Disciplined Alpha Dividend Income Strategy...Data as of 03.31.2020 AUM by Product Disciplined Alpha Dividend Income International ADR Dividend Income Unconstrained Fixed Income Cash

ALTRIUS CAPITAL MANAGEMENT, INC. | TOLL FREE 855-ALTRIUS | WWW.ALTRIUSCAPITAL.COM

Disciplined Alpha Dividend Income Strategy1st Quarter 2020

Q1 20202

Altrius HighlightsFIRM OVERVIEW

Altrius Capital Management, Inc. was founded in 1997

Altrius is 100% employee owned

Altrius is an SEC registered investment advisor

Having managed client assets for over two decades, Altrius claims compliance with Global Investment Performance Standards (GIPS®)

Altrius maintains a +17 year track record in the following strategies: Global Income, Disciplined Alpha Dividend Income and Unconstrained Fixed Income Data as of 03.31.2020

AUM by Product

Disciplined AlphaDividend Income

International ADRDividend Income

Unconstrained FixedIncome

Cash

The Firm currently manages approximately $278mm in assets by offering separately managed account solutions

Chart1

Disciplined Alpha Dividend Income

International ADR Dividend Income

Unconstrained Fixed Income

Unconstrained Fixed Income

Cash

AUM by Product

AUM by Product

33.1

17.5

0

42.4

7.1

Sheet1

AUM by Product

Disciplined Alpha Dividend Income33.1

International ADR Dividend Income17.5

Unconstrained Fixed Income0

Unconstrained Fixed Income42.4

Cash7.1

To resize chart data range, drag lower right corner of range.

100.1

Q1 2020

GIPS VerificationACA Verification Services

ComplianceDzuira Compliance Services

TradingMoxy / Advent

AccountingBaccheta & Company

3

Altrius Organization

MANAGEMENT TEAM

INVESTMENT COMMITTEE

OPERATIONS

FIRM OVERVIEW

Zachary Q. Smith, CFAPortfolio Manager

Robert A. D’Angelo, CFAExecutive Vice President

Christopher C. Rolf, CFAExecutive Vice President

James M. RussoChief Investment Strategist

Andrea L. AitkenChief Compliance Officer

Rebecca A. HarmonTrader

Joy G. WoodsDirector of Client Service

Rita A. Hendrick-SmithChief Operations Officer

Lauren TaylorOperations Analyst

Gregory D. Kammerer, J.D.Executive Vice President

Q1 20204

Top down economics drive market cycles, market segments, and ultimately individual security prices.

Total return matters, which includes sources of returns often overlooked by investment managers and investors, such as dividends.

Value is critical; the market will reward the intrinsic value inherent in a security over time.

GLOBAL MACRODRIVES OUR

INVESTMENT ANALYSIS

TOTAL RETURN DRIVES OUR

PORTFOLIO CONSTRUCTION

VALUE DEFINES OUR

SECURITY SELECTION

Different by DesignPHILOSOPHY

Q1 20205

Income is our focus; we employ a flexible investment strategy seeking high,current income and long term capital growth by investing in stocks, bonds andalternative investments such as commodities, MLPs, REITs and preferred issues.

Global macro conditions are the basis for investing; top down economicsdrive market cycles, market segments, and ultimately individual security prices.The strategy retains asset class and sector flexibility to unearth uniqueopportunities.

Value is critical; we will not pay more for a security than we believe it is worth,with full confidence that the market will reward the intrinsic value inherent inthe security over time.

Patience is vital; we do not make extreme short term changes in response tofleeting market events, we invest for the long term and believe returns are drivenby consistency of process.

Risk management is required to ensure long term preservation of capital.

Investment PhilosophyPHILOSOPHY

Q1 20206

At Altrius, we believe that global asset allocation valuations matter. Predicated on this belief, we maintaina series of three economic scenarios under which the economy may fall at any one time. By analyzing thevaluations inherent in the current economic scenario, we are better positioned to identify securities at thesector, industry and individual company level that are best positioned to add significant value to ourportfolio over time.

Source: Advisor Intelligence and Altrius Capital

Economic Scenario AnalysisPHILOSOPHY

ECONOMIC SCENARIOS

Bear Base BullS&P 500 at 2585, Bloomberg Barclays U.S. Aggregate Bond Index yield at 1.71%, MSCI Europe Index at 1342 , ICE BofA ML High Yield Cash Pay Index at 9.17%.

Equities Estimate Estimate Estimate

U.S. Equities -3.2% 6.2% 12.8%

Developed Int’l – Europe -3.4% 14.0% 21.2%

REITs -1.6% 5.2% 8.3%

Fixed Income

Investment-Grade Bonds 1.8% 1.3% 0.9%

High-Yield Bonds 4.2% 5.8% 7.6%

TIPS 1.0% 0.5% -0.9%

*Our likely scenario

Q1 2020

Demographic trends and geographic demand are derivatives of global economic growth and serve as drivers for enterprise.

Global Current and Potential Consumption Trends

Source: © 2013 The World Bank: World Development Indicators: United Nations, World Population Prospects; World HealthOrganization, National Health Account database supplemented by country data; and International Energy Agency. As of 2011 (based onmost recent data available, 2010–2011). Health expenditure (US$), electric power consumption (kwh), and energy use (kg of oilequivalent) percentages were calculated by establishing a baseline expenditure/consumption amount of $9,000, 15,000 kWh, and 8,000kg, respectively, and then measuring actual consumption per capita against the baseline.

United States Brazil India China

PotentialCurrent

7

Why Global MattersPHILOSOPHY

Q1 2020

Sources: Data represented is as of company’s latest 10-K filing for the period ending 12.31.2019 (*Fiscal year ends9.30.2019 for Apple; ** fiscal year ends 06.30.2019 for Procter & Gamble). Foreign Revenue is based on Total Revenue –Domestic Revenue. Logos are trademarks of their respective owners and are used for illustrative purposes and should notbe construed as an endorsement or sponsorship of Altrius.

78%

Are domestic companies really domestic anymore? While a company may be headquartered in the United States, investing requires understanding the drivers of a company’s bottom line.

8

A Sampling of Major US Brands with Foreign Revenues Above 50% of Total Revenues

63% 60%* 58%**

57% 57% 54% 50%


Q1 2020

726.65%

601.43%

More Global Less GlobalSource: © 2014 Ned Davis Research, Inc.

Comparison of S&P 500 Companies’ Returns Cumulative Total Return for the 20-Year Period Ended 06.30.2014

“More Global” represents S&P 500

companies with reported pre-tax income of more than 50% from

foreign operations.

“Less Global” represents S&P 500

companies with reported pre-tax income of less than 50% from

foreign operations.

9

125 percentage points


Q1 202010

Source: Based on Schwert (1990) data for 1801–1870, a blend of Schwert and Siegel (2002)data for 1871–1925, and S&P 500 Index data since 1926.

Over long time periods dividends have made up a large proportion of total returns.

200 Year US Equity Return Decomposition

Why Dividends MatterPHILOSOPHY

Q1 202011

Source: Federated Advisors

Since Altrius’ inception in 1997, the Firm has been committed to dividend growth, viewing dividends as a critical component of total return.


PERCEPTION

Dividends4.2%

Capital Appreciation

5.6%

DividendYield4.2%

DividendGrowth

4.4%

ValuationChanges

1.2%

REALITY

Chart1

Dividends

Capital Appreciation

Column1

0.042

0.056

Sheet1

Column1

Dividends4%

Capital Appreciation5.60%


Chart1

Valuation Changes

Dividend Yield

Dividend Growth

Column1

0.012

0.042

0.044

Sheet1

Column1

Valuation Changes1.20%

Dividend Yield4.20%

Dividend Growth4.40%


Q1 202012

Lower Risk Higher Risk

Low

er R

etur

nH

ighe

r Ret

urn

Dividend Payers Risk/Reward01.31.1972 to 12.31.2016

Source: © 2017 Ned Davis Research, Inc. Non-dividend-paying Stocks represents non-dividend-paying stocks of the S&P 500Index; Dividend Payers w/ No Change represents all dividend-paying stocks of the S&P 500 Index that maintained their existingdividend rate and reflects the reinvestment of all income. The S&P 500 Geometric Equal-Weighted Total Return Index is calculatedusing monthly equal-weighted geometric averages of the total returns of all dividend-paying stocks and non-dividend-paying stocks.

Dividend Cutters or Eliminators

Non-dividend-paying Stocks

Dividend Payers w/ No Change

Dividend Growers & Initiators

-3%

0%

3%

6%

9%

12%

10% 15% 20% 25% 30%

Ave

rage

Ann

ualiz

ed T

otal

Ret

urn

Annualized Standard Deviation


Q1 202013

*Source: Siegel, Jeremy, Future for Investors (2005), with updates through 20171 “What do dividends tell us about earnings quality,” Douglas Skinner, Chicago Booth School of Business

Agency Dilemma

Dividends help reduce problems arising from asymmetric information and conflicts of interest between investors and company

management.

Management(Agent)

Investor(Principal)

Signaling

Company management makes decisions about dividend policies using internal

forecasts; a stable and rising dividend can signal superior future return potential.

Dividend Stocks by Quintile vs. S&P 500Growth of $1,000*

ReliabilityEarnings & cash flows can be manipulated while dividends are a more certain measure

of the return-generating capacity of a business model; academic research has

found that dividends provide information about the quality of earnings.1


Q1 202014

In low interest rate environments, investors substitute toward dividend-paying stocks, resulting in higher multiples for higher payout ratios.

Source: “What if the Market is Revaluing Dividends,” Fidelity Asset Management, March 2012

Multiples At Different Payout Ratios Multiples on Distributed Versus Undistributed Earnings


Q1 2020Source: Siegel, Jeremy, Future for Investors (2005), with updates through 2017

Growth of $1000: Cumulative Returns by P/E Ratio 1957-2017

Why Value Matters

15

PHILOSOPHY

Each stock in the S&P 500 is ranked from lowest to highest by price to earnings ratio on December 31st of every yearand placed into “quintiles” (baskets of 100 stocks). The stocks in each quintile are weighted by their marketcapitalization. The price/earnings ratio is defined as each stock’s price as of December 31st of that year divided by itsnet income per share. Past performance does not guarantee future results.

Q1 2020

40

50

60

70

80

90

100

110

120

16

Source: University of Michigan, FTSE Russell.*The Russell 3000 is a total market index, which assumes all cash distributions are reinvested. Peak is defined as highest index value beforea series of lower lows, while trough is defined as lowest index value before a series of higher highs. Shaded areas indicate US recessions.

At Altrius, we often view crisis as an opportunity and invest when others won’t, allowing us to capitalize on potential upside performance.

Why Value MattersPHILOSOPHY

Stock Returns During Periods of Uncertainty

May 1980:+32.0%

Jan. 2000:-4.5%

Mar. 2003:+38.1% Oct. 2005:

+16.5%

Jan 2004:+6.4%

Nov. 2008:+28.4%

Jan 2007:-2.2%

Oct. 1990:+33.9%

Mar. 1984:+19.6%

Aug. 2011:+20.0%

Sentiment cycle peak and subsequent 1-yr Russell 3000* return

Sentiment cycle trough and subsequent 1-yr Russell 3000 return

Jan 2015:-4.8%

Con

sum

er S

entim

ent I

ndex

Q1 202017

Contrary to CAPM efficient market claims, high risk is often not associated with high reward.

Empirical Returns by Volatility QuintileVa

lue

of $

1 In

vest

ed in

196

8

Source: Benchmarks as Limits to Arbitrage: Understanding the LowVolatility Anomaly; Financial Analyst Journal Volume 67, 2011

The Value of Risk-Adjusted ReturnsPHILOSOPHY

Q1 202018

A process designed to outperform driven by total return:

GLOBAL MACRO TOP DOWN PERSPECTIVE

DRIVES INITIAL UNIVERSE

Top down strategy employed to identify the most compelling geographic, industry

and/or sector set:

National GDP Growth

Demographics- Where is the Growth?

Durable Businesses Exploiting Growth

Demand Changes: What’s growing, moving, slowing?

Bottom up process seeks to identify companies selling below their

intrinsic value:

Seek high-yielding, durable businesses

Screen P/E ratio, the ‘real’ earnings of a company

Seeking companies generally selling for

Q1 202019

CLASSIC VALUE30-50%

PERSISTENT EARNERS30-50%

Well-established companies with dependable revenue growth, reliable earnings and healthy

dividend appreciation, priced below their historical valuations.

Persistent Earners: PepsiCo, Procter & Gamble

Financially sound companies selling at economical valuations relative to their earnings power which demonstrate a commitment to sound, above average

dividends over the long term.Classic Value: Pfizer, JPMorgan

Companies that sell at significant discounts to their intrinsic value due to market

inefficiencies driven by irrational sell-offs.Distressed/Contrarian: Hanesbrands, B&G Foods

DISTRESSED/CONTRARIAN0-15%

Further fundamental analysis is designed to determine which companies are increasing top line revenue growth, earnings and dividend payments. We target a portfolio of 30-50 companies that

fall into three value categories: Distressed/Contrarian, Classic Value and Persistent Earners.

Altrius Investment ProcessPROCESS

Chart1

Contrarian Distressed

Classic Value

Persistent Earners

Security Allocation

20

40

40

Sheet1

Security Allocation

Contrarian Distressed20

Classic Value40

Persistent Earners40


Q1 202020

What Smart Beta Means to Us

Since 1997, we have employed a “smart beta” active management process characterized by three aspects of portfolio management which we believe lead to potentially superior risk-adjusted returns.

We craft our portfolios based on three “factors” – macro outlook, value, and dividends– which we believe are crucial in generating total return. We don’t attempt to follow anindex, but rather tactically position ourselves where we see opportunity.

Portfolio Selection

Equal Weighting

Contrarian Rebalancing

Our portfolio holdings are weighted equally in order to diversify adequately andprevent a small number of securities from driving portfolio performance.

We employ a process of contrarian rebalancing on a conditional basis to bring holdingsback to equal weights. When deemed necessary, we trim positions that have grown invalue and use proceeds to purchase those which have declined without a deteriorationof fundamental growth potential.

PROCESS

Q1 202021

At Altrius we employ a structured risk management perspective throughout oursecurity selection, monitoring, and sell process. By maintaining a data driven, factsoriented investment management process we avoid the bias that can often resultin poor risk management decisions.

As an added risk management component to our investment process, we create worstcase and best case scenarios for evaluating market opportunities and risk.

We do not hesitate to sell securities that we believe are ‘at risk’ based onfundamental factors; we remain agile and focused on our portfolio holdings at alltimes, prepared to sell securities that are not performing or for which we believe wehave identified better candidates to maximize portfolio return and to minimizeportfolio risk.

Companies that eliminate their dividend are almost always an automatic sell.

Valuations that exceed 20x earnings become too pricey and typically result in a sell.

Risk Management & Sell DisciplinePROCESS

Q1 202022

Benchmarks Morningstar US Value TR USD

Number of Holdings 25-50

Average Market Cap $30 - $70B

Minimum Market Cap $2B

Max Position Size 5%

Turnover 15 - 30%

Portfolio Construction GuidelinesPORTFOLIO ANALYTICS

Q1 202023

Sector Diversification

Disciplined Alpha Dividend Income Sector Allocation

PORTFOLIO ANALYTICS

Source: Morningstar

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Communication ServicesReal EstateBasic MaterialsTechnologyEnergyUtilitiesHealthcareConsumer CyclicalFinancial ServicesIndustrialsConsumer Defensive

Q1 202024

Sector Diversification

Disciplined Alpha Dividend Income Sector Allocation vs S&P 500

PORTFOLIO ANALYTICS

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Real Estate, -3%

Energy, -3%

Financial Services, -8%

Basic Materials, +4%

Utilities, -4%

Consumer Cyclical, +2%

Communication Services, -3%

Healthcare, +2%

Industrials, -2%

Technology, -9%

Consumer Defensive, +23%

Source: Morningstar

Q1 202025

Revenue by Geography

Global Revenue Generation

As of 03.31.2020Source: Morningstar

PORTFOLIO ANALYTICS

United States, 57.6%

Asia - Emerging, 11.1%

Eurozone, 10.0% Latin America, 3.6%

Japan, 3.5%

Asia - Developed, 3.0%

Canada, 2.8%

Europe - Emerging, 2.6%

United Kingdom, 2.4%

Middle East, 1.1%Europe - ex Euro,

1.0%Australasia, 0.9%

Africa, 0.4%

Other, 14.3%

Q1 202026

A History of Above Average DividendsPORTFOLIO ANALYTICS

Altrius Disciplined Alpha Dividend Income vs. S&P 500 Dividend Yield

Altrius has consistently delivered a higher dividend yield than the S&P 500 since inception.

Source: Morningstar

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00% Altrius DA S&P 500

Q1 202027

Benchmark Morningstar US Value TR USD

Trailing P/E 15.06

Dividend Yield (TTM) 4.70%

Price/Book 2.49

Standard Deviation 10 YR: 13.95

Alpha (annualized) 10 YR: 1.82

Beta 10 YR: 0.95

Sharpe Ratio (annualized) 10 YR: 0.64

As of 03.31.2020

Portfolio Analytics

* 10 year statistics for the time period: 04.01.2010 to 03.31.2020

PORTFOLIO ANALYTICS

Q1 202028

Altrius Value PropositionPo

rtfo

lio V

alue

Ann

ual Y

ield

Disciplined Alpha Dividend Income Growth of $1,000,000 and Dividend Yield*

PERFORMANCE

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

Growth of $1,000,000 Portfolio Annual Yield

Iraq WarReal Estate Bubble

Financial Crisis

European Crisis

Oil Sell-off

COVID-19

*Portfolio Growth of $1,000,000 assumes reinvestment of alldividends since inception. All data represented is gross of fees.** Most recent trailing twelve month (TTM) Portfolio Annual Yieldis 4.70% for the period 03/31/2019 – 03/31/2020

**

Q1 202029

Altrius Value Proposition

Disciplined Alpha Dividend Income Growth of $1,000,000 and Dividend Income*

Port

folio

Val

ue

Ann

ual I

ncom

e

PERFORMANCE

*Portfolio Growth of $1,000,000 and Annual Income assumedividends reinvested since inception. All data represented is gross offees.

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$-

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

Growth of $1,000,000 Portfolio Annual Income

Iraq WarReal Estate Bubble

Financial Crisis

European Crisis

Oil Sell-off

COVID-19

Q1 202030

Altrius Tactical Positioning

*Portfolio Growth of $1,000,000 assumes reinvestment of all dividendssince inception. Time period represented is 2/12/2013 – 03/31/2020.All data represented is gross of fees.

PERFORMANCE

Altrius Disciplined Alpha Growth of $1,000,000* vs. Income Strategies

DADI, +78.89%

IUSV, +57.04%

IDU, +87.39%

IYR, +31.98%

BIZD, -17.17%

AMLP, -67.13%

XLP, +74.99%

$500,000

$750,000

$1,000,000

$1,250,000

$1,500,000

$1,750,000

$2,000,000

$2,250,000

$2,500,000DADI IUSV IDU XLP IYR BIZD AMLP

Strategy Ticker Value Cumulative ReturniShares US Utilities ETF IDU 1,873,908.90$ 87.39%Altrius Disciplined Alpha Income DADI 1,788,941.85$ 78.89%Consumer Staples Select Sector SPDR ETF XLP 1,749,885.02$ 74.99%iShares Core S&P US Value ETF IUSV 1,570,359.23$ 57.04%iShares US Real Estate ETF IYR 1,319,753.96$ 31.98%VanEck Vectors BDC Income ETF BIZD 828,259.25$ -17.17%Alerian MLP ETF AMLP 328,720.92$ -67.13%

Q1 202031

Portfolio Analytics:

-35.0%-30.0%-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%

10.0%15.0%

YTD03.31.2020

1 Year 3 Year 5 Year 10 Year 15 Year Since Inception01.01.2003

Altrius (Net) Altrius (Gross) Morningstar US Value TR USD

PERIOD YTD03.31.2020 1 YEAR 3 YEAR 5 YEAR 10 YEAR 15 YEARSince

Inception

Altrius (Net) (22.99) (15.63) 0.92 2.93 7.74 5.62 6.46

Altrius (Gross) (22.78) (14.73) 2.02 4.07 8.95 6.87 7.71

Morningstar US Value TR USD (28.43) (19.29) (2.67) 2.36 7.38 5.27 7.13

Disciplined Alpha Dividend Income

As of 03.31.2020

PERFORMANCE

Chart1

YTD 03.31.2020YTD 03.31.2020YTD 03.31.2020

1 Year1 Year1 Year

3 Year3 Year3 Year

5 Year5 Year5 Year

10 Year10 Year10 Year

15 Year15 Year15 Year

Since Inception 01.01.2003Since Inception 01.01.2003Since Inception 01.01.2003

Altrius (Net)

Altrius (Gross)

Morningstar US Value TR USD

-0.2299

-0.2278

-0.2843

-0.1563

-0.1473

-0.1929

0.0092

0.0202

-0.0267

0.0293

0.0407

0.0236

0.0774

0.0895

0.0738

0.0562

0.0687

0.0527

0.0646

0.0771

0.0713

Sheet1

Altrius (Net)Altrius (Gross)Morningstar US Value TR USD

YTD 03.31.2020-22.99%-22.78%-28.43%

1 Year-15.63%-14.73%-19.29%

3 Year0.92%2.02%-2.67%

5 Year2.93%4.07%2.36%

10 Year7.74%8.95%7.38%

15 Year5.62%6.87%5.27%

Since Inception 01.01.20036.46%7.71%7.13%


Q1 202032

Altrius Disciplined Alpha Dividend Income Composite PerformanceDecember 31, 2008– December 31, 2019

YearGross

Return %

Net Return

%

BenchmarkReturn

%

Composite 3-Yr

St Dev %

Benchmark 3Yr

St Dev %

# of Portfolios

Composite Dispersion

%

TotalComposite

Assets

Percent ofFirm

Assets

2009 26.06 24.36 17.95 18.93 20.76 97 1.58 29,880,750 28.25

2010 14.25 12.95 16.65 20.91 22.74 103 0.35 40,704,238 34.08

2011 2.96 1.78 0.92 19.10 20.53 101 0.46 32,401,233 26.04

2012 10.97 9.69 14.19 14.80 14.80 105 0.39 39,979,598 29.62

2013 38.96 37.38 32.04 12.62 12.84 117 0.77 59,675,808 34.35

2014 11.06 9.82 9.75 10.07 9.40 128 0.46 56,308,054 29.75

2015 (3.52) (4.58) (2.16) 11.83 10.62 114 0.47 34,362,139 18.70

2016 17.06 15.72 20.79 12.34 10.25 133 0.90 46,328,213 17.35

2017 16.20 14.93 14.23 12.02 11.08 142 0.32 42,694,959 12.53

2018 (3.46) (4.53) (7.51) 11.49 11.21 148 0.50 41,141,380 12.39

2019 25.24 23.89 25.09 12.77 12.20 146 0.75 52,854,027 15.53

Composite OverviewPERFORMANCE

Q1 202033

ACCOUNT FORMAT SEPARATELY MANAGED ACCOUNT

INSTITUTIONAL ACCOUNT MINIMUM $1,000,000

MANAGEMENT FEE < $25M 55 BP

MANAGEMENT FEE > $25M 50 BP

Management Fee StructureFEE STRUCTURE

Q1 202034

Performance ReportingAltrius Capital Management, Inc. (Altrius) claims compliance with the Global Investment Performance Standards (GIPS®) and has preparedand presented this report in compliance with the GIPS standards. Altrius has been independently verified for the periods January 31, 2001 –December 31, 2018 by ACA Performance Service, LLC. The verification reports are available upon request. Verification assesses 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 policiesand procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure theaccuracy of any specific composite presentation.

The Firm is defined as Altrius Capital Management, Inc. (Altrius), a registered investment advisor with the Securities and ExchangeCommission. Altrius was founded in 1997 and manages equity, fixed income and balanced portfolios for high net worth individuals andfamilies.

Composite CharacteristicsThe Disciplined Alpha Dividend Strategy is a subaccount from the Altrius Global Income Composite. As of 06/30/16, the name of theDisciplined Alpha Dividend Strategy was changed from the U.S. Large Cap Dividend Income Strategy. The composite and subaccount werecreated in December 2010 with a performance inception date of December 31, 2002. The subaccount strategy seeks long term capitalappreciation and income by investing at least 80% of its assets in a diversified portfolio of income-producing equity securities paying higherthan average dividends. 30 – 50 U.S. positions are chosen from a universe of stocks with market capitalizations generally greater than $10billion.

Accounts are included on the last day of the month in which the account meets the composite definition. Accounts no longer undermanagement are withdrawn from the composite on the first day of the month in which they are no longer under management. Closedaccount data is included in the composite as mandated by the standards in order to eliminate a survivorship bias.

DisclosureDISCLOSURE

Q1 202035

BenchmarkThe benchmark is the Morningstar US Value TR USD. It was changed from the Russell 3000 Value Index as of 11/01/2019 and changed

retroactively for all periods. The change was made due to licensing fees being charged by the firms who own the indices. Effective 10/01/2017,the benchmark was changed from the Russell 1000 Value Index to the Russell 3000 Value index. The benchmark was changed to reflect thefact that this is an all-cap strategy that can hold small- and mid-cap companies as well as large-cap. The volatility of the indices may bematerially different from that of the performance composite. In addition, the composite’s holdings may differ significantly from the securitiesthat comprise the indices. The indices have not been selected to represent appropriate benchmarks to compare the composite’s performance,but rather are disclosed to allow for comparison of the composite’s performance to those of well-known and widely recognized indices.

Economic factors, market conditions, and investment strategies will affect the performance of any portfolio, and there are no assurancesthat it will match or outperform any particular benchmark.

Performance CalculationsValuations and returns are computed and stated in U.S. dollars. Results reflect the reinvestment of dividends and other earnings.Gross of fees return is net of transaction costs and gross of management and custodian fees. Net of fees returns are calculated using actual

management fees that were paid and are presented before custodial fees and but after management fees and all trading expenses. Returns canbe net or gross of withholding taxes, depending on how taxes are recorded at the custodian. Some accounts pay fees outside of their accounts;thus, we enter a non-cash transaction in the performance system such that we can calculate a net of fees return. Prior to 01/01/10, cash wasallocated to carve-out segments on a pro-rata basis based on beginning of period market values. Beginning 01/01/10, carve-out segments aremanaged separately with their own cash balance. Carve-out accounts represent 100% of composite assets for periods prior to 01/01/10.

The standard management fee for the Altrius Disciplined Alpha Dividend Strategy is 1.40% per annum on the first $500,000 USD, 1.00%per annum on the next $500,000 and 0.80% per annum thereafter. Additional information regarding Altrius Capital Management fees areincluded in its Part II Form ADV.

Internal dispersion is calculated using the asset-weighted standard deviation of all accounts included in the composite for the entire year; itis not presented for periods less than one year or when there were five or fewer portfolios in the composite for the entire year. The three-yearannualized standard deviation measures the variability of the composite and the benchmark (Morningstar US Value TR USD) returns over thepreceding 36-month period.

There are no non-fee paying accounts in our composites. When a security is purchased or sold, the principal amounts tied to thetransaction are net of trading costs; therefore the calculation and market values represent amounts net of trading costs. Dispersion is calculatedusing asset-weighted standard deviation, gross of fees. Policies for valuing portfolios, calculating performance, and preparing compliantpresentations are available upon request. A complete list and description of firm composites is available upon request.


Q1 202036

Past performance does not guarantee future results. The information provided in this material should not be considered an offer nor arecommendation to buy, sell or hold any particular security.

The Altrius Disciplined Alpha Dividend Income strategy is not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of itsaffiliates (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express orimplied, to the owners of the Altrius Disciplined Alpha Dividend Income strategy or any member of the public regarding the advisability ofinvesting in an equity strategy generally or in the Altrius Disciplined Alpha Dividend Income strategy in particular or the ability of theMorningstar US Value TR US to track general equity market performance.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THEALTRIUS DISCPLINED ALPHA DIVIDEND INCOME STRATEGY OR ANY DATA INCLUDED THEREIN ANDMORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.


Q1 202037

Toll Free: 855-ALTRIUSEmail Address: [email protected]

Altrius Capital Management51 JFK Parkway, First Floor WestShort Hills, NJ 07078Phone: 201-399-0580

Altrius Capital Management4819 Emperor Blvd., Suite 400Durham, NC 27703Phone: 919-746-7977

Altrius Capital Management1323 Commerce DriveNew Bern, NC 28562Phone: 252-638-7598Fax: 252-635-6739

Worldwide:

Raleigh:

New Bern:

New Jersey:

Contact Information

mailto:[email protected]

Slide Number 1Slide Number 2Slide Number 3Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Slide Number 13Slide Number 14Slide Number 15Slide Number 16Slide Number 17Slide Number 18Slide Number 19Slide Number 20Slide Number 21Slide Number 22Slide Number 23Slide Number 24Slide Number 25Slide Number 26Slide Number 27Slide Number 28Slide Number 29Slide Number 30Slide Number 31Slide Number 32Slide Number 33Slide Number 34Slide Number 35Slide Number 36Slide Number 37

Documents

Disciplined Alpha Dividend Income Strategy...Data as of 03.31.2020 AUM by Product Disciplined Alpha Dividend Income International ADR Dividend Income Unconstrained Fixed Income Cash