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| Past performance is not an indication of future results. See Notes
below on performance data. |
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| BOND COMPOSITE DISCLOSURE
NOTE |
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The TBP Advisors Discretionary Taxable Bond Sector Composite is an index calculated by taking
the average of the quarterly total returns of the taxable bond sectors of all of our firm’s fullydiscretionary
portfolios, assuming reinvestment of all interest payments. This universe includes all of
our firm’s fully-discretionary portfolios valued at $1 million or more that contain taxable bonds,
plus those smaller portfolios that are deemed to be similarly representative of the firm’s results.
Fully-discretionary portfolios are those for which TBP Advisors has legal authority to make changes
in investment holdings without prior client approval and whose taxable bond holdings reasonably
reflect the average maturity and average coupon characteristics recommended by the firm. A new
portfolio will be included in this Composite when its holdings are deemed to have become
representative of the firm’s current policies. In computing this index, the taxable bond sector returns
of each portfolio are weighted by the ratio of the value of that portfolio’s bond sector to the total
value of the bond sectors of the included universe. Returns shown for this Composite are before
management fees, but after transactions costs. On a $5 million portfolio, management fees would
have averaged 0.85% annually, thereby reducing the ten-year annual Composite return to 7.6% per
year. At this rate of appreciation, $100 would have increased to $208.40 over the period versus the
$225.46 shown, and versus the $182.89 terminal value produced by the Barclays Government/Credit
Bond Index. Our advisory fee policies are detailed in Securities & Exchange Form ADV-Part II
which we are happy to provide upon request.
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