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Legal Disclaimer

Advisor Partners II, LLC (d/b/a Concentric or Concentric Innovation) (“Concentric,” “we,” “our,” or “us”) is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”). Registration with the SEC does not imply a certain level of skill or training. Concentric primarily provides discretionary sub-advisory services to other registered investment advisors and their underlying clients and to other financial institutions and, in certain circumstances, manages accounts for individuals, family entities, or other clients directly. Concentric provides individual client services only in states in which it is eligible to do so (e.g., pursuant to a filing or where an exemption or exclusion from such filing exists). Certain administrative and operational services supporting Concentric are provided by its affiliate, Pathstone Family Office, LLC, as described below.

Concentric is an affiliate of Pathstone Family Office, LLC (“Pathstone”) through common control and ownership. Concentric, through Pathstone Intermediate Holdings, LLC, is wholly owned by Pathstone Holdings, LLC, which is owned by investment vehicles controlled by Kelso & Company (“Kelso”) and Lovell Minnick Partners, LLC (“LMP”), as well as by certain Pathstone employees and clients of Pathstone, in each case through intermediate subsidiaries. Pathstone provides certain administrative and operational services to Concentric under a shared services agreement, certain Pathstone employees are also registered with Concentric, and Concentric provides discretionary sub-advisory services to certain Pathstone advisory clients. These relationships may create conflicts of interest, which are described in Concentric’s Form ADV Part 2A.

PLEASE READ THESE TERMS OF USE CAREFULLY. By accessing and using this website, you acknowledge that you have read, understand and agree to be bound by all of the terms and conditions set forth below, which govern your access and use of this website. We reserve the right to amend these terms of use from time to time by posting the amended terms on this website without notice. If you do not accept these terms of use, do not use this website. Your use of this website indicates your full acceptance of these terms of use in their then-current form each time you access or use this website.

Proprietary papers and writings are the opinions of Concentric. Other articles, links, and information presented on this website are obtained from sources believed to be reliable, but they are for informational purposes only and Concentric does not guarantee their timeliness or accuracy.

For additional information and disclosures about Concentric, please review Concentric’s Form ADV and Form CRS available on this website and at https://adviserinfo.sec.gov/firm/summary/321633. Anything contained in this website is subject to the terms of our Form ADV.

Informational Purposes Only

All content on this website is for informational purposes only and may not constitute a complete description of available services. Neither the information nor any opinion expressed on this website constitutes an offer by Concentric to buy or sell any securities or financial instruments, or to provide any investment advice or service, and Concentric is not soliciting any action based on this website. The services, securities and financial instruments described on this website, if any, may not be available to or suitable for you, and not all strategies are appropriate at all times. The value and income of any of the securities or financial instruments mentioned on this website can fall as well as rise, and an investor may get back less than he or she invested. Foreign-currency denominated securities and financial instruments are subject to fluctuations in exchange rates that could have a positive or adverse effect on the value, price or income of such securities and financial instruments. Clients should consult their financial advisor with regard to any questions they may have. Nothing on this website should imply that past results are an indication of future performance. Past performance does not guarantee future performance. Independent advice should be sought in all cases.

Nothing on this website is intended to be, and you should not consider anything on this website to be, accounting, tax or legal advice.

Concentric will act solely in its capacity as a registered investment advisor and does not provide legal, accounting or tax advice. Clients should seek the counsel of a qualified accountant and/or attorney when necessary. Concentric implements tax-management strategies, such as tax-loss harvesting, within client portfolios and will work with a client’s tax specialist to answer questions related to the client’s portfolio account. Concentric relies on tax basis and other information provided by clients and their advisors, and inaccurate information may cause transactions that do not maximize tax benefits. Please consult your tax or legal professional to discuss your individual situation.

“Scalable Precision” or a reference to “Precision” does not imply perfection – Concentric does not implicitly or expressly warrant or guarantee that the firm’s activities are “error free” or that the firm’s investment, trading, operations or other administrative activities eliminate all potential trading or other errors.

There is intrinsic risk of loss of capital in all investment activities. There is risk that Separately Managed Accounts (“SMAs”) and Unified Managed Accounts (“UMAs”) do not perform in line with expectations or objectives due to market risk, liquidity risk, or a variety of other factors including, but not limited to, client-imposed portfolio constraints.  Examples of these constraints can include environmental, social and governance (“ESG”) considerations such as Purpose Driven or Values Aligned investment choices, client gains budget preferences, selection of tax aware portfolio transitions, and sector, industry, or security restrictions.  These constraints can also impact a portfolio’s tracking error, and the priority of certain constraints (for example, ESG considerations) may supersede others, such as a gains budget.

Various conditions may limit the ability to optimize after-tax performance.  In certain circumstances and market conditions, it can be more challenging to tax loss harvest and/or realize gains.  Tax-management strategies may alter investment decisions and affect portfolio holdings, when compared to those of non-tax managed strategies.

Concentric’s tax-managed strategies may involve frequent trading of securities. Depending on the market and other conditions, the investment strategy may experience high portfolio turnover, which may result in higher brokerage commissions and transaction costs, which could reduce Client investment returns, and capital gains.

Individual bond investing, including that principal protection only applies if bonds are held to maturity and issuers do not default, that individual bonds may have higher transaction costs and lower liquidity than mutual funds in certain market conditions, and that customization may result in less diversification than broadly diversified bond funds. Fixed income securities are also subject to credit risk, interest rate risk and the risk of changes in debt ratings.

Active management strategies involve additional risks. Attempts to exploit market inefficiencies may not be successful, tax loss harvesting has limitations and may not be available in all market conditions, and yield curve positioning strategies may result in losses if interest rate movements differ from expectations. Active management approaches could underperform passive strategies, tax benefits depend on individual circumstances and tax law changes, and relative value opportunities are not guaranteed to be available or profitable.

Crossover strategies involve complex tax considerations that may not benefit all investors. Attempts to time crossover opportunities may be unsuccessful, sector and yield curve positioning strategies involve additional risks and may underperform. Historical default rate patterns may not continue in the future.

Municipal securities are affected by local legislation and other factors, including, but not limited to, the credit quality of the issuer and interest rate risk.  State-specific tax strategies involve complex considerations that may not benefit all investors, tax laws are subject to change, focusing on state-specific opportunities may limit geographic diversification, and investors should consult qualified tax advisors about their specific circumstances.

ESG considerations, sustainability or impact investing (also referred to as Purpose Driven or Values Aligned strategies) may limit the type and number of available investment opportunities and may underperform strategies without that focus. The precise impact and cost of ESG strategies cannot be quantified, either standing alone or in relation to financial performance, and there is no assurance that any positive or negative impact or any particular financial outcome will be achieved.

Ownership & Restrictions on Use

All content included on this website is the property of Concentric or others and is protected by copyright and/or other laws. You may not publish, broadcast, retransmit, reproduce, repackage, frame, commercially exploit, create any derivative of, or otherwise redistribute all or any portion of this website except as explicitly permitted in these terms of use. You may not decompose, decompile, reverse engineer, disassemble, deconstruct or otherwise violate the security of all or any portion of this website.

Concentric and/or our suppliers reserve all right, title and interest in and to this website and all materials, information, and compilations of information available on or through this website, as well as the domain name, design, layout, and “look and feel” of this website, the trademarks, service marks, and trade dress related thereto, and all other intellectual property and other proprietary rights embodied therein and appurtenant thereto. You agree that you will have no rights in or to any of the foregoing, express or implied, other than the rights expressly granted in these terms of use, or otherwise expressly granted to you in writing by an authorized representative of Concentric.

At any time and for any reason we may revoke your right to use all or any portion of this website.

Monitoring of Activity

We may, but have no obligation to, monitor and record activity on this website for any reason or for no reason.

No Offer of Employment

This website is not an offer of employment with respect to any employment position described on this website.

International Use

The information provided on this website is not intended for distribution to, or use in, any jurisdiction where such distribution or use would be contrary to law. You are responsible for compliance with applicable local laws and regulations.

Disclaimers & Assumption of Risks

THIS WEBSITE IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. CONCENTRIC MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, REGARDING YOUR ACCESS TO OR USE OF THIS WEBSITE, OR THE PRODUCTS, SERVICES OR INFORMATION DESCRIBED ON OR AVAILABLE THROUGH THIS WEBSITE. WITHOUT LIMITING THE FOREGOING, WE EXPRESSLY DISCLAIM ANY AND ALL REPRESENTATIONS AND WARRANTIES OF ACCURACY, COMPLETENESS, TIMELINESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT OF THIRD-PARTY RIGHTS. THIS WEBSITE INCLUDES FACTS, VIEWS AND OPINIONS OF INDIVIDUALS AND ORGANIZATIONS DEEMED OF INTEREST. NOTHING CONTAINED ON THIS WEBSITE SHALL BE CONSTRUED AS AN ENDORSEMENT OF THESE VIEWS OR OPINIONS.

Information on this website speaks only as of the date indicated. We make reasonable efforts to provide accurate information and to update or correct information on this website when appropriate.

We make reasonable efforts to avoid technological problems, but at any time this website may have, and/or may cause, technological problems including viruses. We are not liable for any defects, delays or errors in or resulting from your use of this website.

Limitation of Liability

Neither we nor any of our affiliates, agents or employees is responsible for any damages, liabilities or injury, including but not limited to indirect, incidental, special, punitive or consequential damages however caused arising out your use of (or inability to use) this website or these terms of use. Our liability is limited to the maximum extent permitted by law and is limited even if we have been advised of the possibility of the damages, liability or injury that you suffer or if any remedy you have fails of its essential purpose, including any damages, liabilities or injuries caused by any failure of performance, error, omission, theft, interruption, deletion, defect, delay in operation, computer virus, communication line failure, or other computer malfunction. Without limiting the foregoing, under all circumstances, the maximum liability of Concentric, its agents and employees to any user of this website with respect to this website is $500.

Nothing in these terms of use waives or limits any rights that a client or any other person may have under federal or state securities laws, or any fiduciary duty Concentric owes to its clients, and the foregoing limitations do not apply to advisory services provided pursuant to a written agreement with Concentric.

Governing Law & Severability

You agree that your use of this website and any disputes relating to this website or these terms of use shall be governed in all respects by the laws of the State of Delaware and, where applicable, by federal law. If one or more of these terms of use shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of these terms of use, but shall be construed as if such invalid, illegal or unenforceable provision had never been contained.