Galliard Stable Value Separate Account Composite

1: Returns for periods less than one year are not annualized. Returns designated as "before fees" include all income, realized and unrealized gains and losses and all transaction costs. Returns designated as "after maximum fees" are the "before investment management fees" returns less the current maximum investment management fee of 0.20% which may be charged by Galliard for management of a client's account. From 4/1/17 to 6/30/20 Galliard's maximum fee for accounts in the composite was 0.35% and prior to 4/1/17 Galliard's maximum fee was 0.40%. Historical composite amounts shown as after maximum fees reflect each of these fee reductions on their respective dates. Galliard’s advisory fees are disclosed in the firm’s ADV Part2A which is available upon request. For more information, please refer to the GIPS composite report found in the resources section.  2: The benchmark is calculated and derived from the average of the daily yields published by the Federal Reserve. Benchmark returns do not include potential transaction costs or management fees. For comparison purposes the benchmark is fully invested and includes the reinvestment of income. While it is believed that the benchmark used here represents an appropriate point of comparison for the composite referenced above, prospective investors should be aware that the volatility of the above referenced benchmark or index may be substantially different from that of the composite; and holdings in the composite may differ significantly from the benchmark or index if the investment guidelines and criteria are different than the composite. 3: May not add due to rounding.  4: Economic indicators provided for informational purposes only. Past performance is not an indication of how the investment will perform in the future.  

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