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Ameriprise® Active Diversified Portfolios

wilshire.com | T + 1 310 451 3051 | 1299 Ocean Ave, Santa Monica, CA 90401, USA

Wilshire Advisors LLC (“Wilshire”) is the investment manager for Active Diversified Portfolios investments. As the investment manager, Wilshire has discretionary authority and control with respect to purchasing or selling securities within Active Diversified Portfolios accounts. Wilshire is not affiliated with Ameriprise Financial Services, LLC.

3wilshire.com © 2021 by Wilshire. All Rights Reserved.

Active Diversified PortfoliosWilshire Advisors LLC is a global financial services firm, dedicated to improving

outcomes for investors worldwide. Founded in 1972, Wilshire advises on over

$1.3 trillion in assets, $87 billion of which are assets under management. Specializing

in innovative investment solutions, consulting services, and multi-asset decision

support analytics, Wilshire serves more than 500 institutional and intermediary clients

worldwide from 10 offices around the globe.

Investors today have complex goals and objectives. Active Diversified Portfolios

(“Portfolios”) investments are designed to help investors grow their savings and

provide retirement income by strategically allocating to actively and passively

managed investments.

Wilshire manages three series of investment solutions:

· Active Diversified Funds Portfolios

· Active Diversified Alternatives Portfolios

· Active Diversified Yield Portfolios

4wilshire.com © 2021 by Wilshire. All Rights Reserved.*As of 8/31/2021

Wilshirehas been helping clients invest for

a better future for nearly 50 years.

281associates worldwide

32CFA

charterholders

8CAIA®

designations

70+investment

professionals contributing to manager

research

10 offices

worldwide

5

A Clear Investment ApproachWilshire’s institutional approach translates the theoretical into the practical,

making use of dynamic asset allocation, institutional research and fund

selection, risk-aware portfolio construction and manager structure, and

objective ongoing oversight that seeks to deliver attractive risk-adjusted

returns. Wilshire uses a sophisticated, disciplined, and risk-focused

approach with a repeatable four-step process to monitor the Portfolios.

1 Asset allocation

2 Manager research

3 Portfolio construction

4 Ongoing monitoring and due diligence

wilshire.com © 2021 by Wilshire. All Rights Reserved.

6

1 Asset allocation

Wilshire’s asset allocation process leverages the consensus expectations of

large institutional investors. From there, based on short- to medium-term views,

Wilshire’s Investment Strategy Committee can dynamically tilt portfolios to take

advantage of changing market conditions. This process establishes the ideal mix of

asset classes around a given investment objective, risk tolerance and time horizon.


Asset class views are based on a multi-dimensional framework.

RISK

IN

FLATION

SENTIMENT

VALUATIO

NS

TECHNICALS

GROWTH

Wilshire recognizes that markets are constantly shifting, and has the agility and expertise to adapt solutions to address these changes.

7

2 Manager research

Manager research is central to everything Wilshire does. The

approximately 70+ professionals that contribute to Wilshire’s manager

research efforts are tasked with finding the best strategies across the

asset class spectrum and identifying those that have the potential to

produce alpha consistently over the long term. Wilshire employs a

rigorous and proprietary search and selection process that includes

actively managed mutual funds and passively managed exchange-

traded funds (ETFs).

Far-Reaching Knowledge BaseWilshire is continually tracking, collecting, and adding to its proprietary

database of over 48,000 investment products. This includes separate

accounts, mutual funds, alternative investments, collective investment

trusts, ETFs and indices.

Differentiated AccessWilshire manager research analysts hold over 1,600 manager

meetings annually on average*, enabling them to regularly refresh their

information and insights based on first-hand knowledge of investment

managers, their products and processes.

Powerful Proprietary ToolsTechnology is critical to analyzing today’s investment landscape.

Wilshire utilizes proprietary analytic tools that enable it to review large

quantities of complex data. This leads to a highly informed view of

markets, managers and risk.

*As of 12/31/20


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3 Portfolio construction

Building a multi-manager portfolio is not simply a matter of choosing investments

with the highest return potential. Wilshire was an early practitioner of portfolio

optimization, taking a variety of factors into consideration to best combine

investment manager allocations to maximize expected return for a given level of

risk for the entire portfolio.

Wilshire also leverages the primary tenets of modern portfolio theory to build a

diversified portfolio not just across asset classes, but within an asset class itself.

By pairing high-conviction managers utilizing complementary strategies, Wilshire

believes it can further reduce active risk while maintaining attractive active returns.

Activ

e Re

turn

OptimalPortfolio

Active Risk

Sub-op�mal por�olio

Sub-op�mal por�olio

Lower ac�ve riskmutual fund manager

Higher ac�ve riskmutual fund manager

4 Ongoing monitoring and due diligence

Wilshire’s responsibility does not end once a portfolio is constructed. Wilshire

regularly monitors the asset allocation and underlying managers of each portfolio.

Portfolios are rebalanced on an ongoing basis, with adjustments made to

allocations and managers as conditions warrant.



Important InformationInvestments in equities are subject to market risk. Security prices can fluctuate significantly in the short term or over extended periods of time. These price fluctuations may result from factors affecting individual companies, industries, or the securities market as a whole. Investments in small-cap stocks may be subject to a higher degree of market risk than large-cap stocks, or more established companies’ securities. Furthermore, the illiquidity of the small-cap market may adversely affect the value of an investment.

Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth.

Generally, large-cap companies are more mature and have limited growth potential compared to smaller companies. In addition, large companies may not be able to adapt as easily to changing market conditions, potentially resulting in lower overall performance compared to the broader securities markets during different market cycles. Investments in small and mid-capitalization companies involve greater risks and volatility than investments in larger, more established companies.

Investments in international equities involve additional risks including currency rate fluctuations, political and economic instability, differences in financial reporting standards, and less stringent regulation of securities markets. In addition, the risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries.

Investments selected using quantitative methods may perform differently from the market as a whole and may not enable the fund to achieve its objective.

Loan investments present issuer default risk.

Investments in bonds are subject to interest rate, inflation, credit, currency and sovereign risks. Investments in high-yield bonds (sometimes referred to as “junk bonds”) are subject to greater credit risk and price fluctuations than higher-quality issues.

Investments in preferred stocks are subject to interest rate and liquidity risk and are not correlated with securities markets generally.

Investments in commodities and commodity-index-linked securities may be affected by overall market movements and other factors that affect the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments.

Risks of investing in real estate securities are similar to those associated with direct investments in real estate, including lack of liquidity, limited diversification, sensitivity to certain economic factors such as interest rate changes and market recessions, and falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments.

An alternative investments strategy is subject to a number of risks and is not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing to bear the high economic risk associated with such an investment.

Diversification and asset allocation help you spread risk throughout your portfolio, so investments that do poorly may be balanced by others that do relatively better. Diversification and asset allocation do not ensure profit or protect against loss.

The FT Wilshire 5000 Index is the oldest, broad-based measure of the entire U.S. stock market. Originally named for the 5,000 stocks it contained at launch, it then grew to a high count of 7,562 on July 31, 1998. Since then, the count fell steadily to 3,776 as of December 31, 2013, where it has then bounced back to 3,818 as of September 30, 2014. The last time the Wilshire 5000 actually contained 5,000 or more companies was December 29, 2005. Indexes are unmanaged and are not available for direct investment.

CFA Charterholder: The Chartered Financial Analyst (CFA) designation is an international professional certification offered by the CFA Institute to financial analysts who complete a series of three examinations. To become a CFA charterholder, a candidate must pass each of three six-hour exams, possess a bachelor’s degree (or equivalent, as assessed by CFA Institute) and have 48 months of qualified, professional work experience. CFA charterholders are also obligated to adhere to a strict Code of Ethics and Standards governing their professional conduct.

Important Information


CAIA Charterholder: The Chartered Alternative Investment Analyst (CAIA) designation is for alternative investment professionals offered by the CAIA Association. The CAIA charter is the global mark of distinction in alternative investments. To become a CAIA charterholder, a candidate must meet these four requirements: 1) pass a two-tier exam process (passing both the Level I and Level II exams); 2) hold a U.S. bachelor’s degree or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of professional experience. (Professional experience is defined as full-time employment in a professional capacity within the regulatory, banking, financial, or related fields.); 3) join and stay current in the annual CAIA Association membership dues; and 4) certify annually that the member has abided by the Member Agreement.

Wilshire Advisors LLC is the investment manager for Ameriprise Active Diversified Portfolios (“Portfolios”). Wilshire has discretionary authority with respect to investment management and monitoring of the Portfolios. Wilshire is not responsible for determining suitability or advisability of the Portfolios investments for clients’ investment needs.

This material contains proprietary information of Wilshire, and is intended for the exclusive use of the person to whom it is provided. It may not be disclosed, reproduced or redistributed, in whole or in part, to any other person or entity without prior written permission from Wilshire.

Wilshire is not affiliated with Ameriprise Financial.

Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. This material is intended for informational purposes only and should not be construed as legal, accounting, tax, investment, or other professional advice.

Clients should review the Ameriprise® Managed Accounts Client Disclosure Brochure or, if they have elected a consolidated advisory fee relationship, the Ameriprise Managed Accounts and Financial Planning Service Disclosure Brochure, for a full description of services offered, including fees and expenses, as well as any applicable updates.

Investment products are not insured by the FDIC,NCUA or any federal agency, are not deposits orobligations of, or guaranteed by any financialinstitution, and involve investment risks includingpossible loss of principal and fluctuationin value.

Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.

Important Information

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About WilshireWilshire is a global provider of market-leading indexes, advanced analytics, and multi-asset investment solutions. A trusted partner to a diverse range of more than 500 institutional investors and financial advisors and intermediaries, our clients rely on us to improve investment outcomes for a better future. Wilshire is headquartered in the United States with offices worldwide and advises on over $1.3 trillion in assets, $87 billion of which are assets under management.

More information on Wilshire can be found at www.wilshire.com

Wilshire is a global financial services firm providing diverse services to various types of investors and intermediaries. As such, Wilshire’s products, services, investment approach and advice may differ between clients and all of Wilshire’s products and services may not be available to all clients. For more information regarding Wilshire’s services, please see Wilshire’s ADV Part 2 available at www.wilshire.com/ADV.

This material may include estimates, projections, assumptions and other “forward-looking statements.” Forward-looking statements represent Wilshire’s current beliefs and opinions in respect of potential future events. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual events, performance and financial results to differ materially from any projections. Forward-looking statements speak only as of the date on which they are made and are subject to change without notice. Wilshire undertakes no obligation to update or revise any forward-looking statements..

Wilshire® is a registered service mark of Wilshire Advisors LLC, Santa Monica, California.

Copyright © 2021 Wilshire. All rights reserved.

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