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  1. Fiduciary Trust Company International (“FTCI”) is a New York state-chartered limited purpose trust company. FTCI and its subsidiaries including Fiduciary Trust International LLC (“FTI LLC) a Delaware limited liability company and investment adviser registered with the U.S. Securities and Exchange Commission, together do business as Fiduciary Trust International, referred to within this document as Fiduciary Trust. Registration of FTI LLC with the SEC does not constitute an endorsement by the SEC nor does it imply a certain level of skill or training. Services may be provided by FTCI and/or FTI LLC or one of FTCI’s subsidiaries. FTCI is a wholly owned subsidiary of Franklin Resources, Inc., a publicly traded financial services firm (ticker “BEN”).
  2. Fiduciary Trust has prepared this document solely for the person to whom it has been given for informational and discussion purposes only. Not all investments are suitable for all clients. This document and the information contained herein are strictly confidential and may not be reproduced, distributed or communicated to any third party without the express written approval of Fiduciary Trust. We reserve the right at any time to amend or change the contents of this document without notice. The information and opinions herein reflect the views and opinions of Fiduciary Trust as of the date of this presentation and not as of any future date. All forecasts are speculative, subject to change at any time and may not come to pass due to economic and market conditions.
  3. Past performance does not guarantee future results and results may differ over future time periods. There is no assurance that any intended results and/or hypothetical projections will be achieved or that any forecasts expressed will be realized. Investment return and principal value will fluctuate so that, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The information in this document has not been independently reviewed or audited by external accountants.
  4. This document and the information contained shall not constitute an offer to sell or a solicitation of an offer to buy any securities in any investment vehicle, whether or not such vehicle is sponsored by FTI LLC. The material contains investment analysis and is not based on a consideration of any individual client circumstances and should not be construed in any way as investment advice, tax, estate, accounting, legal or regulatory advice. Any investment involves substantial risks and there can be no assurance that the investment objectives described herein will be achieved.
  5. Fiduciary Trust believes that the research used in this presentation is based on accurate sources (including but not limited to economic and market data from various government and private sources and reputable external databases), but we have not independently verified those sources, and we therefore do not guarantee their accuracy. The opinions, projections and estimates contained herein reflect the views of Fiduciary Trust only and should not be construed as absolute statements and are subject to change without notice. Our investment strategies and the resulting portfolio holdings may change depending on factors such as market and economic conditions. This information is not a complete analysis of every aspect of any market, country, industry, security or portfolio. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date of the material.
  6. Not all investments are suitable for all clients. All investments involve risks, including possible loss of principal. Private investments are subject to special risks. Hedge funds (or funds of hedge funds), private equity funds, and venture capital funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. These investments can be highly illiquid and are not required to provide periodic pricing or valuation information to investors and may involve complex tax structures and delays in distributing important tax information. These investments are not subject to the same regulatory requirements as mutual funds. For complete information, please refer to the applicable offering memorandum. These investments are only suitable and intended for accredited investors within the meaning of Regulation D under the Securities Act of 1933, and qualified purchasers within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, who are familiar with and willing to accept the risks associated with private investments and able to bear the loss of their entire investment. Before making an investment decision, potential investors are advised to read carefully the respective offering documents (including any relevant underlying agreements) and the related subscription documents, and to consult with their tax, legal, ERISA and financial advisors as appropriate.
  7. In some cases Fiduciary Trust may determine it is appropriate to invest a portion of a client’s assets into one or more registered funds including mutual funds, money market funds and exchange traded funds or securities acquired pursuant to any public, private and direct placement including any fund not registered under the Investment Company Act of 1940 and separately managed account strategies for which an affiliate of Fiduciary Trust serves as investment adviser or sub-adviser, sponsor, administrator or in any other capacity or receives investment advisory or other fees (each an “Affiliated Investment Product” and collectively “Affiliated Investment Products”). In such instances, the client will generally bear the pro rata share of the costs and expenses charged by the Affiliated Investment Products to their investors, as described in the prospectus or other relevant offering document of the respective Affiliated Investment Product. This will often include Fiduciary Trust’s affiliate receiving compensation for providing investment management and other services to each Affiliated Investment Product that it manages. Fiduciary Trust’s affiliate will also occasionally share such compensation with Fiduciary Trust. To mitigate this conflict, Fiduciary Trust excludes any assets invested in Affiliated Investment Products from its management fees, unless otherwise agreed with a client or disclosed to a client, and subject to applicable law. However, subject to certain conditions and where permitted by law, an administrative fee of 0.25% may be applied to the value of such assets. In addition, to the extent account assets are allocated to unaffiliated third party managers and sub-advisers, a client may incur additional fees charged by those third-party managers and sub-advisers. Brokerage commission rates are a separate cost.
  8. With regard to investment in mutual funds, additional information may be found in the prospectus, which will be provided upon request. Investors should carefully review the prospectus and consider a fund's investment goals, risks, charges and expenses before investing. Extent of FDIC Insurance: Securities, mutual funds and other non-deposit investments in your account are subject to investment risk, including possible loss of principal amounts invested, are not deposits or other obligations of, or guaranteed by, Fiduciary Trust, and are not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Cash balances custodied in your Account with Fiduciary Trust may be placed on deposit at one or more FDIC-insured banks, and, if so, are insured to the maximum extent permitted under the FDIC’s general deposit insurance rules in accordance with the Federal Deposit Insurance Act (further details can be found at www.fdic.gov/deposit/). However, cash balances invested in a Short Term Investment Program (STIP), an overnight investment vehicle, are not FDIC insured.
  9. Certain information contained herein constitutes “forward-looking statements” which can be identified by the use of terms such as “may”, “will”, “should”, “seek”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements.
  10. Benchmarks are shown for illustrative purposes only and are provided for the purpose of making general market data available as a point of reference only. Such benchmarks may not be available for direct investment, may be unmanaged, assume reinvestment of income, do not reflect the impact of any trading commissions and costs, management or performance fees and have limitations when used for comparison or other purposes because they, among other reasons, may have different trading strategy, volatility, credit, or other material characteristics (such as limitations on the number and types of securities or instruments). No representation is made that any benchmark or index is an appropriate measure for comparison. The S&P 500 is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. The NASDAQ Composite Index covers more than 2,500 stocks listed on the NASDAQ Stock Exchange. The MSCI ACWI Index represents Developed and Emerging economies and covers approximately 85% of the global investible equity opportunity set. The MSCI ACWI ex US Index represents Developed and Emerging economies and covers approximately 85% of the investable universe outside of the US. The MSCI All Country World ex-US IMI Index is free float adjusted market capitalization weighted equity index comprised of securities in MSCI's developed and emerging market country-specific indexes, excluding the U.S. The MSCI EAFE (Europe, Australia, Far East) represents Developed Market exposure excluding the US and Canada. The MSCI EM Index (Emerging Markets) captures large and mid cap representation across 24 Emerging Markets countries. The MSCI World Index captures large and mid-cap representation across 23 Developed Markets countries. The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The MSCI Japan Index captures large and mid cap segments of the Japanese market. The MSCI Europe Index captures large and mid cap representation across 15 Developed Markets countries in Europe. The Bloomberg Commodity Index is designed to provide liquid and diversified exposure to physical commodities via futures contracts. The HFRI Fund of Funds Index tracks the performance of multi-manager funds. The HFRI Equity Hedge Index tracks the performance of equity long/short hedge fund managers. The HFRI Event Driven Distressed/Restructuring Index tracks the performance of hedge fund managers focused on the bonds and or equities of companies or countries under financial stress. The HFRI Event Driven Index tracks managers involved in the various types of event situations, e.g. merger arbitrage, distressed/restructuring, corporate spin-offs or other “special situations”. The HRFI Macro Index tracks the performance of managers that trade on macroeconomic data, e.g. interest rates, currencies. The HFRI Fund Weighted Composite Index is a global, equal-weighted index of the largest hedge funds that report to the HFR database, including equity hedge, event-driven, macro and relative value strategies. The Bloomberg 1-3 Month T-Bill Index tracks US Treasury securities that have a remaining maturity of 1-3 months. The Bloomberg US Aggregate Bond Index tracks the performance of US investment grade fixed income securities across three main categories: Treasuries, Investment Grade Corporate, and Securitized. The Bloomberg Securitized Index tracks the performance of asset-backed securities in US residential mortgage-backed securities, commercial mortgage-backed securities, and asset-backed sub-sectors. The Bloomberg Municipal 1-5 Year Index tracks the performance of US investment grade municipal bonds with a remaining maturity of more than 1 year and less than 5 years. The Bloomberg US Investment Grade Index Corporate 1-3 Year Index tracks the performance of US investment grade corporate bonds with a remaining maturity of more than 1 year and less than 3 years. The Bloomberg Treasuries Index tracks public obligations of the US Treasury with a remaining maturity of one year or more. TIPS are excluded. The Bloomberg TIPS Index tracks the performance of US inflation-linked government securities. The Bloomberg Municipal Bond Index tracks the performance of US investment grade tax-exempt bonds. The Bloomberg Corporate Bond Index tracks the performance of publicly listed US investment grade corporate bonds. The Bloomberg US Corporate High Yield Bond Index tracks the performance of fixed rate dollar-denominated corporate bonds with a credit quality below investment grade (BBB). The FTSE International (World Broad) Index tracks the performance of investment grade global fixed income across government, supranational, collateralized, and corporate debt. The Bloomberg Emerging Markets USD Aggregate Index tracks the performance of dollar-denominated debt from sovereign, quasi-sovereign, and corporate issuers in emerging markets as defined by the World Bank/IMF. The S&P/LSTA Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. The VC-backed IPO Index tracks both current and historic venture-backed IPO performance to evaluate the price performance of these listings against the broader market. The Bloomberg Commodity Index is designed to track the performance of liquid and diversified exposure to physical commodities via futures contracts. The Bloomberg US 3-6 Month T-Bill Index tracks the performance of the 3–6-month range of the US Treasury curve. The Bloomberg Global Aggregate Total Return Index is a broad-based measure of the investment grade bond market, globally. The Russell 3000 Index is a market-capitalization weighted equity index that seeks to track 3,000 of the largest US-traded stocks, representing approximately 97% of the investible US equity market. The Russell 2000 Index is a market-capitalization weighted equity index comprised of securities of small-cap U.S. companies. The Bloomberg Municipal 1-10 Year Blend 1-12 Year Index measures the performance of short and intermediate components of the Municipal Bond Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S equity universe; it includes the Russell 1000 companies with relatively lower price-to-book ratio and lower forecasted growth values. The Bloomberg U.S. Government Credit Intermediate Index measures the performance of the non-securitized component of the Bloomberg U.S. Aggregate Index with maturities of 1-10 years. The Bloomberg U.S. Treasury 1-3 Year Index measures the performance of public obligations of the U.S. Treasury with maturities of 1-3 years. The following Cambridge Associates indices: Global Fund of Funds, Global Private Equity, Global Private Real Estate, US Buyout, US Growth Equity, US Venture Capital, US Subordinated Capital and US Control-Oriented Distressed are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The FTI Private RE Blend is comprised of a blend of the Cambridge Associates Real Estate Value-Added and Opportunistic benchmarks (one-third each) along with the NCREIF Farmland and Timber benchmarks (one-sixth each).  The Cambridge Associates Value-Added Real Estate Index and the Cambridge Associates Opportunistic Real Estate Index are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The NCREIF Farmland Index and the NCREIF Timberland Index are quarterly time series composite return measures of investment performance of a large pool of individual farmland and US timber properties, respectively, acquired in the private market for investment purposes only. Certain information contained herein constitutes “forward-looking statements” which can be identified by the use of terms such as “may”, “will”, “should”, “seek”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements. Benchmarks are shown for illustrative purposes only and are provided for the purpose of making general market data available as a point of reference only. Such benchmarks may not be available for direct investment, may be unmanaged, assume reinvestment of income, do not reflect the impact of any trading commissions and costs, management or performance fees and have limitations when used for comparison or other purposes because they, among other reasons, may have different trading strategy, volatility, credit, or other material characteristics (such as limitations on the number and types of securities or instruments). No representation is made that any benchmark or index is an appropriate measure for comparison. The S&P 500 is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. The NASDAQ Composite Index covers more than 2,500 stocks listed on the NASDAQ Stock Exchange. The MSCI ACWI Index represents Developed and Emerging economies and covers approximately 85% of the global investible equity opportunity set. The MSCI ACWI ex US Index represents Developed and Emerging economies and covers approximately 85% of the investable universe outside of the US. The MSCI All Country World ex-US IMI Index is free float adjusted market capitalization weighted equity index comprised of securities in MSCI's developed and emerging market country-specific indexes, excluding the U.S. The MSCI EAFE (Europe, Australia, Far East) represents Developed Market exposure excluding the US and Canada. The MSCI EM Index (Emerging Markets) captures large and mid cap representation across 24 Emerging Markets countries. The MSCI World Index captures large and mid-cap representation across 23 Developed Markets countries. The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The MSCI Japan Index captures large and mid cap segments of the Japanese market. The MSCI Europe Index captures large and mid cap representation across 15 Developed Markets countries in Europe. The Bloomberg Commodity Index is designed to provide liquid and diversified exposure to physical commodities via futures contracts. The HFRI Fund of Funds Index tracks the performance of multi-manager funds. The HFRI Equity Hedge Index tracks the performance of equity long/short hedge fund managers. The HFRI Event Driven Distressed/Restructuring Index tracks the performance of hedge fund managers focused on the bonds and or equities of companies or countries under financial stress. The HFRI Event Driven Index tracks managers involved in the various types of event situations, e.g. merger arbitrage, distressed/restructuring, corporate spin-offs or other “special situations”. The HRFI Macro Index tracks the performance of managers that trade on macroeconomic data, e.g. interest rates, currencies. The HFRI Fund Weighted Composite Index is a global, equal-weighted index of the largest hedge funds that report to the HFR database, including equity hedge, event-driven, macro and relative value strategies. The Bloomberg 1-3 Month T-Bill Index tracks US Treasury securities that have a remaining maturity of 1-3 months. The Bloomberg US Aggregate Bond Index tracks the performance of US investment grade fixed income securities across three main categories: Treasuries, Investment Grade Corporate, and Securitized. The Bloomberg Securitized Index tracks the performance of asset-backed securities in US residential mortgage-backed securities, commercial mortgage-backed securities, and asset-backed sub-sectors. The Bloomberg Municipal 1-5 Year Index tracks the performance of US investment grade municipal bonds with a remaining maturity of more than 1 year and less than 5 years. The Bloomberg US Investment Grade Index Corporate 1-3 Year Index tracks the performance of US investment grade corporate bonds with a remaining maturity of more than 1 year and less than 3 years. The Bloomberg Treasuries Index tracks public obligations of the US Treasury with a remaining maturity of one year or more. TIPS are excluded. The Bloomberg TIPS Index tracks the performance of US inflation-linked government securities. The Bloomberg Municipal Bond Index tracks the performance of US investment grade tax-exempt bonds. The Bloomberg Corporate Bond Index tracks the performance of publicly listed US investment grade corporate bonds. The Bloomberg US Corporate High Yield Bond Index tracks the performance of fixed rate dollar-denominated corporate bonds with a credit quality below investment grade (BBB). The FTSE International (World Broad) Index tracks the performance of investment grade global fixed income across government, supranational, collateralized, and corporate debt. The Bloomberg Emerging Markets USD Aggregate Index tracks the performance of dollar-denominated debt from sovereign, quasi-sovereign, and corporate issuers in emerging markets as defined by the World Bank/IMF. The S&P/LSTA Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. The VC-backed IPO Index tracks both current and historic venture-backed IPO performance to evaluate the price performance of these listings against the broader market. The Bloomberg Commodity Index is designed to track the performance of liquid and diversified exposure to physical commodities via futures contracts. The Bloomberg US 3-6 Month T-Bill Index tracks the performance of the 3–6-month range of the US Treasury curve. The Bloomberg Global Aggregate Total Return Index is a broad-based measure of the investment grade bond market, globally. The Russell 3000 Index is a market-capitalization weighted equity index that seeks to track 3,000 of the largest US-traded stocks, representing approximately 97% of the investible US equity market. The Russell 2000 Index is a market-capitalization weighted equity index comprised of securities of small-cap U.S. companies. The Bloomberg Municipal 1-10 Year Blend 1-12 Year Index measures the performance of short and intermediate components of the Municipal Bond Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S equity universe; it includes the Russell 1000 companies with relatively lower price-to-book ratio and lower forecasted growth values. The Bloomberg U.S. Government Credit Intermediate Index measures the performance of the non-securitized component of the Bloomberg U.S. Aggregate Index with maturities of 1-10 years. The Bloomberg U.S. Treasury 1-3 Year Index measures the performance of public obligations of the U.S. Treasury with maturities of 1-3 years. The following Cambridge Associates indices: Global Fund of Funds, Global Private Equity, Global Private Real Estate, US Buyout, US Growth Equity, US Venture Capital, US Subordinated Capital and US Control-Oriented Distressed are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The FTI Private RE Blend is comprised of a blend of the Cambridge Associates Real Estate Value-Added and Opportunistic benchmarks (one-third each) along with the NCREIF Farmland and Timber benchmarks (one-sixth each).  The Cambridge Associates Value-Added Real Estate Index and the Cambridge Associates Opportunistic Real Estate Index are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The NCREIF Farmland Index and the NCREIF Timberland Index are quarterly time series composite return measures of investment performance of a large pool of individual farmland and US timber properties, respectively, acquired in the private market for investment purposes only. Certain information contained herein constitutes “forward-looking statements” which can be identified by the use of terms such as “may”, “will”, “should”, “seek”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements. Benchmarks are shown for illustrative purposes only and are provided for the purpose of making general market data available as a point of reference only. Such benchmarks may not be available for direct investment, may be unmanaged, assume reinvestment of income, do not reflect the impact of any trading commissions and costs, management or performance fees and have limitations when used for comparison or other purposes because they, among other reasons, may have different trading strategy, volatility, credit, or other material characteristics (such as limitations on the number and types of securities or instruments). No representation is made that any benchmark or index is an appropriate measure for comparison. The S&P 500 is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. The NASDAQ Composite Index covers more than 2,500 stocks listed on the NASDAQ Stock Exchange. The MSCI ACWI Index represents Developed and Emerging economies and covers approximately 85% of the global investible equity opportunity set. The MSCI ACWI ex US Index represents Developed and Emerging economies and covers approximately 85% of the investable universe outside of the US. The MSCI All Country World ex-US IMI Index is free float adjusted market capitalization weighted equity index comprised of securities in MSCI's developed and emerging market country-specific indexes, excluding the U.S. The MSCI EAFE (Europe, Australia, Far East) represents Developed Market exposure excluding the US and Canada. The MSCI EM Index (Emerging Markets) captures large and mid cap representation across 24 Emerging Markets countries. The MSCI World Index captures large and mid-cap representation across 23 Developed Markets countries. The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The MSCI Japan Index captures large and mid cap segments of the Japanese market. The MSCI Europe Index captures large and mid cap representation across 15 Developed Markets countries in Europe. The Bloomberg Commodity Index is designed to provide liquid and diversified exposure to physical commodities via futures contracts. The HFRI Fund of Funds Index tracks the performance of multi-manager funds. The HFRI Equity Hedge Index tracks the performance of equity long/short hedge fund managers. The HFRI Event Driven Distressed/Restructuring Index tracks the performance of hedge fund managers focused on the bonds and or equities of companies or countries under financial stress. The HFRI Event Driven Index tracks managers involved in the various types of event situations, e.g. merger arbitrage, distressed/restructuring, corporate spin-offs or other “special situations”. The HRFI Macro Index tracks the performance of managers that trade on macroeconomic data, e.g. interest rates, currencies. The HFRI Fund Weighted Composite Index is a global, equal-weighted index of the largest hedge funds that report to the HFR database, including equity hedge, event-driven, macro and relative value strategies. The Bloomberg 1-3 Month T-Bill Index tracks US Treasury securities that have a remaining maturity of 1-3 months. The Bloomberg US Aggregate Bond Index tracks the performance of US investment grade fixed income securities across three main categories: Treasuries, Investment Grade Corporate, and Securitized. The Bloomberg Securitized Index tracks the performance of asset-backed securities in US residential mortgage-backed securities, commercial mortgage-backed securities, and asset-backed sub-sectors. The Bloomberg Municipal 1-5 Year Index tracks the performance of US investment grade municipal bonds with a remaining maturity of more than 1 year and less than 5 years. The Bloomberg US Investment Grade Index Corporate 1-3 Year Index tracks the performance of US investment grade corporate bonds with a remaining maturity of more than 1 year and less than 3 years. The Bloomberg Treasuries Index tracks public obligations of the US Treasury with a remaining maturity of one year or more. TIPS are excluded. The Bloomberg TIPS Index tracks the performance of US inflation-linked government securities. The Bloomberg Municipal Bond Index tracks the performance of US investment grade tax-exempt bonds. The Bloomberg Corporate Bond Index tracks the performance of publicly listed US investment grade corporate bonds. The Bloomberg US Corporate High Yield Bond Index tracks the performance of fixed rate dollar-denominated corporate bonds with a credit quality below investment grade (BBB). The FTSE International (World Broad) Index tracks the performance of investment grade global fixed income across government, supranational, collateralized, and corporate debt. The Bloomberg Emerging Markets USD Aggregate Index tracks the performance of dollar-denominated debt from sovereign, quasi-sovereign, and corporate issuers in emerging markets as defined by the World Bank/IMF. The S&P/LSTA Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. The VC-backed IPO Index tracks both current and historic venture-backed IPO performance to evaluate the price performance of these listings against the broader market. The Bloomberg Commodity Index is designed to track the performance of liquid and diversified exposure to physical commodities via futures contracts. The Bloomberg US 3-6 Month T-Bill Index tracks the performance of the 3–6-month range of the US Treasury curve. The Bloomberg Global Aggregate Total Return Index is a broad-based measure of the investment grade bond market, globally. The Russell 3000 Index is a market-capitalization weighted equity index that seeks to track 3,000 of the largest US-traded stocks, representing approximately 97% of the investible US equity market. The Russell 2000 Index is a market-capitalization weighted equity index comprised of securities of small-cap U.S. companies. The Bloomberg Municipal 1-10 Year Blend 1-12 Year Index measures the performance of short and intermediate components of the Municipal Bond Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S equity universe; it includes the Russell 1000 companies with relatively lower price-to-book ratio and lower forecasted growth values. The Bloomberg U.S. Government Credit Intermediate Index measures the performance of the non-securitized component of the Bloomberg U.S. Aggregate Index with maturities of 1-10 years. The Bloomberg U.S. Treasury 1-3 Year Index measures the performance of public obligations of the U.S. Treasury with maturities of 1-3 years. The following Cambridge Associates indices: Global Fund of Funds, Global Private Equity, Global Private Real Estate, US Buyout, US Growth Equity, US Venture Capital, US Subordinated Capital and US Control-Oriented Distressed are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The FTI Private RE Blend is comprised of a blend of the Cambridge Associates Real Estate Value-Added and Opportunistic benchmarks (one-third each) along with the NCREIF Farmland and Timber benchmarks (one-sixth each).  The Cambridge Associates Value-Added Real Estate Index and the Cambridge Associates Opportunistic Real Estate Index are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The NCREIF Farmland Index and the NCREIF Timberland Index are quarterly time series composite return measures of investment performance of a large pool of individual farmland and US timber properties, respectively, acquired in the private market for investment purposes only. Certain information contained herein constitutes “forward-looking statements” which can be identified by the use of terms such as “may”, “will”, “should”, “seek”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements. Benchmarks are shown for illustrative purposes only and are provided for the purpose of making general market data available as a point of reference only. Such benchmarks may not be available for direct investment, may be unmanaged, assume reinvestment of income, do not reflect the impact of any trading commissions and costs, management or performance fees and have limitations when used for comparison or other purposes because they, among other reasons, may have different trading strategy, volatility, credit, or other material characteristics (such as limitations on the number and types of securities or instruments). No representation is made that any benchmark or index is an appropriate measure for comparison. The S&P 500 is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. The NASDAQ Composite Index covers more than 2,500 stocks listed on the NASDAQ Stock Exchange. The MSCI ACWI Index represents Developed and Emerging economies and covers approximately 85% of the global investible equity opportunity set. The MSCI ACWI ex US Index represents Developed and Emerging economies and covers approximately 85% of the investable universe outside of the US. The MSCI All Country World ex-US IMI Index is free float adjusted market capitalization weighted equity index comprised of securities in MSCI's developed and emerging market country-specific indexes, excluding the U.S. The MSCI EAFE (Europe, Australia, Far East) represents Developed Market exposure excluding the US and Canada. The MSCI EM Index (Emerging Markets) captures large and mid cap representation across 24 Emerging Markets countries. The MSCI World Index captures large and mid-cap representation across 23 Developed Markets countries. The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The MSCI Japan Index captures large and mid cap segments of the Japanese market. The MSCI Europe Index captures large and mid cap representation across 15 Developed Markets countries in Europe. The Bloomberg Commodity Index is designed to provide liquid and diversified exposure to physical commodities via futures contracts. The HFRI Fund of Funds Index tracks the performance of multi-manager funds. The HFRI Equity Hedge Index tracks the performance of equity long/short hedge fund managers. The HFRI Event Driven Distressed/Restructuring Index tracks the performance of hedge fund managers focused on the bonds and or equities of companies or countries under financial stress. The HFRI Event Driven Index tracks managers involved in the various types of event situations, e.g. merger arbitrage, distressed/restructuring, corporate spin-offs or other “special situations”. The HRFI Macro Index tracks the performance of managers that trade on macroeconomic data, e.g. interest rates, currencies. The HFRI Fund Weighted Composite Index is a global, equal-weighted index of the largest hedge funds that report to the HFR database, including equity hedge, event-driven, macro and relative value strategies. The Bloomberg 1-3 Month T-Bill Index tracks US Treasury securities that have a remaining maturity of 1-3 months. The Bloomberg US Aggregate Bond Index tracks the performance of US investment grade fixed income securities across three main categories: Treasuries, Investment Grade Corporate, and Securitized. The Bloomberg Securitized Index tracks the performance of asset-backed securities in US residential mortgage-backed securities, commercial mortgage-backed securities, and asset-backed sub-sectors. The Bloomberg Municipal 1-5 Year Index tracks the performance of US investment grade municipal bonds with a remaining maturity of more than 1 year and less than 5 years. The Bloomberg US Investment Grade Index Corporate 1-3 Year Index tracks the performance of US investment grade corporate bonds with a remaining maturity of more than 1 year and less than 3 years. The Bloomberg Treasuries Index tracks public obligations of the US Treasury with a remaining maturity of one year or more. TIPS are excluded. The Bloomberg TIPS Index tracks the performance of US inflation-linked government securities. The Bloomberg Municipal Bond Index tracks the performance of US investment grade tax-exempt bonds. The Bloomberg Corporate Bond Index tracks the performance of publicly listed US investment grade corporate bonds. The Bloomberg US Corporate High Yield Bond Index tracks the performance of fixed rate dollar-denominated corporate bonds with a credit quality below investment grade (BBB). The FTSE International (World Broad) Index tracks the performance of investment grade global fixed income across government, supranational, collateralized, and corporate debt. The Bloomberg Emerging Markets USD Aggregate Index tracks the performance of dollar-denominated debt from sovereign, quasi-sovereign, and corporate issuers in emerging markets as defined by the World Bank/IMF. The S&P/LSTA Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. The VC-backed IPO Index tracks both current and historic venture-backed IPO performance to evaluate the price performance of these listings against the broader market. The Bloomberg Commodity Index is designed to track the performance of liquid and diversified exposure to physical commodities via futures contracts. The Bloomberg US 3-6 Month T-Bill Index tracks the performance of the 3–6-month range of the US Treasury curve. The Bloomberg Global Aggregate Total Return Index is a broad-based measure of the investment grade bond market, globally. The Russell 3000 Index is a market-capitalization weighted equity index that seeks to track 3,000 of the largest US-traded stocks, representing approximately 97% of the investible US equity market. The Russell 2000 Index is a market-capitalization weighted equity index comprised of securities of small-cap U.S. companies. The Bloomberg Municipal 1-10 Year Blend 1-12 Year Index measures the performance of short and intermediate components of the Municipal Bond Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S equity universe; it includes the Russell 1000 companies with relatively lower price-to-book ratio and lower forecasted growth values. The Bloomberg U.S. Government Credit Intermediate Index measures the performance of the non-securitized component of the Bloomberg U.S. Aggregate Index with maturities of 1-10 years. The Bloomberg U.S. Treasury 1-3 Year Index measures the performance of public obligations of the U.S. Treasury with maturities of 1-3 years. The following Cambridge Associates indices: Global Fund of Funds, Global Private Equity, Global Private Real Estate, US Buyout, US Growth Equity, US Venture Capital, US Subordinated Capital and US Control-Oriented Distressed are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The FTI Private RE Blend is comprised of a blend of the Cambridge Associates Real Estate Value-Added and Opportunistic benchmarks (one-third each) along with the NCREIF Farmland and Timber benchmarks (one-sixth each).  The Cambridge Associates Value-Added Real Estate Index and the Cambridge Associates Opportunistic Real Estate Index are each based on aggregated data from a collective universe of such funds, including fully liquidated partnerships, within the Cambridge Associates database encompassing the specific date parameters noted within the presentation. The NCREIF Farmland Index and the NCREIF Timberland Index are quarterly time series composite return measures of investment performance of a large pool of individual farmland and US timber properties, respectively, acquired in the private market for investment purposes only.
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  12. Any description of tax consequences set forth herein is not intended as a substitute for careful tax planning. Recipients of this material are advised to consult tax counsel for advice specifically related to any and all tax consequences of an investment made with or through Fiduciary Trust. The information provided herein is not intended to, nor does it specifically advise on, tax matters pertaining to federal, state, estate, local, foreign or other tax consequences of an investment. The recipient is solely responsible for all tax consequences with respect to any investment made with or through Fiduciary Trust.
  13. FTI has certain environmental, social and governance (ESG) investment solutions to align with our client’s values and goals; however, not all strategies are managed to “ESG” oriented objectives. Integrating ESG considerations into the investment process is not a guarantee that better performance will be achieved. ESG investments pose certain risks including potential market volatility, evolving nature of ESG criteria and the developing regulatory landscape.