TBP Advisors: Portfolio Management, Portfolio Manager, Investment Management, Investment Manager, Investment Advisor, Registered Investment Advisor, Purchase NY, Westchester County NY, Bowman Ave, GAARP, Growth Stock Manager, Fixed income management

80/20 Index weights Russell 3000 Growth Stock Index 80% & Barclays Municipal Bond Index 20%.
Past performance is not an indication of future results. See Notes below on performance data.

PORTFOLIO COMPOSITE DISCLOSURE NOTE

The TBP Advisors Discretionary Total Portfolio Composite is an index calculated by taking the average of the quarterly total returns of all of the firm’s fully-discretionary portfolios, assuming reinvestment of all dividends and interest. This universe includes all of our firm’s fullydiscretionary portfolios valued at $1 million or more, 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 stock sector holdings are at least 90% invested in stocks on the firm’s Guidance List. 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 returns of each portfolio are weighted by the ratio of the value of that portfolio to the total value of the included universe Returns shown for the TBP Advisors Discretionary Total Portfolio 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 TBP Composite return to 1.3% per year. At this rate of appreciation, $100 would have increased to $113.87 over the period versus the $123.79 shown and the $83.82 that $100 invested in the 80%/20% Criterion Index would have produced. Our advisory fee policies are detailed in Securities & Exchange Form ADV-Part II which we are happy to provide upon request. Returns shown for the 80%/20% Criterion Index are intended to provide a performance benchmark for a typical balanced portfolio containing 80% stocks and 20% bonds. It is computed by weighting the quarterly returns, assuming the reinvestment of dividends and interest, of the Russell 3000 Growth Stock Index 80%, and the returns of the Barclays Municipal Bond Index 20%.