Average Price - weighted average price of the bonds. For the Fund this calculation excludes zero-coupon bonds and closed-end funds, making it comparable to the benchmark.

Effective Duration - a risk measure that takes into account the fact that expected cash flows will fluctuate as interest rates change.

Modified Adjusted Duration - modified duration calculation used for bonds with embedded options, taking into account that expected cash flows will fluctuate as interest rates change. Maturity is calculated by making worst-case scenario assumptions with respect to bond provisions that could shorten the life of the bond.

Coupon Yield - weighted average coupon rate of the bonds. Coupon yield for an individual bond is the interest rate that the bond issuer promises to pay bond purchasers. This rate is fixed and applies to the life of the bond.

Yield to Worst - rate of return anticipated on a bond when the shortest possible maturity is substituted for the maturity date of the issue. It is the lowest potential yield that can be received on a bond without the issue actually defaulting and is calculated by making worst-case scenario assumptions with respect to bond provisions that could shorten the life of the bond.

SEC Yield (30 Day) - reflects the rate at which the Fund is earning income on its current portfolio of securities and is computed using a standardized SEC formula.

Beta - reflects the sensitivity of a fund’s returns to fluctuations in the fund’s benchmark. A number greater than one indicates greater sensitivity and a number lower than one indicates less sensitivity.

Standard Deviation - measures a fund’s historical volatility, where a higher number implies greater volatility and risk.

Alpha - measures risk-adjusted performance, showing excess return delivered at the same risk level as the fund’s benchmark. A positive and higher number is better.

Debt securities such as those held by the Fund are subject to market risk, credit risk, interest rate risk, call risk, tax risk and political and economic risk. Debt securities typically decrease in value when interest rates rise. The risk is usually greater for longer-term debt securities. Income from tax-exempt funds may be subject to state and local taxes. Capital gains distributions, if any, will be subject to tax.

The Bloomberg U.S. Municipal Bond 5 Year (4-6) Index is an unmanaged market value-weighted index for investment-grade municipal bonds with maturities between 4 and 6 years. This index is the 5 Year component of the Bloomberg Municipal Bond Index. To be included in the index, bonds must be rated investment-grade, have outstanding par value of at least $7 million, be issued as part of a transaction of at least $75 million, and have a fixed interest rate. Remarketed issues, taxable municipal bonds, bonds with floating interest rates, and derivatives are excluded from the index.

The Peer Universe Percentile Rank compares the performance of mutual funds within a universe of funds having similar investment objectives. Rankings are based on total return performance: with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Note that the Fund does not assess a front or back-end sales charge. Past rankings are no guarantee of future rankings. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

The performance information shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than performance information shown.

You should consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund. The prospectus should be read carefully before investing. You may obtain a prospectus by calling FCI at 651-228-0935 or the transfer agent for the Clearwater Tax-Exempt Bond Fund, the Northern Trust Company, at 855-684-9144.

Not FDIC insured. May lose value. No bank or government guarantee.

Price to Book - ratio used to compare the prices of a fund’s stocks with their book values.

Price to Earnings - ratio used to compare the prices of a fund’s stocks with their per-share earnings. Trailing 12-month price to earnings ratio is displayed.

Return on Equity - ratio used to compare the amount of net income returned as a percentage of shareholders’ equity.

Est. 3-5 Year EPS Growth - median estimated earnings per share growth for a fund’s stocks (source: FactSet Estimates).

Beta - reflects the sensitivity of a fund’s returns to fluctuations in the fund’s benchmark. A number greater than one indicates greater sensitivity and a number lower than one indicates less sensitivity.

Standard Deviation - measures a fund’s historical volatility, where a higher number implies greater volatility and risk.

Alpha - measures risk-adjusted performance, showing excess return delivered at the same risk level as the fund’s benchmark. A positive and higher number is better.

Equity securities will fluctuate in price and the value of your investment will thus fluctuate, and this may result in a loss. Small and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. To the extent a Fund subadviser employs a value style strategy, that portion of the Fund’s assets is subject to the possibility that value stocks fall out of favor or perform poorly relative to other types of investments.

The Russell 1000® Index measures the performance of the large cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on market capitalization. It represents about 92% of the U.S. market.

The S&P 500 Index tracks the performance of a broad segment of the U.S. equity market. Comprising 500 of the largest publicly traded companies based in the United States, the index represents a significant portion of the total U.S. stock market capitalization. It includes a diverse range of sectors and industries, providing investors with exposure to a cross-section of the American economy.

+The iShares Russell 1000® ETF seeks to track the investment performance and composition of the Russell 1000® Index, the Clearwater Core Equity Fund’s benchmark, to approximate the performance and composition of the large and mid-cap sectors of the U.S. equity market. FCI, who provides the analysis for this fact sheet, does not have access to the underlying constituents and statistics of the Index (necessary for presentations in this fact sheet), and therefore has used the ETF information as a proxy/substitute. Information about the ETF’s holdings is provided solely to serve as a proxy for the Index and not as a comparison of an investment in the Clearwater Core Equity Fund and the ETF. Because the ETF may not invest in all of the index constituents at approximately their Index weightings, the ETF’s holdings may not serve as an effective substitute for Index information.

The Peer Universe Percentile Rank compares the performance of mutual funds within a universe of funds having similar investment objectives. Rankings are based on total return performance: with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Note that the Fund does not assess a front or back-end sales charge. Past rankings are no guarantee of future rankings. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

The performance information shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than performance information shown.

You should consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund. You may obtain a prospectus by calling FCI at 651-228-0935 or the transfer agent for the Clearwater Core Equity Fund, the Northern Trust Company, at 855-684-9144. The prospectus should be read carefully before investing.

Not FDIC insured. May lose value. No bank or government guarantee.

Price to Book - ratio used to compare the prices of a fund’s stocks with their book values.

Price to Earnings - ratio used to compare the prices of a fund’s stocks with their per-share earnings. Trailing 12-month price to earnings ratio is displayed.

Return on Equity - ratio used to compare the amount of net income returned as a percentage of shareholders’ equity.

Est. 3-5 Year EPS Growth - median estimated earnings per share growth for a fund’s stocks (source: FactSet Estimates).

Beta - reflects the sensitivity of a fund’s returns to fluctuations in the fund’s benchmark. A number greater than one indicates greater sensitivity and a number lower than one indicates less sensitivity.

Standard Deviation - measures a fund’s historical volatility, where a higher number implies greater volatility and risk.

Alpha - measures risk-adjusted performance, showing excess return delivered at the same risk level as the fund’s benchmark. A positive and higher number is better.

Equity securities will fluctuate in price and the value of your investment will thus fluctuate, and this may result in a loss. Securities in certain non-U.S. countries may be less liquid, more volatile, and less subject to governmental supervision than U.S. securities. The values of these securities may be affected by changes in currency rates, application of a country’s specific tax laws, changes in government administration, and economic and monetary policy. These risks are particularly significant in emerging market countries, which generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Small and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities.

The MSCI World Ex U.S.A. Index - Net Dividends is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed markets, excluding the United States. It includes large and midcap companies across 22 of 23 developed market countries. The index covers approximately 85% of the publicly available total market capitalization in each country.

+ iShares EAFE ETF + iShares Canada ETF represents a blend of the holdings of the iShares MSCI EAFE ETF (ticker: EFA) and the iShares MSCI Canada ETF (ticker: EWC) to approximate the composition of the constituents of the MSCI World Ex U.S.A. Index – Net Dividends (the “Index”), the Clearwater International Fund’s benchmark. FCI, who provides the analysis for this fact sheet, does not have access to the underlying constituents and statistics of the Index (necessary for the presentations in this fact sheet), and therefore has used the blended ETF information as a proxy/substitute. Information about the ETFs’ holdings is provided solely to serve as a proxy for the Index and not as a comparison of an investment in the Clearwater International Fund and the ETFs. Because the ETFs may not invest in all of the Index constituents at approximately their Index weightings, the ETF holdings may not serve as an effective substitute for Index information.

The Peer Universe Percentile Rank compares the performance of mutual funds within a universe of funds having similar investment objectives. Rankings are based on total return performance: with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Note that the Fund does not assess a front or back-end sales charge. Past rankings are no guarantee of future rankings. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

The performance information shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than performance information shown.

You should consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund. You may obtain a prospectus by calling FCI at 651-228-0935 or the transfer agent for the Clearwater International Fund, the Northern Trust Company, at 855-684-9144. The prospectus should be read carefully before investing.

Not FDIC insured. May lose value. No bank or government guarantee.

TOP 10 HOLDINGS						MARKET CAPITALIZATION
Source: FactSet						Source: FactSet
Top 10 Holdings are provided as of 12/31/2023 to align with public filings.

Price to Book - ratio used to compare the prices of a fund’s stocks with their book values.

Price to Earnings - ratio used to compare the price of a fund’s stocks with their per-share earnings. Trailing 12-month price to earnings ratio is displayed.

Return on Equity - ratio used to compare the amount of net income returned as a percentage of shareholders’ equity.

Est. 3-5 Year EPS Growth - median estimated earnings per share growth for a fund’s stocks (source: FactSet Estimates).

Beta - reflects the sensitivity of a fund’s returns to fluctuations in the fund’s benchmark. A number greater than one indicates greater sensitivity and a number lower than one indicates less sensitivity.

Standard Deviation - measures a fund’s historical volatility, where a higher number implies greater volatility and risk.

Alpha - measures risk-adjusted performance, showing excess return delivered at the same risk level as the fund’s benchmark. A positive and higher number is better.

Equity securities will fluctuate in price and the value of your investment will thus fluctuate, and this may result in a loss. Small and mid-capitalization stocks may be subject to higher degrees of risk, their earnings may be less predictable, their prices more volatile, and their liquidity less than that of large-capitalization or more established companies’ securities. Micro-sized company stocks can be subject to greater risks, more abrupt and erratic price movements, wider spreads between quoted bid and ask prices and less liquidity than that of larger, more established companies. To the extent a Fund subadviser employs a value style strategy, that portion of the Fund’s assets is subject to the possibility that value stocks fall out of favor or perform poorly relative to other types of investments. To the extent a Fund subadviser employs a growth strategy, that portion of the Fund’s assets is subject to the possibility that such growth stocks can have relatively high valuations, making such investments more risky than an investment in a company with more modest growth expectations.

The Russell 2000^® Index measures the performance of the small cap segment of the U.S. equity universe. It includes approximately 2,000 of the smallest U.S. companies based on market capitalization and represents about 10% of the U.S. market.

+iShares Russell 2000 Index ETF seeks to track the investment performance of the Russell 2000^® Index, the Clearwater Select Equity Fund’s benchmark, to approximate the performance and composition of the small cap sector of the U.S. equity market. FCI, who provides the analysis for this fact sheet, does not have access to the underlying holdings and statistics of the Russell 2000^® Index (necessary for the presentations in this fact sheet), and therefore has used the ETF benchmark as a proxy/substitute. Information about the ETF’s holdings is provided solely to serve as a proxy for the Index and not as a comparison of an investment in the Clearwater Select Equity Fund and the ETF. Because the ETF may not invest in all of the Index constituents at approximately their index weightings, the ETF holdings may not serve as an effective substitute for Index information.

The Peer Universe Percentile Rank compares the performance of mutual funds within a universe of funds having similar investment objectives. Rankings are based on total return performance: with capital gains and dividends reinvested, with annual operating expenses deducted, but without including front or back-end sales charges. Note that the Fund does not assess a front or back-end sales charge. Past rankings are no guarantee of future rankings. Rankings are relative to a peer group and do not necessarily mean that the fund had high total returns.

The performance information shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than performance information shown.

You should consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus contains this and other information about the Fund. You may obtain a prospectus by calling FCI at 651-228-0935 or the transfer agent for the Clearwater Select Equity Fund, the Northern Trust Company, at 855-684-9144. The prospectus should be read carefully before investing.

Not FDIC insured. May lose value. No bank or government guarantee.