include substantially fewer securities than the number of securities comprising the indexes, and may have volatility, investment and other characteristics that differ from the strategy. Closed account data is included in the composite as mandated by the standards in order to eliminate a survivorship bias.

The All Cap Core SMA Composite was created on September 1, 2009 and has an inception date of January 1, 2000. The U.S. Dollar is the currency used to express valuations and performance. The firm maintains a complete list and description of composites, which is available upon request.

Pure gross returns are shown as supplemental information, include the reinvestment of all income and do not include investment management fees, custodial fees or transaction costs. Net returns include the reinvest-ment of all income and are reduced by the actual, entire SMA fee charged to the client. SMA fees include transaction costs, investment management fees and custodial fees. SMA fees vary across SMA sponsors, generally ranging between 1.0% and 3.0% of total assets under management. TRIG receives a portion of this fee for investment management services provided. SMA fee schedules are provided by independent SMA sponsors and are available upon request from the respective SMA sponsor. For the purpose of performance calculation, SMA accounts are aggregated by sponsor, with each sponsor viewed as a single portfolio. Dual contract SMA accounts are also aggregated and viewed as a single portfolio. SMA composite returns are calculated by weighting each account’s monthly return by its corresponding beginning market value.

The Number of Accounts and Composite Assets columns include only the accounts that were in the composite at the end of the year. The annual composite dispersion presented is a net-of-fees, asset-weighted standard deviation calculated for the accounts in the composite for the entire year. The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preced-ing 36-month period. The standard deviation is not presented for periods prior to 2011 because it is not required by GIPS for periods prior to 2011. Additional information regarding the policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Past performance is not indicative of future results.

Roosevelt Investments is solely responsible for the content of its website. The sponsor/broker dealer firm has not reviewed or verified the accuracy or completeness of its content and is not responsible for any state-ments included therein.

Year End

Annual Performance Results Composite

Russell 3000 (DRI)

S&P 500 Composite Dispersion

Number of Accounts

% of Non Fee-Paying

Composite Assets (USD)

(millions)

Total Firm Assets (millions)

3 Yr. STD Comp.

3 Yr. STD R3000

3 Yr. STD SP500

Pure Gross (supplemental)

Net

2018 -3.26% -4.67% -5.24% -4.38% 0.14% 16 0% 224 2,068 10.12% 11.18% 10.80%

2017 23.36% 21.57% 21.13% 21.83% 0.38% 17 0% 247 2,436 8.78% 10.09% 9.92%

2016 5.68% 4.07% 12.74% 11.96% 0.23% 19 0% 319 2,039 9.63% 10.88% 10.59%

2015 -1.62% -3.09% 0.48% 1.38% 0.18% 18 0% 769 2,355 10.52% 10.58% 10.47%

2014 5.24% 3.66% 12.56% 13.69% 0.29% 21 0% 1,056 2,504 9.63% 9.29% 8.97%

2013 29.28% 27.43% 33.55% 32.39% 0.23% 21 0% 1,373 2,799 11.36% 12.53% 11.94%

2012 12.88% 11.21% 16.42% 16.00% 0.53% 19 0% 1,329 2,538 13.53% 15.73% 15.09%

2011 -4.15% -5.56% 1.03% 2.11% 0.38% 25 0% 1,902 2,947 16.05% 19.62% 18.97%

2010 14.76% 13.12% 16.93% 15.06% 0.39% 23 0% 2,483 3,684

2009 16.55% 14.87% 28.34% 26.46% 0.61% 18 0% 2,311 3,506

2008 -28.95% -29.99% -37.31% -37.00% 0.54% 15 0% 1,294 2,283

2007 24.85% 23.18% 5.14% 5.49% 1.08% 13 0% 467 1,602

2006 14.63% 12.99% 15.72% 15.80% 0.72% 11 0% 156 1,095

2005 12.16% 10.64% 6.12% 4.91% <5 portfolios 6 0% 44 840

2004 18.59% 17.15% 11.95% 10.88% <5 portfolios <5 portfolios 0% 18 722Supplemental Information - performance presented prior to 2004 is a representative group of actual accounts managed by Roosevelt prior to the firm becoming GIPS Compliant.

2003 39.85% 38.30% 31.06% 28.68% <5 portfolios <5 portfolios 0% 6 597

2002 -12.54% -13.49% -21.54% -22.10% <5 portfolios <5 portfolios 0% 3 456




All Cap Core SMA Composite Annual Disclosure Presentation

Documents

Roosevelt · the All Cap Core SMA Composite presentation on the last page; please see back page for further disclosures. The portfolio may hold exchange-traded funds (ETF). Roosevelt