WestEnd Advisors is an SEC-registered investment advisor.  The firm is an independent investment management firm, 100% owned by its active principals.  WestEnd manages both equity and fixed-income assets for individual and institutional clients.

WestEnd Advisors’ Large-Cap Core Equity Composite is invested solely in U.S. Equity securities and/or high-grade money market instruments.  Returns are achieved without the use of options, derivatives, or leverage of any kind.  Results are time weighted, account size weighted, net of withholding taxes, use trade-date valuations, and include cash as well as the reinvestment of dividends, interest income, and other earnings, if applicable.  Portfolio returns are weighted using end of prior month values plus weighted cash flows.  Portfolios and composites are valued daily, are denominated in U.S. dollars only, and include all discretionary tax-exempt accounts with a minimum of $1,000,000.  Portfolios managed by WestEnd Advisors in any wrap-fee program are not included in the composite.

Composite performance results and the percentage of firm assets from December 31, 1995 to December 31, 2002 were realized under WestEnd Advisors’ predecessor firm Providence Capital Management, Inc. in the Large-Cap Core Equity Composite.  Providence Capital Management was a registered investment advisor founded October 1, 1995 by Robert L. Pharr.  Mr. Pharr served as President and Chief Investment Officer, and made all the investment decisions since creation of the composite.  The Large-Cap Core Equity Composite creation date is December 31, 1995, and the investment strategy for the Large-Cap Core Equity Composite has been consistent since creation.

Net-of-fee performance results are presented after investment management fees paid to WestEnd Advisors, as well as after brokerage or other commissions actually paid by clients in the management of their investment advisory account, but exclude any deductions for custodial fees.  The current management fee schedule, as described in WestEnd Advisors’ SEC Form ADV Part II, is as follows:  1.00% for accounts valued at $1,000,000 to $4,999,999; 0.90% for accounts valued at $5,000,000 to $9,999,999; 0.75% for accounts valued at $10,000,000 to $24,999,999; 0.65% for accounts valued at $25,000,000 to $49,999,999; and 0.50% for accounts valued over $50,000,000. Fees are negotiable where circumstances warrant.

Past performance is not indicative of future results.  It should not be assumed that recommendations made in the future will be profitable.  The information contained herein is not intended to be an offer to provide investment advisory services.  Such an offer may only be made if accompanied by WestEnd Advisors’ SEC Form ADV Part II.

The S&P 500 and Russell 1000 are used for comparative purposes only.  The S&P 500, our primary benchmark, is considered an appropriate proxy for the overall U.S. equity market and is comprised of 500 leading companies in major industries of the U.S. economy.  The Russell 1000 is used as our secondary benchmark, and represents the extensive large-cap segment of the U.S. equity universe.

The dispersion of annual returns is measured by the standard deviation of the asset-weighted portfolio returns included in the composite for the full year.  Dispersion is calculated based on gross returns, and is not shown when there are five or fewer portfolios as the calculation is not statistically meaningful.

A complete list and description of all WestEnd Advisors’ composites as well as a presentation that complies with the requirements of the Global Investment Performance Standards (GIPS) is available upon request by phone (888-500-7501) or email (info@westendadvisors.com).

Additional information regarding policies for calculating and reporting returns is available upon request.

Total firm assets do not include assets in any account where WestEnd Advisors does not execute trades on behalf of the account.  These assets are sometimes referred to as “Advisory-Only Assets.”   As of December 31, 2009, WestEnd Advisors had approximately $118 million of Advisory-Only Assets.  This information is included as supplemental information only.

WestEnd Advisors has been verified for its claim of firm-wide compliance with the Global Investment Performance Standards (GIPS) for the periods December 31, 1995 through December 31, 2009 by Beacon Verification Services.  WestEnd Advisors’ Large-Cap Core Equity Composite has received a performance exam from composite inception through December 31, 2009.  A copy of the verification report is available upon request.

Revised February 2010