Founded in 1964 as a brokerage firm serving

individual clients, BLB&B has evolved with our

clients and the larger financial landscape. Now,

BLB&B is primarily a provider of fiduciary advice,

planning, and investment management services to

endowments, individuals, and families.

Throughout our history we have stayed true to our

original mission:

To provide individually managed portfolios

tailored to the unique needs and goals of

each client, using a disciplined and relatively

conservative investment approach.

Above, from left to right: Robert N. Phillips, Jr., Clifford P. Haugen, Laura W. Brewer, John T. Lawton, W. Dean Karrash, and Franklin A. Burke

EquiTy iNvEsTmENT maNagEmENT

Our philosophy: investing should be a dynamic, life-long process built arounda client’s changing needs. But an investment manager should treat your portfolioas if your goals must be met every day, not just in the long run. For that reason,our first priority is principal protection; the second, income generation; and the third, growth of capital to build long-term financial stability and offsetinflation’s effect.

Our process: We select securities with an eye to controlling risk or, morespecifically, to assuming no more risk than necessary to pursue your investmentgoals. We are conscious of the macroeconomic and market environment, payclose attention to price, and avoid highly complicated securities and productsales.

Our execution: We tailor each portfolio to your unique circumstances, financial needs, and goals. These often change over time, as does your abilityand willingness to tolerate investment risk, so we confer with you regularlyabout your investment desires and priorities.

When selecting an advisor to manage your assets, you should expect nothing less than consistency in their investment philosophy,

process, and execution. We think you will find that BLB&B does indeed “walk the walk.”

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e offer value-oriented equity investment management,

fixed income investment management, and customized

asset allocation, as well as retirement income planning and

assistance in developing cash flow and budgeting, tax,

estate, and risk management plans.

THREE TiERs OF DECisiON-maKiNg

Because even the highest-quality stocks and bondsare vulnerable to changing market conditions, weseek first to determine the likely impact of theeconomy, political and geopolitical activities, andother macro factors on the capital markets. Basedon this assessment, we decide whether and howto alter the asset weightings in client portfolios —to reduce risk, to take advantage of emerging opportunity, or both. Finally, we seek out individualsecurities that fit our value- and risk-conscious approach as well as our economic and market out-look.

Our goal is to be fully invested, and we do not attempt to time the markets (i.e., completely exitand re-enter) when market or economic conditionschange.

Our investment process has always been guided by a strict value discipline, emphasizing risk evaluation

relative to opportunity. < <INVESTMENT PROCESS

TRETiREmENT iNCOmE sTRaTEgiEs aND assET uTiLiZaTiON PLaNs

he BLB&B investment strategies were originallydesigned to help clients accumulate assets to meettheir future goals. With the passage of time, clientsnow ask us to help them generate income for various purposes, such as annual payouts to covercollege costs for children or grandchildren or, mostoften, quarterly retirement income.

as a first step in creating an income plan, we review a client’s entire balance sheet, seeking todetermine which assets are most appropriate toemploy for this purpose. We consider the tax ramifications of selling various assets, their relativepotential to generate income or growth, and howkeeping or disposing of specific assets might affectthe client’s estate.

With this analysis in hand, we build a drawdownstrategy that, in our opinion, will help to preservethe greatest amount of assets while providing theclient with income.

AWEaLTH EvENT aND assET TRaNsFER sERviCEs

t BLB&B, we are strongly committed to standing by ourclients during moments when life events take a sharp turn.We focus on providing perspective, access to specializedresources and, perhaps most important, solutions that help reduce anxiety and concerns.

special situations where we can help:

Wealth events, including advice on how to invest assets from the sale of a business, inheritances, bonuses,windfalls, and strategies for stock option distributions

Changes in family status, such as widowhood or divorce

Loss of income, due to illness or loss of employment

Intervivos asset transfers, such as strategies for making tax-advantaged gifts during your lifetime to charity,family, or friends

Providing for valuation of hard assets, includingartwork and real property, for estate planning, or to raisecash

Even the best-laid financial and investment plans need revision as significant

changes occur in your life. < <

WPLaNs FOR maKiNg yOuR iNvEsTmENTs FuLFiLL yOuR LiFE gOaLs

e find that clients come to us hoping their investments can help them meet not justone but several major life goals, such as purchasing a home, funding children’s educations, and saving for retirement. Recognizing this fact, BLB&B has developedin-house skills and a network of qualified specialists to help clients better define andprioritize goals and understand how different assets can best be used to achieve them.

Drawing on robust, technology-based tools and our own experience, we work withclients to craft and implement strategies that help tackle a wide variety of life goalsincluding:

Cash flow and budgeting

College funding

Estate planning

Retirement planning

Retirement income strategies

social security planning

With more complex areas such as insurance, tax, and estate planning, we

often create a team made up of the client’s existing advisors and advisors

we know and trust.< <

BsERviCEs FOR NONPROFiTs

LB&B understands the challenges many small and medium-sized family foundations, endowments, and charitable organizations face when seeking an asset manager. as afirm, we are charity-minded — all our portfolio managers have played significant roleson boards of directors or investment committees of nonprofits in the Philadelphia metroarea and beyond.

We are proud to say that BLB&B gives nonprofits the service and support their worthycauses deserve. in addition to providing relatively conservative equity and fixed incomeinvestment strategies and a well-defined, disciplined investment process, BLB&B:

� aids nonprofits in developing investment policy statements (iPss)

� Provides asset allocation guidance

� Customizes portfolio holdings to the organization’s financial goals

� manages country, sector, industry, and security exposures with sensitivity tothe organization’s mission

� Provides in-depth account reporting

� Participates in board and investment committee meetings

� Offers suggestions on best use of assets when the organization has multipleaccounts targeted at different needs (e.g., operating and reserve accounts)

� Provides board training on investment management, if desired

Having served on many nonprofit boards,we know first-hand how to provide

institutions with a long-term investment approach and a high level of

individual attention.< <

The longstanding, trust-based relationships we

have developed with our clients over the years are

a great source of pride to us. We believe that the

quality and enduring nature of these relationships

– some of which stretch as far as the third and

fourth generation of a family – are due to our

investment skill and how we work with clients.

We would be pleased to hear from individuals, nonprofits, advisors and

consultants.Please visit our website at

BLBB.com

Securities offered through Burke, Lawton, Brewer & Burke, LLC, member FINRA, SIPC.Investment advisory services provided by BLB&B Advisors, LLC • BLBB does not offer tax or legal advice.

Street address 516 N. Bethlehem PikeAmbler, PA 19002

Mailing addressP.O. Box 950Spring House, PA 19477

215.643.9100www.BLBB.com SINCE 1964