This information is intended for financial professionals only and not the general public.

Investment Strategy

The Midcap Equity Strategy is designed to benefit from domestic economic opportunities within the United States, and invests primarily in securities issued by mid- and small-capitalization U.S. companies. The investment portfolio may also include securities issued by larger companies.

Midcap Equity Performance Disclosure

The Midcap Value Equity Composite contains fully discretionary midcap equity accounts and for comparison purposes is measured against the Russell Midcap Index and the Russell Midcap Value Index.

Thomas White International, Ltd. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Thomas White International, Ltd. has been independently verified for the periods July 1, 1992 through December 31, 2021. The verification reports are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

Thomas White International, Ltd. is an independent registered investment adviser. A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.

The Midcap Value Equity Composite has an inception date and a composite creation date of January 1, 1993. Leverage is not used in this composite. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. All dividends are included in performance calculations as net dividends. As of January 1, 2008, net of fee performance is calculated using actual management fees on a cash basis. Prior to 2008, net fee performance was accrued monthly. Trading expenses are included in the costs of the trades. The annual composite dispersion is an asset-weighted standard deviation calculated, using gross returns, for the accounts in the composite the entire year. The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.

The fee for Midcap Equity accounts is as follows: for the first $25 million, 0.70%; for the next $25 million, 0.60%; over $50 million, 0.50%. Actual investment advisory fees incurred by clients may vary.