This document provides an overview of Loring Ward's investment philosophy and strategies. It discusses their foundation in San Jose, CA and focus on improving investors' wealth management experience through academically-based investment strategies. It then discusses various investment concepts including the importance of asset allocation, benefits of lower volatility portfolios, characteristics of effective mutual funds, and building diversified portfolios along the efficient frontier. Charts and examples are provided on historical asset class performance, investor behavior, and sample portfolio allocations and returns.

1. FOUNDATIONS OF
SENSIBLE
INVESTING
The Art of Wealth Management
& The Science of Investing
© 2019 Loring Ward. All rights reserved.
Investment advisory services provided by BAM Advisor Services LLC d/b/a Loring Ward (“Loring Ward”)

2. Our Foundation
San Jose, CA

3. What We Do
Improve Investors’
Wealth Management
Experience
Academically-Based
Investment Strategy

4. Investing Noise
4 Investment Concepts
to Consider
How to Build A
Diversified Portfolio

5. Noise vs. Information
“…We are very
probably looking at
a global recession,
with no end in
sight.”
– Paul Krugman
New York Times
November 2016
“It’s going to end
extremely badly... a
gut-wrenching drop that
would rival the greatest
crashes in stock market
history... Investors are
on the Titanic.”
– Marc Faber
CNBC
June 2017

6. Asset Class Index
Performance
U.S. Small
U.S. Large Value
Short-Term U.S.
Bonds
U.S. Stocks
Int’l Small
Int’l Large Value
Short-Term Global
Bonds
Emerging Markets
-14.58%
34.00% 37.28%39.42% 18.22%
25.55%
32.14%
18.88%
11.19%
78.51%
-2.19%
-18.42% -2.60% -14.92%-53.33%Cash
20182004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-5.24%
-8.27%
-18.07%
1.81%
-11.01%
-15.06%
2.12%
1.63%
5.14%
-37.31%
12.56%
16.93%
12.74%
6.12%
21.13%
16.42%
0.48%
11.95%
28.34%
15.72%
1.03%
33.55%
22.25% 32.53%
17.34%
16.49%
0.39%
19.69%
13.45%
13.66%
7.05%
-36.85%
17.51%
-3.83%
15.51%
-0.17%
25.55%
29.40% 5.46%
31.04%50.82% 24.51%
19.46%
4.32%
3.28%
25.04%
17.48%
-48.03% -15.81% -5.34%
2.06%
0.10% 0.05%
5.00% 0.03%
0.11%
3.07% 0.07%
0.21% 0.33%
4.85%
0.13%
0.86%1.33%
26.85% 21.31%
4.89%
16.35%
14.65%
18.33%
4.55%
-33.79%
-4.18%
18.37%
38.82%
27.17%
-4.41%
-1.57%
36.75%
29.32% 6.95%
21.47%
21.04%
14.54%
17.29%
24.47%
4.82%
7.39%
-11.69%-44.29%
-5.41%
-7.68%
6.59%
6.30%
2.31%
1.00%
1.90%
2.29% 1.99%
2.66% 2.10% 0.62% 1.13%3.08%
4.09%
1.49%
4.69%
6.87%
0.70%
0.67%
1.56%
0.78%
4.25%
1.21%
1.48%
1.75%
1.29%
3.84% 2.82%
0.86%
Source: Morningstar Direct 2018. Cash (BofAML 3M U.S. Treasury Note TR U.S.D). Index representation as follows: U.S. Stocks (Russell 3000 Index), U.S. Large Value (Russell 1000 Value TR Index), U.S. Small (Russell 2000 TR Index), Real Estate (Dow Jones
U.S. Select REITs TR Index), International Large Value (MSCI World Ex U.S.A Value Index (net div.)), International Small (MSCI World Ex U.S.A Small Cap (net div.)), Emerging Markets (MSCI Emerging Markets Index (net div)), Short-Term Global Bonds (FTSE
WGBI 1-5Yr Hdg U.S.D), Short-Term U.S. Bonds (ICE BofAML Corp & Govt 1-3 Yr TR). Indexes are unmanaged baskets of securities that are not available for direct investment by investors. Index performance does not reflect the expenses associated with
the management of an actual portfolio. This information should not be considered as a demonstration of actual performance results or actual trading using client assets and should not be interpreted as such. Past performance is not a guarantee of
future results. All investments involve risk, including loss of principal. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting and financial reporting. Fixed income
investments are subject to interest rate and credit risk. Emerging markets involve additional risks, including, but not limited to, currency fluctuation, political instability, foreign taxes, and different methods of accounting and financial reporting. Real
estate securities funds are subject to changes in economic conditions, credit risk and interest rate fluctuations. Charts are for illustrative purposes only and these are not representative of any client account. Time period of fifteen years was chosen to
reflect a representative historical illustration of longer term effects of diversification.

7. Information
White Papers
Market Prices
Academics
Industry Research

8. What determines
PERFORMANCE ?

9. Investment Approach
The vast majority
of a portfolio’s
variability of returns is
determined by asset
class selection.
Asset Class
Selection
Stock
Selection
Market
Timing
Other
Note Date: Past performance is not indicative of future results. Source: Brinson,
Singer and Beebower, “Determinants of Portfolio Performance II: An Update,”
Financial Analysts Journal, May/June 1991.
Asset Class Selection – How assets are allocated in a portfolio
Market Timing – Shifting portfolio assets in and out of the market or between asset classes
Security Selection – Finding “underpriced” companies or industries

10. Average Bond
Fund Investor
Average Stock
Fund Investor
Barclays
Bond Index
S&P 500
The average investor
doesn’t earn the returns
available to them.
A study conducted by DALBAR, Inc. found that
investors change investment strategies too
often to realize the inherent market rates of
return.
Investor Behavior
AnnualizedReturn
1998to2017
Notes: Past performance is not indicative of future results. All investments involve
risk, including loss of principal. Index returns are before fee and assumes dividend
reinvestment. S&P 500 Index is the Standard & Poor's 500 Index. Indexes are
unmanaged baskets of securities that investors cannot directly invest in.
Datasource:DALBAR,Inc.“QuantitativeAnalysisofInvestorBehavior,”2017.Averagestockinvestorandaveragebondinvestorperformanceswereused
fromaDALBARstudy,QuantitativeAnalysisofInvestorBehavior(QAIB),12/2015.QAIBcalculatesinvestorreturnsasthechangeinassetsafterexcluding
sales,redemptions,andexchanges.Thismethodofcalculationcapturesrealizedandunrealizedgains,dividends,interest,tradingcosts,salescharges,fees,
expenses,andanyothercosts.Aftercalculatinginvestorreturnsindollarterms(above),twopercentagesarecalculated:totalinvestorreturnrateforthe
periodandannualizedinvestorreturnrate.Totalreturnrateisdeterminedbycalculatingtheinvestorreturndollarsasapercentageofthenetofthesales,
redemptionsandexchangesfortheperiod.Thefactthatbuy-and-holdhasbeenasuccessfulstrategyinthepastdoesnotguaranteethatitwillcontinueto
besuccessfulinthefuture.Indexesareunmanagedanddonotreflectthepaymentofadvisoryfeesandotherexpensesassociatedwithotherinvestments.
Investorscannotdirectlyinvestinanindex.

11. Noise vs. Information

12. 4 Investment
Concepts to Consider

13. Ineffective
Mutual funds that exhibit similar patterns of
performance may not provide sufficient
portfolio diversification.
All investing involves risk including the possible loss of
principal. There can be no assurance the any investment
will achieve its investment objectives. Diversification does
not guarantee profit or protect against loss in declining
markets.
Effective
Combining mutual funds with different patterns of
performance could lower the volatility of
the overall portfolio.
For illustrative purposes only.
Concept One:
Effective Beats Ineffective Diversification
All investing involves risk including the possible loss of principal. There can be no assurance the any investment will achieve its
investment objectives. Diversification does not guarantee profit or protect against loss in declining markets.

14. Concept Two:
Lower Volatility Can Result in Higher Value
Both portfolios have a
10% average annual rate
of return.
For illustrative purposes only. Not representative of any Loring Ward strategy.

15. Concept Three:
• Low Turnover
• Diversified
• Low Operating Expenses
• Designed to Track Dimensions of Return
Institutional Mutual Fund Characteristics We Look For
Use Balanced Asset Class Mutual Funds
All investing involves risk including the possible loss of principal. There can be no assurance the any investment will achieve its investment objectives. Diversification does not guarantee
profit or protect against loss in declining markets.

16. Concept Four:
The efficient frontier is a theoretical line
connecting all portfolios that provide the
investor with the highest expected return for
their chosen level of risk.
For illustrative purposes only. “Expected return” is a term of specialized use. It is generally understood to mean the statistically achievable return (based on historical data and
other assumptions) over a sufficiently long-time horizon. Expected returns are theoretical returns; they are not estimated returns. They are not intended to project future
performance. “Risk,” as used in the asset allocation program, is defined as standard deviation. It is a measure of volatility, a statistical calculation based on past performance. It
describes how far from the mean performance numbers have varied in the past.
Maximize Your Level of Return for Risk Desired

17. How to Build A
Diversified Portfolio

18. Example Portfolio
Value Premium
Size Premium
International Stocks
Global Bonds
1
5
2
3
4

19. 1 Step One: Example Portfolio
Data Source: Morningstar Direct. Portfolios are hypothetical and not representative of actual Loring Ward
models. However, portfolios were developed using an asset allocation strategy similar to the one currently
being used by Loring Ward. Performance results do not represent actual trading, but were achieved using
backtesting with the benefit of hindsight; actual results may vary. Hypothetical portfolios may not reflect
the impact material economic and market factors might have had on Loring Ward’s decision making if
Loring Ward was actually managing clients’ money at that time. Assumes dividend and capital gain
reinvestment. Returns are before fees.
60%
U.S. Stocks
40%
Short-Term
U.S. Bonds
8.9% 10.8% $55.90Step 1
Annualized
Return
Annualized
Standard
Deviation
Growth
of $1.00
0.39
Sharpe
Ratio
(1972– 2018)
All investments involve risk, including loss of principal. Foreign securities involve additional risks.
Asset allocation models may not be suitable for all investors. Indexes are unmanaged baskets of
securities that are not available for direct investment by investors. Index performance does not
reflect the expenses associated with the management of an actual portfolio. See “Disclosures &
Important Information” at the end of this presentation for details on the indexes used for U.S. Stocks,
U.S. Large Value, U.S. Small, International Large, International Large Value, International Small,
Emerging Markets, Short-Term Global Bonds, and Short-Term U.S. Bonds.

20. (1972– 2018)
2
Step Two: Global Bonds
60%
U.S. Stocks
40%
Short-Term
Global Bonds
8.9% 10.8% $55.90Step 1
9.0% 10.9% $58.15Step 2
Annualized
Return
Annualized
Standard
Deviation
Growth
of $1.00
0.39
0.40
Sharpe
Ratio
Broaden the
Opportunity Set:
Only 39.1% of bonds in the Bloomberg Barclays
Global Aggregate Bond Index are from the U.S.
This means over 60% of bond opportunities are
outside the U.S.
39.1% 60.9%
Similar Return with Less Risk
0.41%
0.40%
U.S. Short Bond
Global Short Bond
0.65%
0.48%
Average
Monthly Return
Standard
Deviation
1987 - 2018
Data Source: Morningstar Direct. In the comparison of U.S. Short Bond to Global Short Bond, 1987
was selected as the start date as it was the first full calendar year of data available fore both indexes.
Portfolios are hypothetical and not representative of actual Loring Ward models. However, portfolios
were developed using an asset allocation strategy similar to the one currently being used by Loring
Ward. Performance results do not represent actual trading, but were achieved using backtesting with
the benefit of hindsight; actual results may vary. Hypothetical portfolios may not reflect the impact
material economic and market factors might have had on Loring Ward’s decision making if Loring
Ward was actually managing clients’ money at that time. Assumes dividend and capital gain
reinvestment. Returns are before fees.
All investments involve risk, including loss of principal. Foreign securities involve additional risks. Asset
allocation models may not be suitable for all investors. Indexes are unmanaged baskets of securities
that are not available for direct investment by investors. Index performance does not reflect the
expenses associated with the management of an actual portfolio. See “Disclosures & Important
Information” at the end of this presentation for details on the indexes used for U.S. Stocks, U.S. Large
Value, U.S. Small, International Large, International Large Value, International Small, Emerging
Markets, Short-Term Global Bonds, and Short-Term U.S. Bonds.

21. (1972– 2018)
Step Three: International Stocks
3
36%
U.S. Stocks
40%
Short-Term
Global Bonds
9%
Emerging Market
Stocks
15%
Int’l Large
Stocks
8.9% 10.8% $55.90Step 1
9.0% 10.9% $58.15Step 2
9.1% 11.2% $59.23Step 3
Annualized
Return
Annualized
Standard
Deviation
Growth
of $1.00
0.39
0.40
0.40
Sharpe
RatioThe world markets
are changing.
Historically, foreign markets and US
Markets have not moved at the same
pace.
Data Source: Morningstar Direct. U.S. Market is CRSP 1-10 Index. International Market is MSCI EAFE Index (net
div.). Portfolios are hypothetical and not representative of actual Loring Ward models. However, portfolios
were developed using an asset allocation strategy similar to the one currently being used by Loring Ward.
Performance results do not represent actual trading, but were achieved using backtesting with the benefit of
hindsight; actual results may vary. Hypothetical portfolios may not reflect the impact material economic and
market factors might have had on Loring Ward’s decision making if Loring Ward was actually managing clients’
money at that time. Assumes dividend and capital gain reinvestment. Returns are before fees.
All investments involve risk, including loss of principal. Foreign securities involve additional risks. Asset
allocation models may not be suitable for all investors. Indexes are unmanaged baskets of securities that are
not available for direct investment by investors. Index performance does not reflect the expenses associated
with the management of an actual portfolio. See “Disclosures & Important Information” at the end of this
presentation for details on the indexes used for U.S. Stocks, U.S. Large Value, U.S. Small, International Large,
International Large Value, International Small, Emerging Markets, Short-Term Global Bonds, and Short-Term
U.S. Bonds.

22. 4
Step Four: Size Premium
22%
U.S. Stocks
40%
Short-Term
Global Bonds
8%
Int’l Small Stocks
12%
Int’l Large Stocks
4%
Emerging
Market Stocks
14%
U.S. Small Stocks
8.9% 10.8% $55.90Step 1
9.0% 10.9% $58.15Step 2
9.1% 11.2% $59.23Step 3
9.5% 11.4% $69.82Step 4
Annualized
Return
Annualized
Standard
Deviation
Growth
of $1.00
0.39
0.40
0.40
0.42
Sharpe
Ratio
(1972– 2018)
Data Source: Morningstar Direct. U.S. Small Company Stocks are CRSP 6-10 Index. U.S. Large Company
Stocks are S&P 500 Index. Portfolios are hypothetical and not representative of actual Loring Ward models.
However, portfolios were developed using an asset allocation strategy similar to the one currently being
used by Loring Ward. Performance results do not represent actual trading, but were achieved using
backtesting with the benefit of hindsight; actual results may vary. Hypothetical portfolios may not reflect
the impact material economic and market factors might have had on Loring Ward’s decision making if
Loring Ward was actually managing clients’ money at that time. Assumes dividend and capital gain
reinvestment. Returns are before fees.
All investments involve risk, including loss of principal. Foreign securities involve additional risks. Asset
allocation models may not be suitable for all investors. Indexes are unmanaged baskets of securities that are
not available for direct investment by investors. Index performance does not reflect the expenses
associated with the management of an actual portfolio. See “Disclosures & Important Information” at the
end of this presentation for details on the indexes used for U.S. Stocks, U.S. Large Value, U.S. Small,
International Large, International Large Value, International Small, Emerging Markets, Short-Term Global
Bonds, and Short-Term U.S. Bonds.
Over long time periods, small companies have
often outperformed large companies, but
generally with greater volatility.

23. 5
Step Five: Value Premium
39%Increase:
40%
Short-Term
Global Bonds
8%
Int’l Small Stocks
12%
Int’l Large
Value Stocks
10%
U.S. Small
Stocks
10%
U.S. Large
Value Stocks
16%
U.S. Stocks
4%
Emerging Markets Stocks
8.9% 10.8% $55.90Step 1
9.0% 10.9% $58.15Step 2
9.1% 11.2% $59.23Step 3
9.5% 11.4% $69.82Step 4
9.7% 11.2% $77.79
Annualized
Return
Annualized
Standard
Deviation
Growth
of $1.00
0.39
0.40
0.40
0.420
0.449
Sharpe
Ratio
Step 5
(1972– 2018)
Data Source: Morningstar Direct. U.S. Large returns are S&P 500 Index. Portfolios are hypothetical and not
representative of actual Loring Ward models. However, portfolios were developed using an asset allocation
strategy similar to the one currently being used by Loring Ward. Performance results do not represent actual
trading, but were achieved using backtesting with the benefit of hindsight; actual results may vary.
Hypothetical portfolios may not reflect the impact material economic and market factors might have had on
Loring Ward’s decision making if Loring Ward was actually managing clients’ money at that time. Assumes
dividend and capital gain reinvestment. Returns are before fees.
All investments involve risk, including loss of principal. Foreign securities involve additional risks. Asset
allocation models may not be suitable for all investors. Indexes are unmanaged baskets of securities that are
not available for direct investment by investors. Index performance does not reflect the expenses associated
with the management of an actual portfolio. See “Disclosures & Important Information” at the end of this
presentation for details on the indexes used for U.S. Stocks, U.S. Large Value, U.S. Small, International Large,
International Large Value, International Small, Emerging Markets, Short-Term Global Bonds, and Short-Term
U.S. Bonds.
U.S. Stocks Int’l Large

24. Rebalancing attempts to
keep your portfolio
efficiently diversified.
This means restoring original asset allocation and
maintaining a disciplined approach.
Maintaining Efficiency

25. The Effect of Diversification
U.S. Small
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
U.S. Large Value
Short-Term U.S.
Bonds
U.S. Stocks
Int’l Small Neutral
Int’l Large Value
Short-Term Global
Bonds
Emerging Markets
Cash
Asset Class Mix
Source: Morningstar Direct 2018. Cash (BofAML 3M U.S. Treasury Note TR U.S.D). Index representation as follows: U.S. Stocks (Russell 3000 Index), U.S. Large Value (Russell 1000 Value TR Index), U.S. Small (Russell 2000 TR Index), Real Estate (Dow
Jones U.S. Select REITs TR Index), International Large Value (MSCI World Ex U.S.A Value Index (net div.)), International Small (MSCI World Ex U.S.A Small Cap (net div.)), Emerging Markets (MSCI Emerging Markets Index (net div)), Short-Term Global
Bonds (FTSE WGBI 1-5Yr Hdg U.S.D), Short-Term U.S. Bonds (ICE BofAML Corp & Govt 1-3 Yr TR). Indexes are unmanaged baskets of securities that are not available for direct investment by investors. Index performance does not reflect the expenses
associated with the management of an actual portfolio. This information should not be considered as a demonstration of actual performance results or actual trading using client assets and should not be interpreted as such. The Asset Class Mix
historical performance information is provided to demonstrate the methodology used in building portfolios using the investment strategy in this presentation and the potential benefits of diversification with distinct asset classes. This information
should not be considered as a demonstration of actual performance results or actual trading using client assets and should not be interpreted as such. The historical index performance results are hypothetical and were derived by back testing of index
data, not actual accounts or investment results. Back tested index performance does not reflect the impact that material economic and market factors may have had on an advisor’s decision-making in managing actual client accounts. Past
performance is not a guarantee of future results. All investments involve risk, including loss of principal. Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes, and different methods of accounting
and financial reporting. Fixed income investments are subject to interest rate and credit risk. Emerging markets involve additional risks, including, but not limited to, currency fluctuation, political instability, foreign taxes, and different methods of
accounting and financial reporting. Real estate securities funds are subject to changes in economic conditions, credit risk and interest rate fluctuations. Charts are for illustrative purposes only and these are not representative of any client account.
Time period of fifteen years was chosen to reflect a representative historical illustration of longer term effects of diversification.
2018
-21.69%
14.57%
-2.70%
11.05%
8.48%
21.75% 11.03%
3.44%
17.27%
8.18%5.84%
13.16%
12.77% -1.43%
-5.75%
5.14%
-37.31%
12.56%
16.93%
12.74%
6.12%
21.13%
16.42%
0.48%
11.95%
28.34%
15.72%
1.03%
33.55%
22.25% 32.53%
17.34%
16.49%
0.39%
19.69%
13.45%
13.66%
7.05%
-36.85%
17.51%
-3.83%
15.51%
-0.17%
25.55%
29.40% 5.46%
31.04%50.82% 24.51%
19.46%
4.32%
3.28%
25.04%
17.48%
-48.03% -15.81% -5.34%
2.06%
0.10% 0.05%
5.00% 0.03%
0.11%
3.07% 0.07%
0.21% 0.33%
4.85%
0.13%
0.86%1.33%
26.85% 21.31%
4.89%
16.35%
14.65%
18.33%
4.55%
-33.79%
-4.18%
18.37%
38.82%
27.17%
-4.41%
-1.57%
34.00% 37.28%39.42% 18.22%
25.55%
32.14%
18.88%
11.19%
78.51%
-2.19%
-18.42% -2.60% -14.92%-53.33%
36.75%
29.32% 6.95%
21.47%
21.04%
14.54%
17.29%
24.47%
4.82%
7.39%
-11.69%-44.29%
-5.41%
-7.68%
6.59%
6.30%
2.31%
1.00%
1.90%
2.29% 1.99%
2.66% 2.10% 0.62% 1.13%3.08%
4.09%
1.49%
4.69%
6.87%
0.70%
0.67%
1.56%
0.78%
4.25%
1.21%
1.48%
1.75%
1.29%
3.84% 2.82%
0.86%
-5.24%
-8.27%
-18.07%
1.81%
-11.01%
-15.06%
2.12%
1.63%
-14.58%

26. Summary
Information,
Not Noise
Current
Research
Diversified
Portfolios

27. Discuss Investment Objectives and Risk Tolerance
Implement Recommendations
Prepare Written Investment Policy Statement
Compare Current Portfolio
Information Research Diversification

28. THANK
YOU

29. Disclosures & Important Information
Past performance is not indicative of future performance. All investments involve risk, including loss of principal.
S&P 500 Index is the Standard & Poor's 500 Index. The S&P 500 Index measures the performance of large-capitalization U.S. stocks. The S&P 500 is an unmanaged market value-weighted index of
500 stocks that are traded on the NYSE, AMEX and NASDAQ. The weightings make each company’s influence on the index performance directly proportional to that company’s market value.
The MSCI EAFE Index (Morgan Stanley Capital International Europe, Australasia and Far East Index) is comprised of more than 1,000 companies representing the stock markets of Europe, Australia,
New Zealand and the Far East, and is an unmanaged index. EAFE represents non-U.S. large stocks. Foreign securities involve additional risks, including foreign currency changes, political risks,
foreign taxes and different methods of accounting and financial reporting.
Treasury bills and government bonds are guaranteed as to repayment of principal and interest by the U.S. government. The indexes are unmanaged baskets of securities not available for direct
investment. Returns assume dividend and capital gain reinvestment. Smaller companies have additional risks, including greater volatility and less liquidity than stocks of larger companies. Value
companies have more risk than growth companies and may underperform when the market favors growth companies.
For further disclosures concerning Loring Ward you may request a copy of the firm’s most recent disclosure brochure by calling 1-800-366-7266. If you would like a copy of your individual advisor’s
disclosure brochure, please contact him or her directly. Materials provided to approved advisors by Loring Ward,.
Asset Class Index Data
U.S. Stocks CRSP Deciles 1-10 Index (1972-1978), Russell 3000 TR USD (1979-Current)
U.S. Large Value Fama/French US Large Value Index (ex utilities) (1972-1978), Russell 1000 Value TR USD (1979-Current)
U.S. Small Neutral CRSP Deciles 6-10 Index (1972-1978), Russell 2000 TR USD (1979-Current)
REITs FTSE NAREIT All Equity REITs TR USD (1972-1986), DJ US Select REIT TR USD (1987-Current)
Int'l Large Neutral MSCI World ex USA NR USD (1972-Current)
Int'l Large Value MSCI World ex USA NR USD (1972-1974), MSCI World Ex USA Value NR USD (1975-Current)
Int'l Small Neutral Dimensional International Small Cap Index (1972-2000) , MSCI World Ex USA Small Cap NR USD (2001-Current)
Emerging Markets MSCI Pacific Ex Japan NR USD(1972-1987), MSCI EM GR USD (1988-1998), MSCI EM NR USD (1999-Current)
Global Short IA SBBI US IT Govt TR USD (1972-1984), Citi WBGI 1-5 Yr Hdg USD (1985-Current)
U.S. Short Investment Grade IA SBBI US 1 Yr Trsy Const Mat TR USD (1972-5/1986), BofAML US Corp&Govt 1-3 Yr TR USD (6/1986-Current)

30. The principals of Capital Associates Wealth Management, as individual financial advisers with Eagle Strategies LLC, a Registered Investment Adviser, offer their clients the services
of Loring Ward, third party money manager available on Eagle Strategies Investment Management platform. Capital Associates Wealth Management, Eagle Strategies and Loring
Ward are independently owned and operated.
LWI Financial Inc. (“Loring Ward”) is an investment adviser registered with the Securities and Exchange Commission. Securities transactions are offered through its affiliate, Loring
Ward Securities Inc., member FINRA/SIPC.
B 16-020 (4/18)
Capital Associates
6901 Rockledge Drive, Suite 500
Bethesda, Maryland 20817
(301) 581.4108
info@capitalassoc.net
Rob Ugiansky
robert@capitalassoc.net
(800) 601.5281
Mitchell Katz
mkatz@capitalassoc.net
(800) 601.5281
http://www.capitalassoc.net