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Anchor Research investment models as presented are not managed portfolios, nor are they offered as investment programs. Anchor Research models are an independent service from Anchor Captial, and should not be considered a replication of Anchor Capital managed account programs and/or products. Information pertaining to Anchor Capital's advisory operations, services, and fees is set forth in Anchor’s current disclosure statement, a copy of which is available from Anchor Capital upon request. Information pertaining to any mutual fund or ETF or security that is referenced by Anchor hypothetical portfolio is set forth in each respective mutual fund or ETF's prospectus, a copy of which is also available from Anchor upon request.