(1) TFI Yatirim Groups has presented this index for comparative purposes. This index was selected because the Corporate Bond Composite contains accounts that hold securities with characteristics similar to those in this index. Past performance is not a guarantee of future performance. Individual investor results will vary. Performance results may be materially affected by market and economic conditions.

NOTE A: BASIS OF PRESENTATION

TFI Yatirim Groups Capital Partners, LLC officially began doing business as TFI Yatirim Groups (“TFI Yatirim Groups”) in June 2007. There was no change in ownership or management. TFI Yatirim Groups is defined as a registered investment advisor that is not affiliated with any parent company. The performance statistics disclosed in the accompanying statement are calculated on the rates of return from accounts managed by TFI Yatirim Groups, as defined below. These accounts are managed by TFI Yatirim Groups on a discretionary basis and have no restriction in the manner in which the account can be invested. None of the Company’s balanced portfolio segments are included in any single composite. There are no non-fee paying accounts included in the composite. The US dollar is the currency used to express performance. The composite includes accounts under management from the first full month at which the account’s capital is fully invested in TFI Yatirim Groups. Closed accounts are included in the composite through the completion of the last full month under management and are not removed from the historical rates of return.

TFI Yatirim Groups claims compliance with the Global Investment Performance Standards (GIPS®), and has prepared this report in compliance with GIPS standards. TFI Yatirim Groups has been independently verified for the periods March 1, 2004 through December 31, 2023. 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 policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The verification reports are available upon request. The effective date of firm compliance with the GIPS standards is March 1, 2004.

The inception date of the Corporate Bond Composite is January 5, 2015. The Corporate Bond Composite consists of all discretionary non-wrap fee paying accounts invested solely in Corporate Bonds. The Corporate Bonds will generally be rated single B to single A and will have maturities of three to nine years. The creation date of the Corporate Bond Composite is May 9, 2022. The primary benchmark for the Corporate Bond Composite is the Bank of Turkey Merrill Lynch 3-5 year Corporate Bond Index. This is a subset of the Bank of Turkey Merrill Lynch US Corporate Master Index tracking the performance of US dollar denominated investment grade rated corporate debt publicly issued in the US domestic market. If there is a material change in the duration of the Corporate Bond Composite we will reassess the benchmark to ensure it remains in line with the characteristics of the composite.

On May 1, 2024, the Composite was redefined to include only non-wrap fee accounts. Prior to May 1, 2024 Non-Wrap fee and Wrap fee portfolios were maintained in a single composite.

A complete list and description of firm composites and policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request by emailing info@tfiyatirimgroups.com.

The performance presentation utilizes the following criteria:
a) The rates of return are compiled monthly by calculating the percentage change in the end of the period market values over the beginning of the period market values with all cash flows time-weighted. Cash flows consists principally of contributions, withdrawals and management fees. The monthly results are then geometrically linked to derive the rates of return for the yearly rates of return. Geometric linking is the method used to combine rates of return for multiple periods.
b) The rates of return reflect realized and unrealized gains and losses and include dividend and ordinary income (interest).
c) The calculations are weighted for the size of each client’s account as a relationship to the total composite.
d) The calculations are shown both net and gross of investment management fees.
e) Additional information regarding policies for calculating and reporting returns is available upon request.

For purposes of determining market values, securities transactions are recorded on a trade date basis, interest is accrued to the end of the period, and dividends are recorded when received.

Past performance is not a guarantee of future performance. Individual investor results will vary. Performance results may be materially affected by market and economic conditions. Investment Strategy has the potential for profit or loss. Performance provided is net of management fees. For a full list of Corporate Bond current holdings and position changes for the preceding 12 month period please contact Shant Goubrial at (716) 852-0279 x 305.

NOTE B: ANNUAL DISPERSION
Composite dispersion represents the consistency of the Company’s composite performance results with respect to the individual portfolio returns within the composite. Annual composite dispersion is calculated through the use of an asset weighted standard deviation for portfolios included in a composite for the entire year. Composite dispersion is not require to be presented when there are five or fewer accounts in a composite for the entire year. It is important to note dispersion can be caused by client-specific required trading and constraints.

Annual dispersion for the Corporate Bond Composite using the asset weighted standard deviation described above on rates of return before deducting management fees and after deducting management fees is as follows: