Intermediate Municipal Bond Managed Account

Important Disclosures

Investing involves risk, including possible loss of principal. Municipal markets may be volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Fixed-income securities may be susceptible to general movements in the bond market and are subject to credit and interest rate risks. Credit risk arises from an issuer’s ability to make interest and principal payments when due, as well as the prices of bonds declining when an issuer’s credit quality is expected to deteriorate. Interest rate risk occurs when interest rates rise causing bond prices to fall. The issuer of a debt security may be able to repay principal prior to the security’s maturity, known as prepayment (call) risk, because of an improvement in its credit quality or falling interest rates. In this event, this principal may have to be reinvested in securities with lower interest rates than the original securities, reducing the potential for income.

There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return.

Income exempt from federal tax may be subject to state or local tax. A portion of the portfolio’s income may be subject to the federal alternative minimum tax. Income or portfolio distributions attributable to capital gains are usually subject to both state and federal taxes. Please contact a tax advisor regarding the appropriateness of tax-exempt investments in your portfolio.

The Bloomberg Managed Money Short/Intermediate Bond Index represents securities that have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. The Index is a rules-based, market-value weighted index engineered for the long-term tax-exempt bond market. Indices are unmanaged and do not incur fees. It is not possible to invest directly in an index.

The Composite includes all discretionary Managed Accounts (Wrap/Bundled Fee) managed by Loomis Sayles with guidelines prescribing investment in primarily U.S. Dollar denominated municipal bonds with target duration of 3 to 6 years and has a benchmark of the Bloomberg Managed Money Short/Intermediate Bond Index or similar index which reflect the Composite investment strategy and duration target. The Composite inception date is January 1, 2005.The composite was created in July 2005.

Loomis, Sayles & Co., L.P. (“Loomis Sayles”) acts as a discretionary investment manager or non-discretionary model provider in a variety of separately managed account or wrap fee programs (each, an “SMA Program”) sponsored by a third party investment adviser, broker-dealer or other financial services firm (a “Sponsor”). When acting as a discretionary investment manager, Loomis Sayles is responsible for implementing trades in SMA Program accounts. When acting as a non-discretionary model provider, Loomis Sayles’ responsibility is limited to providing non-discretionary investment recommendations (in the form of a model portfolio) to the SMA Program Sponsor or overlay manager, and the Sponsor or overlay manager may utilize such recommendations in connection with its management of its clients’ SMA Program accounts. In such “model-based” SMA Programs (“Model-Based Programs”), it is the Sponsor or overlay manager, and not Loomis Sayles, which serves as the investment manager to, and has trade implementation.