Opening Remarks and Introduction

UWF Foundation, Inc. Board of Directors Zoom Meeting September 9, 2020 3:30 - 5:00 p.m.

Agenda

Opening Remarks/ Introduction Jason Crawford, BOD Chair Call to Order / Agenda

Roll Call / Quorum / Approval of Minutes* John Gormley, BOD Secretary

Information Reports

University Update Martha Saunders, UWF President

Advancement Report Howard Reddy, VP for Advancement

Audited Financial Statements* Diane Martinez, Molly Murphy and Allison Jones

Alumni Report Eric Brammer, Alumni Assoc. President

CFO’s Report Dan Lucas, Chief Financial Officer

Housing Update Neil McMillion

Committee/Officers Reports Executive Committee Jason Crawford, BOD Chair Actions of the Executive Committee*

Investment Committee James Hosman, BOD Vice Chair Quarterly Performance Report Earnings and Expenses Comparison Other Investment Assets Actions of the Investment Committee*

Audit Budget Committee Rodney Sutton, BOD Treasurer Budget to Actual Reports - Housing & Foundation Statement of Functional Expenses Unspent Budget Report Actions of the Audit Budget Committee* Grant Committee Tim Haag, Chair Next Meeting – Thursday, November 19, 2020 Nominating Committee Gail Dorsey, BOD Immediate Past Chair Next Meeting – Thursday, November 12, 2020

Other Business Jason Crawford, BOD Chair Conflict of Interest Policy & Disclosure form

Closing Remarks from Chair Jason Crawford, BOD Chair

Adjourn

*Indicates possible action item for the Board. UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING Zoom Meeting June 17, 2020 @ 3:30 p.m. – 5:00 p.m.

Present: Members: Dick Baker, Connie Bookman, Eric Brammer, Rick Byars, Jason Crawford, Dr. Matthew Crow, Gail Dorsey, Megan Fry, John Gormley, Tim Haag, David Hightower, James Hosman, Trip Maygarden, Amber McClure, John Peacock, David Peaden, Bill Rone, Dr. Martha Saunders, Rodney Sutton, Bruce Vredenburg, Todd Zaborski.

Staff: Howard Reddy, Daniel Lucas, E. Jan Butts, Claire Stewart, Lisa Mrahi, Missy Grace, Brett Berg, Tori Bennett, Robin Zimmern, Elizabeth Gray.

Guests: Dr. Brandon Frye, Neil McMillion, Suzanna Daughtry, Ruben Gardner, Dr. Ed Ranelli

Call to Order: Chair Gail Dorsey called the meeting to order at 3:33 p.m. Due to the COVID-19 pandemic the meeting was conducted via Zoom. The following statement was read from the Governor’s Executive Orders regarding board meetings:

THIS MEETING IS BEING CONDUCTED (TELEPHONICALLY OR ELECTRONICALLY) PURSUANT TO EXECUTIVE ORDER NUMBERS 20-52, 20-68 AND 20-69 (AS EXTENDED BY EXECUTIVE ORDER NUMBER 20-139) SIGNED BY GOVERNOR DESANTIS AND WITH THE GUIDANCE PROVIDED BY LEGAL COUNSEL. MORE IMPORTANTLY, BASED ON WHAT WE KNOW NOW ABOUT THE CORONAVIRUS PANDEMIC AND PRUDENT PRECAUTIONS AS A RESULT OF IT, THE MEETING IS BEING CONDUCTED IN A WAY TO PROVIDE THE MAXIMUM AMOUNT OF PROTECTION TO OUR BOARD MEMBERS, STAFF, AND THE PUBLIC. WE APOLOGIZE FOR ANY INCONVENIENCE AND ASK FOR YOUR UNDERSTANDING.

Roll Call and Approval of the Minutes: Staff confirmed attendance and that a quorum was present (electronically). Secretary John Gormley verified that the committee members had reviewed the minutes of the meeting held on December 4, 2019 and that no changes were required. Jason Crawford made a motion to approve the minutes as submitted. Trip Maygarden seconded motion. All members voted in favor and the motion passed.

Opening Remarks: Gail Dorsey noted a full agenda proceeded to the information reports.

Information Reports:

University Update: President Martha Saunders provided University updates and highlights. Metrics results are in from the Board of Governors and UWF scored seventy-five points this year. Points of pride include perfect 10’s in five different categories, including metrics one and two which track students’ employment status and salary after graduation. UWF strives for inclusive excellence within the campus community and firmly denounces offensive or racially charged behavior. One hundred fewer students withdrew from classes during the Spring term compared to last year. Summer sessions are totally online this year and enrollment is up. Fall enrollment is also trending upwards. President Saunders praised faculty for their heroic efforts

Page 1 of 4

UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2020

to flip all courses on-line when the pandemic struck. A detailed and complex plan for reopening this Fall is in the works and it will be reviewed by the Board of Trustees and presented to the Board of Governors. In closing, providing our students with a high-quality education and top- notch overall experience continues to be the top priority.

Advancement Report: Howard Reddy discussed the University Advancement highlights and stated that Total Gifts Received YTD including Cash Gifts, New Pledges & Planned Gifts totaled $11,246,774. This is the second highest fiscal year-end giving total in UWF history. This was also the year of the largest cash gift to UWF ever by a single donor. UWF Foundation Board member giving has reached 100%. The Alumni Board and the Board of Trustees have also achieved 100% giving. Nautilus level giving is the second highest in UWF history and could possibly break the record before year-end. A calling campaign targeting faculty and staff is underway to help reach the remaining 10% needed to make goal. Athletics fell short of their goal but many of the anticipated gifts will arrive in the next fiscal year. Gulf Power partnered with the SBDC to fund a program to help the community through the economic hardships that accompanied the pandemic. The Program spiraled from a $250,000 grant for local businesses into an $800,000 plus cash infusion, administered by the Foundation. In closing, if the time is right in January, the capital campaign will resume the feasibility study interviews.

CFO’s Report: Dan Lucas reported that although Housing and Meal Plan refunds had to be given when students left campus, some funds are being recouped from the CARES Act. Debt service coverage is still being met. Public disclosures and communications have been made as required by rating agencies. Housing contracts for next year are on the rise. As for the small business grant program, the total number disbursed will be approximately 1.1 million when complete. The Foundation Student Fellowship Program is wrapping up its first year. Participant feedback has been collected and two additional students will be selected to join the Program next year. The student-run investment club is in the policy-writing and approval process now and will consist of a fixed income fund and a stock fund. Dan stated that the estate settlement process of a recent gift, as well as other ongoing Foundation business often require Foundation officers to execute banking resolutions. Trip Maygarden made a motion to allow members of the Executive Committee to sign resolutions as needed. James Hosman seconded the motion, and the motion carried with all voting in favor.

Alumni Report: Eric Brammer congratulated the Foundation Board for meeting their giving goal and the challenge he put forth at the start of the year. Given the quarantine circumstances, hosting alumni events was a challenge. Recently an alumni 5k and virtual trivia night raised $1000 and $265 respectively for the Student Emergency Fund. Eric provided a brief synopsis of the Alumni Association’s accomplishments this year including: raising 380 class gifts, onboarding eleven new student ambassadors, hosting the student leader etiquette dinner, increased Instagram and Facebook followers, and Argo Football support and tailgate coordination.

Page 2 of 4

UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2020

Reports of Board Officers & Committees:

Executive Committee: Gail Dorsey stated that there were no action items taken at the last committee meeting and deferred to the committee chairs.

Investment Committee: Chair Jason Crawford stated that the investment results were down at the end of the quarter but had improved by April, and were outperforming the benchmarks. The long-term investment horizon helps to manage risk. Eagle Capital is currently on cautionary status. The International allocation is approximately 26% of the portfolio and is next up for review as an asset class. The increase in alternative asset classes within the portfolio is progressing towards the 20% target allocation, however this process takes time. Jason stated that the committee’s work with Dr. KC MA on the Argo Student Fund is progressing; a motion to approve the program and policies will be brought to the full board when complete.

Audit/Budget Committee: Chair David Hightower asked Neil McMillion to begin the report with a Housing update. Neil stated that there are currently 1366 contracts for the Fall which is 53 contracts higher than last year at this time. The goal is 1450 contracts and we are 94% of goal. The goal of 15% in return contracts has already been met. FTIC contracts are currently at 587 and more are expected after orientations take place. To date, 1295 room assignments have been made. When students were required to leave in March due to COVID-19, an express check-out system was developed. Housing for summer camps and conferences was not permitted this year as the cleaning and sanitation costs exceeded income. A new Housing addendum will be part of the Fall contract. Students will adhere to new guidelines and expectations regarding space, distance and maximum occupancy levels. Enhanced cleaning efforts, sanitizing stations and “welcome kits” filled with supplies will be given out upon check-in. There will be an extended move-in process this year with a centralized check-in approach. Appointments will be scheduled for drive-thru check-in to prevent overcrowding over a three to seven-day period. In closing Neil stated that students will opt-in or out of the health and safety guidelines; they’ll have until 5:00pm on July 6, 2020 to cancel contracts without penalties or fees. Dan Lucas noted that the annual Housing budget for 2020-21 was recently reviewed and approved at the committee level. David Hightower made the motion to approve the 2020-21 budget. The motion was seconded by Bruce Vredenburg and the motion passed with all members voting in favor. David Hightower then stated that the Foundation budget for 2020-21 was being presented for approval today. Bruce Vredenburg made the motion to approve the 2020-21 Foundation budget. John Gormley seconded the motion. The motion passed with all members voting in favor. In closing, the annual audit will begin soon and take place during the coming summer months.

Grant Committee: Chair Tim Haag presented a brief update of the Grant Committee which met in March, just as the pandemic struck. The committee had evaluated all applications received and decided to award travel grants to twelve applicants. Unfortunately, all international travel programs for the Spring and Summer were cancelled due to COVID-19. The committee voted to

Page 3 of 4

UWF Foundation, Inc. Board of Directors Meeting Minutes June 17, 2020

allow the selected students extra time to use their study abroad funds. Each student now has the entire 2020-21 academic year to utilize their grant if they so desire.

Nominating Committee: Vice-Chair Trip Maygarden stated that with Gordon Sprague and David Hightower approaching the end of their terms on the Board, two vacancies (Presidential appointments) exist. The committee vetted eight nominees and made their recommendations to President Saunders, who in turn selected Gerald Adcox and Darrell Gooden to fill the vacancies. Trip also stated that members Rick Byars, John Gormley and Todd Zaborski are all eligible for reappointment for a second four-year term. Connie Bookman made a motion to approve the two new appointments (Gerald Adcox and Darrell Gooden) as well as to approve the three reappointments for the period July 1, 2020 through June 30, 2024. David Peaden seconded the motion with all members voting in favor. Trip introduced SGA Vice President Ruben Gardner. With the Board’s approval, Ruben will serve as an ex officio member of the Board for the coming year. Rodney Sutton made a motion to elect Ruben Gardner for 2020-21 and Connie Bookman seconded the motion. The motion carried with all members voting in favor. Ruben thanked the Board for this opportunity and shared his excitement for the coming year. Gail Dorsey thanked outgoing SGA V.P. Jamie Calvert for her work and dedication on the Board this past year.

Other Business: In conclusion, Gail Dorsey thanked David Hightower and Gordon Sprague for their commitment over the years to the UWF Foundation, and their ongoing support of the University as a whole. She thanked the Foundation team for their efforts over the past academic year. Howard Reddy noted Gail’s leadership and dedication and thanked her for her service as Chair.

Adjournment: Chair Dorsey thanked all Board members for their participation in the meeting. There being no further business, the meeting was adjourned at 4:53 pm.

Minutes recorded by Lisa Mrahi on June 17, 2020.

Page 4 of 4

Executive Committee Reports

UWF FOUNDATION, INC. EXECUTIVE COMMITTEE MEETING Zoom Meeting August 27, 2020, 3:30 p.m. – 5:00 p.m.

Present: Members: Chair Jason Crawford, Dr. Martha Saunders, Gail Dorsey, James Hosman, John Gormley and Rodney Sutton.

Staff: Howard Reddy, Dan Lucas, E. Jan Butts, Claire Stewart, and Lisa Mrahi.

Call to Order: Due to COVID-19 and the Governor’s Executive Order Number 20-193 the meeting was conducted via Zoom. Jason Crawford called the meeting to order at 3:32 p.m. Staff confirmed attendance and that a quorum was present.

Minutes: John Gormley verified that the committee members had reviewed the minutes of the meeting held on June 17, 2020 and that no changes were required. Gail Dorsey made the motion to accept the minutes as presented. Jason Crawford seconded and the motion carried with all voting in favor.

University Update: President Saunders provided the University update including the following highlights: summer enrollment was up and all courses were conducted on line; a good portion of time was dedicated to planning the fall opening procedures. Fall classes began Monday and we are off to a strong start. All students, faculty and staff are required to complete a daily COVID-19 screening. If a student has been exposed to the virus, they are required to report this to the Dean of Students office. By the last account there were two positive cases among students living on campus. Quarantine housing and contact tracking were quickly put into place and the procedures are working. Move-In week took the place of traditional move-in day. This change was successful and went smoothly. Housing is currently at about 80% occupancy. Approximately 65-70% of courses are online this fall, the rest are face-to-face including internships, and hybrids. In other news, masks are required on campus, classrooms are sanitized in between classes, and student social gatherings are postponed until September 7th. In conclusion, Dr. Saunders stated that fall enrollment is up, but sports have been placed on hold until spring as NCAA championships have been cancelled for the fall.

Advancement Report: Howard Reddy provided the University Advancement highlights and thanked the Board for 100% giving in FY20. Fiscal year 2020 closed at $11,745,076, which broke all previous years’ records for new cash donations. There were 467 Nautilus level gifts and 61 major gifts, it was a very successful year. Current year-to-date total gifts received are $513,748, which includes cash gifts, new pledges, and planned gifts. In that number, some notable major gifts include: $175,000 from Regions Bank, a $70,000 pledge from Caldwell Associates Architects, and $22,600 from Helios Education Foundation, and $20,000 from Greg and Angie Britton for scholarships. The goal for 2020-21 is $3.5 million dollars. We are currently seeing the benefits of the Crowdfunding and Phone-a-Thon infrastructures. The “Give One Get One Mask”

Page | 1

campaign is wrapping up and should hit the goal of 250 gifts this week. Upcoming strategic plans include additional focused mini-campaigns, the Sustaining Alumni program, and the Argos United campaign. Two new funds are being rolled out in October for Diversity Awareness month, which support the Office of Equity and Diversity’s initiatives. Year-to-date the number of Alumni donors has reached 713; this is up significantly. The Golden Graduate class this year is the class of 1970 and significant efforts will be made to reach out to those alumni. Annual Day of Giving will also return this year – plans are underway.

CFO Report: Dan Lucas gave un update on the return of the Foundation Student Fellows Program, a joint effort between the College of Business (COB) and the Foundation. Two new students will join returning Senior Suzanna Daughtry in the program this year: Isaac Mohr and Lucas Juery. In addition, the Student Investment Fund is another combined initiative in the works in which the COB students would manage funds and execute real trades in a Fixed Income Fund and a Large Cap Equity Fund. The Foundation is in the final stages of the annual external audit, this should be complete by the end of September. COVID-19 has impacted different financial aspects, from investments to occupancy rates. Monitoring continues as well as planning for maintaining debt service coverage ratios.

Committee Reports: Investment Committee: Chair James Hosman gave an update on the investment performance for the quarter. Earlier in the day ACG reported to the committee that the Foundation’s portfolio value had just reached a new record of over $100,380,000. The quarter to date performance was 14.64% and YTD -5.02%. We continue to outperform the indices. James mentioned the newest committee member, Darrell Gooden and the two new student fellows, who will join the program this year. The Investment committee voted on and approved several items today including: • Adding/amending the language in the Student Investment Fund and then approving the policy statement • Approval of the Student Fixed Income Fund • Approval of the Student Equity Fund • The liquidation of the positions held in the Tortoise MLP and Pipeline Fund (this was approved at a previous meeting but ACG held off until the market improved). • Allocation of $4 million to the Harbert U.S. Real Estate Fund VII. • A subcommittee was also formed to explore the possibility of bidding out the investment advisor role. Jason Crawford spoke to the due diligence necessary from the subcommittee and the importance of achieving the target return from the investment advisors. He encouraged further thought and discussion on this topic at future meetings. The Executive Committee then voted on the Actions of the Investment Committee, which relate to certain policy changes. • James Hosman made the motion to approve the investment policy language update to read as follows: “A small allocation of the Large Cap Equity and Core Fixed Income portions of the portfolio will be managed by the Argo Investment Program, a student- run investment fund. Both mandates will operate under the guidelines set forth in their

Page | 2

own separate investment policy statements.” Rodney Sutton seconded and the motion carried with all members voting in favor. • James Hosman made a motion to approve the Student managed Equity Fund policy statement as presented. Gail Dorsey seconded the motion, which passed with all voting in favor. • James Hosman made a motion to approve the Student managed Fixed Income Fund policy statement as presented. Rodney Sutton seconded the motion, which passed with all voting in favor. • James Hosman made a motion to allocate $4 million to the Harbert U.S. Real Estate Fund VII. Gail Dorsey seconded and that the motion was approved with all voting in favor.

Audit/Budget Committee: Chair Rodney Sutton presented the highlights from the Audit/Budget committee meeting. He stated that the draft reports from the current audit should be available on August 31st. Saltmarsh will be on hand at the upcoming full board meeting to discuss the preliminary results. The audit should be finalized in late September. Dan Lucas stated that the Foundation will need to open two new bank accounts with Charles Schwab in order to facilitate the Argo student-run investment transactions. Rodney Sutton made a motion to allow the opening of the two new accounts. John Gormley seconded the motion. All members voted in favor. In other news, Rodney stated that UWF’s Housing occupancy rate is currently at 80% capacity. The debt service coverage ratio is at 1.1 and some expense cutting plans are in place to correct the ratio to the desired 1.2. Reserves should remain intact.

Other Business: Dan Lucas stated that although the Foundation is already authorized to execute banking resolutions as needed, Cetera Investment Services is requiring specific Board approval for the resolution related to settling the Besser Estate. James Hosman made the motion to approve the signing of the resolution. Rodney Sutton seconded the motion which passed unanimously. In closing, Jason Crawford hopes that the Board can become even more engaged with the campus community and more effective in helping with fundraising efforts.

Adjournment: There being no further business, the meeting was adjourned at 4:58 p.m.

Minutes recorded by Lisa Mrahi on August 27, 2020.

Page | 3

Investment Committee Reports

Performance for Selected Time Periods

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

‐2.00% QTD 1 Year 3 Year 5 Year 7 Year UWF 14.64% 0.82% 5.05% 5.06% 6.27% Balanced Index 14.15% -0.79% 3.75% 4.26% 5.55% CPI + 4% 0.86% 4.67% 5.78% 5.61% 5.48% QTD Portfolio Growth Comparison

$96,000

$94,000

$92,000

$90,000

$88,000

$86,000

$84,000

$82,000

$80,000

$78,000

$76,000Mar-20 Apr-20 May-20 Jun-20

UWF Balanced Index CPI +4% 1 Year Portfolio Growth Comparison

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$0 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

UWF Balanced Index CPI +4% 3 Year Portfolio Growth Comparison

$105,000

$100,000

$95,000

$90,000

$85,000

$80,000

$75,000

$70,000 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 UWF Balanced Index CPI +4% 5 Year Portfolio Growth Comparison

$105,000

$100,000

$95,000

$90,000

$85,000

$80,000

$75,000

$70,000

$65,000 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20

UWF Balanced Index CPI +4% 7 Year Portfolio Growth Comparison

$150,000

$140,000

$130,000

$120,000

$110,000

$100,000

$90,000

$80,000

$70,000

$60,000

$50,000Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

UWF Balanced Index CPI +4% S&P500 University of West Florida Foundation Meeting August 27, 2020 Atlanta Consulting Group Summary of Agenda Items to be Covered

 Atlanta Consulting Group overview

 Review Changes to the Investment Policy Statement to accommodate the Student Argo Equity and Fixed Income Investment Policies

 2nd Quarter Market Commentary and Performance review

 Follow up on the deferred decision to sell the Tortoise MLP Fund o Recommend liquidating the position now.

 Review the current International Investments and target allocations o Long Term projected returns favor International versus Domestic equity investments . Note the Asset Allocation Study illustrating current versus target allocations and expected returns (TAB 4) o Note the complimentary styles of WCM and Dodge and Cox International historically (TAB 5) o Growth clearly in favor now, but the balance provided by both strategies improves diversification and downside protection. o Recommend maintaining target allocations currently outlined in the Investment Policy Statement

 Disappointed in performance of the DFA Emerging Markets fund, currently on “Caution” status since the 3rd Quarter 2017 o Recommend replacing this fund with one of the two options presented

 Private Market Allocation Update and Review (TAB 6) o Review of current portfolio positions, commitments and capital called to date o In June of 2019, increased the Target Allocations to Private Markets from 10% to 20%. o This long term plan suggests an allocation to Private Real Estate at this time. o Recommend investing in the Harbert U.S. Real Estate Fund VII with $4 million (TAB 7)

 Review Performance Report on the UWF Planned Giving Portfolio

 Open dialogue for questions and comments from the Investment Committee

University of West Florida Foundation

Second Quarter 2020

Atlanta Consulting Group | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 P 404.240.6747 | T 888.317.2810 | F 470.823.3178 theatlantaconsultinggroup.com

2 Table of Contents ______

SECTION 1 Atlanta Consulting Group Overview

SECTION 2 Statement of Policy and Investment Objectives

SECTION 3 CPA Report - University of West Florida Foundation

SECTION 4 Asset Allocation Study

SECTION 5 Portfolio Recommendations

SECTION 6 Private Markets Allocation

SECTION 7 Harbert U.S. Real Estate Fund VII

SECTION 8 CPA Report - University of West Florida Planned Giving

SECTION 9 Performance Update – July 2020

3 ATLANTA CONSULTING GROUP

The mission of the Atlanta Consulting Group is to build long-term partnerships with clients to help them meet their organization's investment goals in an efficient and cost-effective manner. Always acting in the best interest of our clients, we are committed to full transparency, the highest level of integrity and to maintaining an organization that is dedicated to both its clients and its employees.

Over 30 years of institutional consulting experience • Accept fiduciary responsibility while offering unbiased investment advice • Consult to approximately 85 institutional clients with roughly $12 billion in client assets

Proven infrastructure • Highly credentialed professionals (CFA Charterholders, CAIA Charterholders, et al.) • Consultants average 20 years industry experience with an average of 20 years at ACG • Dedicated in-house performance reporting team

Responsiveness and focus of an independent boutique • Client service is the focal point of our firm • Our high standard of service limits consultants to 15-20 primary relationships • Team of 19 employees

Long-tenured relationships and expertise across all client types • Average client tenure is over 14 years • Longest tenured client dates back to 1985 • Our team has collective industry experience spanning decades across multiple market environments

Team based face-to-face due diligence with a qualitative focus • Due diligence is performed by our team is not outsourced • All consultants and analysts are involved in the due diligence process

Open architecture platform • Provide a customized client-specific approach with each portfolio tailored to that specific client • Utilize hundreds of investment managers and over 30 global custodians

*assets as of 12/31/19 4 STATEMENT OF POLICY AND INVESTMENT OBJECTIVES

UNIVERSITY OF WEST FLORIDA FOUNDATION, INC.

November 2004 Revised March 2005 Revised June 2005 Revised August 2006 Revised January 2007 Revised August 2008 Revised December 2008 Revised February 2009 Revised September 2009 Revised December 2009 Revised December 2010 Revised March 2011 Revised December 2011 Revised November 2012 Revised July 2013 Revised February 2014 Revised March 2014 Revised June 2014 Revised August 2016 Revised March 2017 Revised May 2018 Revised June 2019 DRAFT August 2020

5 met and that policy and guidelines are being followed;  Communication on a structured and ongoing basis with those persons responsible for investment results.

The Investment Consultant will be proactive in advising and making recommendations to the Investment Committee regarding:

 Investment Policy  Asset Allocation  Manager Selection  Performance Evaluation  Other Investment Matters

The Investment Manager(s) will be responsible for the following:

 Determining investment strategy;  Implementing security selection and timing within policy guideline limitations.

VI. ASSET ALLOCATION AND STYLE DIVERSIFICATION

Research suggests that the decision to allocate total assets among various asset classes will far outweigh security selection and other decisions that impact portfolio performance. The Investment Committee recognizes the strategic importance of asset allocation and style diversification in the investment performance of the assets over long periods of time. Domestic and international equities both large and small capitalization, fixed income, cash equivalent securities, real estate and hedge fund exposure in the form of diversified fund of hedge funds have been determined to be acceptable vehicles for these assets. Additional asset classes and style strategies may be incorporated into the investment philosophy in the future.

A. Summary of Asset Allocation Guidelines:

After reviewing the long-term performance and risk characteristics of various asset classes, the following asset allocation strategy is incorporated to achieve the objectives of these assets:

Asset Category Minimum Target Maximum

Cash 0.00% 0.00% 10.00% Fixed Income 10.00% 15.00% 25.00% Core Fixed Income* 0.00% 6.25% 12.50% Global Fixed Income 0.00% 3.125% 7.5% Short Duration High Yield 0.00% 3.125% 7.5% Short Duration 0.00% 2.50% 10.00% Equity 45.00% 60.00 70.00%

6 Large Cap 20.00% 22.50% 30.00% Small Cap 7.50% 10.00% 15.00% International 10.00% 15.00% 20.00% Emerging Markets 2.50% 5.00% 7.50% International Small Cap 2.50% 7.50% 10.00% MLP and MLP related 0.00% 0.00% 10.00% Alternative Assets 10.00% 25.00 25.00% Real Estate (Private and/or Public) 0.00% 7.50% 15.00% Fund of Hedge Funds / Specialty Strategies 0.00% 5.00% 10.00% Private Equity 0.00% 7.50% 10.00% Private Credit 0.00% 5.00% 10.00% *The core allocation within fixed income allows for up to 15% exposure to high yield securities

A small allocation of the Large Cap Equity and Core Fixed Income portions of the portfolio will be managed by the Argo Investment Program, a student-run investment fund. Both mandates will operate under the guidelines set forth in their own separate investment policy statements.

There is no set minimum cash requirement; however adequate liquidity should be maintained. It is intended that Investment Managers will be given ample notice for any withdrawals to reduce the probability of adversely affected the portfolio. Additionally, any withdrawals will be funded on a pro-rata basis to ensure that the asset allocation after the withdrawals is within the investment guidelines as listed above.

B. Rebalancing Procedures

From time to time, market conditions may cause the investment in various asset classes to vary from the established allocation. At least on an annual basis, the Investment Committee and their Investment Consultant will review both the specific asset allocation (equity versus fixed) and the style targets for possible rebalancing back to the target allocation, to ensure consistency with the asset allocation guidelines established by this investment policy. If the actual weighting goes above / below the maximum / minimum weighting intra-year, rebalancing may be recommended.

VII. SELECTION AND RETENTION CRITERION FOR INVESTMENTS

A. Investment Management

Investment Manager(s) (including mutual funds) shall be chosen using the following criteria:

• The investment style and discipline of the proposed manager; • The size of the organization as measured by the amount of assets under management with respect to the investment style under consideration; • Experience of the organization as measured by the tenure of the professionals with respect to the investment style under consideration;

7 Argo Investments Program Department of Accounting and Finance College of Business

University of West Florida

Student-Managed Equity Fund Investment Policy Statement

June 2020

8 Table of Contents

I. PURPOSE 3

II. FUND STRUCTURE 4 1. Board of Directors 4 2. Investment Committee 4 3. Faculty Director 5 4. Student Elected Portfolio Manager 5 5. Student Managers 5-6 6. UWF Foundation 6 7. Department of Accounting and Finance 6

III. INVESTMENT OBJECTIVES 7

IV. INVESTMENT PORTFOLIO 8

V. PERFORMANCE MEASUREMENTS 9

VI. RISK CONTROL 10

VII. LIQUIDITY POLICY 11

VIII. MONITORING AND REVIEW PROCESS 11

IX. REBALANCING 12

X. ACKNOWLEDGEMENT 12

XI. AMENDMENTS 12

9 I. PURPOSE

Student-run investment funds give students the opportunity to manage money professionally while still in school through analyzing and monitoring securities, submitting reports, and making security trades. In 2020, Department of Accounting and Finance requests the University of West Florida (UWF) Foundation to establish two student-managed funds: an Equity Fund and a Fixed Income Fund for the purpose providing hands-on experience in investment education for UWF students.

Dr. Richard Fountain, Dean, of the UWF College of Business and Dr. K C Ma, Finance Professor request that the UWF Foundation provide their respective authorizations to establish three above mentioned fund accounts which would provide the following opportunities:

• To expose students to the actual mechanics of investment trading in conjunction with the development of investment policies and objectives;

• To provide Argo students learning opportunities to use real money to invest;

• To learn to maximize monetary returns subject to acceptable investment norms;

• To enhance the UWF College of Business’ reputation for investment and finance education; Enhance AACSB accreditation experiential learning standard ;

• To provide an internship platform for UWF’s Master in Finance Program;

• To provide a platform for University of West Florida donors with specific investments goals in mind.

Further, the Department of Accounting and Finance at the UWF’s College of Business, plan to conduct events for students so that they can interact with investment professionals and to provide other opportunities for students to gain exposure to careers in the investment management field.

II. FUND STRUCTURE

1. Board of Directors (BOD)

• Provost (or designee), University of West Florida • Dean of College of Business Administration (Chairman) or designee • Director of Argo Investments Program or Alumnus of University of West Florida Investment Professional from Industry • Representative of the Donors from the Argo Funds

Duty:

The Board of Directors is responsible to approve the proper format for the operations, performance measurement, investment strategy, and any changes regarding the prospectus or bylaws, when deemed a significant change (e.g., a change in the fund administrators, prime brokers, and professors), during annual presentations, or when deemed necessary through proper protocols via the Chair of the Board of Directors.

2. The Investment Committee (IC)

The investment committee for the Argo Funds consist (1) four student-elected Student Trustees from the current fund class, (2) Director of the Argo Investments Program, (3) the Dean of College of Business Administration or the appointee, and (4) a member of the University Foundation Investment Committee or the appointee.

Duty:

The IC assumes fiduciary responsibilities for the Fund and is specifically responsible for the following:

• Formulate current fund Investment Policy Statement (IPS) • Design the relevant investment strategies corresponding current IPS • Manage the securities held by the Fund • Evaluate and vote on each student’s individual recommendation • Make timely portfolio adjustment decisions • Report to Board of Directors annually

11 3. Faculty-Director

Duty:

Director of the Argo Fund responsibilities include:

• Classroom instruction of the fund courses • Daily operation of the funds • Serving on the Board of Directors • Risk control of the investments • Real-time monitoring, especially during school breaks, of the investments • Trade execution and fundraising activities requested by the Foundation regarding the Argo Fund.

4. The Student-Elected Portfolio Manager Duty: • Hold every fund meeting and report and follow portfolio performance • Execute all trades under the supervision of the Director • Maintain detailed fund brokerage reports, buy and sell trade reports, minutes of formal meetings, and fund performance reports. • Create and present annual reports and performance presentations for the BOD to review the overall operations, investment strategy, and investment performance. • Submit reports requested by the UWF Foundation or Board of Director(s) of the Fund. • The Fund Managers selected in the spring semester for the fall semester are responsible for the summer management of the fund, though the Director always has a real-time responsibility to manage the portfolios when the class is off.

5. Managed-Fund Program Students

The students in the fund classes are responsible for the operations and management of a particular fund. The students operate by the investment guidelines set out by the Investment Committee. The students are overseen and accountable to the Investment Committee, Faculty- Director, and Board of Directors. The students assume fiduciary responsibilities for the fund and are specifically responsible for the following:

• Students have a real-time responsibility to actively manage the securities held by the Fund. • In every semester, students as a group should submit an Investment Policy Statement to the Investment Committee for approval. • Each student is required to monitor one security in the current holding. Students need to prepare buy-hold-sell recommendations to the Investment Committee for approval.

12 • Each student is required to recommend a security in the form of a 10-page security report, first approved by the Director. The report will be submitted to the Investment Committee for the approval of investment. • Students are encouraged to participate in the Public Trustee Meeting Presentation held every semester, the CFA Global Research Challenge, and Southeastern Hedge Fund Competition. 6. UWF Foundation

The UWF Foundation has the authority to trim or liquidate the Fund to support the capital needs of the University.

7. Department of Accounting and Finance

The Department of Accounting and Finance (“The Department”) has direct oversight of the academic aspects of the student-managed fund program and courses. The Department appoints a faculty advisor who oversees the operations and provides academic merit for the Fund to be a university course. The Department has the ability to call together meetings with the faculty to recommend any academic change of the student managed-fund program. The Finance department will notify the Board of Trustees of any significant changes.

13 III. INVESTMENT OBJECTIVES

First Objective

The first investment objective for the overall Fund over a market cycle of three to five years is to minimize risk and to attain growth in the principal of the Fund greater than inflation as measured by the Consumer Price Index.

Second Objective

The second objective is to attain real growth over a market cycle consistent with the level of risk assumed by the Fund. Consistent with this minimum investment objective, an efficient portfolio determined by risk/return concepts must be maintained.

Third Objective

The third objective of the Fund is for the relative investment return over a market cycle of three to five years to exceed the rate of return that would have been achieved by a statistically allocated and passively managed portfolio at the same risk. Russell 3000

14 IV. INVESTMENT PORTFOLIO

Argo Equity Fund invests in stocks of companies with the following attributes:

1. Our eligible investable universe must possess the following characteristics: • A market capitalization greater 300 million U.S. Dollars • Average daily trading volume of 300,000 shares 2. Preferred stock and Limited Partnerships (LPs) may not be purchased. 3. Maximum position size is 5% at cost or 10% of market value

15 V. Performance Measurement

• Unless otherwise specified, AIP funds are benchmarked and risk-controlled against the Russell 3000 Index • A sector’s allocation shall generally be limited to a range of 0% to 150% of the sector’s allocation to the Russell 3000 Index. Our practice is to have sector exposures roughly consistent but not limited by our benchmark as we are active stock pickers. • If a sector makes up less than 5% of the Russell 3000 Index or has less than 10 equities that comprise it, then it may be combined with other sectors for purposes of finding value. • The investments of the fund should seek a long term time horizon. Typical holding periods should be between one (1) and two (2) years.

16 VI. RISK CONTROLS Argo fund managers use the following risk control procedure: • Argo equity fund exit decisions will be triggered if (1) the original investment thesis does not exist anymore, (2). Unanticipated events eliminate the original investment thesis, and (3) the target price has been surpassed and the expected return realized.

• Student analysts are responsible for providing a fair value of the stock they recommend.

• An upside sell-stop order and a downside stop-loss order are simultaneously submitted when the position is first established.

• If either the fair value is reached or the accrued loss is more than 10%, then a sell notification will be sent to Portfolio Manager for actions.

• Director will become Portfolio Manager during school breaks. Consideration should be given to liquidate a portfolio, or portions of the portfolio during school breaks and an allocation to the appropriate “passive” index as a placeholder is acceptable.

• Per Argo bylaw, Director can execute liquidation of holding when he/she deems necessary anytime during the year.

17 VII. LIQUIDITY POLICY The student portfolio managers, in conjunction with the faculty member responsible for oversight of the Portfolio, will be responsible for maintaining adequate liquidity necessary in order to provide investment funds required to facilitate the learning experience of incoming securities analysts. Under normal conditions, cash balances are expected to be between 0.5% and 5% of portfolio assets. Argo Investment Committee uses the following liquidity guideline to approve a recommendation:

• Average daily trading volume above the lower quartile of the respective sector for the Russell 3000 Index, or with a minimum average daily volume of 300,000 shares.

• Stock prices cannot be less than $5 for initial investments.

• Stock quoted bid-ask spread cannot be more than 5 basis points.

• Stocks have to be listed on major exchanges, i.e., NYSE, AMEX, and NASDAQ.

• For all trades, the fund order size cannot be more than 5% of the average daily volume.

VIII. MONITORING AND REVIEW PROCESS Fund members are indirectly authorized to make buy and/or sell actions on equities. The Faculty Advisor may exercise veto power over any student decisions. The Faculty Advisor will place all trades on behalf of The Fund.

Student Managers in the Fund will be required to actively monitor the securities held as well as keep detailed reports and records available for access to any authorized party to request and review.

IX. REBALANCING

• As needed, the Investment Committee will review and rebalance the portfolio holdings to ensure compliance to this policy’s security and sector risk controls.

• The Director and the Portfolio Manager shall retain the right to rebalance the portfolio without the need of a valuation and/or trade rationale.

• Students initiating a rebalancing recommendation will require a trade report and full authorization from Investment Committee.

X. ACKNOWLEDGEMENT

The Fund and its members, both past and present, recognize and are honored to uphold an academic and fiduciary responsibility to the University. We understand that it is paramount that we adhere to the guidelines established in this Investment Policy Statement:

• We will facilitate consistency from year to year, team to team. • We will facilitate the overall mission of the University endowment fund. • We will provide students with experience in a professional money-management setting.

This Investment Policy Statement should be reviewed annually to ensure complete compliance with the mission of the University endowment fund.

XI. AMENDMENTS

(a) Amendment 1: Authorization for Amendments

Updates to the prospectus may be completed in the form of amendments which must be approved by the Investment Committee and Board of Directors.

19 Argo Investments Program Department of Accounting and Finance College of Business

University of West Florida

Student-Managed Fixed Income Fund Investment Policy Statement

June 2020

20 Table of Contents

I. PURPOSE 3

III. INVESTMENT OBJECTIVES 7

IV. INVESTMENT PORTFOLIO 8

V. PERFORMANCE MEASUREMENTS 9

VI. RISK CONTROL 10

VII. LIQUIDITY POLICY 11

VIII. MONITORING AND REVIEW PROCESS 11

IX. REBALANCING 12

X. ACKNOWLEDGEMENT 12

XI. AMENDMENTS 12

21 I. PURPOSE

• To expose students to the actual mechanics of investment trading in conjunction with the development of investment policies and objectives;

• To provide Argo students learning opportunities to use real money to invest;

• To learn to maximize monetary returns subject to acceptable investment norms;

• To enhance the UWF College of Business’ reputation for investment and finance education; Enhance AACSB accreditation experiential learning standard ;

• To provide an internship platform for UWF’s Master in Finance Program;

• To provide a platform for University of West Florida donors with specific investments goals in mind.

II. FUND STRUCTURE

1. Board of Directors (BOD)

• Provost or designee, University of West Florida • Dean of College of Business Administration (Chairman) or designee • Director of Argo Investments Program or Alumnus of University of West Florida Investment Professional from Industry • Representative of the Donors from the Argo Funds

Duty:

2. The Investment Committee (IC)

Duty:

The IC assumes fiduciary responsibilities for the Fund and is specifically responsible for the following:

23 3. Faculty-Director

Duty:

Director of the Argo Fund responsibilities include:

4. The Student-Elected Portfolio Manager Duty: • Hold every fund meeting and report and follow portfolio performance • Execute all trades under the supervision of the Director • Maintain detailed fund brokerage reports, buy and sell trade reports, minutes of formal meetings, and fund performance reports. • Create and present annual reports and performance presentations for the BOD to review the overall operations, investment strategy, and investment performance. • Submit reports requested by the Foundation or Board of Director(s) of the fund. • The Fund Managers selected in the spring semester for the fall semester are responsible for the summer management of the fund, though the Director always has a real-time responsibility to manage the portfolios when the class is off.

5. Managed-Fund Program Students

24 • Each student is required to recommend a security in the form of a 10-page security report, first approved by the Director. The report will be submitted to the Investment Committee for the approval of investment. • Students are encouraged to participate in the Public Trustee Meeting Presentation held every semester, the CFA Global Research Challenge, and Southeastern Hedge Fund Competition. 6. UWF Foundation

The UWF Foundation has the authority to trim or liquidate the Fund to support the capital needs of the University.

7. Department of Accounting and Finance

25 III. INVESTMENT OBJECTIVES

First Objective

Second Objective

Third Objective

26 IV. INVESTMENT PORTFOLIO

Types of Securities

Eligible investments will initially be limited to corporate bonds, plus individual U.S. Treasury and Agency notes and bonds. Corporate bonds rated below investment grade by either Moody’s or Standard and Poors are eligible, but the total portfolio exposure to non-investment grade bond and loans will be limited to no more than 10% of the portfolio with no securities rated less than B.

Prohibited Investments

Classes of investments that cannot be included in the portfolio are: • Short sales of any securities • Margin purchases or other use of lending or borrowing. • Short ETFs • Private placements • Leveraged derivatives • Equity securities and warrants

Diversification

The Fund’s fixed income investments should be well diversified to avoid undue exposure to any single fixed income sector, industry, or individual security. No more than 5% of the market value of the Fund may be invested in the securities of any one issuer, with the exception of the U.S. Treasury, U.S. Government Agencies.

Fixed Income sectors weights must be maintained within the following bands relative to the sector weights in the Fund’s Benchmark. For the purposes of evaluating these sector weights, a look through analysis of the appropriate fixed income ETF’s holdings will be done based upon the most recently published portfolio data about the ETF.

• U.S. Treasury Sector Weight within +/- 20% of the weight in the Benchmark • U.S. Corporate Sector Weight within +/- 10% of the weight in the Benchmark • U.S. Securitized Credit Sector Weight within +/- 10% of the weight in the Benchmark

Securitized Credit exposure will be limited to investments in U.S. Agency mortgage pass-through securities.

Interest Rate Risk The Fund’s effective modified duration will be maintained within +/- 1 year of the effective modified duration of the Fund’s Benchmark.

27 V. Performance Measurement

The Fund seeks returns, considering both income and price appreciation, in excess of its Benchmark, the Bloomberg Barclays Intermediate Government Credit Index, while maintaining volatility less than 120% of that of its Benchmark. The Benchmark consists of U.S. Government notes and bonds, plus investment grade corporate bonds issued by U.S. corporations, with maturities between 1 and 10 years. The precise characteristics and composition of this index varies through time.

The Benchmark was chosen due to its relatively modest volatility, its wide diversification, and its common usage as a benchmark for both active and passive intermediate term fixed income portfolios. It is expected that the tracking error of the portfolio versus this benchmark, defined as the annualized standard deviation of excess returns, will be kept below 1%.

Other fixed income indices may be used from time to time to evaluate performance of portions of the Fund, such as individual fixed income sectors, and used in performance attribution analysis.

28 VI. RISK CONTROLS Argo fund managers use the following risk control procedure: • Argo fixed income fund exit decisions will be triggered if (1) the original investment thesis does not exist anymore, (2). Unanticipated events eliminate the original investment thesis, and (3) the target price has been surpassed and the expected return realized.

• Student analysts are responsible for providing a fair value of the security they recommend.

• If either the fair value is reached or the accrued loss is more than 10%, then a sell notification will be sent to Portfolio Manager for actions.

• Director will become Portfolio Manager during school breaks.

• Per Argo bylaw, Director can execute liquidation of holding when he/she deems necessary anytime during the year.

29 VII. LIQUIDITY POLICY

The student portfolio managers, in conjunction with the faculty member responsible for oversight of the Portfolio, will be responsible for maintaining adequate liquidity necessary in order to provide investment funds required to facilitate the learning experience of incoming securities analysts. Under normal conditions, cash balances are expected to be between 0.5% and 5% of portfolio assets. The majority of assets will be invested in other liquid assets, including ETFs and U.S. Treasury securities. The expectation is that all of the underlying holdings in the portfolio should be able to be liquidated within one week at no more than 20% of average daily volume in a normal functioning market environment.

For all trades, the fund order size cannot be more than 5% of the average daily volume.

VIII. MONITORING AND REVIEW PROCESS Fund members are indirectly authorized to make buy and/or sell actions on fixed income securities. The Faculty Advisor may exercise veto power over any student decisions. The Faculty Advisor will place all trades on behalf of The Fund.

Student Managers in the Fund will be required to actively monitor the securities held as well as keep detailed reports and records available for access to any authorized party to request and review.

IX. REBALANCING

• As needed, the Investment Committee will review and rebalance the portfolio holdings to ensure compliance to this policy’s security and sector risk controls.

• The Director and the Portfolio Manager shall retain the right to rebalance the portfolio without the need of a valuation and/or trade rationale.

• Students initiating a rebalancing recommendation will require a trade report and full authorization from Investment Committee.

X. ACKNOWLEDGEMENT

This Investment Policy Statement should be reviewed annually to ensure complete compliance with the mission of the University endowment fund.

XI. AMENDMENTS

(a) Amendment 1: Authorization for Amendments

Updates to the prospectus may be completed in the form of amendments which must be approved by the Investment Committee and Board of Directors.

31 ACGDigest:Q22020 TheACGDigestisabriefguidetohelpourclientskeepupͲtoͲdateonwhatwe’redoing, workingon,monitoringandreading/watching… WhatWe’reDoing • After implementing our business continuity plan on March 13, 2020, Atlanta Consulting Group’s employees continuetoworkremotelywiththeaidofcollaborationplatformssuchasMicrosoftTeamsandZoomVideo Conferencing. • Withthehealthandsafetyofouremployeesinmind,ACGwillcontinuetoconductallclientreviewmeetingsvia videoͲorteleconferenceuntilfurthernotice. WhatWe’reWorkingOn • InresponsetoCOVIDͲ19,ACGheldupdatecallswithinvestmentteammembersonanumberofstrategiesour clientsareinvestedintohelpgetabetterunderstandingoftheimpactfromtheeconomicshutdownandthe changingmarketopportunitysetgoingforward. • WeupdatedourannualtargetdatefundreviewpresentationwhichwillbeprovidedtoallDefinedContribution clientswiththeQ2CPAreports. • Despite our current work from home status, ACG’s Investment Committee approved the use of four new investmentstrategiesduringthepastquarter. WhatWe’reMonitoring • Asmanystatesbegintolessenrestrictionsonsocialdistancing,we’recarefullytrackingtherecentuptrendin COVIDͲ19cases. • TheimpactofrecentlegislationsuchasPPPloansonsmallbusinessesandthebondbuybackprogram. • VͲshape,UͲshape,WͲshape,SquareRoot.WhileequitymarketshavestagedquitethecomebacksincethelateͲ Marchlow,theultimateeffectofsocialdistancingandthecorrespondingshapeofitsrecoveryisstilltobeseen. WhatWe’reReading&Watching • As racial tensions reached a boiling point after the death of George Floyd, we are trying to better educate ourselveswiththeinjusticesenduredbyourblackneighbors. • WiththeGermanBundesligaandEnglishPremierLeaguebeingsomeofthefirstlivesportstoreturntoaction, wehavebecomehugesoccerfans!

309EastPacesFerryRoad,Suite600|Atlanta,GA30305|T404.240.6747|theatlantaconsultinggroup.com

32 ACGMarketReview SecondQuarter2020

GlobalHighlights: • Economy–Asbusinessactivityresumed,economicindicatorsimprovedduringthequarter • Equities–Astrongbouncebackrecoveredmuchofthefirstquarter’slosses • FixedIncome–Fedactionsproppedupthefixedincomemarketbuthaveresultedinlowerexpectationsforthefuture

309EastPacesFerryRoad,Suite600|Atlanta,GA30305|T888.317.2810|F470.823.3178|theatlantaconsultinggroup.com 33 ACGMarketReview SecondQuarter2020

ThePandemicContinues Theequitygainsduringthequarterwerenotwithoutvolatility. During the quarter, the US death toll from the coronavirus The S&P 500 Index had an absolute return greater than 1% pandemic eclipsed 100 thousand and has kept climbing. As during38tradingdaysforthesecondquarter.That’sonemore statesbegantoeaserestrictions,somestateshaveexperienced daythanthewholeof2019whentheS&P500movedupor a surge in cases. While this may have been thought to be a downby1%ormore37times. secondwaveofCOVIDͲ19,ithasproventobeacontinuationof thefirstwaveasthestateswhicharehotspotsnowweremore ActivitySlowlyResumesasStatesReͲopen isolatedfromthevirusspreadpreviously.Manystatesinthe southandwestareexpectedtoexperiencetheirpeakofnew ThenumberofUSstateseasingrestrictionsbegantoincrease dailycasesinJuneorlater. inthelatterpartofthequarter.ThisreͲopeningofbusinesses resultedinadeclineintheunemploymentnumbersassome MarketsStagedaComeback workerswhohadbeenfurloughedorlaidoffreturnedtotheir jobs.TotalUSpayrollsincreasedby2.7millionand4.8million, Followingtherapidselloffandmarketvolatilityduringthefirst respectively, in May and June after falling by more than 22 quarter, markets have bounced back during the second millionfromFebruarytoApril. quarter.YearͲtoͲdatetheS&P500IndexisdownͲ3.1%,tracking wellaheadofmosthistoricalrecoveriesfollowingsellͲoffsof Whilemanybusinesseswereabletoreopen,somehavebeen 25%ormore. reluctant to do so.Restrictions have been put on capacity limits,andconsumershavebeenreluctanttoreturnto“lifeas The S&P 500 returned over 20% during the quarter and the normal,” resulting in economic activity still well below preͲ Barclays Aggregate posted gains of 2.9% on tailwinds from pandemiclevels.TheFederalReserve’smostrecentprojections continued Federal Reserve actions. High yield spreads still indicatethattheunemploymentratewillbeelevatedoverthe remainwidecomparedtorecenthistoryastheoptionͲadjusted nextthreeyears.Theyseeunemploymentinexcessof6%into spread(OAS)fortheICEBofAUSHighYieldIndexclosedthe 2022.Correspondingly,theyalsoexpectinflationlevelsbelow quarterat6.2%overtreasuries. 2%through2022.Asaresult,itlooksincreasinglylikelythat Federal Reserve policy will be accommodative, with a low International markets also had a strong quarter as the MSCI chanceofratehikes,overthenextfewyears. EAFE Index returned 14.9% and the MSCI Emerging Markets Indexreturned18.1%.Globalbonds,asmeasuredbytheFTSE GiventheshutdownsextendingwellintoMay,consensusGDP WorldGovernmentBondIndex,returned2.0%. estimatesforthesecondquarteraremuchworsethanthose

Forinstitutionalclientuseonly–notfordistribution 34 ACGMarketReview SecondQuarter2020

fromQ1whenstatesbegantoshutdowninthelastfewweeks EquityMarkethasnotbeenUniform ofthequarter.TheFederalReserveBankofAtlantaestimates real GDP growth for the second quarter IsͲ35.2%1. This Thecoronaviruspandemichasmorenegativelyimpactedsome estimateismuchimprovedfromthenearͲ55%levelstheFed’s sectors of the market compared to others, resulting in model was predicting in early June, showing an optimistic significant dispersion in stock performance. Companies in trajectoryalthoughexpectationsarestilldismalonanabsolute industriesthatprovedtobemoreresilientledS&P500returns basis.GDPgrowthisexpectedtobestrongerinthebackhalfof during the quarter. For example, Technology and Consumer theyearwithfullyear2020estimatesatͲ5.3%. DiscretionarysectorswereboostedbythestayͲatͲhometrend andreboundingretailsales. EarningsForecastsarenotOptimistic ThefivelargestS&P500companies(Apple,Microsoft,Amazon, During the height of the market sellͲoff in the first quarter, Alphabet,andFacebook)becameanevengreaterportionof manyWallStreetanalystssuspendedtheirearningsestimates theindexastheyhadlimitedexposuretothepandemicͲrelated asmakingapredictionwasnothingmorethanarollofthedice marketsellͲoff.Thesefivecompaniesnowaccountfor21%of amidalloftheuncertaintysurroundingthepandemic.Some theS&P500,anallͲtimehigh. estimates have resumed during the second quarter with earnings per share for the S&P 500 expected to have hit a Overthepast10years,growthstocks(Russell1000Growth) bottom in the second quarter. Consensus estimates indicate have outperformed value stocks (Russell 1000 Value) by a negative yearͲoverͲyear earnings growth through 2020. cumulative return of 390.3% vs. 169.2%. This dispersion Growthestimatesarepositivefor2021withthecaveatthatthe between growth and value holds for mid cap and small cap yearͲoverͲyearestimateatthatpointwillbecomparedtothe stocksaswell.Asimilarmagnitudeofdispersionhappenedin COVIDͲ19impactedearningsnumbersin2020. the 1990s across market caps. The 1990s were followed by mutedreturnsthroughoutthe2000sbutwithleadershipfrom Inpriorperiodsofrecessionaryearningsdeclines,ithastaken value stocks. If history repeats itself, we could be in for a the S&P 500 about 3 years, on average, to recover to preͲ rotationfromgrowthtovalueleadingthewayinthemarkets. recessionearningslevels.Ifyouremoveperiodswhenthere washighinflation(1970sandearly1980s),themedianrecovery timeincreasestoover4years. 1Source:FederalReserveBankofAtlanta,asofJuly2,2020

Forinstitutionalclientuseonly–notfordistribution 35 ACGMarketReview SecondQuarter2020

ProspectiveReturnsforBondsareMuted Federal Reserve actions to prop up the bond market have worked as liquidity has returned to the market and performance for the second quarter was positive. The Fed’s decisiontocutratestwiceinMarchalsoproppedupthebond market. However, this has also resulted in historically low yields. Currentyieldsaregenerallyagoodproxyforfuturereturnsin bonds.Therefore,forwardexpectationsforbondreturnsover the next five years is muted. As a result, many market participants are diversifying their fixed income allocations to morespreadsectorsinordertogeneratehigherfuturereturns. Current yields are not the only headwind to future bond performance. The fall in economic output as a result of the COVIDͲ19 pandemic has caused capacity utilization to fall precipitously, leading many to argue that inflation (a key component of the riskͲfreeͲrate) will likely be lower going forward.Thiscouldprovetobeathreattofutureperformance forallriskassets.

Forinstitutionalclientuseonly–notfordistribution 36 Market Index Review – June 2020

Major Market Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years International Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 1.99 20.54 -3.08 7.50 10.73 10.73 13.99 MSCI EAFE 3.40 14.88 -11.34 -5.13 0.81 2.05 5.73 Russell 2000 3.53 25.42 -12.98 -6.63 2.01 4.29 10.50 MSCI Europe 4.07 15.26 -12.78 -6.78 0.00 1.46 5.65 Russell 3000 2.29 22.03 -3.48 6.53 10.04 10.03 13.72 MSCI Pacific 2.37 14.16 -9.01 -2.39 2.31 3.24 5.98 MSCI ACWI 3.20 19.22 -6.25 2.11 6.14 6.46 9.16 MSCI EAFE Small Cap 1.37 19.88 -13.11 -3.52 0.53 3.81 8.02 MSCI ACWI ex USA 4.52 16.12 -11.00 -4.80 1.13 2.26 4.97 MSCI Emerging Markets 7.35 18.08 -9.78 -3.39 1.90 2.86 3.27 BBgBarc US Aggregate TR 0.63 2.90 6.13 8.74 5.32 4.30 3.82 MSCI Frontier Markets 1.68 14.75 -15.77 -11.17 -1.77 -0.13 3.51

Russell Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Bond Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Russell 1000 2.21 21.82 -2.81 7.48 10.64 10.47 13.97 FTSE T-Bill 3 Months 0.01 0.14 0.52 1.56 1.73 1.15 0.61 Russell 1000 Growth 4.35 27.84 9.81 23.28 18.99 15.89 17.23 BBgBarc US Municipal TR 0.82 2.72 2.08 4.45 4.22 3.93 4.22 Russell 1000 Value -0.66 14.29 -16.26 -8.84 1.82 4.64 10.41 BBgBarc US Govt/Credit TR 0.87 3.71 7.21 10.02 5.87 4.74 4.13 Russell MidCap 1.80 24.61 -9.13 -2.24 5.79 6.76 12.35 BBgBarc US Govt/Credit Int TR 0.62 2.81 5.28 7.12 4.43 3.46 3.12 Russell MidCap Growth 2.34 30.26 4.16 11.91 14.76 11.60 15.09 BBgBarc US Credit 1-3 Yr TR 0.56 3.28 2.56 4.32 3.22 2.60 2.38 Russell MidCap Value 1.13 19.95 -18.09 -11.81 -0.54 3.32 10.29 BBgBarc US Credit Long TR 2.54 11.08 5.92 13.19 8.70 8.51 7.77 Russell 2000 Growth 3.84 30.58 -3.06 3.48 7.86 6.86 12.92 BBgBarc US Corporate High Yield TR 0.98 10.18 -3.80 0.03 3.33 4.79 6.68 Russell 2000 Value 2.90 18.91 -23.50 -17.48 -4.35 1.26 7.82 FTSE WGBI 0.64 2.04 4.08 4.60 3.98 3.70 2.37

Sector Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Other Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 Materials 2.16 26.01 -6.92 -1.11 3.90 5.44 9.85 HFRI FOF: Diversified Index 1.40 6.98 -1.28 0.62 2.55 1.55 2.83 S&P 500 Consumer Discretionary 4.99 32.85 7.23 12.59 15.29 13.21 18.19 HFRI FOF: Conservative Index 0.05 3.86 -3.61 -2.09 1.35 1.14 2.39 S&P 500 Consumer Staples -0.33 8.12 -5.66 3.62 5.03 7.22 11.79 HFRI FOF: Strategic Index 2.21 10.55 -2.57 0.09 1.92 1.35 3.03 S&P 500 Energy -1.30 30.51 -35.34 -36.09 -12.46 -9.18 0.21 HFRI Equity Hedge Index 2.99 13.64 -2.93 1.05 3.12 3.15 4.58 S&P 500 Financials -0.32 12.20 -23.62 -13.92 0.11 5.41 9.68 Wilshire Liquid Alternative TR USD 0.89 5.50 -3.54 -1.66 0.46 0.46 1.55 S&P 500 Health Care -2.38 13.59 -0.81 10.90 10.30 8.14 15.99 FTSE EPRA/NAREIT Global TR USD 3.13 10.18 -21.08 -15.49 -0.40 2.39 6.86 S&P 500 Industrials 2.00 17.01 -14.64 -9.02 1.91 6.73 11.76 Alerian MLP TR USD -7.87 50.18 -35.71 -41.43 -16.79 -12.85 -1.41 S&P 500 Information Technology 7.14 30.53 14.95 35.90 26.83 23.41 20.49 Bloomberg Commodity Index TR USD 2.28 5.08 -19.40 -17.38 -6.14 -7.69 -5.82 S&P 500 Real Estate 1.47 13.22 -8.54 -2.01 6.33 -- -- S&P 500 Communication Services -0.51 20.04 -0.31 11.08 8.58 7.18 10.58 S&P 500 Utilities -4.67 2.73 -11.14 -2.11 6.41 10.17 11.31

Source: Hedgeye, ACG

38 COVID-19: A Second Wave?

COVID-19 New Cases vs. Deaths (USA, 7 day Moving Average)

April Peak

May Peak

• While some pundits have pointed to the recent uptick in COVID-19 cases (above) as evidence of a looming second wave, after more examination it appears that June or the uptick has more to do with varied timing of the first later Peak wave across the country. For example, some states peaked in April, some peaked in May and yet others appear to be peaking now

Source: Bloomberg, Charles Schwab, Visual Capitalist, ACG

39 Equity and Bond Markets Staged a Strong Recovery During Q2

S&P 500 Average Recovery Paths Credit Spreads (25%+ Corrections Since 1928) (Investment Grade vs. High Yield)

• The S&P 500 has recovered a lot of what was • Investment grade bonds have unwound most of lost during the COVID-19 sell-off. Through the the spread widening that occurred during the end of June, the S&P 500 is now down only -3% COVID-19 sell-off. High Yield spreads, however, year-to-date, tracking well ahead of most are still at nearly 150% of their pre-crisis levels. recoveries that we have seen historically The Federal Reserve announced a number of following sell-offs of more than 25% new measures to support these markets in Q2

Source: Bloomberg, Refinitiv, Bank of America, Federal Reserve, ACG Note: The Federal Reserve announced on April 9 additional measures to support the U.S. economy 40 Economies Just Beginning to Come Back On-line

States Easing Restrictions* Restaurant Attendance (Indexed to 100 as of March 1 2020)

• The number of U.S. states easing restrictions has • Even in those states that were early to ease steadily increased since the end of April. This restrictions, economic activity has not returned to gives hope for a return to stronger economic anything near pre COVID-19 levels. Restaurants activity as businesses reopen and workers go attendance, for example, is still less than 50% of back to work. In early July, however, some states pre-crisis levels. Recently, we have also seen a with renewed COVID-19 spikes, were forced to small downturn based on the recent uptick in new reverse their plans to reopen COVID-19 cases and closings

Source: NY Times , Opentable, ACG * As of July 2, 2020 41 Real Economy Feeling the Effects of COVID-19 Shutdowns

Total U.S Payrolls Unemployment Rate and Inflation (1990 – 2020) (2015-2019 actual, 2020-2022 expected)

• Unfortunately, April saw the largest number of • As a reminder, the Federal Reserve has a dual monthly job losses on record – effectively mandate of maximum employment and stable erasing all of the job gains seen in the prices. The Fed recently published their projections economy over the last decade! May and June, for both and they see unemployment over 6% until however, showed early signs of recovery, but 2022 and inflation levels under 2%. This suggest the road to a full recovery will be long that we will see continued accommodative policies

Source: Bureau of Labor Statistics, Haver Analytics, Federal Reserve Bank of Atlanta, Bloomberg, ACG * Note PCE inflation. The CPI is based on a survey of what households are buying; the PCE is based on surveys of what businesses are selling. 42 GDP Expected to Trough in Q2 and Rebound in the Second Half

Q2 2020 GDP Estimate Estimated GDP Growth (Quarterly GDP Annualized) (Quarterly GDP Annualized)

• With much of the U.S. economy shut down from • On a more positive note, consensus expectations the middle of March until well into May, still call for a strong GDP recovery in the second consensus expectations for Q2 GDP show a half of 2020 – albeit off of a lower base of much steeper decline than the -5% annualized economic activity. For the full year of 2020 the decline we saw in Q1 2020 expectation is for GDP to decline by -5.3%

Source: Federal Reserve Bank of Atlanta, Bloomberg, ACG

43 Earnings: Still a Long Road to Recovery

S&P 500 Earnings Per Share S&P 500 Earnings Per Share (Quarterly, Year over Year % Growth)

• Consensus estimates are for S&P 500 year-over- • In prior periods of recessionary earnings declines, year earnings growth to trough in Q2 along with the it has taken the S&P 500 about 3 years, on economy. Earnings growth is projected to be average, to recover to pre-recession earnings negative until the first quarter of 2021 when the levels. If you remove periods when there was COVID-19 impact gets baked into the prior year high inflation (1970s and early 1980s), the numbers and comparables become more favorable median recovery time increases to over 4 years

Source: FactSet, Leuthold Group, Bank of America, ACG

44 Dispersion Up But Market Still Driven by Largest Stocks

Performance Dispersion Market Capitalization of 5 Largest Companies (By S&P 500 Industry) (as a % of S&P 500 Index)

• The uncertainty and volatility brought on by • In particular, many of the “mega capitalization” COVID-19 and the associated equity market sell- companies were protective during the sell-off and off resulted in a great deal of dispersion by have also lead during the recovery in Q2. The top 5 industry as some segments of the market were companies in the S&P 500 (Apple, Microsoft, better equipped to deal with the impacts Amazon, Alphabet/Google, and Facebook) are now 21% of the index, an all-time high

Source: Bloomberg, Standard & Poor’s, Goldman Sachs, ACG

45 Style Leadership: An Echo of Decades Past?

Value Core Growth

• 1990s – During the decade of the 1990s and the Large 325.0 428.5 535.7 associated Technology boom, large capitalization growth stocks outperformed all style and Mid 264.8 338.1 467.3 capitalization segments of the style box causing Small 223.3 251.6 255.1 some investors to question the benefits of diversification

Value Core Growth

• 2000s - But, as you can see from the table on the Large 27.7 -4.8 -33.4 right, investors who stuck to their discipline of diversification were rewarded when style leadership Mid 107.5 62.6 -5.1 changed back to value over the next 10 years Small 121.4 41.3 -12.9

Value Core Growth • Last 10 Years – The latest 10 years, ending June 30, 2020, closely resembles the 1990s with large Large 169.2 269.7 390.3 capitalization growth stocks yet again leading all style box segments causing many to wonder if the Mid 166.3 220.4 307.8 next 10 years will look more similar to the 2000s Small 112.3 171.4 237.0

Source: Russell Investment Group, Morningstar, ACG

46 Global Equity Markets: Stimulus and Response

Stimulus / Relief Packages Mobility Data by Selected States and Countries (% of GDP By Region) (% pre COVID-19 Normal Level)

• Economic relief packages and associated • While many European countries were hard hit in stimulus packages have varied in their scope and the early days of the COVID-19 outbreak, most approach across regions but they have all been are now solidly on the road to recovery. Many of massive in scale. The recently announced EU the large European economies are now actually package, when added to their monetary support, more open than their American counterparts makes up almost 20% of their annual GDP

Source: AllianceBernstein, Morgan Stanley Capital International, Deutsche Bank, ACG Note: Mobility data from Apple and Google 47 After Spread Compression, Don’t Expect Much From Bonds

Bond Yields vs. Returns Capacity Utilization (Starting Yield vs. Subsequent 5 Year Return) (Total Industry) (1976 -2020)

• With bond yields near historical lows, future • While there are certainly inflationary forces from returns are expected to be lower. Many investors the stimulus measures enacted post COVID-19, have reacted to this by diversifying their bond the fall in economic output has caused capacity allocations to include exposure to more spread utilization to fall precipitously leading many to sectors in order to generate higher returns argue that inflation (a key component of the risk- free-rate) will likely be lower going forward

Source: Barclays, Deutsche Bank, ACG Note: Capacity utilization is the extent to which an economy uses its installed productive capacity. 48 Risks: Election Year Volatility

• Looking at market performance during election years back to 1980, a few things stand out;

• The market does not seem to care which party is elected

• The market does not seem to care if the party in office is re-elected

• 2000 and 2008 were the only years when the market ended lower. Both years were parts of much broader market sell- offs (dot.com bubble bursting and Global Financial Crisis)

• In most cases, market performance post-election is a continuation of the trend or pattern of the prior few quarters

Source: Jefferies, ACG

49 Risks: Continued Sparring with China

Sentiment Towards China Sentiment Towards China (Survey Results) (Survey Results)

• Survey data suggests sentiment amongst • The global pandemic has only added to this Americans towards China has become issue, with 84% of those polled not trusting the increasingly unfavorable, which suggest our information provided by the Chinese government sparring with them on issues of trade and related to the virus globalism will continue

Source: Raymond James, Pew Research, ACG

50 Appendix: How Does the Pandemic Affect Stock Valuation?

Annual Earnings as % of Stock Fair Value Annual Earnings as % of Stock Fair Value (Pre-COVID-19) (Post-COVID-19)

• The underlying value of a financial asset is equal to the present value of its future free cash flow

• In the above example, if the impact from COVID-19 reduces the present value of earnings expected in 2020 and 2021 from $11.00 ($5.00 + $6.00) to $5.50 ($1.50 + $4.00), the present value of the company would fall from $52.00 to $46.50 (assuming earnings in 2022 and beyond are not impacted)

• Many investors in today’s markets trade on next quarter’s earnings, not normalized future earnings. As a result, this phenomenon can allow active managers who have a long-term time horizon an ability to take advantage of these mis-pricings

Source: Eagle Capital, ACG Note: Illustrative example only 51 DISCLOSURE

Investing is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read and review all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and all supplements thereto, before making an investment.

The information contained herein reflects the opinions and projections of the ACG as of the date of publication, which are subject to change without notice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, no representation or warranty is made concerning the accuracy of any data presented. You should not treat these materials as advice in relation to legal, taxation, or investment matters.

Various indices, including, but not limited to the S&P 500 Index, the FTSE 3-Month Treasury Bill Index, and the Russell 2000 index (each, an “Index”) are unmanaged indices of securities that are used as general measures of market performance, and their performance is not reflective of the performance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may be significant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and asset comparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons against the Index may be of limited use. Investments cannot be made directly into an Index.

Historical returns data has been compiled using data calculated by ACG and third parties (e.g., Morningstar and mutual funds). ACG has not independently verified data provided by third parties and cannot and does not guarantee the accuracy of data calculated by third parties. All information provided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representations or warranties whatsoever are made by ACG or any other person or entity as to the future profitability of an account or the results of making an investment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including the possible loss of the entire amount of investment.

Statements herein that reflect projections or expectations of future financial or economic performance of the Fund are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. You are advised to consult with your independent tax and business advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warranties whatsoever are made by ACG any other person or entity as to the future profitability of investments recommended by ACG.

This report is based on transaction records, portfolio valuations, and performance supplied by the client, the custodian, the investment manager, and investment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary and therefore subject to audit. This report is complete and accurate to the best of our knowledge.

We urge you to take a moment to compare the account balances contained in this report to those balances reflected on the statem ents that you receive directly from your account’s custodian. Please contact us or the account custodian with any questions you may have. Also, ple ase notify us promptly if you do not receive statements on all accounts from the custodian on at least a quarterly basis.

52 INDEX DEFINITIONS

Asset class and reference benchmarks:

ASSET CLASS BENCHMARK U.S. Equity S&P 500 TR International Developed Equity MSCI EAFE NR Emerging Market Equity MSCI EM NR U.S. Fixed Income Bloomberg Barclays U.S. Aggregate Bond TR Cash & Cash Alternatives Citi Treasury Bill 3 Mon USD

Alerian MLP: The Alerian MLP Index is the leading gauge of large- and mid-cap energy Master Limited Partnerships (MLPs). The float-adjusted, capitalization- weighted index, which includes 50 prominent companies and captures approximately 75% of available market capitalization, is disseminated real-t ime on a price-return basis (AMZ) and on a total-return basis (AMZX).

Bloomberg Barclay 10-Year U.S. Treasuries: Measures the performance of U.S. Treasury securities that have a remaining maturity of 10 years.

Bloomberg Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment- grade fix ed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-ba cked securities.

Bloomberg Barclays Global Aggregate ex-U.S. Dollar Bond Index : Tracks an international basket of bonds that currently contains 65% government, 14% corporate, 13% agency and 8% mortgage-related bonds.

Bloomberg Barclays High Yield : Covers the universe of fixed-rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countr ies designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC-registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures and 144-As are also included.

Bloomberg Barclays U.S. Corporate High Yield : Composed of fixed-rate, publicly issued, non-investment grade debt.

The Dow Jones Industrial Average is an unmanaged index of 30 widely held securities.

Dow Jones U.S. Total Stock Market Index , which comprises all U.S. equity securities with readily available prices.

FTSE 3-Month Treasury-Bill Index : This is an unmanaged index of three-month Treasury bills.

FTSE EPRA/NAREIT Global Real Estate Index : Designed to represent general trends in eligible listed real es tate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income producing real estate.

53 INDEX DEFINITIONS

Gross Domestic Product (GDP) is the annual market value of all goods and services produced domestically by the US.

HFRI Fund of Funds Conservative : FOFs classified as 'Conservative' exhibit one or more of the following characteristics: seeks consistent returns by primarily investing in funds that generally engage in more 'conservative' strategies such as Equity Market Neutral, Fixed Income Arbitrage, and Convertible Arbitrage; exhibits a lower historical annual standard deviation than the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Conservative Index shows generally consi stent performance regardless of market conditions.

HFRI Fund of Funds Diversified : FOFs classified as 'Diversified' exhibit one or more of the following characteristics: invests in a variety of strategies amo ng multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index; demonstrates g enerally close performance and returns distribution correlation to the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minim al loss in down markets while achieving superior returns in up markets.

HFRI Fund of Funds Strategic : FOFs classified as 'Strategic' exhibit one or more of the following characteristics: seeks superior returns by primarily inve sting in funds that generally engage in more opportunistic strategies such as Emerging Markets, Sector specific, and Equity Hedge; exhibits a great er dispersion of returns and higher volatility compared to the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Strategic Index tends to outperform the HFRI Fund of Fund Composite Index in up markets and underperform the index in down markets.

MSCI All Country World Index Ex-U.S Index .: A market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It includes both developed and emerging markets.

MSCI EAFE Index (Europe, Australasia, Far East): A free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the United States and Canada. The EAFE consists of the country indices of 21 developed nations.

MSCI EAFE Growth Index : Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those s ecurities classified by MSCI as most representing the growth style.

MSCI EAFE Small-Cap Index : An unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada.

MSCI EAFE Value : Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those s ecurities classified by MSCI as most representing the value style.

MSCI Emerging Markets Index : Designed to measure equity market performance in 25 emerging market indexes. The three largest industries are materials, ener gy and banks.

The NASDAQ Composite Index is an unmanaged index of all stocks traded on the NASDAQ over-the-counter market. Price Earnings Ratio (P/E) is the price of th e stock divided by its earnings per share.

54 INDEX DEFINITIONS

Russell 1000 Index : Measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the investible U.S. equity market.

Russell 1000 Value Index : Measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 1000 Growth Index : Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values .

Russell Mid-Cap Index : Measures the performance of the 800 smallest companies of the Russell 1000 Index, which represent approximately 30% of the to tal market capitalization of the Russell 1000 Index.

Russell Mid-Cap Value Index : Measures the performance of those Russell Mid-cap companies with lower price-to-book ratios and lower forecasted growth value s.

Russell Mid-Cap Growth Index : Measures the performance of those Russell Mid-cap companies with higher price-to-book ratios and higher forecasted growth val ues.

Russell 2000 Index : Measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represent approximately 8% of the t otal market capitalization of the Russell 3000 Index.

Russell 2000 Value Index : Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Growth Index : Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values .

Russell 3000 Index : Measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approxima tely 98% of the investable U.S. equity market.

Standard & Poor's 500 (S&P 500) : Measures changes in stock market conditions based on the average performance of 500 widely held common stocks. Represents approximately 68% of the investable U.S. equity market.

Wilshire Liquid Alternative Index : The Wilshire Liquid Alternative IndexSM measures the collective performance of the five Wilshire Liquid Alternative strategie s that make up the Wilshire Liquid Alternative Universe. The Wilshire Liquid Alternative Index (WLIQA) is designed to provide a broad measu re of the liquid alternative market by combining the performance of the Wilshire Liquid Alternative Equity Hedge IndexSM (WLIQAEH), Wilshire Liquid Alternative Global Macro Ind exSM (WLIQAGM), Wilshire Liquid Alternative Relative Value IndexSM (WLIQARV), Wilshire Liquid Alternative Multi-Strategy IndexSM (WLIQAMS), and Wilshire Liquid Alternative Event Driven IndexSM (WLIQAED).

55 University of West Florida Foundation Performance Summary Q2 2020

The Foundation started the quarter with a market value of $82,918,393 and ended the quarter with a value of $94,320,584 including a cash outflow of $682,898. For the quarter, the Foundation returned +14.64% versus +14.15% for a balanced index that reflects the underlying asset allocation of the total fund. Outperformance for the quarter was driven by International stocks and Fixed Income.

Large Cap Equity: Eagle Capital underperformed the S&P 500 Index for the quarter (+18.83% vs. +20.54%) while the Vanguard 500 Index performed in line.

Small Cap Equity: Performance for the two domestic small cap managers was mixed for the quarter. Conestoga returned +26.43% and Fuller & Thaler returned +18.77% while the Russell 2000 returned +25.42%.

International Equity: Both of the international managers outperformed for the quarter. WCM Focused International Growth outperformed with a return of +25.68% while Dodge & Cox outperformed with a return of +17.36%. The MSCI ACWI ex US returned +16.12% during the quarter.

International Small Cap Equity: T. Rowe Price International Small Cap outperformed for the quarter returning +31.43% versus +22.83% for the MSCI ACWI ex US Small Cap Index.

Emerging Markets Equity: DFA Emerging Markets outperformed the MSCI Emerging Markets Index for the quarter (+20.76% vs. +18.08%).

Master Limited Partnerships: Tortoise MLP & Pipeline underperformed the Alerian Index for the quarter (+29.35% vs. +50.18%).

Fixed Income: Barrow Hanley outperformed the Barclays Aggregate Index for the quarter (+4.76% vs. +2.90%). Templeton Global Bond underperformed the FTSE WGBI Index for the quarter (+0.09% vs. +2.04%). Chartwell Short Duration High Yield strategy outperformed the ICE BofAML US Corp and HY 1-3 yr Index for the quarter (+6.05% vs. +4.71%). PIMCO Short Term outperformed the FTSE T Bill 3-Month Index (+3.88% vs. +0.14%).

Fund of Funds: Ironwood outperformed the HFRI FOF Conservative index for the quarter (+6.42% vs. +5.67%).

56 University of West Florida Foundation As of June 30, 2020 Fiscal Year End: June

Current Current Policy Policy Range Balance Allocation _ US Stock Large $22,291,097 23.63% 22.50% 20.00% - 30.00% US Stock Small $10,045,876 10.65% 10.00% 7.50% - 15.00% International $13,700,410 14.53% 15.00% 10.00% - 20.00% International Small Stocks $6,841,939 7.25% 7.50% 2.50% - 10.00% International Emerging Stocks $5,041,749 5.35% 5.00% 2.50% - 7.50% Fixed $11,728,024 12.43% 15.00% 10.00% - 25.00% MLP $2,863,057 3.04% 0.00% 0.00% - 10.00% Hedge Fund $7,947,134 8.43% 5.00% 0.00% - 10.00% Real Estate $2,724,757 2.89% 7.50% 0.00% - 15.00% Private Equity $3,908,873 4.14% 7.50% 0.00% - 10.00% Private Debt $1,603,910 1.70% 5.00% 0.00% - 10.00% Cash/Short Term Fixed Income $5,623,758 5.96% 0.00% 0.00% - 10.00% Total $94,320,584 100.00% 100.00% XXXXX

Summary of Cash Flows Inception Second Quarter Year-To-Date One Year Three Years Five Years Ten Years 3/31/99 _ Beginning Market Value $82,918,393 $98,291,198 $94,217,664 $87,952,279 $74,263,025 $50,867,440 $53,608,325 Net Cash Flow -$682,898 $1,092,882 -$552,571 -$7,159,768 -$2,189,815 -$8,675,323 -$27,015,825 Net Investment Change $12,085,089 -$5,063,495 $655,491 $13,528,073 $22,247,374 $52,128,467 $67,728,084 Income $231,068 $404,050 $1,576,312 $5,526,439 $7,914,798 $13,574,475 $32,895,251 Ending Market Value $94,320,584 $94,320,584 $94,320,584 $94,320,584 $94,320,584 $94,320,584 $94,320,584 _

Prepared by The Atlanta Consulting Group 57 University of West Florida Foundation As of June 30, 2020

Current Current Within IPS Policy Policy Range Difference Balance Allocation Range? _ US Stock Large $22,291,097 23.63% 22.50% 20.00% - 30.00% 1.13% Yes Eagle Capital Management $10,588,204 11.23% Vanguard 500 Index Admiral $11,702,892 12.41% US Stock Small $10,045,876 10.65% 10.00% 7.50% - 15.00% 0.65% Yes Conestoga Small Cap Investors $5,455,932 5.78% Fuller & Thaler Behav Sm-Cp Eq Inst $4,589,944 4.87% International $13,700,410 14.53% 15.00% 10.00% - 20.00% -0.47% Yes Dodge & Cox International Stock $5,728,963 6.07% WCM Focused International Growth $7,971,447 8.45% Instl International Small Stocks $6,841,939 7.25% 7.50% 2.50% - 10.00% -0.25% Yes T. Rowe Price International $6,841,939 7.25% Discovery International Emerging Stocks $5,041,749 5.35% 5.00% 2.50% - 7.50% 0.35% Yes DFA Emerging Markets Core Equity I $5,041,749 5.35% Fixed $11,728,024 12.43% 15.00% 10.00% - 25.00% -2.57% Yes Barrow Hanley $6,192,550 6.57% Templeton Global Bond Fund $2,608,090 2.77% Chartwell Short Duration High Yield $2,927,384 3.10% MLP $2,863,057 3.04% 0.00% 0.00% - 10.00% 3.04% Yes Tortoise MLP & Pipeline Instl $2,863,057 3.04% Hedge Fund $7,947,134 8.43% 5.00% 0.00% - 10.00% 3.43% Yes Ironwood International Ltd. $3,776,022 4.00% Canyon Balanced Fund, Ltd. $2,173,222 2.30% Renaissance RIEF $1,997,891 2.12% Real Estate $2,724,757 2.89% 7.50% 0.00% - 15.00% -4.61% Yes Harbert US RE Fund V LP $582,693 0.62% Harbert US RE Fund VI LP $2,139,257 2.27% Harbert US RE Fund IV LP $2,807 0.00% Private Equity $3,908,873 4.14% 7.50% 0.00% - 10.00% -3.36% Yes Portfolio Advisors PE Offshore V $224,927 0.24% Portfolio Advisors PE VII $646,963 0.69% Portfolio Advisors PE Offshore X $1,210,553 1.28% Portfolio Advisors Secondary Fund $1,324,223 1.40% III, L.P. StepStone Pioneer Capital III, L.P. $502,207 0.53% Private Debt $1,603,910 1.70% 5.00% 0.00% - 10.00% -3.30% Yes Portfolio Advisors Direct Credit II $744,086 0.79% Golub Capital Partners Intl 12 LP $859,824 0.91% Cash/Short Term Fixed Income $5,623,758 5.96% 0.00% 0.00% - 10.00% 5.96% Yes PIMCO Short-Term Instl $5,388,104 5.71% Cash $37,503 0.04%

Prepared by The Atlanta Consulting Group 58 University of West Florida Foundation As of June 30, 2020 Fiscal Year End: June Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date _ Foundation 94,320,584 100.00 2.30 14.64 -5.02 0.82 2.85 5.05 5.06 7.54 4.92 Mar-99 Balanced Index 2.08 14.15 -6.12 -0.79 1.40 3.75 4.26 6.94 4.67 Mar-99 CPI+4% 0.87 0.86 2.31 4.67 5.19 5.78 5.61 5.75 6.20 Mar-99 US Stock Large 22,291,097 23.63 1.64 19.72 -6.17 3.28 6.97 9.50 9.73 -- 9.79 Dec-13 S&P 500 1.99 20.54 -3.08 7.50 8.95 10.73 10.73 13.99 10.52 Dec-13 Eagle Capital Management Caution 1Q20 10,588,204 11.23 1.26 18.83 -9.36 -0.99 4.92 8.17 8.68 -- 12.01 Oct-12 S&P 500 1.99 20.54 -3.08 7.50 8.95 10.73 10.73 13.99 12.66 Oct-12 Vanguard 500 Index Admiral 11,702,892 12.41 1.99 20.54 -3.10 7.47 8.92 10.69 10.69 -- 12.66 Sep-12 S&P 500 1.99 20.54 -3.08 7.50 8.95 10.73 10.73 13.99 12.68 Sep-12 US Stock Small 10,045,876 10.65 2.88 22.81 -5.02 -0.03 2.20 7.56 7.69 -- 6.14 Dec-13 Russell 2000 3.53 25.42 -12.98 -6.63 -4.98 2.01 4.29 10.50 4.79 Dec-13 Conestoga Small Cap Investors 5,455,932 5.78 3.18 26.43 2.00 3.47 6.95 13.46 13.39 -- 11.26 Apr-14 Russell 2000 3.53 25.42 -12.98 -6.63 -4.98 2.01 4.29 10.50 4.58 Apr-14 Fuller & Thaler Behav Sm-Cp Eq Inst 4,589,944 4.87 2.52 18.77 -12.19 -3.89 -2.73 ------0.64 Mar-18 Russell 2000 3.53 25.42 -12.98 -6.63 -4.98 2.01 4.29 10.50 -2.65 Mar-18 International 13,700,410 14.53 5.93 22.06 -6.48 1.84 2.08 3.31 3.10 -- 2.96 Dec-13 MSCI ACWI ex USA 4.52 16.12 -11.00 -4.80 -1.80 1.13 2.26 4.97 1.74 Dec-13 Dodge & Cox International Stock Caution 4Q17 5,728,963 6.07 5.05 17.36 -18.44 -11.28 -5.95 -3.85 -1.23 4.83 0.96 Dec-07 MSCI ACWI ex USA 4.52 16.12 -11.00 -4.80 -1.80 1.13 2.26 4.97 0.86 Dec-07 WCM Focused International Growth Instl 7,971,447 8.45 6.58 25.68 4.55 13.94 ------21.09 Mar-19 MSCI ACWI ex USA 4.52 16.12 -11.00 -4.80 -1.80 1.13 2.26 4.97 -0.50 Mar-19 International Small Stocks 6,841,939 7.25 T. Rowe Price International Discovery 6,841,939 7.25 4.23 31.43 3.85 12.26 2.33 7.37 -- -- 10.27 Sep-16 MSCI ACWI ex US Small Cap 3.26 22.83 -12.80 -4.34 -5.15 -0.17 2.50 6.05 3.43 Sep-16 International Emerging Stocks 5,041,749 5.35 DFA Emerging Markets Core Equity I Caution 3Q17 5,041,749 5.35 7.07 20.76 -13.43 -8.29 -3.62 -0.77 1.54 -- 3.15 Dec-11 MSCI Emerging Markets 7.35 18.08 -9.78 -3.39 -1.12 1.90 2.86 3.27 3.61 Dec-11 Fixed 11,728,024 12.43 0.66 4.00 1.96 3.34 4.94 3.14 3.03 -- 3.12 Dec-13 BBgBarc US Aggregate TR 0.63 2.90 6.13 8.74 8.30 5.32 4.30 3.82 4.20 Dec-13 Barrow Hanley Caution - 1Q20 6,192,550 6.57 0.92 4.76 6.28 8.96 8.27 5.28 4.39 3.91 4.41 Apr-03 BBgBarc US Aggregate TR 0.63 2.90 6.13 8.74 8.30 5.32 4.30 3.82 4.35 Apr-03 90% BBgBarc Agg/10% BBgBarc High 0.66 3.61 5.18 7.92 7.89 5.16 4.38 4.13 4.69 Apr-03 Yield

Prepared by The Atlanta Consulting Group 59 University of West Florida Foundation As of June 30, 2020 Fiscal Year End: June

Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date _ Templeton Global Bond Fund 2,608,090 2.77 -0.03 0.09 -4.34 -6.08 -0.43 -0.92 -- -- -1.09 Apr-17 FTSE WGBI TR 0.64 2.04 4.08 4.60 5.04 3.98 3.70 2.37 4.27 Apr-17 Chartwell Short Duration High Yield 2,927,384 3.10 0.72 6.05 -0.76 1.34 3.42 2.70 -- -- 2.59 May-17 ICE BofAML US Corp and High Yield 1-3 Yr 0.93 4.71 1.75 3.76 4.41 3.28 2.99 2.98 3.29 May-17 MLP 2,863,057 3.04 Tortoise MLP & Pipeline Instl 2,863,057 3.04 -4.65 29.35 -34.44 -35.72 -19.32 -12.54 -9.12 -- -7.37 Apr-14 Alerian MLP TR USD -7.87 50.18 -35.71 -41.43 -22.29 -16.79 -12.85 -1.41 -12.05 Apr-14 50% Alerian/50% ML High Yield -3.44 30.61 -17.47 -19.55 -7.83 -5.52 -3.20 3.26 -3.05 Apr-14 Hedge Funds 7,947,134 8.43 Ironwood International Ltd. 3,776,022 4.00 1.98 6.42 2.53 5.50 4.38 5.37 3.82 6.01 4.47 Mar-05 HFRI FOF: Conservative Index 1.66 5.67 -1.94 -0.39 0.83 1.93 1.49 2.57 2.18 Mar-05 Canyon Balanced Fund, Ltd. 2,173,222 2.30 3.49 ------3.49 Jun-20 HFRI ED: Distressed/Restructuring Index 4.56 10.43 -2.49 -4.23 -2.06 0.56 2.00 3.80 4.56 Jun-20 Renaissance RIEF 1,997,891 2.12 -4.86 ------4.86 Jun-20 HFRI Equity Hedge (Total) Index 2.64 13.27 -3.25 0.72 0.49 3.01 3.09 4.55 2.64 Jun-20 Real Estate 2,724,757 2.89 1.70 1.70 -0.01 7.38 8.57 9.87 14.29 -- 14.28 Dec-13 NCREIF Property Index -0.99 -0.99 -0.29 2.69 4.58 5.44 6.77 9.70 8.08 Dec-13 FTSE NAREIT All Equity REIT 2.31 13.25 -13.30 -6.47 2.62 3.39 6.48 10.35 8.08 Dec-13 Harbert US RE Fund V LP 582,693 0.62 2.32 2.32 -5.60 -1.68 2.47 5.56 11.13 -- 10.43 Nov-13 NCREIF Property Index -0.99 -0.99 -0.29 2.69 4.58 5.44 6.77 9.70 7.33 Nov-13 FTSE NAREIT All Equity REIT 2.31 13.25 -13.30 -6.47 2.62 3.39 6.48 10.35 7.16 Nov-13 Harbert US RE Fund VI LP 2,139,257 2.27 1.54 1.54 1.57 11.00 11.65 ------11.81 Nov-17 NCREIF Property Index -0.99 -0.99 -0.29 2.69 4.58 5.44 6.77 9.70 5.47 Nov-17 FTSE NAREIT All Equity REIT 2.31 13.25 -13.30 -6.47 2.62 3.39 6.48 10.35 3.34 Nov-17 Harbert US RE Fund IV LP 2,807 0.00 Dec-08 Private Equity 3,908,873 4.14 0.00 0.00 -5.56 4.41 8.65 13.03 10.73 -- 10.31 Dec-13 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 5.19 7.73 11.19 10.75 13.27 11.08 Dec-13 Portfolio Advisors PE Offshore V 224,927 0.24 0.00 0.00 -3.48 -0.77 3.34 6.96 7.37 9.25 6.90 Dec-08 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 5.19 7.73 11.19 10.75 13.27 13.24 Dec-08 Portfolio Advisors PE VII 646,963 0.69 0.00 0.00 -9.03 11.99 16.19 17.90 14.30 -- 13.37 Apr-13 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 5.19 7.73 11.19 10.75 13.27 12.10 Apr-13 Portfolio Advisors PE Offshore X 1,210,553 1.28 0.00 0.00 -1.84 ------3.56 Oct-19 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 5.19 7.73 11.19 10.75 13.27 2.54 Oct-19

Prepared by The Atlanta Consulting Group 60 University of West Florida Foundation As of June 30, 2020 Fiscal Year End: June

Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date _ Portfolio Advisors Secondary Fund III, L.P. 1,324,223 1.40 0.00 0.00 -5.69 4.11 12.24 ------23.94 Aug-17 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 5.19 7.73 11.19 10.75 13.27 10.79 Aug-17 StepStone Pioneer Capital III, L.P. 502,207 0.53 0.00 0.00 -8.85 -8.38 -3.34 3.90 4.67 12.41 12.71 Dec-09 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 5.19 7.73 11.19 10.75 13.27 13.82 Dec-09 Private Debt 1,603,910 1.70 1.37 1.37 -1.38 3.30 13.43 12.34 -- -- 11.28 Oct-16 Cliffwater Direct Lending Index 0.00 0.00 0.00 1.77 5.08 6.34 7.03 9.40 7.16 Oct-16 Portfolio Advisors Direct Credit II 744,086 0.79 2.99 2.99 3.71 8.77 16.39 14.29 -- -- 12.85 Oct-16 Cliffwater Direct Lending Index 0.00 0.00 0.00 1.77 5.08 6.34 7.03 9.40 7.16 Oct-16 Golub Capital Partners Intl 12 LP 859,824 0.91 0.00 0.00 -6.70 -2.44 ------2.58 Dec-18 Cliffwater Direct Lending Index 0.00 0.00 0.00 1.77 5.08 6.34 7.03 9.40 4.58 Dec-18 Cash/Short Term Fixed Income 5,623,758 5.96 PIMCO Short-Term Instl 5,388,104 5.71 1.24 3.88 1.70 2.87 2.45 2.35 -- -- 2.58 Jan-16 FTSE T-Bill 3 Months TR 0.01 0.14 0.52 1.56 1.93 1.73 1.15 0.61 1.29 Jan-16 Cash 37,503 0.04 Synovus Bank (Operating) 198,151 0.21 0.00 ------0.00 Apr-20 XXXXX - Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TR USD / HFRI FOF: Conservative Index / NCREIF Property Index / Cambridge Assoc. U.S. PE Index / Cliffwater Direct Lending Index / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR - CPI+4% = Consumer Price Index+0.00327 100 - 90% BBgBarc Agg/10% BBgBarc High Yield = BBgBarc US High Yield TR 10% / BBgBarc US Aggregate TR 90% - 50% Alerian/50% ML High Yield = Alerian MLP TR USD 50% / ICE BofA US High Yield TR 50% - HFRI Equity Hedge (Total) Index = HFRI Equity Hedge (Total) Index - NCREIF Property Index = NCREIF Property Index - Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Legacy Index - Cliffwater Direct Lending Index = Cliffwater Direct Lending Index

Prepared by The Atlanta Consulting Group 61 University of West Florida Foundation As of June 30, 2020

RISK RETURN STATISTICS RISK RETURN STATISTICS 1 Year 3 Years Foundation Balanced Index Foundation Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 12 12 Number of Periods 36 36 Maximum Return 7.71 8.25 Maximum Return 7.71 8.25 Minimum Return -12.35 -11.93 Minimum Return -12.35 -11.93 Annualized Return 0.82 -0.79 Annualized Return 5.05 3.75 Total Return 0.82 -0.79 Total Return 15.94 11.68 Annualized Excess Return Annualized Excess Return -0.48 -2.09 3.40 2.10 Over Risk Free Over Risk Free Annualized Excess Return 1.61 0.00 Annualized Excess Return 1.30 0.00

RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 1.00 1.00 Beta 1.01 1.00 Upside Deviation 7.79 8.60 Upside Deviation 6.39 6.32 Downside Deviation 17.34 17.01 Downside Deviation 12.30 11.82

RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 17.34 17.32 12.38 12.25 Deviation Deviation Alpha 0.14 0.00 Alpha 0.10 0.00 Sharpe Ratio -0.03 -0.12 Sharpe Ratio 0.27 0.17 Excess Return Over Market Excess Return Over Market 0.09 0.00 0.11 0.00 / Risk / Risk Tracking Error 1.46 0.00 Tracking Error 1.14 0.00 Information Ratio 1.11 -- Information Ratio 1.14 --

CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 0.99 1.00 R-Squared 0.99 1.00 Correlation 1.00 1.00 Correlation 1.00 1.00

Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills

Prepared by The Atlanta Consulting Group 62 University of West Florida Foundation As of June 30, 2020

RISK RETURN STATISTICS RISK RETURN STATISTICS 5 Years Since Inception Foundation Balanced Index Foundation Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 60 60 Number of Periods 255 255 Maximum Return 7.71 8.25 Maximum Return 7.71 8.25 Minimum Return -12.35 -11.93 Minimum Return -13.67 -12.61 Annualized Return 5.06 4.26 Annualized Return 4.92 4.67 Total Return 27.96 23.22 Total Return 177.37 163.89 Annualized Excess Return Annualized Excess Return 3.92 3.13 3.19 2.94 Over Risk Free Over Risk Free Annualized Excess Return 0.79 0.00 Annualized Excess Return 0.25 0.00

RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 1.00 1.00 Beta 1.01 1.00 Upside Deviation 5.79 5.81 Upside Deviation 5.46 5.49 Downside Deviation 10.21 9.95 Downside Deviation 8.47 8.00

RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 10.66 10.57 10.40 10.20 Deviation Deviation Alpha 0.06 0.00 Alpha 0.02 0.00 Sharpe Ratio 0.37 0.30 Sharpe Ratio 0.31 0.29 Excess Return Over Market Excess Return Over Market 0.07 0.00 0.02 0.00 / Risk / Risk Tracking Error 1.16 0.00 Tracking Error 1.43 0.00 Information Ratio 0.68 -- Information Ratio 0.17 --

CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 0.99 1.00 R-Squared 0.98 1.00 Correlation 0.99 1.00 Correlation 0.99 1.00

Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills

Prepared by The Atlanta Consulting Group 63 University of West Florida Foundation As of June 30, 2020 Fiscal Year End: June

Prepared by The Atlanta Consulting Group 64 University of West Florida Foundation As of June 30, 2020 Fiscal Year End: June

Prepared by The Atlanta Consulting Group 65 University of West Florida Foundation As of June 30, 2020

Prepared by The Atlanta Consulting Group 66 University of West Florida Foundation As of June 30, 2020

Cash Flows from Inception Quarter Beginning Net Investment Ending Net Cash Flow Fees Income Ending Market Value Change Market Value _ Mar-99 -- $0 $0 $0 $53,608,325 $53,608,325 Jun-99 $53,608,325 -$743,004 $0 $418,078 $2,434,180 $55,299,501 Sep-99 $55,299,501 -$754,175 $0 $372,158 -$1,480,157 $53,065,169 Dec-99 $53,065,169 $102,766 $0 $191,672 $5,764,152 $58,932,087 Mar-00 $58,932,087 $242,744 $0 $447,309 $942,080 $60,116,911 Jun-00 $60,116,911 -$560,001 $0 $346,958 -$156,583 $59,400,327 Sep-00 $59,400,327 -$897,431 -$8,857 $350,457 $140,608 $58,643,504 Dec-00 $58,643,504 -$561,633 -$36,824 $350,071 -$2,507,443 $55,574,428 Mar-01 $55,574,428 -$375,251 -$22,203 $406,691 -$4,182,435 $51,016,742 Jun-01 $51,016,742 -$365,927 -$21,840 $371,235 $2,216,697 $52,867,512 Sep-01 $52,867,512 -$663,768 -$21,567 $441,221 -$4,592,364 $47,611,380 Dec-01 $47,611,380 -$1,502,838 -$10,135 $587,524 $2,830,376 $48,938,918 Mar-02 $48,938,918 -$15,173 -$20,037 $359,943 $699,111 $49,622,856 Jun-02 $49,622,856 -$511,193 -$20,132 $372,089 -$2,642,350 $46,469,313 Sep-02 $46,469,313 -$461,137 -$10,326 $367,433 -$5,406,592 $40,601,584 Dec-02 $40,601,584 -$305,884 -$8,656 $470,499 $1,944,714 $42,240,414 Mar-03 $42,240,414 -$655,362 -$38,784 $302,011 -$1,599,613 $39,985,439 Jun-03 $39,985,439 -$778,780 -$13,903 $333,918 $4,622,010 $43,828,669 Sep-03 $43,828,669 -$662,389 -$17,967 $238,831 $1,365,464 $44,531,744 Dec-03 $44,531,744 -$399,999 -$47,455 $446,659 $4,610,030 $48,741,775 Mar-04 $48,741,775 -$543,579 -$39,390 $216,156 $1,097,837 $49,296,033 Jun-04 $49,296,033 -$109,883 -$39,387 $265,045 $138,340 $49,324,490 Sep-04 $49,324,490 -$1,009,371 -$38,556 $224,704 $9,559 $48,324,678 Dec-04 $48,324,678 -$784,131 -$40,289 $1,231,367 $4,362,977 $51,903,524 Mar-05 $51,903,524 -$656,830 -$40,122 $251,014 -$535,279 $50,711,415 Jun-05 $50,711,415 -$584,889 -$34,647 $236,790 $508,118 $50,634,644 Sep-05 $50,634,644 -$8,484 -$35,672 $225,922 $2,193,834 $52,819,994 Dec-05 $52,819,994 -$8,387 -$8,664 $1,673,866 $1,142,041 $53,953,648 Mar-06 $53,953,648 -$711,443 -$35,909 $258,749 $2,982,889 $56,225,094 Jun-06 $56,225,094 -$150,700 -$37,052 $279,282 -$455,018 $55,619,376 Sep-06 $55,619,376 -$619,204 -$37,906 $257,905 $1,959,980 $56,960,152

Prepared by The Atlanta Consulting Group 67 University of West Florida Foundation As of June 30, 2020

Quarter Beginning Net Investment Ending Net Cash Flow Fees Income Ending Market Value Change Market Value _ Dec-06 $56,960,152 -$259,001 -$38,682 $2,063,223 $3,295,891 $59,997,042 Mar-07 $59,997,042 -$8,817 -$40,216 $279,221 $1,353,294 $61,341,519 Jun-07 $61,341,519 -$760,397 -$41,417 $272,732 $3,135,778 $63,716,900 Sep-07 $63,716,900 -$1,008,735 -$53,847 $266,342 $226,739 $62,934,904 Dec-07 $62,934,904 -$959,825 -$49,127 $1,248,780 -$1,068,882 $60,906,197 Mar-08 $60,906,197 -$10,042 -$46,120 $250,632 -$3,191,700 $57,704,455 Jun-08 $57,704,455 -$499,998 -$48,727 $255,465 -$151,860 $57,052,597 Sep-08 $57,052,597 $585,757 -$45,037 $257,621 -$5,558,584 $52,079,770 Dec-08 $52,079,770 -$27,930 -$41,208 $628,017 -$8,704,556 $43,347,284 Mar-09 $43,347,284 $460,309 -$34,186 $240,805 -$2,719,546 $41,088,047 Jun-09 $41,088,047 $18,824 -$33,104 $234,150 $4,983,802 $46,090,673 Sep-09 $46,090,673 $36,683 -$36,990 $262,605 $5,171,637 $51,298,993 Dec-09 $51,298,993 -$977,471 -$37,425 $346,394 $2,056,832 $52,378,354 Mar-10 $52,378,354 $21,655 -$30,856 $223,781 $1,903,830 $54,303,839 Jun-10 $54,303,839 $103,822 -$53,645 $195,451 -$3,540,221 $50,867,440 Sep-10 $50,867,440 $131,756 -$42,592 $214,909 $4,484,851 $55,484,047 Dec-10 $55,484,047 $175,042 -$43,432 $370,586 $4,227,161 $59,886,250 Mar-11 $59,886,250 -$837,606 -$47,478 $230,071 $2,052,173 $61,100,817 Jun-11 $61,100,817 $138,311 -$49,563 $204,447 $411,277 $61,650,405 Sep-11 $61,650,405 -$87,638 -$50,173 $229,755 -$7,494,731 $54,068,036 Dec-11 $54,068,036 $387,014 -$44,939 $326,664 $3,294,906 $57,749,956 Mar-12 $57,749,956 $105,094 -$46,135 $219,525 $4,386,376 $62,241,426 Jun-12 $62,241,426 -$1,839,680 -$45,081 $226,018 -$1,974,413 $58,427,333 Sep-12 $58,427,333 -$1,822,658 -$42,326 $199,084 $2,632,789 $59,237,464 Dec-12 $59,237,464 -$27,735 -$42,704 $471,816 $1,645,834 $60,855,563 Mar-13 $60,855,563 -$98,538 -$44,366 $153,679 $3,250,742 $64,007,767 Jun-13 $64,007,767 -$1,862,723 -$45,603 $192,329 $635,692 $62,780,736 Sep-13 $62,780,736 $18,498 -$45,965 $216,059 $3,337,883 $66,137,117 Dec-13 $66,137,117 -$299,980 -$47,478 $402,765 $3,924,654 $69,761,791 Mar-14 $69,761,791 -$587,766 -$49,911 $189,387 $948,471 $70,122,496 Jun-14 $70,122,496 -$326,452 -$37,086 $213,400 $2,362,733 $72,158,777 Sep-14 $72,158,777 $75,826 -$37,270 $180,892 -$730,067 $71,504,536

Prepared by The Atlanta Consulting Group 68 University of West Florida Foundation As of June 30, 2020

Quarter Beginning Net Investment Ending Net Cash Flow Fees Income Ending Market Value Change Market Value _ Dec-14 $71,504,536 -$22,845 -$27,895 $1,102,090 $749,766 $72,231,457 Mar-15 $72,231,457 -$28,279 -$27,496 $139,418 $1,578,684 $73,781,862 Jun-15 $73,781,862 $324,851 -$28,452 $176,783 $156,312 $74,263,025 Sep-15 $74,263,025 -$12,826 -$27,644 $180,454 -$5,115,727 $69,134,472 Dec-15 $69,134,472 $84,429 -$28,653 $708,198 $1,392,509 $70,611,410 Mar-16 $70,611,410 $4,924,041 -$28,909 $159,866 $109,986 $75,645,437 Jun-16 $75,645,437 -$140,258 -$29,517 $210,119 $1,697,746 $77,202,925 Sep-16 $77,202,925 -$514,301 -$30,494 $173,911 $3,397,085 $80,085,709 Dec-16 $80,085,709 -$681,182 -$31,704 $554,397 $1,012,120 $80,416,647 Mar-17 $80,416,647 $119,141 -$32,584 $164,409 $3,767,164 $84,302,952 Jun-17 $84,302,952 $1,190,909 -$33,371 $237,005 $2,458,418 $87,952,279 Sep-17 $87,952,279 -$167,740 $0 $205,111 $3,691,890 $91,476,429 Dec-17 $91,476,429 -$1,896,654 -$26,870 $1,067,475 $3,277,624 $92,857,399 Mar-18 $92,857,399 -$1,462,821 -$31,969 $153,210 -$157,218 $91,237,360 Jun-18 $91,237,360 -$1,003,472 -$30,938 $254,995 $1,456,415 $91,690,303 Sep-18 $91,690,303 -$1,166,512 -$31,649 $233,604 $2,604,960 $93,128,750 Dec-18 $93,128,750 -$608,277 -$29,521 $1,517,670 -$8,779,350 $83,741,122 Mar-19 $83,741,122 -$12,573 -$25,883 $206,506 $7,374,207 $91,102,756 Jun-19 $91,102,756 -$289,148 -$28,135 $311,554 $3,404,055 $94,217,664 Sep-19 $94,217,664 -$570,207 -$29,654 $255,885 -$455,883 $93,191,575 Dec-19 $93,191,575 -$1,075,246 -$29,682 $916,378 $6,174,868 $98,291,198 Mar-20 $98,291,198 $1,775,780 -$31,897 $172,981 -$17,148,584 $82,918,393 Jun-20 $82,918,393 -$682,898 -$26,721 $231,068 $12,085,089 $94,320,584 XXXXX

Prepared by The Atlanta Consulting Group 69 University of West Florida Eagle Capital Management As of June 30, 2020

Universe Name: Large Cap MStar MF # of Observations: 974 (6/30/2020)

QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) _ Eagle Capital Management 18.83 61 -9.36 64 -0.99 65 8.17 55 8.68 53 -- -- S&P 500 20.54 49 -3.08 41 7.50 37 10.73 36 10.73 32 13.99 32 Over/Under -1.71 -6.28 -8.49 -2.56 -2.05 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) _ Eagle Capital Management 32.33 -5.24 22.66 10.10 1.75 12.28 35.80 ------S&P 500 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 Over/Under 0.84 -0.86 0.83 -1.86 0.37 -1.41 3.41 XXXXX

Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd _ Eagle Capital Management 14.61% -1.87% 1.09 105.28% 111.25% 0.77 3.86% -0.18 S&P 500 12.94% 0.00% 1.00 100.00% 100.00% 0.93 0.00% --

Prepared by The Atlanta Consulting Group 70 University of West Florida Eagle Capital Management As of June 30, 2020

Sector Best Performers Characteristics Portfolio S&P 500 Weight % Return % Portfolio S&P 500 INDUSTRY SECTOR DISTRIBUTION (% Equity) _ Number of Holdings 32 505 Energy 0.00 2.72 DISH NETWORK CORP (DISH) 1.02% 72.64% Weighted Avg. Market Cap. ($B) 432.70 370.73 Materials 1.27 2.47 AMAZON.COM INC (AMZN) 8.31% 41.50% Median Market Cap. ($B) 63.02 21.33 Industrials 6.03 7.94 LIBERTY GLOBAL PLC (LBTYK) 0.00% 36.92% Price To Earnings 21.17 22.85 Consumer Discretionary 16.59 11.33 FACEBOOK INC (FB) 5.06% 36.13% Price To Book 3.80 4.16 Consumer Staples 0.00 7.59 AERCAP HOLDINGS NV (AER) 0.92% 35.15% Price To Sales 2.41 2.71 Health Care 5.49 14.16 LYONDELLBASELL INDUSTRIES NV (LYB) 1.27% 34.28% Return on Equity (%) 21.70 26.53 Financials 23.35 10.33 MOHAWK INDUSTRIES INC. (MHK) 0.00% 33.47% Yield (%) 1.04 1.81 Information Technology 9.92 26.94 WOODWARD INC (WWD) 0.40% 30.67% Beta 1.13 1.00 Communication Services 33.48 10.88 MICROSOFT CORP (MSFT) 9.92% 29.40% R-Squared 0.96 1.00 Utilities 0.00 2.92 GOLDMAN SACHS GROUP INC (THE) (GS) 4.49% 28.65% Real Estate 0.00 2.74 Total 31.39% _

Performance By Sectors

4/1/2020 - 6/30/2020 Allocation Selection Portfolio Index Excess Portfolio Index Excess Total GICS Sector Effect Effect Weight Weight Weight USD Return USD Return Return Contrib. (Local) (Local) Worst Performers _ Weight % Return % Energy 0.00% 2.54% -2.54% -- 30.44% -- -0.29% 0.00% -0.04% _ Materials 1.17% 2.38% -1.21% 34.28% 26.09% 8.19% -0.07% 0.10% 0.17% GENERAL ELECTRIC CO (GE) 3.53% -13.85% Industrials 6.72% 8.16% -1.44% 0.79% 16.73% -15.94% 0.05% -1.14% -1.39% WELLS FARGO & CO (WFC) 2.65% -9.00% Consumer Discretionary 17.07% 10.21% 6.86% 25.81% 33.17% -7.36% 0.89% -1.22% 0.96% BERKSHIRE HATHAWAY INC (BRK.B) 5.35% -2.36% Consumer Staples 0.00% 8.48% -8.48% -- 8.04% -- 1.09% 0.00% 0.04% FISERV INC. (FISV) 0.00% 2.77% Health Care 4.72% 14.91% -10.20% 18.17% 13.69% 4.48% 0.65% 0.25% -0.12% HILTON WORLDWIDE HOLDINGS INC (HLT) 2.46% 7.63% Financials 24.52% 11.28% 13.24% 11.05% 11.91% -0.85% -1.10% -0.25% -2.31% TRIPADVISOR INC (TRIP) 0.56% 9.32% Information Technology 11.08% 24.98% -13.90% 28.67% 30.40% -1.72% -1.47% -0.21% 0.80% COMCAST CORP (CMCSA) 6.48% 14.05% Communication Services 34.72% 10.78% 23.94% 22.32% 20.29% 2.03% -0.04% 0.76% 0.71% LIBERTY BROADBAND CORP (LBRDA) 2.01% 14.20% Utilities 0.00% 3.39% -3.39% -- 2.72% -- 0.62% 0.00% 0.02% MARRIOTT INTERNATIONAL INC (MAR) 4.14% 14.60% Real Estate 0.00% 2.89% -2.89% -- 13.05% -- 0.22% 0.00% 0.01% ORACLE CORP (ORCL) 0.00% 14.89% Total 19.31% 20.46% -1.15% 0.56% -1.71% -1.15% Total 27.18% _ XXXXX

Prepared by The Atlanta Consulting Group 71 Eagle Capital Management, LLC

SECOND QUARTER 2020

It’s a common observation that the global pandemic has accelerated trends that were already underway, from the rise of video meetings to the death of shopping malls. Has Covid-19 also put a nail in the coffin of value investing?

For the past decade, the Russell 1000 Value Index (“Value Index”) has underperformed the broader S&P 500 Index (“S&P”) by 358 basis points per year.1 During that time, Eagle was able to offset this headwind by finding great businesses that still met our valuation hurdle. But this year the headwind became a hurricane, and the Value Index is down over 1300 basis points against the S&P. In the first half, Eagle continued to beat the Value Index – by 7%, ahead of all top 25 value funds – but even that wasn’t enough to keep up with the growth-fueled S&P.

This has been frustrating for some of our clients, who live with near-daily reminders of our value bent as a few increasingly expensive names lead the market. But for our Research team this dislocation has created an unusually exciting and fruitful opportunity to position our portfolio for better prospective returns.

First Survive, Then Thrive

Even before Covid-19, Eagle’s investment framework had two foundations of support.

First, conviction that a stock’s current value can survive in a wide range of adverse scenarios.

Second, conviction that the value will compound over time, building on strength and riding secular trends to produce a high cash-on-cash return.

This dual approach has led to very good absolute and relative returns over Eagle’s 30 years. Even through the past decade, when value-style investing has been under pressure, our fundamental work has kept up with the bull market without taking on multiple creep and price risk that could strike down the hottest momentum stocks.

But the particulars of this pandemic have been tough on the near-term earnings of a large part of our portfolio. On January 1, travel-related, aerospace and bank companies made up 32% of our holdings, and in March, the market quickly slashed the prices of stocks that faced lower earnings in 2020 and 2021.

We believe that the companies we own are not impaired and that their long-term earnings power is still strong – and in some cases stronger – as weaker competitors fail to survive. Over time, the stretched rubber band should snap back as things normalize.

Meanwhile our “Covid-lite” investments, such as Google and Microsoft, have performed well through the pandemic.

July 2020

72 Eagle Capital Management, LLC

The Year So Far

Although we did not anticipate this current crisis, we always endeavor to assemble a set of companies that can hold their fundamental value – if not their immediate stock price – through great stress. In the 2008/2009 financial crisis, our portfolio fell with the market in the middle of the storm. But in the following years, our underwriting was vindicated and many of our companies strongly outperformed as the underlying asset and earnings power were revealed.

While lower marks are unpleasant in the moment, they also lay the foundation for future returns. We are taking advantage of dislocations in the first half of 2020 to improve the portfolio and seeking to reduce long-term risk. Here are some of the investments we have made or increased:

Citigroup

Survive: After streamlining and de-risking its business mix, raising credit standards, and fixing its balance sheet, Citi is weathering the greatest economic shock in 75 years with net profit. Citi passed the Federal Reserve’s (“Fed”) tougher stress test with ease. And tangible book value is 50% higher than its stock price.2

Thrive: Bolstered by a high-income retail base, a globally dominant cash management system for multinationals, and a rising share of global trading, Citi should earn a free cash flow yield of over 15% on the price we are paying now, even in a low-rate world.3

General Electric

Survive: GE has securities (marked to market) and a strong health care business that together cover 100% of its liabilities, including debt, pension, 2020 cash losses, and a very bad outcome at GE Capital.

Thrive: The core is its premier airplane engine business. Engine sales will be lower for the next several years, but the long-term secular growth in air travel remains powerful, and GE’s dominance and competitive advantages are strong. Post Covid-19, we calculate that we are paying less than 10 times free cash flow for one of the best businesses run by one of the greatest CEOs. In addition, free call options include a potential recovery of GE Power (gas turbines) and Renewable Energy (wind).

Marriott & Hilton

Survive: Two of the leading hotel brand-companies have structurally high margins and ample liquidity that should enable them to weather the industry's 80-90% decline, even if it persists through 2021. They have significantly reduced their cost structures to protect their businesses, demonstrating the flexibility of these capital-light models.

Thrive: While earnings in 2020-21 will be down sharply, the travel industry is a long-term secular grower. We expect that MAR and HLT will gain share through the downturn as weaker hotels close, independents convert to stronger brands and most of their existing development pipeline eventually moves forward. We believe the companies are trading at single-digit multiples of 5-year-out earnings.

-2- July 2020

73 Eagle Capital Management, LLC

Wells Fargo

Survive: With good risk management, Wells Fargo has taken a huge provision for potential loan problems in the coming year, without a material hit to book value, which remains 50% higher than its current stock price.

Thrive: The new CEO has flagged $10 billion of low-hanging cost cuts just to get in line with its two major peers.4 Assuming only half of these cuts materialize, WFC can earn a perpetual 20% free cash flow yield on the current stock price in a more normal post Covid-19 world.

Comcast

Survive: Despite Covid’s impact on Sky and NBCUniversal’s theme parks, film studios, cable networks and broadcast businesses, Comcast’s broadband service will keep the overall company cash flow positive this year.

Thrive: The majority of Comcast’s cash flow derives from a dominant broadband service, with superior infrastructure in typically duopolistic end markets, where penetration is still rising and it is taking market share. Further, NBCUniversal’s theme park business and film studios synergistically feed each other in a world where experiences are prized over goods and content is king. At 13 times 2021 earnings, we believe Comcast’s market cap attributes limited value to the NBCU and Sky divisions.

Some have asked us why we think the market will come around to our view, but good investing doesn’t depend on the opinions of others. The ultimate return for each position rests on the cash generated by the company. If our stocks remain depressed but our business analysis is correct, buybacks will be accretive and dividends should grow increasingly generous. In fact, for long-term investors who own companies engaged in buybacks, the ultimate returns are higher if the multiple remains low.

Going Forward

A number of potential coronavirus vaccines have demonstrated positive early results, and production is already underway while larger trials confirm safety and broad, lasting efficacy. Now is the time to consider what new surprise dangers may lurk. Where might the consensus next be most wrong, and to greatest effect?

Consider inflation and interest rates.

For the past decade and longer, the Fed and other central banks have been able to run very loose monetary policy, enabling fiscal stimulus, without the signs of inflation that most analysts – including the central banks themselves – thought would follow.

As we have discussed in past letters, the lack of inflation and interest rate pressure is largely a result of underlying structural shifts:

-3- July 2020

74 Eagle Capital Management, LLC

A wall of savings made capital plentiful

- The rise of China, whose citizens are big savers - An expanding cohort of seniors, who are risk-averse savers - A greater share of wealth held by the very rich, who can’t consume their fortunes and therefore save more

Just as the economy didn’t need as much capital

- Technology made production less capital-intensive - Consumers bought more digital products, which require less investment than tangible consumption (think video games vs. bowling alleys) - Basic infrastructure and home building neared saturation in both China and developed countries

And inflation pressures abated

- Cheap global labor - Increasingly efficient supply chains - More technology in manufacturing and services - The near-zero marginal cost for most digital products

Most of these forces seem likely to continue, and inflation hawks and deficit scolds have been repeatedly discredited. The result is one of the greatest consensus trades we have ever seen.

A look at the 30-year bond, currently trading at a negative real interest rate, indicates that investors believe – with extraordinary conviction – that inflation has been defeated and that capital will be in great surplus for decades. The accelerated performance of long-duration bond proxy equities also reflects that consensus conclusion. After 40 years of surprisingly lower rates, how can the world escape deflation now?

But the core precept of Eagle investing is that “Risk is Greatest When Agreement is Greatest.” The consensus sows the seeds of its undoing. The globally widespread view that inflation and higher rates are no longer threats has unleashed a wave that is picking up speed and force: unconstrained government spending and money printing.

What was a theoretical eventuality one year ago has become real and now. In most of the world and in the U.S. in particular, the popular demand for massive spending, supported not by taxes or even borrowing but conjured by central bank buying has become the base case.

As with many things, Covid-19 has sped up what was already a trend. While the unprecedented leap in unfunded government spending is the result of a short-term crisis that will abate, the experience has emboldened and intensified demands for enormous expenditures on health care, income support, infrastructure, research, education, climate change and a host of other programs without matching revenue. They may differ at the margin, but both parties and most voters have adopted the new stance.

Concurrently, as was the case during the oil shock of 1974, the supply of goods and services is sharply down. Global supply chains are interrupted, housing is tight, and localization will be more expensive.

-4- July 2020

75 Eagle Capital Management, LLC

No one knows at what point more money and fewer goods will overwhelm the progress of technology and trigger inflation, but one strains to discern any brakes on the printing press.

For a while, the Fed may try to suppress bond yields in order to support the economy and government spending. (As an aside, it is interesting that at a time when populist resentment against capitalism and capital seems to be surging, cash has rarely earned its holders so little.) While interest rates remain so low, bond proxies and growth stocks – still attractive when compared to bond yields – may continue their upward trajectory.

But rising inflation would make sustained suppression impossible. First, suppressing yields with even more bond buying is itself inflationary. Second, the Fed governors grew up studying the disaster of Arthur Burns and G. William Miller and the pain Paul Volcker had to inflict to get inflation under control once credibility was lost. At some point, the Fed will have to tighten. If it acts early, the cost may be modest, but if inflation is accommodated for too long, the cost to tame it could be quite high. This would be painful for long-duration assets, including bond proxies. It may be quite good for both banks and stocks with high current cash flow yields.

Great agreement creates great risk; it can also create wonderful opportunities for contrarian investors. We look forward to working with you through these coming tumultuous but ultimately rewarding times.

As always, if you have any questions or would like to discuss anything we are doing, please call us at (212) 293-4040. Also, if your financial situation or investment objectives have changed, if your IPO eligibility or U.S. Person status has changed, or if you would like to modify or discuss any investment restrictions or guidelines, please contact the Eagle Client Services Group at (212) 293- 4040 or email [email protected].

______1Between June 30, 2010 and June 30, 2020, the S&P 500 had an annualized return of 13.99% compared to the Russell 1000 Value’s annualized return of 10.41%. 2Bloomberg; Internal Eagle Capital analysis as of 7/28/20. 3Bloomberg; Internal Eagle Capital analysis as of 7/28/20. 4https://www.bloomberg.com/news/articles/2020-07-14/wells-fargo-s-scharf-vows-to-cut-10-billion-in-costs-after-loss

Disclaimer: Past performance is not necessarily indicative of future results, and there is no assurance that Eagle Capital’s investment objectives will be achieved or that the strategies employed by Eagle Capital will be successful. Except where otherwise indicated, the information contained in this content is based on matters as they exist as of the date of preparation of such material and not as of the date of distribution or any future date. This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for informational purposes only and on the understanding that the recipient has sufficient knowledge and experience to be able to understand and make their own evaluation of the content described herein, any risks associated therewith and any related legal, tax or other material considerations. Recipients should not rely on this material in making any future investment decision. To the extent that the reader has any questions regarding the applicability of any specific issue discussed above to their specific portfolio or situation, clients and prospective investors are encouraged to contact Eagle Capital. Discussions herein relating to risk or any efforts to mitigate risk do not imply that any actions taken by or investment strategies employed by Eagle Capital are in any way low risk or risk free. Certain information contained in this content constitutes “forward-looking statements,” which can be identified by the use of forward- looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe,” the negatives thereof, other variations thereof or other comparable terminology. Due to various potential risks, uncertainties or actual events, the results or the actual performance of Eagle Capital’s investments may differ materially from those reflected or contemplated

-5- July 2020

76 Eagle Capital Management, LLC in such forward-looking statements. Nothing contained in this content may be relied upon as a guarantee, promise, assurance or a representation as to the future.

Any performance figures stated herein include the reinvestment of dividends, interest, and other earnings, as applicable. Any discussion of specific companies contained herein is for informational purposes only and does not represent all of the securities purchased, sold or recommended by Eagle Capital. The reader should not assume that any investments in the securities identified and discussed herein were or will be profitable. An individual investor’s actual returns may differ from the results shown herein for reasons including but not limited to the timing of investments and withdrawals.

-6- July 2020

77 University of West Florida Vanguard 500 Index Admiral As of June 30, 2020

Description: Universe Name: Large Cap MStar MF The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. # of Observations: 974 (6/30/2020) The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts Fund Information as of 6/30/20 to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in VANGUARD 500 INDEX Fund Name approximately the same proportion as its weighting in the index. ADMIRAL Ticker VFIAX Morningstar Category Large Blend Benchmark S&P 500 Expense Ratio 0.04% Fund Assets ($mm) 303,398.79 Share Class Inception Date 11/13/2000 Manager Tenure 4

Top Holdings as of 6/30/20 MICROSOFT CORP 5.99% APPLE INC 5.77% AMAZON.COM INC 4.49% FACEBOOK INC A 2.12% ALPHABET INC A 1.64% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs ALPHABET INC CLASS C 1.61% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) JOHNSON & JOHNSON 1.44% _ BERKSHIRE HATHAWAY INC CLASS B 1.32% Vanguard 500 Index 20.54 49 -3.10 41 7.47 38 10.69 37 10.69 32 13.95 33 VISA INC CLASS A 1.26% S&P 500 20.54 49 -3.08 41 7.50 37 10.73 36 10.73 32 13.99 32 PROCTER & GAMBLE CO 1.15% Over/Under 0.00 -0.02 -0.03 -0.04 -0.04 -0.04 XXXXX 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 2.18% Vanguard 500 Index 31.46 -4.43 21.79 11.93 1.36 13.64 32.33 15.96 2.08 15.05 COMMUNICATION SERVICES 10.79% S&P 500 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 CONSUMER CYCLICAL 10.60% Over/Under -0.03 -0.05 -0.04 -0.03 -0.02 -0.05 -0.06 -0.04 -0.03 -0.01 CONSUMER DEFENSIVE 7.38% XXXXX ENERGY 2.83% 5 Years Statistics Summary FINANCIAL SERVICES 13.13% Down Mkt HEALTHCARE 14.77% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 8.40% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 2.84% _ Vanguard 500 Index 14.76% -0.04% 1.00 99.89% 100.06% 0.65 0.01% -3.70 TECHNOLOGY 24.01% UTILITIES 3.07% S&P 500 14.76% 0.00% 1.00 100.00% 100.00% 0.65 0.00% --

Prepared by The Atlanta Consulting Group 78 University of West Florida Conestoga Small Cap Investors As of June 30, 2020

Description: Universe Name: Small Cap MStar MF The investment seeks long-term growth of capital. # of Observations: 505 (6/30/2020) Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equity securities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks, Fund Information as of 6/30/20 rights and warrants. CONESTOGA SMALL CAP Fund Name INVESTORS Ticker CCASX Morningstar Category Small Growth Benchmark Russell 2000 Expense Ratio 1.10% Fund Assets ($mm) 814.66 Share Class Inception Date 10/1/2002 Manager Tenure 18

Top Holdings as of 6/30/20 FOX FACTORY HOLDING CORP 3.27% THE DESCARTES SYSTEMS GROUP INC 3.23% EXPONENT INC 3.16% TREX CO INC 3.08% REPLIGEN CORP 2.93% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs NEOGEN CORP 2.91% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) PAYLOCITY HOLDING CORP 2.86% _ SPS COMMERCE INC 2.78% Conestoga Small Cap 26.43 44 2.00 17 3.47 23 13.46 15 13.39 7 15.25 10 SITEONE LANDSCAPE SUPPLY INC 2.74% Russell 2000 25.42 50 -12.98 47 -6.63 44 2.01 44 4.29 45 10.50 45 MERCURY SYSTEMS INC 2.70% Over/Under 1.01 14.98 10.10 11.45 9.10 4.75 XXXXX 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 3.31% Conestoga Small Cap 25.18 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 COMMUNICATION SERVICES 0.00% Russell 2000 25.52 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 CONSUMER CYCLICAL 8.09% Over/Under -0.34 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 CONSUMER DEFENSIVE 1.83% XXXXX ENERGY 0.00% 5 Years Statistics Summary FINANCIAL SERVICES 0.00% Down Mkt HEALTHCARE 17.31% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 31.42% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 2.53% _ TECHNOLOGY 35.52% Conestoga Small Cap 18.41% 9.80% 0.84 104.34% 75.59% 0.67 7.94% 1.15 UTILITIES 0.00% Russell 2000 20.27% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --

Prepared by The Atlanta Consulting Group 79 University of West Florida Fuller & Thaler Behav Sm-Cp As of June 30, 2020

Description: Universe Name: Small Cap MStar MF The investment seeks long-term capital appreciation. # of Observations: 505 (6/30/2020) The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small capitalization companies based in the U.S. The fund managers consider a company to be based in the U.S. if it is publicly traded in the U.S. and it Fund Information as of 6/30/20 satisfies one or more of the following additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., its reported assets FULLER & THALER Fund Name are primarily located in the U.S., or it derives the majority of its revenue from the U.S. BEHAVIORAL SM-CP EQ INST Ticker FTHSX Morningstar Category Small Blend Benchmark Russell 2000 Expense Ratio 0.82% Fund Assets ($mm) 1,930.21 Share Class Inception Date 9/8/2011 Manager Tenure 9

Top Holdings as of 6/30/20 KEMPER CORP 3.86% MEDPACE HOLDINGS INC 2.90% HELEN OF TROY LTD 2.80% MASTEC INC 2.68% DECKERS OUTDOOR CORP 2.54% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs TECH DATA CORP 2.52% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) BRUKER CORP 2.47% _ AMKOR TECHNOLOGY INC 2.27% Fuller & Thaler Behav Sm-Cp 18.77 87 -12.19 43 -3.89 37 2.60 40 7.24 29 -- -- JABIL INC 2.27% Russell 2000 25.42 50 -12.98 47 -6.63 44 2.01 44 4.29 45 10.50 45 J2 GLOBAL INC 2.25% Over/Under -6.65 0.79 2.74 0.59 2.95 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 1.69% Fuller & Thaler Behav Sm-Cp 28.06 -13.17 17.35 29.82 -3.48 11.00 36.12 20.22 -- -- COMMUNICATION SERVICES 0.97% Russell 2000 25.52 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 CONSUMER CYCLICAL 7.73% Over/Under 2.54 -2.16 2.70 8.51 0.93 6.10 -2.70 3.87 CONSUMER DEFENSIVE 7.28% XXXXX ENERGY 1.49% 5 Years Statistics Summary FINANCIAL SERVICES 16.15% Down Mkt HEALTHCARE 15.55% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 18.66% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 5.20% _ TECHNOLOGY 21.41% Fuller & Thaler Behav Sm-Cp 18.14% 3.52% 0.87 92.87% 86.02% 0.34 5.35% 0.55 UTILITIES 3.85% Russell 2000 20.27% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --

Prepared by The Atlanta Consulting Group 80 University of West Florida Dodge & Cox International As of June 30, 2020 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks long-term growth of principal and income. # of Observations: 208 (6/30/2020) Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-U.S. companies, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into common Fund Information as of 6/30/20 DODGE & COX stocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-established Fund Name companies based on standards of the applicable market. INTERNATIONAL STOCK Ticker DODFX Morningstar Category Foreign Large Value Benchmark MSCI ACWI ex USA Expense Ratio 0.63% Fund Assets ($mm) 37,106.24 Share Class Inception Date 5/1/2001 Manager Tenure 19 Top Holdings as of 6/30/20 UBS GROUP AG 3.30% BNP PARIBAS 3.25% SANOFI SA 3.18% SAMSUNG ELECTRONICS CO LTD PARTICIPATING 3.07% PREFERRED CREDIT SUISSE GROUP AG 2.87% ICICI BANK LTD 2.63% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank GLAXOSMITHKLINE PLC 2.62% (%) (%) (%) (%) (%) (%) HONDA MOTOR CO LTD 2.55% _ Dodge & Cox International 17.36 45 -18.44 97 -11.28 95 -3.85 97 -1.22 99 4.82 84 MITSUBISHI ELECTRIC CORP 2.51% MSCI ACWI ex USA 16.12 66 -11.00 59 -4.80 59 1.13 34 2.26 39 4.97 83 BANCO SANTANDER SA 2.42% Over/Under 1.24 -7.44 -6.48 -4.98 -3.48 -0.15 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 8.16% Dodge & Cox International 22.78 -17.98 23.94 8.26 -11.35 0.08 26.31 21.03 -15.97 13.69 COMMUNICATION SERVICES 10.37% MSCI ACWI ex USA 21.51 -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 CONSUMER CYCLICAL 8.79% Over/Under 1.27 -3.78 -3.25 3.76 -5.69 3.95 11.02 4.20 -2.26 2.54 CONSUMER DEFENSIVE 1.84% XXXXX ENERGY 8.22% 5 Years Statistics Summary FINANCIAL SERVICES 28.78% Down Mkt HEALTHCARE 13.36% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 9.33% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 1.66% _ TECHNOLOGY 8.90% Dodge & Cox International 18.38% -3.93% 1.20 112.17% 121.57% -0.13 5.56% -0.63 UTILITIES 0.59% MSCI ACWI ex USA 14.85% 0.00% 1.00 100.00% 100.00% 0.08 0.00% -- XXXXX

Prepared by The Atlanta Consulting Group 81 University of West Florida Dodge & Cox International As of June 30, 2020 Description: Universe Name: Foreign Large Value MStar MF The investment seeks long-term growth of principal and income. # of Observations: 83 (6/30/2020) Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-U.S. companies, including common stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into common Fund Information as of 6/30/20 DODGE & COX stocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-established Fund Name companies based on standards of the applicable market. INTERNATIONAL STOCK Ticker DODFX Morningstar Category Foreign Large Value Benchmark MSCI ACWI ex USA Value Expense Ratio 0.63% Fund Assets ($mm) 37,106.24 Share Class Inception Date 5/1/2001 Manager Tenure 19 Top Holdings as of 6/30/20 UBS GROUP AG 3.30% BNP PARIBAS 3.25% SANOFI SA 3.18% SAMSUNG ELECTRONICS CO LTD PARTICIPATING 3.07% PREFERRED CREDIT SUISSE GROUP AG 2.87% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs ICICI BANK LTD 2.63% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) GLAXOSMITHKLINE PLC 2.62% _ HONDA MOTOR CO LTD 2.55% Dodge & Cox International 17.36 26 -18.44 68 -11.28 62 -3.85 66 -1.22 68 4.82 31 MITSUBISHI ELECTRIC CORP 2.51% MSCI ACWI ex USA Value 12.76 84 -19.43 74 -15.26 79 -3.95 69 -1.25 69 2.79 84 BANCO SANTANDER SA 2.42% Over/Under 4.60 0.99 3.98 0.10 0.03 2.03 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 8.16% Dodge & Cox International 22.78 -17.98 23.94 8.26 -11.35 0.08 26.31 21.03 -15.97 13.69 COMMUNICATION SERVICES 10.37% MSCI ACWI ex USA Value 15.71 -13.97 22.66 8.92 -10.06 -5.10 15.04 16.97 -13.20 7.84 CONSUMER CYCLICAL 8.79% Over/Under 7.07 -4.01 1.28 -0.66 -1.29 5.18 11.27 4.06 -2.77 5.85 XXXXX CONSUMER DEFENSIVE 1.84% ENERGY 8.22% 5 Years Statistics Summary FINANCIAL SERVICES 28.78% Down Mkt HEALTHCARE 13.36% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 9.33% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 1.66% _ TECHNOLOGY Dodge & Cox International 18.38% 0.17% 1.12 117.13% 109.54% -0.13 4.14% 0.01 8.90% UTILITIES 0.59% MSCI ACWI ex USA Value 16.13% 0.00% 1.00 100.00% 100.00% -0.14 0.00% -- XXXXX

Prepared by The Atlanta Consulting Group 82 University of West Florida WCM Focused Intl Growth As of June 30, 2020 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks long-term capital appreciation. # of Observations: 208 (6/30/2020) The fund normally invests at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depository receipts of non-U.S. domiciled companies located in developed countries and in emerging and frontier market countries. The fund's investments Fund Information as of 4/30/20 in equity securities may include common stocks and depository receipts. It generally invests in securities of companies located in WCM FOCUSED different regions and in at least three different countries. Fund Name INTERNATIONAL GROWTH INSTL Ticker WCMIX Morningstar Category Foreign Large Growth Benchmark MSCI ACWI ex USA Expense Ratio 1.03% Fund Assets ($mm) 12,062.90 Share Class Inception Date 5/31/2011 Manager Tenure 9 Top Holdings as of 4/30/20 CSL LTD 5.30% SHOPIFY INC A 4.96% LULULEMON ATHLETICA INC 4.65% ACCENTURE PLC CLASS A 3.97% EXPERIAN PLC 3.90% CANADIAN PACIFIC RAILWAY LTD 3.89% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank TENCENT HOLDINGS LTD 3.89% (%) (%) (%) (%) (%) (%) TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 3.85% _ WCM Focused Intl Growth 25.68 1 4.55 1 13.94 1 12.84 1 11.52 1 -- -- RESMED INC 3.79% MSCI ACWI ex USA 16.12 66 -11.00 59 -4.80 59 1.13 34 2.26 39 4.97 83 LVMH MOET HENNESSY LOUIS VUITTON SE 3.69% Over/Under 9.56 15.55 18.74 11.71 9.26 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 4/30/20 _ BASIC MATERIALS 2.80% WCM Focused Intl Growth 35.18 -7.30 31.24 0.67 5.79 -0.30 21.72 12.47 -- -- COMMUNICATION SERVICES 4.12% MSCI ACWI ex USA 21.51 -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 CONSUMER CYCLICAL 14.24% Over/Under 13.67 6.90 4.05 -3.83 11.45 3.57 6.43 -4.36 CONSUMER DEFENSIVE 8.38% XXXXX ENERGY 0.00% 5 Years Statistics Summary FINANCIAL SERVICES 8.43% Down Mkt HEALTHCARE 25.82% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 13.73% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00% _ TECHNOLOGY WCM Focused Intl Growth 13.99% 9.63% 0.83 100.53% 60.56% 0.75 6.94% 1.33 22.47% UTILITIES 0.00% MSCI ACWI ex USA 14.85% 0.00% 1.00 100.00% 100.00% 0.08 0.00% --

Prepared by The Atlanta Consulting Group 83 University of West Florida WCM Focused Intl Growth As of June 30, 2020 Description: Universe Name: Foreign Large Growth MStar MF The investment seeks long-term capital appreciation. # of Observations: 127 (6/30/2020) The fund normally invests at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depository receipts of non-U.S. domiciled companies located in developed countries and in emerging and frontier market countries. The fund's investments Fund Information as of 4/30/20 in equity securities may include common stocks and depository receipts. It generally invests in securities of companies located in WCM FOCUSED different regions and in at least three different countries. Fund Name INTERNATIONAL GROWTH INSTL Ticker WCMIX Morningstar Category Foreign Large Growth Benchmark MSCI ACWI ex USA Growth Expense Ratio 1.03% Fund Assets ($mm) 12,062.90 Share Class Inception Date 5/31/2011 Manager Tenure 9 Top Holdings as of 4/30/20 CSL LTD 5.30% SHOPIFY INC A 4.96% LULULEMON ATHLETICA INC 4.65% ACCENTURE PLC CLASS A 3.97% EXPERIAN PLC 3.90% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs CANADIAN PACIFIC RAILWAY LTD 3.89% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) TENCENT HOLDINGS LTD 3.89% _ TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 3.85% WCM Focused Intl Growth 25.68 19 4.55 12 13.94 11 12.84 7 11.52 8 -- -- RESMED INC 3.79% MSCI ACWI ex USA Growth 19.11 64 -2.62 50 5.80 43 6.07 48 5.61 45 7.04 80 LVMH MOET HENNESSY LOUIS VUITTON SE 3.69% Over/Under 6.57 7.17 8.14 6.77 5.91 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 4/30/20 _ BASIC MATERIALS 2.80% WCM Focused Intl Growth 35.18 -7.30 31.24 0.67 5.79 -0.30 21.72 12.47 -- -- COMMUNICATION SERVICES 4.12% MSCI ACWI ex USA Growth 27.34 -14.43 32.01 0.12 -1.25 -2.65 15.49 16.66 -14.21 14.45 CONSUMER CYCLICAL 14.24% Over/Under 7.84 7.13 -0.77 0.55 7.04 2.35 6.23 -4.19 CONSUMER DEFENSIVE 8.38% XXXXX ENERGY 0.00% 5 Years Statistics Summary FINANCIAL SERVICES 8.43% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking HEALTHCARE 25.82% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error INDUSTRIALS 13.73% Anlzd REAL ESTATE 0.00% _ WCM Focused Intl Growth 13.99% 6.36% 0.92 100.74% 72.05% 0.75 5.01% 1.18 TECHNOLOGY 22.47% MSCI ACWI ex USA Growth 14.25% 0.00% 1.00 100.00% 100.00% 0.32 0.00% -- UTILITIES 0.00%

Prepared by The Atlanta Consulting Group 84 University of West Florida T. Rowe Price International As of June 30, 2020 Description: Universe Name: Foreign Small/Mid Blend Mstar MF The investment seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- to # of Observations: 29 (6/30/2020) medium-sized companies outside the U.S. The managers expect to primarily invest outside the U.S. and to diversify broadly across a variety of industries in developed and Fund Information as of 6/30/20 T. ROWE PRICE emerging market countries throughout the world. Normally, at least 80% of the fund's net assets (including any borrowings for Fund Name investment purposes) will be invested in non-U.S. stocks. INTERNATIONAL DISCOVERY Ticker PRIDX Morningstar Category Foreign Small/Mid Growth Benchmark MSCI ACWI ex US Small Cap Expense Ratio 1.20% Fund Assets ($mm) 4,585.13 Share Class Inception Date 12/30/1988 Manager Tenure 22 Top Holdings as of 6/30/20 SHOPIFY INC A 3.18% MERCADOLIBRE INC 1.98% AMPLIFON SPA 1.64% FISHER & PAYKEL HEALTHCARE CORP LTD 1.64% OCADO GROUP PLC 1.57% COUNTRY GARDEN SERVICES HOLDINGS CO LTD 1.46% WIX.COM LTD 1.27% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank TECAN GROUP LTD 1.21% (%) (%) (%) (%) (%) (%) _ AMBU A/S CLASS B 1.16% T. Rowe Price International 31.43 1 3.85 1 12.26 1 7.37 1 8.29 1 10.97 1 ZUR ROSE GROUP AG 1.15% MSCI ACWI ex US Small Cap 22.83 30 -12.80 40 -4.34 25 -0.17 26 2.50 43 6.05 71 Over/Under 8.60 16.65 16.60 7.54 5.79 4.92 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 4.65% T. Rowe Price International 24.60 -17.47 39.01 0.95 9.88 -0.43 24.37 26.00 -14.08 20.47 COMMUNICATION SERVICES 6.31% MSCI ACWI ex US Small Cap 22.42 -18.20 31.65 3.91 2.60 -4.03 19.73 18.52 -18.50 25.21 CONSUMER CYCLICAL 17.53% Over/Under 2.18 0.73 7.36 -2.96 7.28 3.60 4.64 7.48 4.42 -4.74 CONSUMER DEFENSIVE 5.36% XXXXX ENERGY 1.10% 5 Years Statistics Summary FINANCIAL SERVICES 8.01% Down Mkt HEALTHCARE 20.39% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 11.65% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 5.89% _ TECHNOLOGY 18.55% T. Rowe Price International 16.05% 5.99% 0.92 103.86% 80.16% 0.45 4.88% 1.19 UTILITIES 0.56% MSCI ACWI ex US Small Cap 16.70% 0.00% 1.00 100.00% 100.00% 0.08 0.00% --

Prepared by The Atlanta Consulting Group 85 University of West Florida DFA Emerging Markets Core As of June 30, 2020 Description: Universe Name: Diversified Emerging Mkts MStar MF The investment seeks long-term capital appreciation. # of Observations: 242 (6/30/2020) The Portfolio purchases a broad and diverse group of securities associated with emerging markets, which may include frontier markets (emerging market countries in an earlier stage of development), authorized for investment by Dimensional Fund Advisors Fund Information as of 6/30/20 DFA EMERGING MARKETS LP's (the "Advisor") Investment Committee ("Approved Markets"), with a greater emphasis on small capitalization, value, and/or high Fund Name profitability companies. CORE EQUITY I Ticker DFCEX Morningstar Category Diversified Emerging Mkts Benchmark MSCI Emerging Markets Expense Ratio 0.48% Fund Assets ($mm) 23,522.90 Share Class Inception Date 4/5/2005 Manager Tenure 10 Top Holdings as of 6/30/20 TENCENT HOLDINGS LTD 4.76% SAMSUNG ELECTRONICS CO LTD 4.14% ALIBABA GROUP HOLDING LTD ADR 2.12% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1.89% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 1.77% PING AN INSURANCE (GROUP) CO. OF CHINA LTD CLASS H 1.30% CHINA CONSTRUCTION BANK CORP CLASS H 1.14% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank RELIANCE INDUSTRIES LTD 0.95% (%) (%) (%) (%) (%) (%) _ VALE SA 0.90% DFA Emerging Markets Core 20.76 47 -13.43 77 -8.29 78 -0.77 76 1.68 71 2.88 61 SK HYNIX INC 0.70% MSCI Emerging Markets 18.08 79 -9.78 53 -3.39 53 1.90 46 2.86 52 3.27 53 Over/Under 2.68 -3.65 -4.90 -2.67 -1.18 -0.39 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 9.49% DFA Emerging Markets Core 16.04 -15.25 36.55 12.35 -14.86 -0.91 -2.64 20.49 -20.65 23.62 COMMUNICATION SERVICES 11.15% MSCI Emerging Markets 18.44 -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.23 -18.42 18.88 CONSUMER CYCLICAL 10.94% Over/Under -2.40 -0.67 -0.73 1.16 0.06 1.28 -0.04 2.26 -2.23 4.74 CONSUMER DEFENSIVE 6.91% XXXXX ENERGY 5.85% 5 Years Statistics Summary FINANCIAL SERVICES 16.16% Down Mkt HEALTHCARE 4.21% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 7.76% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 4.73% _ TECHNOLOGY 19.70% DFA Emerging Markets Core 18.50% -1.23% 1.02 99.73% 103.67% 0.03 3.40% -0.35 UTILITIES 3.09% MSCI Emerging Markets 17.86% 0.00% 1.00 100.00% 100.00% 0.10 0.00% --

Prepared by The Atlanta Consulting Group 86 University of West Florida Fixed As of June 30, 2020 Universe Name: Intermediate Core Bond MStar MF Fund Characteristics as of 6/30/2020 # of Observations: 125 (6/30/2020) Composite BBgBarc Agg SEC Yield 2.85 1.34 Average Duration 3.91 6.54 Average Maturity 4.91 13.54 *Credit Quality as of 6/30/2020 AAA 37.12 69.72 AA 2.40 3.49 A 12.12 12.42 BBB 18.92 14.37 BB 23.15 0.00 B 4.93 0.00 Below B 0.49 0.00 Not Rated 0.87 0.00

QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) _ Fixed 4.00 55 1.96 99 3.34 99 3.14 99 3.03 97 -- -- BBgBarc US Aggregate TR 2.90 79 6.13 44 8.74 34 5.32 32 4.30 36 3.82 60 Over/Under 1.10 -4.17 -5.40 -2.18 -1.27 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 _ Fixed 6.50 0.17 3.11 3.20 0.45 5.02 ------BBgBarc US Aggregate TR 8.72 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 Over/Under -2.22 0.16 -0.43 0.55 -0.10 -0.95

Since Inception Statistics Summary Name Market Value % of Portfolio Down Mkt Fixed $11,728,024 100.00% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error Barrow Hanley $6,192,550 52.80% Anlzd Templeton Global Bond Fund $2,608,090 22.24% _ Fixed 2.80% 0.41% 0.64 73.55% 74.90% 0.82 2.27% -0.48 Chartwell Short Duration High Yield $2,927,384 24.96% BBgBarc US Aggregate TR 3.04% 0.00% 1.00 100.00% 100.00% 1.11 0.00% -- Total $11,728,024 100.00%

Prepared by The Atlanta Consulting Group 87 University of West Florida Barrow Hanley As of June 30, 2020

Universe Name: Intermediate Core Bond MStar MF # of Observations: 125 (6/30/2020)

QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) _ Barrow Hanley 4.76 37 6.28 38 8.96 29 5.28 32 4.39 28 3.91 47 BBgBarc US Aggregate TR 2.90 79 6.13 44 8.74 34 5.32 32 4.30 36 3.82 60 Over/Under 1.86 0.15 0.22 -0.04 0.09 0.09 90% BBgBarc Agg/10% 3.61 65 5.18 76 7.92 66 5.16 48 4.38 28 4.13 30 BBgBarc High Yield 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) _ Barrow Hanley 8.92 -0.55 4.03 3.20 0.45 5.02 -1.48 5.56 7.10 6.36 BBgBarc US Aggregate TR 8.72 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 Over/Under 0.20 -0.56 0.49 0.55 -0.10 -0.95 0.54 1.35 -0.74 -0.18

Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd _ Barrow Hanley 3.54% 0.02% 1.01 102.06% 102.52% 0.90 0.89% 0.08 BBgBarc US Aggregate TR 3.39% 0.00% 1.00 100.00% 100.00% 0.92 0.00% --

Prepared by The Atlanta Consulting Group 88 University of West Florida Templeton Global Bond Fund As of June 30, 2020 Description: Universe Name: World Bond MStar MF The investment seeks current income with capital appreciation and growth of income. # of Observations: 55 (6/30/2020) Under normal market conditions, the fund invests at least 80% of its net assets in "bonds." Bonds include debt obligations of any maturity, such as bonds, notes, bills and debentures. It invests predominantly in bonds issued by governments, government-related Fund Information as of 3/31/20 entities and government agencies located around the world. The fund may invest up to 25% of its total assets in bonds that are rated TEMPLETON GLOBAL BOND Fund Name below investment grade or, if unrated determined by the investment manager to be of comparable quality. It is non-diversified. ADV Ticker TGBAX Morningstar Category Nontraditional Bond Benchmark FTSE WGBI TR Expense Ratio 0.67% Fund Assets ($mm) 11,609.10 Share Class Inception Date 1/2/1997 Manager Tenure 19

Fund Characteristics as of 3/31/20 Sharpe Ratio (3 Year) -0.49 Average Duration 2.06 Average Coupon 5.18% Average Effective Maturity 2.35 R-Squared (3 Year) 0.07 Alpha (3 Year) 0.03% Beta (3 Year) -0.37 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Credit Quality as of 3/31/20 _ Templeton Global Bond Fund 0.09 99 -4.34 98 -6.08 99 -0.92 99 0.56 99 2.86 45 AAA 37.04% FTSE WGBI TR 2.04 97 4.08 5 4.60 13 3.98 14 3.70 18 2.37 69 AA 4.47% Over/Under -1.95 -8.42 -10.68 -4.90 -3.14 0.49 A 6.35% XXXXX BBB 33.69% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 BB 9.94% _ B 2.39% Templeton Global Bond Fund 0.89 1.44 2.62 6.61 -4.03 1.84 2.41 16.15 -2.21 13.00 Below B 2.21% FTSE WGBI TR 5.90 -0.84 7.49 1.60 -3.57 -0.48 -4.00 1.65 6.35 5.17 Not Rated 3.90% Over/Under -5.01 2.28 -4.87 5.01 -0.46 2.32 6.41 14.50 -8.56 7.83 Fixed Income Sectors as of 3/31/20 5 Years Statistics Summary GOVERNMENT 74.92% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.00% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 0.06% Anlzd _ SECURITIZED 0.00% Templeton Global Bond Fund 6.84% 1.92% -0.37 -24.95% -62.41% -0.08 9.69% -0.32 CASH & EQUIVALENTS 25.01% FTSE WGBI TR 5.21% 0.00% 1.00 100.00% 100.00% 0.50 0.00% -- DERIVATIVE 0.00%

Prepared by The Atlanta Consulting Group 89 University of West Florida Chartwell Short Dur High Yield As of June 30, 2020 Description: Universe Name: High Yield Bond MStar MF # of Observations: 191 (6/30/2020) The investment seeks income and long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high Fund Information as of 4/30/20 CHARTWELL SHORT yield debt securities. High yield debt securities, also referred to as "junk" bonds, are securities rated below the Baa/BBB categories at Fund Name the time of purchase or, if unrated, determined to be of comparable credit quality by the fund's advisor. It may invest up to 20% of its DURATION HIGH YIELD assets in U.S. dollar denominated securities of issuers based outside of the U.S. Ticker CWFIX Morningstar Category High Yield Bond ICE BofAML US Corp and High Benchmark Yield 1-3 Yr Expense Ratio 0.49% Fund Assets ($mm) 96.29 Share Class Inception Date 7/15/2014 Manager Tenure 6

Fund Characteristics as of 4/30/20 Sharpe Ratio (3 Year) 0.00 Average Duration 1.88 Average Coupon 5.13% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank Average Effective Maturity 2.18 (%) (%) (%) (%) (%) (%) _ R-Squared (3 Year) 0.87 Chartwell Short Dur High Yield 6.05 92 -0.76 5 1.34 11 2.70 43 2.83 88 -- -- Alpha (3 Year) -0.17% ICE BofAML US Corp and Beta (3 Year) 1.46 4.71 95 1.75 1 3.76 3 3.28 17 2.99 82 2.98 99 High Yield 1-3 Yr Over/Under 1.34 -2.51 -2.42 -0.58 -0.16 Credit Quality as of 4/30/20 XXXXX AAA 4.56% AA 0.00% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 A 0.00% _ BBB 4.18% Chartwell Short Dur High Yield 7.33 0.36 3.39 7.62 -2.64 ------BB 73.93% ICE BofAML US Corp and High Yield 1-3 5.76 1.64 2.38 3.91 0.76 1.17 2.36 5.21 2.02 6.10 B 16.69% Yr Below B 0.64% Over/Under 1.57 -1.28 1.01 3.71 -3.40 Not Rated 0.00% 3 Years Statistics Summary Down Mkt Fixed Income Sectors as of 4/30/20 Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio GOVERNMENT 0.00% Dev Alpha Ratio Anlzd Ratio Error Anlzd MUNICIPAL 0.00% _ CORPORATE 95.65% Chartwell Short Dur High Yield 4.48% -2.11% 1.46 108.78% 165.07% 0.24 2.05% -0.28 SECURITIZED 0.00% ICE BofAML US Corp and High 2.87% 0.00% 1.00 100.00% 100.00% 0.57 0.00% -- CASH & EQUIVALENTS 4.35% Yield 1-3 Yr XXXXX DERIVATIVE 0.00%

Prepared by The Atlanta Consulting Group 90 University of West Florida Chartwell Short Dur High Yield As of June 30, 2020 Description: Universe Name: Short-Term Bond MStar MF # of Observations: 139 (6/30/2020) The investment seeks income and long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high Fund Information as of 4/30/20 CHARTWELL SHORT yield debt securities. High yield debt securities, also referred to as "junk" bonds, are securities rated below the Baa/BBB categories at Fund Name the time of purchase or, if unrated, determined to be of comparable credit quality by the fund's advisor. It may invest up to 20% of its DURATION HIGH YIELD assets in U.S. dollar denominated securities of issuers based outside of the U.S. Ticker CWFIX Morningstar Category High Yield Bond ICE BofAML US Corp and High Benchmark Yield 1-3 Yr Expense Ratio 0.49% Fund Assets ($mm) 96.29 Share Class Inception Date 7/15/2014 Manager Tenure 6

Fund Characteristics as of 4/30/20 Sharpe Ratio (3 Year) 0.00 Average Duration 1.88 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Average Coupon 5.13% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Average Effective Maturity 2.18 _ R-Squared (3 Year) 0.87 Chartwell Short Dur High Yield 6.05 12 -0.76 88 1.34 87 2.70 56 2.83 17 -- -- Alpha (3 Year) -0.17% ICE BofAML US Corp and 4.71 37 1.75 59 3.76 41 3.28 20 2.99 13 2.98 15 Beta (3 Year) 1.46 High Yield 1-3 Yr Over/Under 1.34 -2.51 -2.42 -0.58 -0.16 Credit Quality as of 4/30/20 XXXXX AAA 4.56% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 AA 0.00% _ A 0.00% Chartwell Short Dur High Yield 7.33 0.36 3.39 7.62 -2.64 ------BBB 4.18% ICE BofAML US Corp and High Yield 1-3 5.76 1.64 2.38 3.91 0.76 1.17 2.36 5.21 2.02 6.10 BB 73.93% Yr B 16.69% Over/Under 1.57 -1.28 1.01 3.71 -3.40 Below B 0.64% Not Rated 0.00% 3 Years Statistics Summary Fixed Income Sectors as of 4/30/20 Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking GOVERNMENT 0.00% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error Anlzd MUNICIPAL 0.00% _ CORPORATE 95.65% Chartwell Short Dur High Yield 4.48% -2.11% 1.46 108.78% 165.07% 0.24 2.05% -0.28 SECURITIZED 0.00% ICE BofAML US Corp and High 2.87% 0.00% 1.00 100.00% 100.00% 0.57 0.00% -- CASH & EQUIVALENTS 4.35% Yield 1-3 Yr DERIVATIVE 0.00% XXXXX

Prepared by The Atlanta Consulting Group 91 University of West Florida Tortoise MLP & Pipeline Instl As of June 30, 2020

Description: Universe Name: Energy Limited Partnership Mstar MF The investment seeks total return. # of Observations: 33 (6/30/2020) The fund normally invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of MLPs and pipeline companies. The advisor intends to focus its investments primarily in equity securities of MLPs and pipeline companies that Fund Information as of 6/30/20 own and operate a network of energy infrastructure asset systems that transport, store, distribute, gather and/or process crude oil, refined TORTOISE MLP & PIPELINE Fund Name petroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. It is non-diversified. INSTL Ticker TORIX Morningstar Category Energy Limited Partnership Benchmark Alerian MLP TR USD Expense Ratio 0.93% Fund Assets ($mm) 1,706.29 Share Class Inception Date 5/31/2011 Manager Tenure 7

Top Holdings as of 6/30/20 KINDER MORGAN INC CLASS P 8.66% ENBRIDGE INC 8.40% WILLIAMS COMPANIES INC 8.26% CHENIERE ENERGY INC 7.78% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank ONEOK INC 7.54% (%) (%) (%) (%) (%) (%) _ PLAINS GP HOLDINGS LP CLASS A 6.45% Tortoise MLP & Pipeline Instl 29.35 76 -34.44 49 -35.72 33 -12.54 25 -9.12 18 -- -- ENTERPRISE PRODUCTS PARTNERS LP 5.57% Alerian MLP TR USD 50.18 17 -35.71 68 -41.43 85 -16.79 73 -12.85 57 -1.41 17 ENERGY TRANSFER LP 5.28% Over/Under -20.83 1.27 5.71 4.25 3.73 MPLX LP PARTNERSHIP UNITS 5.23% TARGA RESOURCES CORP 5.04%

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 _ Sector Allocation as of 6/30/20 Tortoise MLP & Pipeline Instl 18.39 -15.14 -1.03 42.12 -35.80 11.66 28.60 9.58 -- -- BASIC MATERIALS 0.16% Alerian MLP TR USD 6.56 -12.42 -6.52 18.31 -32.59 4.80 27.58 4.80 13.88 35.85 COMMUNICATION SERVICES 0.00% Over/Under 11.83 -2.72 5.49 23.81 -3.21 6.86 1.02 4.78 CONSUMER CYCLICAL 0.00% 50% Alerian/50% ML High Yield 10.74 -7.04 0.39 18.24 -19.41 3.84 17.33 10.20 9.15 25.24 CONSUMER DEFENSIVE 0.00% XXXXX ENERGY 98.86% 5 Years Statistics Summary FINANCIAL SERVICES 0.00% Down Mkt HEALTHCARE 0.00% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 0.00% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00% _ TECHNOLOGY 0.00% Tortoise MLP & Pipeline Instl 29.83% 0.65% 0.76 84.80% 88.14% -0.34 12.94% 0.29 UTILITIES 0.97% Alerian MLP TR USD 37.26% 0.00% 1.00 100.00% 100.00% -0.37 0.00% --

Prepared by The Atlanta Consulting Group 92 University of West Florida Hedge Funds As of June 30, 2020

QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (%) (%) (%) (%) (%) (%) _ Hedge Funds 4.03 0.22 3.13 4.19 2.63 4.75 HFRI Fund of Funds Composite Index 7.89 -1.59 0.48 2.25 1.49 2.79 Over/Under -3.86 1.81 2.65 1.94 1.14 1.96 S&P 500 20.54 -3.08 7.50 10.73 10.73 13.99 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) _ Hedge Funds 7.85 0.93 6.59 1.83 -1.58 4.02 13.55 9.22 -1.81 7.97 HFRI Fund of Funds Composite Index 8.39 -4.02 7.77 0.51 -0.27 3.36 8.96 4.79 -5.72 5.70 Over/Under -0.54 4.95 -1.18 1.32 -1.31 0.66 4.59 4.43 3.91 2.27 S&P 500 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd _ Hedge Funds 4.11% 3.11% 0.77 108.79% 65.69% 1.26 2.21% 1.06 HFRI Fund of Funds Composite Index 4.69% 0.00% 1.00 100.00% 100.00% 0.60 0.00% --

Prepared by The Atlanta Consulting Group 93 University of West Florida Ironwood International Ltd. As of June 30, 2020

QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (%) (%) (%) (%) (%) (%) _ Ironwood International Ltd. 6.42 2.53 5.50 5.37 3.82 6.01 HFRI FOF: Conservative Index 5.67 -1.94 -0.39 1.93 1.49 2.57 Over/Under 0.75 4.47 5.89 3.44 2.33 3.44 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) _ Ironwood International Ltd. 7.85 1.32 6.91 2.30 1.84 7.03 11.72 10.01 1.80 9.15 HFRI FOF: Conservative Index 6.30 -0.87 4.12 1.89 0.37 3.14 7.70 4.22 -3.55 5.07 Over/Under 1.55 2.19 2.79 0.41 1.47 3.89 4.02 5.79 5.35 4.08 XXXXX

Since Inception Statistics Summary Up Mkt Cap Ratio Down Mkt Cap Anlzd Std Dev Anlzd Alpha Beta Sharpe Ratio Tracking Error Info Ratio Anlzd Ratio Anlzd _ Ironwood International Ltd. 5.45% 1.90% 1.18 139.14% 102.03% 0.59 2.23% 1.03 HFRI FOF: Conservative Index 4.26% 0.00% 1.00 100.00% 100.00% 0.22 0.00% --

Prepared by The Atlanta Consulting Group 94 August 7, 2020

Dear Investor:

The net estimated return for Ironwood Partners L.P., Ironwood International Ltd., and Ironwood Institutional Ltd. (each, “Ironwood” or the “Fund”), shown with the returns of the HFRI FOF: Conservative Index, S&P 500, and the Barclays Aggregate Bond Index, for the second quarter and year is:

2nd QTR 2020 Jan – Jun 2020 Estimated Net Estimated Net Ironwood Partners L.P. +6.4% +2.7% Ironwood International Ltd. +6.4% +2.5% Ironwood Institutional Ltd. +6.4% +2.5% HFRI FOF: Conservative Index +4.9% -2.6% S&P 500 +20.5% -3.1% Barclays Aggregate Bond Index +2.9% +6.1% Return information is unaudited, estimated, and subject to change. Returns shown are net of fees and expenses, including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Past performance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have overall performance that underperforms or outperforms that reflected above. See Additional Disclosures for information about the indices shown above.

SECOND QUARTER (“Q2”) 2020 REVIEW

Ironwood Partners L.P. returned +6.4% net during the second quarter; the S&P 500 was +20.5% and the Barclays Aggregate Bond Index was +2.9%. For the year-to-date through Q2, Ironwood Partners L.P. is +2.7% net while the S&P 500 is -3.1% and the Barclays Aggregate Bond Index is +6.1%.

Ironwood Partners L.P. was positive every month in Q2. All sectors and sub-sectors generated positive performance and all but one manager in our portfolio made money in Q2. In 2020 to date, the Ironwood Partners L.P. has exhibited a 0.2 beta to the S&P 500 with approximately one- fourth of the volatility of the broader equity market.

Relative value, market neutral, and low-net strategies

Ironwood’s relative value, market neutral, and low-net managers, which comprise approximately two-thirds of the portfolio in aggregate, generated positive performance in Q2. It is important to note that this group of managers also generated positive performance in the first quarter (“Q1”). These managers primarily trade plain vanilla, liquid financial assets, notably global equities and interest rates, within a sophisticated risk and investment framework. As a reminder, this part of our portfolio provides ballast and stability within the Fund, as we are focused on managers trading a diversified subset of well-hedged strategies that we believe can make money throughout a cycle.

95 Ironwood’s relative value, market neutral, and low-net managers have performed well in 2020, and we remain constructive on these liquid and well-hedged strategies in the current environment. Utilizing our ongoing positioning as context for evaluating performance, we highlight the following:

1. Three multi-manager platforms: All three managers generated positive performance in both Q1 and Q2 and are up high-single digits to low-teens year to date. This sub-sector has delivered solid performance in 2020 with a standard deviation of approximately 3.9% and a 0.1 beta to the S&P 500.

2. Three relative value fixed income managers: All but one of the sub-sector’s managers generated positive performance in Q2. The sole detractor was down -0.5% in Q2, but is positive for the year. The largest manager within the sub-sector has been a top-performing manager in our portfolio year to date. We remain pleased with the execution of this manager and we were able to participate in their very limited Q2 fundraising.

3. Two quantitative diversified managers: Both managers were positive in Q2. One of the quantitative diversified managers was among the best-performing managers in the portfolio in Q2 and has delivered a high-single digits return for the year.

4. Two fundamental market neutral equity & two low-net equity managers: Each of the four managers within these sub-sectors made money in both Q1 and Q2. Of note, our market neutral managers have generated mid-single digit returns for the year with a standard deviation of approximately 3.2% and a -0.1 beta to the S&P 500. The new low- net equity manager we added to the portfolio in mid-March was a well-timed investment as the manager has already delivered a low-double digits return to Ironwood.

Idiosyncratic strategies

Ironwood’s idiosyncratic event-driven and distressed securities managers, which comprise the remaining one-third of the portfolio, generated positive performance in Q2. As we have discussed previously, these five managers employ idiosyncratic strategies that complement our relative value, market neutral, and low-net investments. These managers pursue a set of sub strategies such as activism, non-performing loans, corporate distressed debt, and structured credit. Additionally, some of these managers specialize in a narrow set of industry sectors or geographies. Although they drove the majority of negative attribution for the Fund in Q1, these five managers performed well in Q2 and we highlight the following:

1. The largest allocation within our idiosyncratic domain was positive in both Q1 and Q2. This execution is one of the numerous reasons why this manager is the largest investment in the Fund. Across all environments, this manager continues to deliver positive, consistent, and uncorrelated returns with excellent risk management. This manager is up over +5.0% for the year with a standard deviation of approximately 3.0% and a 0.0 beta to the S&P 500.

96 2. The second-largest manager within our idiosyncratic domain specializes in the gaming, lodging, leisure, and travel sectors. As we have discussed previously, these consumer- facing sectors were disproportionately impacted by coronavirus uncertainty and market volatility in March. We viewed this manager’s Q1 underperformance as unique to both this manager and the distinct approach Ironwood has taken to building out the idiosyncratic exposure in our portfolio. This manager was by far the best-performing manager in our portfolio in Q2 and we remain constructive on the opportunity set ahead, as we believe certain high-quality travel and leisure companies continue to navigate a complicated backdrop where this manager’s specialization and industry expertise will help create and drive value.

3. The remaining three managers within our idiosyncratic domain include two distressed securities managers and one structured credit manager. All three managers generated positive performance in Q2, but two of the managers are negative for the year. Across these managers, the best-performing sub strategy in 2020 has been European non- performing loans, which made money in both Q1 and Q2. While corporate distressed and structured credit both generated positive returns in Q2, these strategies have demonstrated increased correlations to broader risk markets with little differentiation across investment managers. While we continue to believe that Ironwood’s two managers operate strong organizations within their respective strategies, we are increasingly concerned that certain parts of these markets have become commoditized.

With regard to recent active management, Ironwood exited one multi-manager platform, redeemed capital from one distressed securities manager, and added incremental capital to four otherwise hard-closed managers: one fundamental market neutral equity manager, one relative value fixed income manager, one multi-manager platform, and one quantitative diversified manager. We believe this access is unique to our business and Ironwood’s position in the marketplace.

OUTLOOK AND POSITIONING1

At the beginning of the year, we viewed our greatest challenge as managing risk through late cycles, notably late market and economic cycles, in order to earn a real rate of return without falling into traps. We sought to position the portfolio to make money in a steady and consistent manner across sectors and strategies, while remaining well diversified and disciplined. Over the first six months of 2020, we’ve seen much of this play out correctly relative to our thinking and we are generally pleased with our execution year to date. At a very high level, we’ve been overweight relative value, market neutral, and low-net strategies for three primary reasons:

1. We believe Ironwood’s mix across these strategies provides the highest potential to preserve and protect capital during tumultuous markets, while also being best positioned to grind out uncorrelated returns.

2. We emphasize liquidity not only at the underlying manager level, but just as importantly, at the financial asset level. Therefore, we have methodically scaled managers trading plain

97 vanilla equities and fixed income assets within sophisticated risk and investment frameworks.

3. We have proactively avoided reaching for incremental returns through less liquid, esoteric, or complicated financial assets. We believe that these types of assets, generally speaking, become more illiquid and challenged when markets sell off, as we observed in Q1.

Positioning continues to be incredibly important, as this has been a sector-driven market. For example, a mediocre manager in technology is likely outperforming the most talented managers in financials or energy. This dynamic has the greatest impact within directional or longer-leaning strategies versus market neutral strategies, but it always helps to run with a tailwind. Ironwood’s focus on high-idiosyncratic sectors such as health care, technology, and consumer while deemphasizing sectors such as energy, financials, and cyclicals, has served us well.

Ironwood’s positioning and portfolio management not only enabled us to preserve and protect capital during the market nadir, but also helped us generate positive year-to-date returns and serve as a stable investment in our clients’ portfolios. Ironwood has been able to play offense while other market participants are backpedaling. Quality, scale, diversification, and liquidity have put us in an advantageous position to execute on our mandate, and we will continue to make opportunistic investments and be on offense as the opportunity set evolves. Utilizing our investment framework to evaluate the opportunity set, we have been focused on four areas: (i) liquid and well-hedged equity and fixed income strategies, (ii) liquid corporate credit strategies, (iii) distressed corporate credit, and (iv) structured credit.

We are pleased with our position through the first half of 2020, as we’ve been able to protect capital and make money in a down and volatile market. We have also been able to add capital to numerous closed managers and upgrade the existing high-quality portfolio we have built. As we look ahead, we want to continue to generate a stable, uncorrelated, and diversifying return for our investors by leveraging our primary competitive advantages, which are Ironwood’s size, focus, framework, and portfolio. Over the near-term, we are focused on the following three goals:

1. Maintain investments in the innovative and industry-leading firms where we have built core positions.

2. Complement these managers by making new investments and growing and scaling other low-net and low-volatility managers.

3. Identify top-down idiosyncratic opportunities that add performance and diversification to the portfolio.

98 Q2 PORTFOLIO REVIEW2

Ironwood’s relative value sector gained +5.3% in the second quarter and has returned +2.7% year to date. The range of returns for managers within the sector was +9.4% to -0.5%. The sector’s core allocations were all positive during the quarter; notably, our largest allocation returned +9.4% in Q2 and is +10.2% year to date. At the sub-strategy level, fixed income arbitrage, driven by gains across rates and foreign exchange trading; fundamental market neutral equity, which made money across a variety of industry sectors; and systematic strategies were among the largest contributors of positive attribution.

Ironwood’s market neutral & low net equity sector gained +3.7% in the second quarter and has returned +5.4% year to date. All managers within the sector generated positive performance in Q2 and the range of returns for these managers was +9.0% to +1.0%. Ironwood’s most recent addition to the sector is executing well and we are pleased with the early results of this investment. Leading industry sectors for the quarter were technology and consumer. At the sub-strategy level, statistical arbitrage and primary strategies also contributed to positive performance in Q2.

Ironwood’s event driven sector gained +11.1% in the second quarter and has returned -0.2% year to date. Both managers within the sector generated positive performance in Q2 and returns for these managers were +20.3% and +3.5%. Ironwood’s focus is on event driven managers that run portfolios that are well-hedged and generate returns through process-driven, hard-catalyst situations.

Ironwood’s distressed & credit securities sector gained +8.6% in the second quarter and has returned +4.3% year to date. The range of returns for managers within the sector in Q2 was +14.2% to +6.7%. Returns during the quarter were driven largely by idiosyncratic situations where our managers were actively engaged and exhibited minimal correlation to the broader markets.

FIRM AND ORGANIZATIONAL UPDATE

Ironwood’s assets under management are approximately $3.7 billion as of August 1st, which is slightly above the level at which we started the year.

Please contact Ironwood Investor Relations ([email protected]) with any questions.

1 As of July 1st, 2020, the top 10 portfolio positions are: Millennium, Elliott, HG Vora, D.E. Shaw, Suvretta, Two Sigma, ExodusPoint, Holocene, Cerberus, and Tilden Park.

2 All sector and underlying manager returns stated in the “Q2 PORTFOLIO REVIEW” section are net of fees payable to the underlying managers, but gross of fees payable to Ironwood Capital Management and other expenses. For Fund returns net of fees payable to Ironwood Capital Management and expenses, please see page 1.

Additional Disclosures

FOR QUALIFIED PURCHASERS ONLY, NOT FOR DISTRIBUTION TO THE PUBLIC. Before investing in the Fund, potential investors should review the detailed explanation of risks as well as other information in the Fund's current informational or explanatory memorandum (“PPM”). Read the PPM carefully prior to investing. This letter is not an offer for sale of any interest in the Fund or any other fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM. Interests in the fund are available only to persons willing and able to bear the economic risks of their investment for an indefinite period of time. Alternative investments (e.g., hedge funds or private equity investments) are complex instruments and may carry a very high degree of risk. Such risks include, among other things: (i) loss of all or a substantial portion of the investment due to the extensive use of short sales, derivatives and debt capital, (ii) incentives to make investments that are riskier or more speculative due to performance based compensation, (iii) lack of liquidity as there may be no secondary market for hedge fund and private equity interests and none is expected to develop, (iv) volatility of returns, (v) restrictions on transfer, (vi) potential lack of diversification and resulting higher risk due to concentration, (vii) higher fees and expenses associated that may offset profits, (viii) no requirement to provide periodic pricing or valuation information to investors, (ix) complex tax structures and delays in distributing important tax information, and (x) fewer regulatory requirements than registered funds. Hedge funds and private equity investments are intended only for investors who understand and accept the associated risks. This product may further include investments in emerging markets. Emerging markets are located in countries that possess one or more of the following characteristics: A certain degree of political instability, relatively unpredictable financial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging markets investments usually result in higher risks such as political risks, economical risks, credit risks, exchange rate risks, market liquidity risks, legal risks, settlement risks, market risks, shareholder risk and creditor risk. Investors should be aware that the value of investments can fall as well as rise and involve a high degree of risk. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out. There is a possibility that investors will not recover the full amount they initially invested.

Sector Definitions

Distressed & Credit Securities: Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while other investors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities, structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yield and related credit markets. Event Driven: Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect on corporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of the stock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiring company. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of the transaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between the value of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies and opportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations. Market Neutral & Low Net Equity: Market neutral and low net equity strategies involve the purchase of a stock or basket of stocks that is relatively underpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complex statistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). Ironwood will utilize equity managers that target well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value of stocks they are long. Relative Value: Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relative value strategies capture these inefficiencies by utilizing a combination of assets

100 including bonds, stocks, swaps, options, exchange traded funds, currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities of the same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervalued senior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategies include fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy and quantitative strategies.

Index Definitions Barclays Aggregate Bond Index: The Barclays Aggregate Bond Index, formerly the Lehman Brothers Aggregate Index, is an unmanaged, market-value-weighted index of taxable investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage backed securities, with maturities of one year or more. For more information, please visit www.barcap.com. HFRI FOF: Conservative Index: The HFRI FOF: Conservative Index is an equal-weighted index representing funds of funds that invest with multiple managers focused on consistent performance and lower volatility via absolute return strategies. The Index includes funds of funds tracked by Hedge Fund Research, Inc. The Index is a proxy for the performance of the universe of conservative funds of funds focused on absolute return strategies. Returns are net of fees and are denominated in USD. For more information, please visit www.hedgefundresearch.com. S&P 500 Index: The S&P 500 Index includes 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. It is intended as an indicator of large-cap public U.S. equities. For more information, please visit www.standardandpoors.com. Note: Index performance is shown for illustrative purposes only and does not represent the performance of any specific investment. Index returns do not include expenses, fees or charges, which would lower performance. The indices are unmanaged and an investor cannot invest directly in an index. In reviewing the performance of the Fund, investors should not consider any of the indices presented herein to be performance benchmarks.

Statistic Definitions Alpha: Alpha is the excess return of the fund relative to the return of the benchmark index. Beta: Beta is the slope of the regression line. Beta measures the risk of a particular investment relative to the market as a whole (the “market” can be any index or investment you specify). It describes the sensitivity of the investment to broad market movements. Correlation: Correlation is a quantity measuring the extent of interdependence of variable quantities. Standard Deviation: Standard Deviation measures the degree of variation of returns around the mean (average) return. The higher the volatility of the investment returns, the higher the standard deviation will be. For this reason, standard deviation is often used as a measure of investment risk.

101 102 The Canyon Balanced Funds

June 8, 2020 Dear Investor:

We hope that this note finds you and your family and colleagues healthy amid what has been a tragic and challenging beginning to 2020. Since we started working together almost 40 years ago, we’ve experienced and navigated through a variety of adversities. This accumulated perspective gave us some comfort that we had probably developed a decent imagination as to the various ways in which things can go wrong. COVID-19 has revealed that our assessment of our imagination was a figment of our imagination.

Over the course of the past few months, the US unemployment rate has gone from the lowest in 50 years to the highest in 80 years. This kind of instantaneous jolt to the economy is a multi-sigma event almost invisibly far out on the distribution of typically modeled outcomes. We are accustomed to preparing for a wide variety of potential downside scenarios, but we did not assign a high probability to the one that mattered – a sustained government-mandated economic shutdown (in an election year, no less). March was the worst month of performance in the 30-year history of Canyon, courtesy of some errors of commission, a few of omission, our fair share of bad luck, and a record degree of market mayhem that was treacherous for many value investors generally. April was our best month since 2009, and May and June have been quite strong as well.1 This represents a start on the road to recovery, but hardly alleviates the humbling effect of this episode or its financial sting – we are large investors across our platform, so we very much feel your frustration first-hand. After re-underwriting the entire portfolio to the new reality in which we are living, we are highly comfortable with the liquidity runway and staying power of our holdings, and at current prices we believe they present both resilience and asymmetric upside.

The mark-to-market impact of COVID on our portfolio was magnified not only by the nature of the crisis but also by its timing. Coming into March, some of our larger positions were in the final stages of processes (M&A, asset sales, etc.) scheduled to result in significant near-term cash generation and hence portfolio de-risking. Unfortunately, much of this exposure was in “eye of the storm” travel- sensitive industries, particularly the gaming sector. Our gaming companies went from record top-line revenues and record booking backlogs in February to zero revenues by the end of March, leading to wholesale capital flight and a precipitous decline in valuations. A more “normal” market shock would not have had as sharp of an impact on these positions, because normal market shocks do not force entire industries to shut down. In any case, our gaming exposure inflated our sensitivity to this particular selloff, and had the crisis struck a couple of months later, much of this exposure would have already turned to cash. These short duration investments turned out not to be short enough. While the mark-to-market volatility has been excruciating, it bears mentioning that our gaming portfolio has been very profitable over the years (even factoring in the COVID crisis).

Every so often, investors are confronted with new realities that were not well contemplated in prevailing models. We are now operating in one of these periods. The economic shutdowns of 2020 have severely compromised the earnings power and staying power of many corporate balance sheets, consumer balance sheets, and structured investment vehicles. This credit quality deterioration has occurred in a sudden, sharp, non-linear fashion, as opposed to the gradual erosion one would typically see in normalized environments. The shutdown shock has ushered us into the first real credit cycle since the GFC, with year-to-date corporate defaults tracking at the highest pace since 2009. Over the past several weeks, large capital structures and name brands including Hertz, Frontier

103 Communications, Intelsat, JC Penney, Neiman Marcus, J Crew, Digicel, Avianca, Latam Airlines, and Virgin Australia have filed for bankruptcy.

The impact of COVID-19 on corporate balance sheet health has been amplified by the headiness that has pervaded capital markets in recent years. The private equity boom fueling leveraged credit wasn’t even modelling actual pre-COVID EBITDA, but rather a rosier “alternate history” EBITDA benefiting from synergies and growth, not suffering from 10-100% revenue declines. We expect to be quite busy over the next several quarters investing in and facilitating balance sheet rationalization for levered companies across virtually all corporate sectors (not just the ones suffering from technological disintermediation and secular decline, which have dominated the distressed landscape for the past 6-7 years). Importantly, these kinds of more levered credits have largely been left behind by the government response to the crisis, which in essence has amounted to a policy of steepening the credit curve – backstopping high quality credits, and hence widening the cost of capital differential between the “haves” and “have-nots.” For those with the ability to underwrite more levered capital structures and repair their balance sheets, the government’s new footprint in the capital markets effectively creates the opportunity to capture state-sponsored alpha.

Another area where we have been busy, for the first time in several years, is in the securitized product markets. This is an area of significant competitive strength for Canyon, where we have generated gross returns in excess of 20% annualized over the past 15 years.2 In recent years, however, we have been more of an observer than a participant. As this part of the fixed income universe healed and evolved, yield-chasing behavior resumed, to the degree that it has generally required heaps of financial or structural leverage to generate double digit returns. As risk/reward profiles became less favorable, we gradually reduced our exposure via sales and allowed much of our legacy portfolio to run off naturally through amortizations and paydowns. Over the years, our allocation to securitized products fell from 30-60% to about 15%.3

During the selloff in March, mortgage REITs, mutual funds, mortgage-focused hedge funds, and real estate debt funds suffered from a combination of outflows, margin calls and warehouse line issues, making them forced sellers of a variety of assets, including Agency and Non-Agency RMBS. Our structured products team was happy to emerge from hibernation mode amid this newly disordered landscape. In addition to bidding (unsuccessfully) on a number of these portfolios, Canyon was approached by several of these managers about rescue financings. Some of these contemplated transactions were for entities involved in the residential mortgage space, while others were for entities involved in commercial property, allowing us to collaborate with our colleagues in Canyon Partners Real Estate. After a great deal of diligence on a number of different potential deals, we finally found one with what we believed to be a robust combination of upside potential and fundamental and structural protections. This ended up becoming the largest primary market investment we have made since the GFC.

As you may have seen in public filings, a few weeks ago we structured and led a $600 million private senior secured strategic financing for NRZ, one of the largest non-bank mortgage servicers. Canyon provided over half of the loan. We had no existing position in NRZ at the time of this transaction, but have monitored the company for some time.

NRZ is structured as a publicly traded REIT. In addition to servicing mortgages, it also originates mortgages and invests in mortgage securities. During the COVID shock, virtually no risk

104 assets behaved normally, and NRZ’s assets as well as hedging instruments suffered relatively sharp temporary price declines. NRZ embarked on an extensive deleveraging campaign in March and met all of its margin calls, in the process realizing $1.2 billion of losses and taking about a $1.0 billion mark- to-market book value write down on its remaining assets.

In the wake of March’s volatility, NRZ’s stock price was still reflecting a dire outlook (trading at about half of tangible book value), despite the fact that it had just de-risked its balance sheet and the FHFA had just de-risked the broader mortgage servicing industry. Specifically, the FHFA announced it was capping (at four months) the previously unlimited period of time during which mortgage servicers would be obligated to fund “servicer advances” (contributions to RMBS trusts on behalf of mortgages in forbearance, which are expected to increase given the pandemic’s impact on the economy and employment). Servicer advances create very safe, top of the waterfall cash-like receivables, but can be temporarily liquidity intensive. This policy development reduced NRZ’s open- ended and potentially daunting liquidity requirements to quantifiable and quite manageable levels.

In light of this favorable setup, we felt comfortable partnering with NRZ on a strategic financing that would seek to 1) stabilize the market’s perception of the company, 2) provide NRZ with flexibility to fund the growth of its origination business, which is generating record high margins, 3) facilitate the process of terming out NRZ’s liability structure and reducing its reliance on short term repo financing, 4) augment NRZ’s cash reserves to satisfy its obligations to make servicer advances, and 5) create equity-like upside potential for our LPs from a private senior secured loan with a substantial warrant package, with very different drivers of risk and return than those typically found in our corporate portfolio.

This new financing is a good example of what the Canyon platform allows us to do – it was a complicated primary market transaction for a first time corporate debt issuer that required 1) specialized knowledge of RMBS and the broader mortgage servicing/origination businesses, 2) inter- disciplinary analysis and collaboration between teams (our structured products group and our financials team), 3) the ability to navigate through an incredibly complex corporate structure, 4) the capacity to outcompete larger but less flexible capital providers and create a bespoke security that solved the issuer’s needs, and 5) a large checkbook. The transaction features: • High Current Yield: 11% coupon • Original Issue Discount: 99 cents on the dollar issue price • High Warrant Coverage: the $600 million loan carries with it 50% warrant coverage ($300 million notional value of warrants). Half of the warrants were struck “at the money,” i.e. at the closing price of NRZ’s stock the day before the deal was finalized, and the other half was struck 30% higher (which would still be only about 75% of tangible book value). As of this writing, the stock has appreciated by 45% in the 2+ weeks since the deal was announced (i.e., it is now trading above the strike price of what were originally the “out of the money” warrants). All in all, we believe the warrants can vault the IRR on this investment well above 20% without particularly heroic assumptions. • Extensively negotiated covenants and creditor protections

We are glad to be partnering with NRZ on this transaction, and we are optimistic that we should have the chance to deploy significant capital in the broader realm of structured finance over the next several quarters. Tactically, however, we are proceeding in a deliberate and selective fashion. As the longer term consequences of COVID-19 gradually become more apparent in consumer and

105 corporate behavior, we believe that parts of the structured product sphere are likely to experience credit performance deterioration and collateral value erosion that is out of step with current market base case assumptions. This could have the effect not only of incrementally depressing prices, but also of shaking loose additional supply from pressured sellers. New variables relating to forbearance, forgiveness, and litigation may also arise, creating the need to adapt valuation frameworks (much as the RMBS market experienced in the wake of the GFC with the advent of put-back litigation, principal and interest modifications, etc.). With the market as a whole having calmed somewhat since the chaos of March, the obvious area to target would be deeply subordinate tranches, which generally speaking were damaged the most and have recovered the least. However, without the benefit of a bit more time and hence visibility on trajectories for borrower behavior and asset values, these discounted junior securities currently appear to us more like levered macro coin flips than underwrite-able fundamental investment opportunities. Accordingly, we are being patient.

Another dynamic informing our measured approach to this area is the peripheral vision we have into the single asset commercial property space courtesy of our colleagues at Canyon Partners Real Estate. Liquidity has largely come to a halt in commercial property markets given the array of fundamental / existential questions that the COVID crisis has raised, as well as the logistical hurdles it has introduced to real estate investing (i.e., conducting onsite due diligence has become much more difficult). These issues have been magnified by the fact that a large majority of the investors in the space have piled financial leverage on top of structural leverage. Leveraged debt funds and mortgage REITs have come under severe pressure, particularly those that have mismatched long duration assets and short term repo borrowing facilities. The pain reverberating through the space has made itself evident in a number of ways: • Distressed Sales of Loans on Existing Properties – In the wake of the GFC, there was a large wave of pressured sales of loans on existing real estate. We purchased a number of these loans during that time frame, but the flow of these kinds of secondary sales really disappeared after 2011. It has now reappeared, in size. Over the past several weeks, we have been shown about $2.5 billion of loans for sale from 27 different lenders/sellers seeking to generate liquidity on performing loans or to exit loans where the underlying collateral is anticipated to experience increasing challenges. • Distressed Sales of Construction Loan Portfolios – Last week we saw the first construction loan portfolio being auctioned in this cycle (amounting to $175 million of unfunded commitments). • Sponsors “Left at the Altar” – We have received calls from several institutional borrowers under contract with debt funds which have been unable to close on financings for a variety of reasons (warehouse facilities that were cut off, credit lines that could not be drawn, etc.). These transactions have ranged from acquisitions of Class A stabilized properties to value-add lease- up plays and multifamily construction financings. • Frozen Securitization Market – The CMBS and commercial real estate CLO markets have experienced a sharp decline in new issuance. We expect that conduit lenders who were planning to securitize their loans may ultimately need to sell them elsewhere to secure liquidity.

We believe the pain facing real estate markets is in the early stages, and will affect asset classes differently, with retail and hospitality at one end of the spectrum and multifamily and industrial at the other end. The impact of the virus and of the real estate market’s reactions to it are only just beginning to become tangible. In the months ahead, we should have better visibility on 1) the extent to which both commercial and residential tenants continue to pay rents, 2) the extent to which there may be a

106 permanent shift in commercial office space requirements caused by remote working as well as the increased square footage needed per person to enable social distancing, and 3) what kind of trajectory is possible for the hotel industry, which was largely closed down or is operating at fractions of capacity in much of the country. These observations will help inform not only our direct real estate investments but also our investments in real estate-related structured products as well as corporates with substantial real estate exposure (such as financials, REITs, gaming and lodging operators, retail and food service companies, etc.).

Leverage Gone Viral

The epicenter of the GFC was in the balance sheets of leverage providers. The financial institutions that functioned as the primary transmitters of credit and liquidity ended up being vastly overleveraged. While it was far from clear as to how to deal with this at the time, policymakers gradually found their footing and instituted a series of measures that restored confidence in the financial system, allowed these financial intermediary balance sheets to heal, brought the cost of capital back down to manageable levels, and set the stage for a gradual recovery in the real economy.

In contrast, the financial market “epicenter” of the COVID-19 crisis has been in the balance sheets of leverage recipients, which means there is not much of a concentrated or tangible epicenter at all. Thanks in part to a decade of central bank vacillation between ZIRP, NIRP, and its lesser known cousin, NMIRP (“Not Much Interest Rate Policy”), there has been systematic dispersal of leverage in recent years, with businesses of all shapes and sizes availing themselves of cheap debt. CFOs have been encouraged in this process by private equity firms, which have been bombarded with capital and have dutifully used it to pollinate much of the corporate universe with additional financial engineering. Since 2007, North America Private Equity AUM has more than doubled to over $2 trillion and the number of US leveraged loan issuers has also doubled to about 1,350. In situations where the syndicated loan market has not been able to accommodate this largesse, private credit / direct lenders have stepped in (and now, seeing the writing on the wall, some of the larger ones are trying to establish “DIY” distressed practices).

Cleaning up the toxic balance sheets of the world’s financial institutions in the wake of the GFC was far from an enviable or simple task. However, it was administratively more straightforward for policymakers in 2008 to fix the “hubs” where credit was dispersed than it is now for them to fix the various “spokes” where credit has been received. Decentralized problems tend to be more difficult to solve than centralized ones. The fact that the global economy has become more interdependent since the GFC, and the global political landscape has become more fractured, only compounds the complexity of charting the path forward. (As does the fact that world governments need to address biological and psychological concerns in addition to liquidity and solvency issues.)

Domestically, the US government has responded with unprecedented force to try to cushion the blow of this crisis via policy intervention. This has taken the form of Congressional stimulus measures aimed at consumers and businesses, as well as a torrent of programs aimed at the capital markets. Specifically, the Federal Reserve and Treasury, in an attempt to create a bridge to the other side of the crisis, have joined forces to bolster liquidity and reduce borrowing costs within money markets, high quality (and formerly high quality) corporate debt, municipal debt and ABS. These programs have been effective at alleviating immediate liquidity needs and calming financial markets, but do not and cannot address the underlying economic damage that has occurred and the solvency

107 issues that will be increasingly exposed as many companies emerge from this crisis with substantially more levered balance sheets. High functioning capital markets are critical, but they cannot undo the fact that the excesses of the past are colliding with a much more sober present.

Trading Opportunities vs. Investment Opportunities

The financial market carnage in March created some significant but fleeting trading opportunities within credit markets, particularly at the higher end of the credit quality spectrum, in the investment grade sector. By jumping into this area in March, amid peak uncertainty about the trajectory of COVID-19, investors were effectively making the macro bet that central banks would provide explicit support for higher quality segments of the capital markets. A similar opportunity, albeit brief, existed in HY ETFs. In hindsight, these turned out to be bets worth making. For better or worse, this is not the style of money management etched into our cultural DNA. We have seen these kinds of trading opportunities come and go over the years, some of which ended up being siren songs where “buying the dip” turned out to be disastrous (bank loans in August 2007 come to mind). Even when we have built large positions in asset classes (like RMBS) or capital structures as vast and complicated as asset classes (e.g., Lehman Brothers), we have done so patiently and deliberately, and with pronounced security-specific biases. In the case of Lehman Brothers, for example, we did not begin to build a position until a full 1.5 years after the bankruptcy filing, when the situation had begun to grow far less opaque, and we concentrated our holdings in various species of Holdco claims, where we believed the spectrum of potential outcomes was narrower and less binary.

Looking beyond the trading opportunity that came and went, the longer term investment opportunity likely to emerge lies in the rehabilitation of overleveraged balance sheets. The Fed is effectively saying, “We save high quality borrowers!” Accordingly, investment grade companies can be expected to trade with a significant multiple premium relative to more levered companies (because of their ability to seek shelter in the warmth of the Fed’s protective umbrella), and there should be considerable value to be extracted from simplifying and deleveraging bloated balance sheets.

Much of the leveraged finance / private equity sponsor-owned universe is unlikely to benefit directly from these government programs. For instance, the Main Street Expanded Loan Facility or “MSELF” features a 6x leverage limit and $200 million cap on loan size, which make it virtually irrelevant for most LBO credits. This is probably deliberate and a function of desire to avoid potential political backlash from bailing out private equity sponsor-owned companies. We expect to be quite busy in this large part of the universe, where there will likely need to be a significant wave of restructurings and rescue financings. Some of these will be in partnership with sponsors (NRZ is an example of this), while others will be more adversarial – broadly speaking, the recent evolution of the private equity and private credit landscape is likely to lead to a richer variety of approaches to balance sheet rationalization in this cycle, beyond the typical loan-to-own playbook.

Distressed Corporate Debt Update

The opportunity set in credit has expanded and broadened substantially over the past couple of months in ways that potentially allow for the creation of a much more diversified stressed/distressed portfolio than we have had the luxury to contemplate over the past few years. There are a few different high level ways to think about this:

108 • Scope – Volume of Corporate Debt Trading at Distressed Prices – As of April 30, this stood at $537 billion. This compares to a peak of $460 billion in 2016, $250 billion in 2011, $1.1 trillion in 2008, and $220 billion in 2002. These figures incorporate only high yield bonds and leveraged loans in the indices, not any defaulted debt, securitized products, private debt, or investment grade debt trading at distressed prices. An abundance of discounted assets does not necessarily equate to an abundance of cheap assets. However, it is an indication that we are operating in an environment for stressed/distressed investing with a much more favorable supply/demand setup.1

$Billions Growth in Distressed Debt $350 $305B $300

$250 $232B

$200

$150 $96B $100 $54B $50

$0 Dec 31 Apr 30 Dec 31 Apr 30 HY Bonds Above Leveraged Loans 1000bps STW Below 80c Source: JP Morgan

• Breadth – Diversity of Industries with Debt Trading at Distressed Prices – Until recently, most of the corporate distressed situations in the market were concentrated in secularly challenged industries such as retail, energy, fixed line telecom, etc. Instead of good companies with bad balance sheets, many of these situations involved sub-optimal assets and bad balance sheets. Over the past couple of months, this situation has changed profoundly, and distressed pricing has pervaded the market much more widely across corporate industries: o Loans – The proportion of the Loan Index trading at distressed prices (below 80 cents on the dollar) increased from 4.4% to 18.7% (from $54 billion to $232 billion) between January 1 and April 30. At the beginning of 2020, no industry had a distress ratio in excess of 20%. By the end of April, 10 of 21 industries had a distress ratio in excess of 20%, and the median stood at 18.9% (compared to a year-end median of 2.9%).1 o HY Bonds – The proportion of the HY Index trading at distressed prices (>1,000 bps credit spread) increased from 8.1% to 23.1% (from $96 billion to $305 billion) between

109 January 1 and April 30. At the beginning of 2020, only one industry (energy) had a distress ratio in excess of 20%. By the end of April, 9 of 21 industries had a distress ratio in excess of 20%, with a median of 18.5% (compared to a year-end median of 3.2%).1

% of Loan Sector Trading Below 80c % of HY Sector Trading Above 1000bps Spread

Cable and Satellite Cable and Satellite Housing Telecommun ications Financial Food and Beverages Paper and Packaging Utility Chemicals Consumer Products Broadcasting Paper and Packaging Technology Au tomotive Utility Healthcare Healthcare Technology Food and Beverages Housing Services Financial Industrials Services Diversified Media Gaming, Lodging, Leisure Gaming, Lodging, Leisure Chemicals Au tomotive Retail Telecommun ications Industrials Consumer Products Broadcasting Retail Metals and Mining Transportation Diversified Media Metals and Mining Energy Energy Transportation

0% 20% 40% 60% 0% 20% 40% 60%

12/31/2019 4/30/2020 12/31/2019 4/30/2020

Source: JP Morgan

Portfolio Update

As we mentioned in the conference calls we held earlier this year, our hedge fund platform came into March with 1) little to no leverage, 2) the very near term expectation of additional “endogenous” cash generation from mergers, refinancings, and other events, and 3) a light forward redemption schedule. Since then, cash levels have increased further as some of these catalysts have played out, and we also have good news to report with respect to the right side of our balance sheet – between February 1 and June 1, there has been virtually no change across our hedge fund platform in scheduled forward net redemptions over the next 12 months.4 The resilience of our LP base has been heartening, and stands in stark contrast to our experience in 2008. We had the presence of mind to play plenty of offense during the GFC on the investment side, but we played nothing but defense on the business / LP side. Our investors made their money back in 7 months (CBF was up about +76% net in 2009), but virtually no fresh capital came into the Fund in early 2009.1 In hindsight, we did our partners a disservice by only focusing on what a bad time it was to divest, rather than on what an advantageous time it was to invest.

Looking forward, we believe we are well set up to deliver another extended period of robust performance. In rough terms, the portfolio coming into June consisted of about 7% cash, 63% credit, and 30% equities. This leaves aside portfolio hedges, which currently amount to about -11% of NAV (though the effective short exposure of some of our option hedges is designed to rise in certain kinds of disruptive environments).3,4 Some of our major positions are expected to turn to cash in the very

110 near term, which should further increase our flexibility. Generalizing about a portfolio like ours can be challenging, and there are many ways to do it. For the sake of ease and objectivity, we usually default to categorizing the portfolio by asset class. However, at the moment, we find the following thematic conceptualization more useful:

Credit (63% of NAV)3 • Core Corporate Credit – 32% o Primary Capital Solutions – About half of this part of the portfolio consists of what we tend to refer to as primary capital solutions. These are new issue financings which Canyon anchored or otherwise helped shape. They tend to be more closely held and less broadly quoted than conventional corporate securities. They include issuers from a mix of sectors, predominantly industrials of various stripes. Almost all of these companies are owned by private equity sponsors. Some are LBO financings, while others have funded carve-outs or functioned as bridges to other kinds of recapitalizations. On average, we marked these holdings down by over 20% in Q1, though we believe that most of them should ultimately pull back to par. We noted with raised eyebrows (and a bit of envy) that the largest publicly traded alternative asset managers marked down their private equity portfolios by only about 14% on average during Q1, despite the fact that the S&P 500 was down 20%, the Russell 2000 was down 31%, and the CS Levered Equity Index was down 51%. Imagine a portfolio of debt on private equity companies, likely priced at a lower valuation than the equity on those companies, and you’ll have a sense for this part of our book.1 o Secondary Market Special Situations – The remainder of this part of the portfolio consists of holdings that tend to be more frequently traded in the secondary market than the capital solutions discussed above. They are dominated by situations where we have been among the largest creditors for some time, and where we have often played a role in facilitating balance sheet evolution along the way. The three largest positions are a regulatory-driven spectrum play where we are the second largest 1st lien creditor and have negotiated multiple amendments to the credit agreement, a rehabilitated bond insurer where we led the restructuring several years ago and hold a secured loan against litigation proceeds, and a niche industrial modular space builder which we have helped finance, refinance and recapitalize over the past 5+ years. o Proximity is no guarantor of success, but in any case we are relatively close to most of the situations that dominate our core corporate credit book, and we have already played a hands-on role in a number of them in a primary market capacity, secondary market capacity, or both. • RMBS – 14% o This part of the portfolio was relatively resilient during the volatility shock in Q1, and we believe it is reasonable to expect it to continue to behave in this ballast-like manner. Our RMBS book is dominated by senior tranches of legacy Non-Agency securitizations at an average price in the mid-60s cents on the dollar. The underlying mortgages are about 13.5 years old on average. 95% of underlying borrowers have positive equity in their homes, and have a weighted average MTM LTV of 54%. 18% of borrowers are 60+ days late on payments. At current prices, we believe our portfolio is well-covered even in scenarios where default rates and loss severities increase substantially from prevailing levels (and in that kind of outcome for housing, the US

111 consumer’s principal stock of wealth, most of the risk asset universe would be in difficult straits). • PG&E and Puerto Rico – 15% o Both the PG&E and Puerto Rico complexes should be direct beneficiaries of 1) the lower interest rate environment post-COVID, and 2) the Federal Reserve’s forceful support of the investment grade and municipal bond markets. As such, all else equal, one could expect ultimate recoveries in these situations to be higher than in the pre- COVID era. Despite the greater degree of potential upside, both of these structures are trading at or below pre-COVID levels. o These are late stage restructurings with quasi-investment grade risk at this point, and which we expect to exit over the next 6-12 months. Certain securities within these structures were volatile (largely for non-fundamental reasons) in the first quarter, particularly during the disorderly unwind of leveraged investment grade and municipal bond funds. Their transition into more regular-way investment grade securities as the processes fully play out should facilitate our exit and the creation of substantial reusable cash. • Energy – 2% o When the US onshore E&P industry became extremely distressed about five years ago, we had very little exposure. We re-underwrote the entire sector and virtually all of the accessible capital structures, but ultimately concluded that we should avoid becoming involved in a material way. In hindsight, this was a good decision, as immense amounts of value ended up being destroyed in this area over the subsequent years. o As we continued to monitor and research the rapidly evolving energy sector, we gradually focused more on offshore oil services businesses. We viewed these as safer and higher quality assets than upstream E&P credits, in part because the business model involves contracted cash flow and hence less immediate earnings sensitivity to oil prices, and in part because these were for the most part legacy investment grade companies with long-dated unsecured liabilities and hence much more balance sheet flexibility than typical HY issuers. In the wake of the 2015 oil price shock, investors had largely written them off as businesses doomed to be displaced by lower cost US shale. We held the contrarian view that larger players would be able to adapt through consolidation and cost structure rationalization, which would allow them to compete with onshore shale and facilitate a gradual recovery in offshore rig day rates. These elements of our thesis ended up occurring, and fundamentals were trending up nicely in late 2019. However, they ended up being overwhelmed by the unprecedented oil price demand shock that has unfolded and the broader capital flight from the energy space that it has unleashed. These investments were designed to work in a relatively broad array of oil price outcomes, but we did not envision such an uncharted macro left tail scenario. Minimizing macro risk in stressed/distressed energy investing strikes us as an increasingly quixotic enterprise. This is something we have been discussing internally, and it is likely to color our future engagement in the space. o While we expect our offshore services positions to be the largest area of permanent capital impairment in the portfolio, we also believe that at this stage and this pricing, these holdings effectively amount to a collection of options that can provide asymmetric upside as we engage in the upcoming wave of needed restructurings. Needless to say, our sleeves are rolled up and we are working diligently to maximize recoveries.

112 Equities / Risk Arb (30% of NAV)3 – Our equity exposure revolves around balance sheet sensitive or levered equities undergoing various forms of transformation. This has been an immensely frustrating area of late, with the CS Levered Equity Index down 51% in the first quarter and 32% year- to-date through the end of May.1 The mark-to-market volatility of these stock prices has vastly exceeded the volatility of the underlying businesses’ staying power. Price action would suggest that the market doesn’t understand levered equities, which makes them conceptually appealing, but also potentially deadly. For instance, one of our stocks fell by over 90% and has subsequently risen by 6x from its lows, all within the span of about three months. With highly levered factor investors, quant funds, and multi-managers leaving increasingly noticeable footprints in levered equities, we are reevaluating our longer term approach to the space. After our current positions (many of which are in their later stages) play out, we may invest to a lesser and/or more hedged degree in this part of the universe. Our equity book can be bucketed as follows: • Gaming – Our gaming positions amount to about 10% of NAV or about 1/3 of our equity portfolio. These holdings derive in part from the role we played in some restructurings in the space, which left us with multiple flavors of post-reorg equity. We believe we have differentiated knowledge of these balance sheets, and that they have significant staying power and paths to value creation that the market does not fully appreciate. o Our largest position is not in a gaming operator at all, but rather in a REIT which leases casinos to gaming operators. Unlike conventional triple net lease REITs, compared to which it trades at a substantial discount, it has not missed a dollar of rent this year. o Our two positions in gaming operators will soon become one position, as one is acquiring the other. When this happens (probably over the next month or two), 3% of NAV or 30% of our gaming equity book will turn to cash. As a general matter, we believe the market is significantly underestimating the ability of certain operators to innovate down their cost structures, extract value from online and sports betting businesses, and leverage customer data sources to optimize revenues. If we are right, bottom line earnings may end up being far more cushioned from weaker top-line revenues than the market is projecting. • Packaging company – this position represents another 4% of NAV or 15% of our equity book. The company is a manufacturer of packaging staples that benefits significantly from lower oil prices, has relatively subdued direct sensitivity to global GDP, and arguably has positive sensitivity to COVID-19, as it produces sanitary wipes, hand sanitizer packaging, grocery packaging, and other sought-after materials used to protect medical personnel. The fundamental resilience of its earnings power and staying power did not matter in March, when its stock plunged by about 50% from January levels – what mattered was that it had the misfortune to be a publicly traded equity of a HY rated company. (Had it been a privately owned equity of a HY rated company, its mark-to-market nosedive might have been more of a leisurely descent.) At current prices, the FCF yield to the equity is around 13-15%, while the cost of the company’s longest-dated, most junior debt is around 4%. This cost of capital arbitrage does not make much sense to us, and should not persist indefinitely. • With a broader opportunity set in credit than we have seen in some time, our return threshold for equities needs to be quite high, and we have re-underwritten our equity portfolio with this dynamic in mind. The remaining half of our equity portfolio is dominated by a few special situations that we believe trade at very steep discounts to intrinsic value. These include a specialty consumer finance company where we are one of the largest shareholders and where we believe there may a resumption of equity-friendly activity, an industrial conglomerate where

113 we participated in a rescue equity rights offering a few years ago, and a tech hardware company whose balance sheet we previously helped reconfigure.

After reappraising the portfolio with a “new world” lens, making adjustments as needed, and putting our heads together to find ways to accelerate and maximize returns through active engagement, we find that we have very high conviction in the probable forward-return profile of CBF, and a high degree of comfort with its risk profile. And as we survey the market environment, from corporate securities to structured products, and from financial assets to hard assets, we believe we are going to be quite busy making new investments over the coming quarters across a broader, more disrupted and hence more opportunity-rich landscape.

As always, we appreciate your support and welcome your comments.

Sincerely yours,

Josh and Mitch

______

Any investment in the funds discussed in this letter involves significant risk, including the risk of loss of all or a portion of your investment. For more information regarding the risks associated with an investment in a fund or with the securities in which such fund invests, please see the offering memorandum of the relevant fund. The results indicated herein include both realized and unrealized gains and losses, and actual results when realized may differ materially from those set forth herein.

This letter is not an offering of securities for sale in any jurisdiction. Any indication of interest from prospective investors in response to this letter involves no obligation or commitment of any kind.

All information provided in this letter is for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned. Canyon believes this letter contains a balanced presentation of the performance of the Fund, including a general summary of certain holdings that have both over and underperformed the expectations of our portfolio managers. Canyon’s analysts closely monitor the securities held by the Fund. If a company’s underlying fundamentals or valuation measures change, Canyon may reevaluate its position and may sell or cover part or all of its positions.

Securities or strategies discussed herein may not be held or utilized by all Canyon funds. Specific investments discussed herein were current positions during the time frame discussed. It is not known and there can be no guarantee that any of the investments discussed herein will be profitable when sold.

Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties and the speculative nature of forward-looking statements, actual events or results or the actual performance

114 of an individual investment, an asset class or the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is not indicative of future results.

1 CBF unaudited net returns reflect performance after applicable management fees and 20% incentive allocation as of the dates indicated. Net returns shown for share classes that are below their high water mark do not reflect deductions of the 20% incentive allocation until the high water mark has been surpassed. As with all unaudited estimates, they are subject to uncertainties and variations and may not be predictive of final results once audited. CBF designated certain investments as of October 31, 2008. Results after September 30, 2008 through December 31, 2009, reflect a combined return for both the designated investment and non-designated investment portions of CBF for a continuing investor that has been invested in the Fund since January 1, 2008. After January 1, 2010, CBF unaudited net returns reflect performance of only the non-designated portfolio. 2009 audited net returns are for the ongoing portfolio for those invested as of January 1, 2008, and reflect performance (inclusive of both the non-designated and designated portions of the Fund not pending redemption) after applicable management fees as of the dates indicated above. CBF surmounted the ongoing investors’ high water mark/loss carry forward during July 2009; consequently, the 20% incentive allocation was accrued on part, but not all, of July returns with respect to such investors. The 20% incentive allocation accrued for the remainder of the year. The CBF designated portfolio was liquidated on April 30, 2011. Individual investor results may vary depending upon timing of subscriptions and/or redemptions. From June 1, 2004 to September 30, 2016, the performance shown reflects the then applicable management fee of 2%. From October 1, 2016 to date, the performance reflects the current management fee of 1.5%. Please refer to your monthly statement for your actual results.

All net Fund returns are total returns (net of fees and expenses) and include the reinvestment of dividends and other earnings from securities or other investments held by the Fund. The indices are included to show the general trends of the markets covered by the respective indices in the periods indicated. The indices have not been adjusted for the management and incentive fees that the Fund charges. The indices noted above include the reinvestment of dividends, interest and other earnings. Individuals cannot invest in all the indices noted above. No representation is made that the Fund is or will be comparable to the securities comprising the selected indices, either in composition or element of risk involved, and such info is intended for illustrative purposes only. These indices have been included to provide the reader with a general sense of how the market, and other relevant market sectors, has performed.

2 The Asset Classes described herein were derived by Canyon by assigning each asset in each fund’s portfolio to a particular class, as it deemed appropriate, and with the benefit of hindsight. Accordingly, the Asset Class returns presented herein do not reflect the performance of any actual separate portfolio of assets and also do not reflect the return that could be earned by an investor in any fund investing only in such asset class. Further, such Asset Class returns are presented on a gross basis, and do not reflect any deductions of expenses, applicable management fees or incentive allocations, or the costs associated with portfolio hedging positions. Such deductions would have reduced the results as presented. The gross returns are calculated as monthly profits or losses divided by average gross exposure. As of November 2017, all gross Asset Class returns are calculated (i) inclusive of the performance of any related CDS and (ii) based on CDS exposure derived from CDS notional value. Prior to this date, depending on the particular Asset Class, gross returns were calculated by Canyon (i) exclusive of CDS, (ii) inclusive of any related CDS, and based solely on such

115 CDS profits or losses or (iii) inclusive of any related CDS, and based on CDS exposure derived from CDS notional value. Attribution is based on gross return by specific asset class. CBF returns noted are inclusive of all share classes of the Fund.

Target IRRs are based on various assumptions, not all of which are described herein, and are necessarily speculative in nature. A variety of market factors and assumptions may affect this analysis, and this analysis does not reflect all possible scenarios. No representation is made that any returns indicated will be achieved.

3 Asset Class percentages include delta adjusted option values, CDS exposure derived from CDS notional value, total return swap notional values, and the fully drawn amount of revolving credit facilities. Exposure data, which is expressed as net exposure, has been compiled with the benefit of hindsight and is presented based on information available at the time the exposures were calculated. Such information is subject to change.

Macro/Hedges may include positions designed to benefit under certain macroeconomic outcomes. Single name CDS may be used as a hedge against other long exposure in the other asset classes to varying degrees. Use of the term “hedges” or negative numbers in exposure tables does not imply a dollar for dollar offsetting effect with regard to our long exposure.

4 For unlevered vehicles, cash is defined as uninvested capital, or total NAV minus the net exposure of our positions (gross long exposure less gross short exposure excluding macro/hedges and the notional value of CDS). When we employ leverage at the fund level, cash is zero.

For Residents of Switzerland The Fund may be distributed in or from Switzerland only to qualified investors, as defined under applicable law and regulations. The Swiss representative and paying agent is Société Générale, Paris, Zurich branch, Talacker 50, P.O. Box 5070, ch-8021 Zurich, Switzerland (the “Representative”). The Offering Memorandum, the Articles of Association, as well as the annual and, as the case may be, the semi-annual reports of the Fund may be obtained free of charge from the Representative. In respect of the Interests distributed in and from Switzerland, the place of performance and jurisdiction is at the registered office of the Representative.

116 117

Renaissance Institutional Equities Fund LLC EQUITY LONG/SHORT

INVESTMENT PHILOSOPHY

The Conway RIEF Onshore Access Fund, LLC provides indirect exposure to the Renaissance Institutional Equities Fund LLC (RIEF). RIEF is a systematic, long-biased, long/short equity strategy with a long-term time horizon. The investment objective of the Fund is to exceed the S&P 500 Index (Index) returns over time with lower volatility by investing in U.S. and non-U.S. equity securities publicly traded on U.S. exchanges. It seeks to achieve this objective by systematically capitalizing on medium to long term market inefficiencies that produce alpha over time. Specifically, RIEF seeks a higher Sharpe ratio than the Index and a beta of 0.4 or lower to the Index. Since inception, volatility has been approximately 60% that of the S&P 500. The investment process is automated and employs proprietary statistical models of price prediction, risk and trading costs to build a portfolio of thousands of long and short positions. The portfolio has a net long exposure of 100% and accomplishes this by targeting gross long exposure of 175% and a gross short exposure of 75%. RIEF has approximately 30 prediction signals approximately 40% are technical based, 40% are fundamental based and 20% are categorized as other or miscellaneous. The predictive models are all bottom-up, focusing on individual stocks.

FIRM UPDATE

• As of quarter end, RIEF assets were $29.7 billion, while firm assets were ~$70 billion. • There were no material firm, personnel, or regulatory updates during the quarter. • Renaissance and Conway launched the Conway RIEF Offshore Access Fund, LTD (“Conway RIEF Offshore”) in March 2020. This Fund is Cayman-domiciled and accepts subscriptions from offshore investors – both individuals and entities.

PERFORMANCE ANALYSIS

• During the second quarter, RIEF posted a return of -0.8% versus the S&P 500 Index and the HFRI Equity Hedge Index, which posted returns of 20.5% and 1.0%, respectively.

Top Contributors

o Materials, +2.8%

o Consumer Staples, +2.4%

o Communication Services, +0.9%

118 Top Detractors

o Industrials, -3.0%

o Energy, -2.1%

o Information Technology, -1.1%

POSITIONING & OUTLOOK

• During 2Q, RIEF struggled to participate in the sharp rebound experienced by U.S. equities. The main culprit for underperformance continues to be firm’s beta prediction models. All 3 institutional funds managed by Rentec have been negatively impacted as their prediction and trading models moved less quickly than markets.

• During the depths of the equity market sell off in March 2020, we witnessed RIEF’s beta spiking to almost 0.7. Since that time, RIEF beta has been trending downward.

• Rentec uses two components to control fund beta: 1. A beta model that attempts to forecast future betas for all stocks 2. A trading algorithm that attempts to limit the variance between RIEF’s target beta (of 0.4 to the S&P 500) and the beta model forecasts

• Rentec researchers continue their work to improve the beta models. The goals are two-fold: (1) make the beta models react more quickly to recent market data; and (2) quicker response in the trading algorithm to changes in the beta forecasts. The team has made progress on #2, having installed code to respond more quickly to changes in the beta forecasts. However, the researchers are still working to make more meaningful progress on #1 before they are deployed/integrated.

• The gross market exposure increased during the quarter from 235% to 277% and peaked intra- quarter at 309%. Net exposure remained flat around 99%, on top of its long-range target.

• For 2Q and YTD, large cap stocks have been profitable for RIEF whereas small and mid cap stocks have been detractors.

• Short stock selection was particularly painful in April when RIEF’s short book generated a -19.4% return versus that of the S&P 500 of +12.8%.

• The Fund’s market cap exposure is 68% large cap, 28% mid cap and 4% small cap. Large cap exposure increased meaningfully in 2Q, up from 54% as of 3/31/20.

• The allocation to value stocks/factors declined from 61% to 46% during 2Q 2020, while the allocation to growth stocks rose from 38% to 53% over the quarter.

• The Fund had 2,330 long positions and 1,148 short positions – totaling 3,478 holdings. This was a meaningful decrease in total securities, particularly in the short positions, for the quarter.

• The top 10 holdings account for 33% on the long side and -14% on the short side.

119 • RIEF portfolio positioning as of 6/30/20 is below.

120 IMPORTANT INFORMATION

Presentation. Neither the Manager nor the Fund shall have any

The information contained herein is given as of the date hereof liability, direct or indirect, as a result of errors in, omissions from and does not purport to give information as of any other date. or the use of this information by you or any of your

The content may differ slightly from the subject matter that has representatives. already been provided in previous instances. Performance information, unless otherwise stated, is net of underlying This material does not constitute an offer of investment advisory manager fees, gross of relevant CIR Feeder Fund Management, services to the general public or in any jurisdiction where such an

LLC (“CIR”) platform fees charged to intermediaries, and offer would be unlawful. This material does not constitute an assumes the reinvestment of dividends, interest and any other offer to sell or the solicitation of an offer to buy any security. Any distributions. such offering may be made only pursuant to the Fund’s private placement memorandum (“PPM”) and subscription agreement.

CIR is a wholly owned subsidiary of Conway Investment Recipients should consider the Fund’s investment objectives,

Research, LLC (“CIR LLC”), which provides customized risks, charges and expenses carefully before investing. The investment research and solutions to its clients including Multi- information contained in this material is not complete and does

Family Offices, Wealth Management Groups, Trust Companies, not contain certain material information about the funds and

Financial Planning Firms, Endowments and Foundations. their managers including important risk disclosures. Please have

your clients review any PPM carefully before investing. The information in these materials (the “Presentation”) relates to a fund (the “Fund”) generally available through the Conway This information is subject to change at any time, and CIR LLC is

Onshore Access Fund, LLC or the Conway Offshore Access Fund under no obligation to provide you with any updates or

Ltd. (the “Conway Access Funds”), which offer multiple series of amendments to this Presentation. The information contained in interests and shares, respectively, each of which corresponds to this Presentation is not complete and does not contain certain a third party investment fund (such as the Fund) managed by a material information about CIR LLC, the Conway Access Funds, third party investment adviser (each, a “Manager”). The the Fund or the other matters described herein. Presentation is prepared by CIR LLC, but all of the information contained in the Presentation generally has been obtained from PAST PERFORMANCE SHOULD NOT BE CONSIDERED outside sources. In particular, all of the information contained in INDICATIVE OF FUTURE RESULTS. Actual results will vary. the Presentation relating to the Fund or its Manager, including, The performance results contained herein are for informational without limitation, any description of the Fund’s or the Manager’s purposes only and are not meant to imply that an investment in historical performance, investment program or investment styles the Fund will produce results similar to the performance results or strategies, was obtained directly from materials prepared and contained herein. No assurance can be given that the investment provided by the Manager or based on conversations CIR LLC has objective described herein will be achieved and investment had with the Manager, or from other outside sources. CIR LLC results may vary substantially on a monthly, quarterly, annual or has not verified the accuracy, completeness or reliability of such other periodic basis. data or the rights of the Manager to use or market such data. All performance figures of the Fund presented herein are net of This information is unaudited and may be estimated as of the the Fund’s own management fees and expenses, but do not date specified. Further, nothing in the Presentation shall be include any fees paid by the Conway Access Funds to CIR, CIR deemed to suggest that the data, descriptions, analyses or LLC, and/or their affiliates. To the extent the performance information contained in the Presentation consist of all or the returns presented herein reflect the returns of a “master fund” or key, most relevant, necessary, most important, or sufficient data similar trading vehicle or similar class, rather than the entity in or information pertaining to the Manager or the Fund, for any which investors will invest directly, the returns have been purpose. CIR LLC does not assume liability for nor make any presented pro forma to include the deduction of fees and representation or warranty, express or implied, as to the expenses that would be borne by an investor in the Fund. accuracy, sufficiency, appropriateness, completeness, reliability Performance results assume the reinvestment of dividends, or any other aspect of the information contained in the interest and other earnings. Fees and expenses paid to CIR LLC Presentation or the omission of any information from the and/or its affiliates will reduce actual returns.

121 The Conway Access Funds are not registered as investment Benchmarks and financial indices are shown for illustrative companies in reliance on an exemption in Section 3(c)(7) of the purposes only, are not available for direct investment, are

Investment Company Act of 1940, as amended, and the interests unmanaged, assume reinvestment of income, do not reflect the in the Fund and each Conway Access Fund are not registered impact of any management, incentive or other fees and have under the Securities Act of 1933, as amended, or the securities limitations when used for comparison or other purposes because laws of any state. Neither the Fund nor the Conway Access Funds they may have different volatility or other material characteristics are subject to the same regulatory requirements as mutual (such as number and types of instruments) than the Fund. The funds, nor are they required to provide periodic pricing or benchmarks and financial indices are used herein as indicators of valuation information to investors. Each subscriber to a Conway market performance and for purposes of comparison. This

Access Fund must certify that the subscriber is a “qualified comparison should not be understood to mean that there will purchaser” as defined in Section 2(a)(51) of the Investment necessarily be a correlation between the return of any particular

Company Act of 1940. portfolio, manager or group of managers and these benchmarks

since the constitution and risks associated with each benchmark Investment in a Fund is speculative and not suitable for all or index may be significantly different. investors, nor does it constitute a complete investment program.

Investment in a Fund involves a high degree of risk, including Indices are unmanaged. Past performance of indices of asset risks inherent in an investment in securities, as well as specific classes does not represent actual returns or volatility of actual risks associated with the use of leverage, short sales, options, accounts or investment managers and should not be viewed as futures derivative instruments, investments in non-U.S. indicative of future results. The figures for the index reflect the securities, high yield bonds (junk bonds) and illiquid investments. reinvestment of dividends but do not reflect the deduction of fees

Performance can be volatile, and results may vary substantially or expenses which would reduce returns. Investors cannot invest over time. There can be no assurance that an investment direct in the indices. Investments made by the Fund may not be strategy will be successful; an investor could lose all or a restricted to the instruments comprising any one index and substantial amount of his or her investment. The Fund’s investors generally do not correspond to the investments reflected in such have a limited right to redeem or transfer interests in the Fund. indices.

In addition, interests in the Fund will not be listed on an Accordingly, no representation or warranty is made as to the exchange, and no secondary market for the Fund’s interests is sufficiency, relevance, importance, appropriateness, expected to develop. Any investor must be able to bear the risks completeness, or comprehensiveness of such comparison for any involved and must meet the suitability requirements relating to specific purpose. Information is presented without the effect of such investment. federal, state and local taxes, which may have an adverse impact

The Fund may involve complex tax structures and delays in on the results. distributing important tax information. Investors may incur tax ©2020 Conway Investment Research, LLC. All Rights Reserved. liabilities during a year in which they have not received a No part of this document may be reproduced, stored, or distribution of any cash from the Fund. transmitted by any means without the express written consent of

CIR LLC is not, and does not purport to be, an advisor as to legal, Conway Investment Research, LLC. All brands, company names, taxation, accounting or regulatory matters in any jurisdiction. and product names are trademarks or registered trademarks of

Nothing contained herein constitutes investment, legal, tax or their respective holder. other advice nor is it to be relied on in making an investment or other decision. Recipients should independently evaluate and judge the matters referred to in this material and are advised to consult their own advisors before any investment.

Index and Other Definitions

122 University of West Florida Harbert US RE Fund V LP As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Sep-17 $1,595,727.77 $0.00 $75,476.25 $1,671,204.02 Dec-17 $1,671,204.02 -$137,585.39 $56,863.63 $1,590,482.26 Mar-18 $1,590,482.26 $0.00 $42,326.05 $1,632,808.31 Jun-18 $1,632,808.31 -$137,339.30 $8,689.09 $1,504,158.10 Sep-18 $1,504,158.10 -$130,411.28 $52,347.46 $1,426,094.28 Dec-18 $1,426,094.28 -$75,966.79 -$11,551.49 $1,338,576.00 Mar-19 $1,338,576.00 -$39,310.11 $10,718.30 $1,309,984.19 Jun-19 $1,309,984.19 -$250,601.94 $30,463.57 $1,089,845.82 Sep-19 $1,089,845.82 -$61,259.89 -$14,739.64 $1,013,846.29 Dec-19 $1,013,846.29 -$263,869.10 $41,987.20 $791,964.39 Mar-20 $791,964.39 -$174,684.29 -$47,775.16 $569,504.94 Jun-20 $569,504.94 $0.00 $13,187.79 $582,692.73 XXXXX

Time and Money Weighted Returns Inception Harbert US RE Fund V LP Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 11/2/13 Time Weighted 2.32% -5.60% -1.68% 5.56% 11.13% 10.43% Money Weighted 2.32% -5.21% -0.89% 7.43% 13.56% 12.84% NCREIF Property Index -0.99% -0.29% 2.69% 5.44% 6.77% 9.70% 8.28%

Harbert US RE Fund V LP 2019 2018 2017 2016 2015 2014 Time Weighted 8.04% 6.32% 16.36% 14.48% 18.03% 7.31% Money Weighted 6.33% 6.33% 16.20% 14.34% 20.90% 7.22% NCREIF Property Index 6.42% 6.71% 6.98% 7.97% 13.33% 11.81%

Prepared by The Atlanta Consulting Group 123 University of West Florida Harbert US RE Fund VI LP As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Dec-17 -- $1,425,087.59 $27,407.92 $1,452,495.51 Mar-18 $1,452,495.51 $122,708.84 $59,803.74 $1,635,008.09 Jun-18 $1,635,008.09 $0.00 $28,404.11 $1,663,412.20 Sep-18 $1,663,412.20 $128,016.67 $99,311.82 $1,890,740.69 Dec-18 $1,890,740.69 -$83,666.18 $64,238.12 $1,871,312.63 Mar-19 $1,871,312.63 -$35,005.29 $13,689.83 $1,849,997.17 Jun-19 $1,849,997.17 $145,935.08 $41,594.72 $2,037,526.97 Sep-19 $2,037,526.97 -$69,589.87 $91,319.32 $2,059,256.42 Dec-19 $2,059,256.42 $67,499.54 $94,751.20 $2,221,507.16 Mar-20 $2,221,507.16 -$48,073.92 $676.49 $2,174,109.73 Jun-20 $2,174,109.73 -$67,210.15 $32,357.62 $2,139,257.20 XXXXX

Time and Money Weighted Returns Since Harbert US RE Fund VI LP Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 11/30/17 Time Weighted 1.54% 1.57% 11.00% 12.10% Money Weighted 1.53% 1.54% 10.96% 12.13% NCREIF Property Index -0.99% -0.29% 2.69% 5.44% 6.77% 9.70% 5.66%

Harbert US RE Fund VI LP 2019 2018 2017 2016 2015 2014 Time Weighted 12.39% 15.31% Money Weighted 12.50% 15.61% NCREIF Property Index 6.42% 6.71% 6.98% 7.97% 13.33% 11.81%

Prepared by The Atlanta Consulting Group 124 University of West Florida Harbert US RE Fund IV LP As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Sep-17 $81,486.47 $0.00 $5,934.44 $87,420.91 Dec-17 $87,420.91 $0.00 -$5,445.34 $81,975.57 Mar-18 $81,975.57 -$48,435.18 $10,096.95 $43,637.34 Jun-18 $43,637.34 $0.00 -$4,433.18 $39,204.16 Sep-18 $39,204.16 $0.00 $13,134.12 $52,338.28 Dec-18 $52,338.28 $0.00 -$4,615.24 $47,723.04 Mar-19 $47,723.04 $0.00 -$5,656.04 $42,067.00 Jun-19 $42,067.00 $0.00 -$429.97 $41,637.03 Sep-19 $41,637.03 $0.00 $3,754.16 $45,391.19 Dec-19 $45,391.19 $0.00 $1,391.84 $46,783.03 Mar-20 $46,783.03 -$44,113.27 $147.45 $2,817.21 Jun-20 $2,817.21 $0.00 -$10.51 $2,806.70 XXXXX

Time and Money Weighted Returns Inception Harbert US RE Fund IV LP Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 12/31/08 Time Weighted -0.37% 5.13% 18.12% 13.84% 18.52% 23.22% 18.64% Money Weighted -0.37% 1.37% 21.62% 11.06% 29.06% 24.55% 20.20% NCREIF Property Index -0.99% -0.29% 2.69% 5.44% 6.77% 9.70% 7.03%

Harbert US RE Fund IV LP 2019 2018 2017 2016 2015 2014 Time Weighted -1.97% 42.29% 7.05% 12.01% 66.73% 19.64% Money Weighted -1.97% 40.41% 8.14% 9.84% 54.71% 18.67% NCREIF Property Index 6.42% 6.71% 6.98% 7.97% 13.33% 11.81%

Prepared by The Atlanta Consulting Group 125 University of West Florida Portfolio Advisors PE Offshore V As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Sep-17 $475,977.00 -$28,229.00 $19,646.00 $467,394.00 Dec-17 $467,394.00 -$38,052.00 $35,784.00 $465,126.00 Mar-18 $465,126.00 -$40,462.00 -$19,976.00 $404,688.00 Jun-18 $404,688.00 -$33,551.00 $26,239.00 $397,376.00 Sep-18 $397,376.00 -$43,863.00 $25,504.00 $379,017.00 Dec-18 $379,017.00 -$36,247.00 $12,480.00 $355,250.00 Mar-19 $355,250.00 -$36,283.00 -$2,310.00 $316,657.00 Jun-19 $316,657.00 -$21,430.00 -$7,235.00 $287,992.00 Sep-19 $287,992.00 -$24,222.00 $5,809.00 $269,579.00 Dec-19 $269,579.00 -$13,147.00 $2,013.00 $258,445.00 Mar-20 $258,445.00 $0.00 -$9,002.00 $249,443.00 Jun-20 $249,443.00 -$24,516.00 $0.00 $224,927.00 XXXXX

Time and Money Weighted Returns Inception Portfolio Advisors PE Offshore V Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 12/31/08 Time Weighted 0.00% -3.48% -0.77% 6.96% 7.37% 9.25% 6.90% Money Weighted 0.00% -3.49% -0.45% 9.20% 9.59% 11.55% 3.67% Cambridge Assoc. U.S. PE Index 0.00% 0.00% 5.19% 11.19% 10.75% 13.27% 13.24%

Portfolio Advisors PE Offshore V 2019 2018 2017 2016 2015 2014 Time Weighted -0.23% 12.72% 16.74% 5.28% 6.55% 7.41% Money Weighted -0.56% 11.12% 15.28% 8.44% 8.63% 9.42% Cambridge Assoc. U.S. PE Index 14.04% 10.29% 17.87% 13.31% 5.79% 11.41%

Prepared by The Atlanta Consulting Group 126 University of West Florida Portfolio Advisors PE VII As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Sep-17 $715,065.00 -$8,153.00 $37,392.00 $744,304.00 Dec-17 $744,304.00 -$45,840.00 $73,162.00 $771,626.00 Mar-18 $771,626.00 -$27,915.00 -$47,590.00 $696,121.00 Jun-18 $696,121.00 -$34,891.00 $76,923.00 $738,153.00 Sep-18 $738,153.00 -$27,303.00 $46,170.00 $757,020.00 Dec-18 $757,020.00 -$66,801.00 $57,164.00 $747,383.00 Mar-19 $747,383.00 -$21,918.00 -$13,045.00 $712,420.00 Jun-19 $712,420.00 -$38,160.00 $46,114.00 $720,374.00 Sep-19 $720,374.00 -$24,452.00 $83,226.00 $779,148.00 Dec-19 $779,148.00 -$31,764.00 $74,408.00 $821,792.00 Mar-20 $821,792.00 -$54,764.00 -$69,235.00 $697,793.00 Jun-20 $697,793.00 -$50,830.00 $0.00 $646,963.00 XXXXX

Time and Money Weighted Returns Since Portfolio Advisors PE VII Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 4/30/13 Time Weighted 0.00% -9.03% 11.99% 17.90% 14.30% 13.43% Money Weighted 0.00% -9.18% 13.70% 18.83% 15.17% 14.51% Cambridge Assoc. U.S. PE Index 0.00% 0.00% 5.19% 11.19% 10.75% 13.27% 12.15%

Portfolio Advisors PE VII 2019 2018 2017 2016 2015 2014 Time Weighted 29.16% 20.04% 20.85% 6.04% 8.01% 10.65% Money Weighted 27.72% 18.53% 20.21% 10.12% 10.49% 12.63% Cambridge Assoc. U.S. PE Index 14.04% 10.29% 17.87% 13.31% 5.79% 11.41%

Prepared by The Atlanta Consulting Group 127 University of West Florida Portfolio Advisors PE Offshore X As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Dec-19 $0.00 $1,054,609.00 $62,820.00 $1,117,429.00 Mar-20 $1,117,429.00 $29,717.00 -$21,063.00 $1,126,083.00 Jun-20 $1,126,083.00 $84,470.00 $0.00 $1,210,553.00 XXXXX

Time and Money Weighted Returns Inception Portfolio Advisors PE Offshore X Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 10/31/19 Time Weighted 0.00% -1.84% 3.56% Money Weighted 0.00% -1.82% 4.01% Cambridge Assoc. U.S. PE Index 0.00% 0.00% 5.19% 11.19% 10.75% 13.27% 2.54%

Portfolio Advisors PE Offshore X 2019 2018 2017 2016 2015 2014 Time Weighted Money Weighted Cambridge Assoc. U.S. PE Index 14.04% 10.29% 17.87% 13.31% 5.79% 11.41%

Prepared by The Atlanta Consulting Group 128 University of West Florida Portfolio Advisors Secondary Fund III, L.P. As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Sep-17 -- $245,749.00 $109,238.00 $354,987.00 Dec-17 $354,987.00 -$18,748.00 -$12,770.00 $323,469.00 Mar-18 $323,469.00 $82,909.00 -$21,193.00 $385,185.00 Jun-18 $385,185.00 $0.00 $49,184.00 $434,369.00 Sep-18 $434,369.00 $171,613.00 $43,428.00 $649,410.00 Dec-18 $649,410.00 $183,184.00 $48,093.00 $880,687.00 Mar-19 $880,687.00 $93,598.00 -$4,466.00 $969,819.00 Jun-19 $969,819.00 $0.00 $35,455.00 $1,005,274.00 Sep-19 $1,005,274.00 $188,532.00 $15,430.00 $1,209,236.00 Dec-19 $1,209,236.00 $0.00 $106,023.00 $1,315,259.00 Mar-20 $1,315,259.00 $84,065.00 -$75,101.00 $1,324,223.00 Jun-20 $1,324,223.00 $0.00 $0.00 $1,324,223.00 XXXXX

Time and Money Weighted Returns Since Portfolio Advisors Secondary Fund III, L.P. Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 8/31/17 Time Weighted 0.00% -5.69% 4.11% 24.12% Money Weighted 0.00% -5.53% 3.95% 15.90% Cambridge Assoc. U.S. PE Index 0.00% 0.00% 5.19% 11.19% 10.75% 13.27% 10.87%

Portfolio Advisors Secondary Fund III, L.P. 2019 2018 2017 2016 2015 2014 Time Weighted 13.85% 23.84% Money Weighted 15.27% 27.95% Cambridge Assoc. U.S. PE Index 14.04% 10.29% 17.87% 13.31% 5.79% 11.41%

Prepared by The Atlanta Consulting Group 129 University of West Florida StepStone Pioneer Capital III, L.P. As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Sep-17 $948,854.00 $0.00 $22,519.00 $971,373.00 Dec-17 $971,373.00 -$109,562.00 $29,694.00 $891,505.00 Mar-18 $891,505.00 $0.00 $66,096.00 $957,601.00 Jun-18 $957,601.00 -$24,814.00 $52,523.00 $985,310.00 Sep-18 $985,310.00 -$254,509.00 $33,039.00 $763,840.00 Dec-18 $763,840.00 -$113,056.00 -$21,828.00 $628,956.00 Mar-19 $628,956.00 $0.00 $6,277.00 $635,233.00 Jun-19 $635,233.00 $0.00 $1,955.00 $637,188.00 Sep-19 $637,188.00 -$46,940.00 $2,506.00 $592,754.00 Dec-19 $592,754.00 $0.00 $503.00 $593,257.00 Mar-20 $593,257.00 $0.00 -$52,478.00 $540,779.00 Jun-20 $540,779.00 -$38,572.00 $0.00 $502,207.00 XXXXX

Time and Money Weighted Returns Since StepStone Pioneer Capital III, L.P. Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 12/31/09 Time Weighted 0.00% -8.85% -8.38% 3.90% 4.67% 12.41% 12.78% Money Weighted 0.00% -9.14% -8.38% 7.06% 6.51% 12.89% 12.25% Cambridge Assoc. U.S. PE Index 0.00% 0.00% 5.19% 11.19% 10.75% 13.27% 13.25%

StepStone Pioneer Capital III, L.P. 2019 2018 2017 2016 2015 2014 Time Weighted 1.82% 14.22% 7.55% 3.67% 8.70% 20.14% Money Weighted 1.83% 16.42% 7.28% 3.63% 14.67% 20.33% Cambridge Assoc. U.S. PE Index 14.04% 10.29% 17.87% 13.31% 5.79% 11.41%

Prepared by The Atlanta Consulting Group 130 University of West Florida Portfolio Advisors Direct Credit II As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Sep-17 $268,831.00 $22,893.00 $6,019.00 $297,743.00 Dec-17 $297,743.00 -$8,143.00 $8,429.00 $298,029.00 Mar-18 $298,029.00 -$4,765.00 $9,393.00 $302,657.00 Jun-18 $302,657.00 $61,949.00 $6,811.00 $371,417.00 Sep-18 $371,417.00 -$10,033.00 $52,657.00 $414,041.00 Dec-18 $414,041.00 $58,702.00 $10,018.00 $482,761.00 Mar-19 $482,761.00 $67,534.00 $21,184.00 $571,479.00 Jun-19 $571,479.00 $100,856.00 $15,004.00 $687,339.00 Sep-19 $687,339.00 -$21,469.00 $18,988.00 $684,858.00 Dec-19 $684,858.00 $22,049.00 $13,378.00 $720,285.00 Mar-20 $720,285.00 -$16,367.00 $4,910.00 $708,828.00 Jun-20 $708,828.00 $13,658.00 $21,600.00 $744,086.00 XXXXX

Time and Money Weighted Returns Since Portfolio Advisors Direct Credit II Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 10/31/16 Time Weighted 2.99% 3.71% 8.77% 14.29% 12.89% Money Weighted 3.03% 3.75% 8.79% 13.76% 13.31% Cliffwater Direct Lending Index 0.00% 0.00% 1.77% 6.34% 7.03% 9.40% 7.15%

Portfolio Advisors Direct Credit II 2019 2018 2017 2016 2015 2014 Time Weighted 11.59% 22.91% 9.66% Money Weighted 11.90% 23.15% 8.20% Cliffwater Direct Lending Index 6.95% 8.07% 8.62% 11.24% 5.54% 9.57%

Prepared by The Atlanta Consulting Group 131 University of West Florida Golub Capital Partners Intl 12 LP As of June 30, 2020

Cash Flows 3 Years Ending 6/30/20 Quarter Beginning Net Investment Ending Net Cash Flow Ending Market Value Change Market Value _ Dec-18 -- $200,000.00 $0.00 $200,000.00 Mar-19 $200,000.00 -$8,522.00 $8,522.00 $200,000.00 Jun-19 $200,000.00 $194,742.00 $5,258.00 $400,000.00 Sep-19 $400,000.00 -$10,806.00 $10,806.00 $400,000.00 Dec-19 $400,000.00 $189,186.00 $10,814.00 $600,000.00 Mar-20 $600,000.00 $0.00 -$40,176.00 $559,824.00 Jun-20 $559,824.00 $300,000.00 $0.00 $859,824.00 XXXXX

Time and Money Weighted Returns Inception Golub Capital Partners Intl 12 LP Q2-20 YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs 12/31/18 Time Weighted 0.00% -6.70% -2.44% 2.58% Money Weighted 0.00% -5.57% -3.24% -0.73% Cliffwater Direct Lending Index 0.00% 0.00% 1.77% 6.34% 7.03% 9.40% 4.58%

Golub Capital Partners Intl 12 LP 2019 2018 2017 2016 2015 2014 Time Weighted 11.34% Money Weighted 11.30% Cliffwater Direct Lending Index 6.95% 8.07% 8.62% 11.24% 5.54% 9.57%

Prepared by The Atlanta Consulting Group 132 University of West Florida PIMCO Short-Term Instl As of June 30, 2020 Description: Universe Name: Ultrashort Bond MStar MF The investment seeks maximum current income, consistent with preservation of capital and daily liquidity. # of Observations: 70 (6/30/2020) The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Fund Information as of 3/31/20 Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private- Fund Name PIMCO SHORT-TERM INSTL sector entities. Ticker PTSHX Morningstar Category Ultrashort Bond Benchmark FTSE T-Bill 3 Months TR Expense Ratio 0.50% Fund Assets ($mm) 7,808.86 Share Class Inception Date 10/7/1987 Manager Tenure 10 Fund Characteristics as of 3/31/20 Sharpe Ratio (3 Year) -0.19 Average Duration 0.26 Average Coupon 2.73% Average Effective Maturity 0.08 R-Squared (3 Year) 0.00 Alpha (3 Year) 0.06% Beta (3 Year) 0.36

QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Top Countries as of 3/31/20 Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) United States 51.41% _ PIMCO Short-Term Instl 3.88 18 1.70 3 2.87 3 2.35 21 2.23 8 1.89 13 Canada 16.74% United Kingdom 9.14% FTSE T-Bill 3 Months TR 0.14 99 0.52 71 1.56 81 1.73 91 1.15 99 0.61 99 Japan 6.69% Over/Under 3.74 1.18 1.31 0.62 1.08 1.28 Germany 2.51% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Ireland 2.27% _ Mexico 1.67% PIMCO Short-Term Instl 2.73 1.51 2.43 2.57 1.37 0.97 0.84 3.44 0.35 1.93 Cayman Islands 1.44% FTSE T-Bill 3 Months TR 2.26 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 Qatar 1.38% Over/Under 0.47 -0.35 1.59 2.30 1.34 0.94 0.79 3.37 0.27 1.80 Netherlands 1.21%

5 Years Statistics Summary Fixed Income Sectors as of 3/31/20 GOVERNMENT 13.47% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.48% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 30.62% Anlzd _ SECURITIZED 22.12% PIMCO Short-Term Instl 1.96% 2.92% -0.61 193.35% -- 0.58 1.99% 0.54 CASH & EQUIVALENTS 26.96% FTSE T-Bill 3 Months TR 0.25% 0.00% 1.00 100.00% -- 0.27 0.00% -- DERIVATIVE 6.34%

Prepared by The Atlanta Consulting Group 133 University of West Florida Foundation As of June 30, 2020

Investment Expense Analysis As Of 6/30/20 Median Expense Difference Fund v. Name Market Value % of Portfolio Expense Ratio Estimated Expense Universe Ratio Median Eagle Capital Management $10,588,204 11.2% 0.87% $92,117 0.73% 0.14% Large Cap MStar MF Vanguard 500 Index Admiral $11,702,892 12.4% 0.04% $4,681 0.73% -0.69% Large Cap MStar MF Conestoga Small Cap Investors $5,455,932 5.8% 1.10% $60,015 0.98% 0.12% Small Cap MStar MF Fuller & Thaler Behav Sm-Cp Eq Inst $4,589,944 4.9% 0.82% $37,638 0.98% -0.16% Small Cap MStar MF Dodge & Cox International Stock $5,728,963 6.1% 0.63% $36,092 0.82% -0.19% Foreign Large Blend MStar MF WCM Focused International Growth Instl $7,971,447 8.5% 1.03% $82,106 0.82% 0.21% Foreign Large Blend MStar MF T. Rowe Price International Discovery $6,841,939 7.3% 1.20% $82,103 1.09% 0.11% Foreign Small/Mid Blend Mstar MF DFA Emerging Markets Core Equity I $5,041,749 5.3% 0.48% $24,200 1.11% -0.63% Diversified Emerging Mkts MStar MF Barrow Hanley $6,192,550 6.6% 0.38% $23,222 0.45% -0.08% Intermediate Core Bond MStar MF Templeton Global Bond Fund $2,608,090 2.8% 0.67% $17,474 0.69% -0.02% World Bond MStar MF Chartwell Short Duration High Yield $2,927,384 3.1% 0.49% $14,344 0.72% -0.23% High Yield Bond MStar MF Tortoise MLP & Pipeline Instl $2,863,057 3.0% 0.93% $26,626 1.21% -0.28% Energy Limited Partnership Mstar MF Ironwood International Ltd. $3,776,022 4.0% 1.00% $37,760 Canyon Balanced Fund, Ltd. $2,173,222 2.3% Renaissance RIEF $1,997,891 2.1% Harbert US RE Fund V LP $582,693 0.6% 1.50% $8,740 Harbert US RE Fund VI LP $2,139,257 2.3% 1.50% $32,089 Harbert US RE Fund IV LP $2,807 0.0% 1.50% $42 Portfolio Advisors PE Offshore V $224,927 0.2% 0.88% $1,968 Portfolio Advisors PE VII $646,963 0.7% 0.88% $5,661 Portfolio Advisors PE Offshore X $1,210,553 1.3% 0.50% $6,053 Portfolio Advisors Secondary Fund III, L.P. $1,324,223 1.4% 0.85% $11,256 StepStone Pioneer Capital III, L.P. $502,207 0.5% 1.00% $5,022 Portfolio Advisors Direct Credit II $744,086 0.8% 1.50% $11,161 Golub Capital Partners Intl 12 LP $859,824 0.9% 1.00% $8,598 PIMCO Short-Term Instl $5,388,104 5.7% 0.55% $29,635 0.36% 0.19% Ultrashort Bond MStar MF Cash $37,503 0.0% Synovus Bank (Operating) $198,151 0.2% Total $94,320,584 100.0% 0.70% $658,606 XXXXX

Prepared by The Atlanta Consulting Group 134 University of West Florida Foundation

Asset Allocation Study 2020

Inputs Summary Correlation Asset Class 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Arithmetic Geometric Standard 1 Large Cap Equity 1.00 Mean Mean Deviation 2 Small Cap Equity 0.89 1.00 Large Cap Equity 5.97 4.82 14.90 Small Cap Equity 6.65 4.76 19.11 3 International Equity 0.74 0.69 1.00 International Equity 6.82 5.36 16.87 4 Intl Small Cap Equity 0.73 0.76 0.84 1.00 Intl Small Cap Equity 7.05 5.48 17.56 5 Emerging Markets Equity 0.65 0.70 0.67 0.79 1.00 Emerging Markets Equity 8.89 6.32 22.76 6 MLPs 0.61 0.59 0.67 0.74 0.69 1.00 MLPs 4.70 4.20 9.76 7 Core Plus Fixed Income 0.11 0.04 0.08 -0.15 -0.14 0.05 1.00 Core Plus Fixed Income 3.03 2.87 5.38 8 Short Duration High Yield 0.46 0.46 0.46 0.53 0.54 0.55 0.01 1.00 Short Duration High Yield 4.02 3.83 6.02 9 Global Fixed Income -0.07 -0.16 0.23 0.04 -0.08 0.15 0.64 -0.11 1.00 Global Fixed Income 4.17 3.86 7.68 10 Short Duration Fixed Income 0.07 0.04 0.07 -0.17 -0.12 -0.01 0.88 0.01 0.59 1.00 Short Duration Fixed Income 2.52 2.49 2.32 11 Cash 0.03 0.01 0.02 -0.08 0.03 0.10 0.18 -0.04 0.18 0.48 1.00 Cash 2.02 2.01 0.98 12 Private Equity 0.05 -0.02 0.08 0.16 -0.06 0.19 -0.13 -0.24 -0.03 -0.14 0.08 1.00 Private Equity 9.18 6.67 22.37 13 Private Credit 0.60 0.59 0.52 0.59 0.55 0.68 -0.22 0.58 -0.32 -0.28 -0.01 0.28 1.00 Private Credit 7.04 6.30 11.99 14 Private Real Estate 0.09 0.06 0.11 0.09 -0.03 0.22 -0.12 -0.18 -0.07 -0.08 0.27 0.41 0.36 1.00 Private Real Estate 7.25 6.10 15.02 Fund of Hedge Funds 3.90 3.72 5.76 15 Fund of Hedge Funds 0.65 0.68 0.65 0.77 0.73 0.66 -0.25 0.44 -0.25 -0.20 0.16 0.18 0.71 0.19 1.00 Hedge Fund - Distressed Credit 4.05 3.83 6.36 16 Hedge Fund - Distressed Credit 0.60 0.69 0.55 0.71 0.67 0.68 -0.15 0.63 -0.15 -0.08 0.13 0.17 0.76 0.02 0.77 1.00 Hedge Fund - Long / Short Equity 4.35 3.93 8.92 17 Hedge Fund - Long / Short Equity 0.77 0.78 0.74 0.86 0.77 0.70 -0.23 0.50 -0.17 -0.16 0.18 0.15 0.67 0.15 0.89 0.74 1.00 Composition Q2 2020 Target Allocation Allocation Large Cap Equity 23.63 22.50 Small Cap Equity 10.65 10.00 International Equity 14.53 15.00 Intl Small Cap Equity 7.25 7.50 Emerging Markets Equity 5.35 5.00 MLPs 3.04 0.00 Core Plus Fixed Income 6.57 6.25 Short Duration High Yield 3.10 3.13 Global Fixed Income 2.77 3.13 Short Duration Fixed Income 5.71 2.50 Cash 0.25 0.00 Private Equity 4.14 7.50 Private Credit 1.70 5.00 Private Real Estate 2.89 7.50 Fund of Hedge Funds 4.00 5.00 Hedge Fund - Distressed Credit 2.30 0.00 Hedge Fund - Long / Short Equity 2.12 0.00

Q2 2020 Target Allocation Allocation Arithmetic Mean 5.88 6.29 Geometric Mean 5.31 5.74 Standard Deviation 10.43 10.33 Sharpe Ratio 0.56 0.61

Source: Morningstar Direct 135 University of West Florida Foundation

Asset Allocation Study 2020

Risk/Return 10.0 9.5 Q2 2020 Allocation 9.0 Target Allocation 8.5 Large Cap Equity 8.0 Small Cap Equity 7.5 International Equity 7.0 Intl Small Cap Equity 6.5 Emerging Markets Equity 6.0 MLPs Core Plus Fixed Income 5.5 Short Duration High Yield

Arithmetic Mean 5.0 Global Fixed Income 4.5 Short Duration Fixed Income 4.0 Cash 3.5 Private Equity 3.0 Private Credit 2.5 Private Real Estate 2.0 Fund of Hedge Funds 1.5 Hedge Fund - Distressed Credit 1.0 -2.5 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 Hedge Fund - Long / Short Equity

Risk: Standard Deviation

Q2 2020 Target Allocation Allocation Arithmetic Mean 5.88 6.29 Geometric Mean 5.31 5.74 Standard Deviation 10.43 10.33 Sharpe Ratio 0.56 0.61

Source: Morningstar Direct 136 University of West Florida Foundation

Asset Allocation Study 2020

Risk/Return UWF Foundation AA 2020 7.5 Q2 2020 Allocation Target Allocation

7.0

6.5

Arithmetic Mean 6.0

5.5

5.0 10.0 10.3 10.5 10.8 Risk: Standard Deviation

Q2 2020 Target Allocation Allocation Arithmetic Mean 5.88 6.29 Geometric Mean 5.31 5.74 Standard Deviation 10.43 10.33 Sharpe Ratio 0.56 0.61

Source: Morningstar Direct 137 University of West Florida Foundation

Asset Allocation Study 2020 Definitions

Arithmetic Return: A calculation of which is commonly used to determine the performance results of an investment or portfolio before the effects of volatility. The calculation is a simple average.

Geometric Return: A calculation of which is commonly used to determine the performance results of an investment or portfolio after the effects of volatility. The calculation is primarily used for investments that are compounded.

Sharpe Ratio: A risk-adjusted measure of return which uses standard deviation to represent risk. It is calculated using annualized return in excess of return of the cash equivalent divided by the annualized standard deviation of the portfolio or benchmark. The higher the Sharpe ratio, the better the funds risk-adjusted performance.

Standard Deviation: A statistical measure of risk reflecting the total volatility (risk) of the portfolio or benchmark. It measures the extent to which the returns for a portfolio have varied from period to period and represents the dispersion of the periodic returns around the average return.

Strategic long term asset class assumptions are hypothetical indications of a broad range of possible returns and are subject to a high degree of uncertainty surrounding how the asset class will actually perform in the future. Expected returns are estimates of hypothetical average returns of asset classes derived from Black Litterman and other statistical models and are based on a ten year time horizon. Assumptions are provided for illustrative purposes only, and are not intended as a recommendation to invest in any particular asset class or as a promise of future performance. Note: Arithmetic return is simply the sum of the all of the returns divided by the number of periods. The geometric return is calculated as a product of the series of returns. The geometric return is less than the arithmetic mean due to the effects of volatility (commonly referred to as “risk drag”).

Source: Morningstar Direct 138 University of West Florida Foundation: Portfolio Recommendations August 2020

309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com 139 EXECUTIVE SUMMARY

• Add the corresponding style benchmarks as a secondary benchmark for the International Equity strategies

o WCM Focused International Growth has a growth bias while Dodge & Cox International has a value bias

• Terminate DFA Emerging Markets Core Equity for continued underperformance

o Use proceeds to invest in Baillie Gifford Emerging Markets or Schroders Emerging Markets. See Morningstar analysis for further details on the two strategies.

Source: ACG

140 APPENDIX

141 Trailing Returns As of Date: 6/30/2020 Peer Group: Open End Funds - U.S. - Foreign Large Blend Peer Peer Peer Peer Peer Peer YTD group 1 Year group 3 Years group 5 Years group 7 Years group 10 Years group percentile percentile percentile percentile percentile percentile

Dodge & Cox International Stock -18.44 97 -11.28 96 -3.85 97 -1.22 98 2.29 88 4.82 78

MSCI ACWI Ex USA Value NR USD -19.43 98 -15.26 98 -3.95 97 -1.25 98 0.94 98 2.79 97

WCM Focused Intl Growth I 4.55 1 13.94 1 12.84 1 11.52 1 11.12 1 11.36 1

MSCI ACWI Ex USA Growth NR USD -2.62 2 5.80 4 6.07 1 5.61 1 6.32 2 7.04 7

50% WCM Intl 50% Dodge & Cox Intl -6.95 17 1.32 12 4.54 4 5.28 3 6.85 1 8.23 3

MSCI ACWI Ex USA NR USD -11.00 60 -4.80 58 1.13 33 2.26 33 3.71 49 4.97 73

Calendar Year Returns

YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

Dodge & Cox International Stock -18.44 22.78 -17.98 23.94 8.26 -11.35 0.08 26.31 21.03 -15.97 13.69

MSCI ACWI Ex USA Value NR USD -19.43 15.71 -13.97 22.66 8.92 -10.06 -5.10 15.04 16.97 -13.20 7.84

WCM Focused Intl Growth I 4.55 35.18 -7.30 31.24 0.67 5.79 -0.30 21.72 12.47 -5.90 23.90

MSCI ACWI Ex USA Growth NR USD -2.62 27.34 -14.43 32.01 0.12 -1.25 -2.65 15.49 16.67 -14.21 14.45

50% WCM Intl 50% Dodge & Cox Intl -6.95 28.98 -12.64 27.59 4.46 -2.78 -0.11 24.02 16.75 -10.93 18.79

MSCI ACWI Ex USA NR USD -11.00 21.51 -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15

142 Source: Morningstar Direct Three Year Risk-Reward Five Year Risk-Reward Time Period: 7/1/2017 to 6/30/2020 Time Period: 7/1/2015 to 6/30/2020 17.0 Dodge & Cox International Stock 15.0 Dodge & Cox International Stock MSCI ACWI Ex USA Value NR USD MSCI ACWI Ex USA Value NR USD

13.0 WCM Focused Intl Growth I 12.0 WCM Focused Intl Growth I MSCI ACWI Ex USA Growth NR USD MSCI ACWI Ex USA Growth NR USD

9.0 50% WCM Intl 50% Dodge & Cox Intl 9.0 50% WCM Intl 50% Dodge & Cox Intl MSCI ACWI Ex USA NR USD MSCI ACWI Ex USA NR USD

5.0 6.0

1.0 3.0

-3.0 0.0

-7.0 -3.0 Return Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0

Std Dev Std Dev

Three Year Risk Five Year Risk Time Period: 7/1/2017 to 6/30/2020 Time Period: 7/1/2015 to 6/30/2020 Loss Loss Sharpe Sharpe Return Std Dev Std Beta Alpha R2 Return Std Dev Std Beta Alpha R2 Ratio Ratio Dev Dev

Dodge & Cox International Stock -3.85 19.80 16.38 1.21 -4.46 94.64 -0.28 Dodge & Cox International Stock -1.22 18.38 14.37 1.20 -3.28 93.34 -0.13

MSCI ACWI Ex USA Value NR USD -3.95 17.46 14.93 1.08 -4.92 96.68 -0.32 MSCI ACWI Ex USA Value NR USD -1.25 16.13 12.90 1.07 -3.42 96.22 -0.15

WCM Focused Intl Growth I 12.84 15.19 14.09 0.86 10.99 80.98 0.72 WCM Focused Intl Growth I 11.52 13.99 11.61 0.83 8.94 78.50 0.73

MSCI ACWI Ex USA Growth NR USD 6.07 15.07 12.10 0.93 4.68 96.07 0.29 MSCI ACWI Ex USA Growth NR USD 5.61 14.25 10.56 0.94 3.27 95.53 0.31

50% WCM Intl 50% Dodge & Cox Intl 4.54 16.76 14.89 1.03 3.44 95.86 0.17 50% WCM Intl 50% Dodge & Cox Intl 5.28 15.38 12.77 1.01 2.98 95.29 0.26

MSCI ACWI Ex USA NR USD 1.13 15.94 12.88 1.00 0.00 100.00 -0.03 MSCI ACWI Ex USA NR USD 2.26 14.85 11.26 1.00 0.00 100.00 0.07

143 Source: Morningstar Direct Seven Year Risk-Reward Ten Year Risk-Reward Time Period: 7/1/2013 to 6/30/2020 Time Period: 7/1/2010 to 6/30/2020 14.0 Dodge & Cox International Stock 14.0 Dodge & Cox International Stock MSCI ACWI Ex USA Value NR USD MSCI ACWI Ex USA Value NR USD WCM Focused Intl Growth I 12.0 WCM Focused Intl Growth I 11.0 MSCI ACWI Ex USA Growth NR USD MSCI ACWI Ex USA Growth NR USD 10.0 50% WCM Intl 50% Dodge & Cox Intl 50% WCM Intl 50% Dodge & Cox Intl 8.0 MSCI ACWI Ex USA NR USD 8.0 MSCI ACWI Ex USA NR USD

6.0 5.0

4.0

2.0 2.0

-1.0 0.0 Return Return 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0

Std Dev Std Dev

Seven Year Risk Ten Year Risk Time Period: 7/1/2013 to 6/30/2020 Time Period: 7/1/2010 to 6/30/2020 Loss Loss Sharpe Sharpe Return Std Dev Std Beta Alpha R2 Return Std Dev Std Beta Alpha R2 Ratio Ratio Dev Dev

Dodge & Cox International Stock 2.29 16.81 12.95 1.17 -1.54 92.86 0.09 Dodge & Cox International Stock 4.82 17.57 12.69 1.12 -0.38 93.80 0.24

MSCI ACWI Ex USA Value NR USD 0.94 15.00 11.59 1.07 -2.77 96.60 0.01 MSCI ACWI Ex USA Value NR USD 2.79 16.17 11.45 1.05 -2.21 97.29 0.13

WCM Focused Intl Growth I 11.12 13.14 9.99 0.85 7.42 79.62 0.78 WCM Focused Intl Growth I 11.36 13.92 10.69 0.83 6.69 81.77 0.77

MSCI ACWI Ex USA Growth NR USD 6.32 13.21 9.50 0.94 2.65 95.93 0.41 MSCI ACWI Ex USA Growth NR USD 7.04 14.74 10.75 0.95 2.13 96.96 0.43

50% WCM Intl 50% Dodge & Cox Intl 6.85 14.27 11.23 1.01 3.05 95.05 0.42 50% WCM Intl 50% Dodge & Cox Intl 8.23 15.14 11.38 0.97 3.23 94.98 0.50

MSCI ACWI Ex USA NR USD 3.71 13.82 10.16 1.00 0.00 100.00 0.21 MSCI ACWI Ex USA NR USD 4.97 15.21 10.79 1.00 0.00 100.00 0.28

144 Source: Morningstar Direct Three Year Excess Returns Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Rolling Window: 3 Years 1 Month shift

15.0

12.5

10.0

7.5

5.0

2.5

0.0

-2.5

-5.0

-7.5

Excess Return (geo) MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Dodge & Cox International Stock MSCI ACWI Ex USA Value NR USD WCM Focused Intl Growth I MSCI ACWI Ex USA Growth NR USD 50% WCM Intl 50% Dodge & Cox Intl MSCI ACWI Ex USA NR USD

Performance Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Annualized Cumulative Annualized Cumulative Std Dev Excess Excess Return Return Return Return Dodge & Cox International Stock 4.14 87.40 19.57 -0.16 -4.43 MSCI ACWI Ex USA Value NR USD 2.82 53.89 18.23 -1.47 -37.94 WCM Focused Intl Growth I 10.91 397.98 14.40 6.62 306.15 MSCI ACWI Ex USA Growth NR USD 5.66 134.90 16.99 1.37 43.07 50% WCM Intl 50% Dodge & Cox Intl 7.65 213.58 16.40 3.36 121.74 MSCI ACWI Ex USA NR USD 4.29 91.84 17.40 0.00 0.00 145 Source: Morningstar Direct Five Year Excess Returns Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Rolling Window: 5 Years 1 Month shift

12.0

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

Excess Return (geo) MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJ 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Dodge & Cox International Stock MSCI ACWI Ex USA Value NR USD WCM Focused Intl Growth I MSCI ACWI Ex USA Growth NR USD 50% WCM Intl 50% Dodge & Cox Intl MSCI ACWI Ex USA NR USD

Performance Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Annualized Cumulative Annualized Cumulative Std Dev Excess Excess Return Return Return Return Dodge & Cox International Stock 4.14 87.40 19.57 -0.16 -4.43 MSCI ACWI Ex USA Value NR USD 2.82 53.89 18.23 -1.47 -37.94 WCM Focused Intl Growth I 10.91 397.98 14.40 6.62 306.15 MSCI ACWI Ex USA Growth NR USD 5.66 134.90 16.99 1.37 43.07 50% WCM Intl 50% Dodge & Cox Intl 7.65 213.58 16.40 3.36 121.74 MSCI ACWI Ex USA NR USD 4.29 91.84 17.40 0.00 0.00 146 Source: Morningstar Direct Risk Measures - Last Three Years Time Period: 7/1/2017 to 6/30/2020 # of # of Up Down Up Down Average Average Best Worst Up Down Capture Capture Capture Capture R2 Gain Loss Quarter Quarter Months Months Return Return Ratio Ratio Dodge & Cox International Stock 19 17 3.95 -4.90 3.14 -6.17 17.36 -30.50 107.85 131.37 94.64

MSCI ACWI Ex USA Value NR USD 22 14 2.91 -5.23 2.76 -5.59 12.76 -28.55 94.95 118.94 96.68

WCM Focused Intl Growth I 25 11 3.18 -3.75 3.15 -2.66 25.68 -16.82 108.30 56.67 80.98

MSCI ACWI Ex USA Growth NR USD 22 14 3.22 -3.65 3.04 -3.86 19.11 -18.25 104.58 82.26 96.07

50% WCM Intl 50% Dodge & Cox Intl 23 13 3.15 -4.36 3.15 -4.36 21.89 -23.66 108.30 92.88 95.86

MSCI ACWI Ex USA NR USD 23 13 2.91 -4.70 2.91 -4.70 16.12 -23.36 100.00 100.00 100.00

Summary Statistics - Last Three Years Time Period: 7/1/2017 to 6/30/2020 Loss Sharpe Max Excess Tracking Batting Information Return Std Dev Std Alpha Ratio Drawdown Return Error Average Ratio Dev Dodge & Cox International Stock -3.85 19.80 -0.28 16.38 -34.21 -4.98 5.66 44.44 -0.87 -4.46

MSCI ACWI Ex USA Value NR USD -3.95 17.46 -0.32 14.93 -32.86 -5.09 3.40 30.56 -1.48 -4.92

WCM Focused Intl Growth I 12.84 15.19 0.72 14.09 -16.82 11.71 7.02 69.44 1.65 10.99

MSCI ACWI Ex USA Growth NR USD 6.07 15.07 0.29 12.10 -18.66 4.94 3.21 69.44 1.52 4.68

50% WCM Intl 50% Dodge & Cox Intl 4.54 16.76 0.17 14.89 -23.66 3.41 3.45 58.33 0.98 3.44

MSCI ACWI Ex USA NR USD 1.13 15.94 -0.03 12.88 -24.30 0.00 0.00 100.00 — 0.00

147 Source: Morningstar Direct Risk Measures - Last Five Years Time Period: 7/1/2015 to 6/30/2020 # of # of Up Down Up Down Average Average Best Worst Up Down Capture Capture Capture Capture R2 Gain Loss Quarter Quarter Months Months Return Return Ratio Ratio Dodge & Cox International Stock 32 28 3.85 -4.44 3.29 -4.99 17.36 -30.50 110.24 128.82 93.34

MSCI ACWI Ex USA Value NR USD 36 24 2.94 -4.50 2.91 -4.46 12.76 -28.55 97.46 115.28 96.22

WCM Focused Intl Growth I 40 20 3.11 -3.34 3.00 -2.14 25.68 -16.82 100.46 55.26 78.50

MSCI ACWI Ex USA Growth NR USD 35 25 3.19 -3.25 3.06 -3.32 19.11 -18.25 102.35 85.81 95.53

50% WCM Intl 50% Dodge & Cox Intl 38 22 3.02 -3.89 3.15 -3.51 21.89 -23.66 105.36 90.70 95.29

MSCI ACWI Ex USA NR USD 36 24 2.99 -3.87 2.99 -3.87 16.12 -23.36 100.00 100.00 100.00

Summary Statistics - Last Five Years Time Period: 7/1/2015 to 6/30/2020 Loss Sharpe Max Excess Tracking Batting Information Return Std Dev Std Alpha Ratio Drawdown Return Error Average Ratio Dev Dodge & Cox International Stock -1.22 18.38 -0.13 14.37 -34.21 -3.49 5.56 46.67 -0.61 -3.28

MSCI ACWI Ex USA Value NR USD -1.25 16.13 -0.15 12.90 -32.86 -3.51 3.28 33.33 -1.05 -3.42

WCM Focused Intl Growth I 11.52 13.99 0.73 11.61 -16.82 9.26 6.94 65.00 1.30 8.94

MSCI ACWI Ex USA Growth NR USD 5.61 14.25 0.31 10.56 -18.66 3.35 3.15 66.67 1.04 3.27

50% WCM Intl 50% Dodge & Cox Intl 5.28 15.38 0.26 12.77 -23.66 3.02 3.34 58.33 0.88 2.98

MSCI ACWI Ex USA NR USD 2.26 14.85 0.07 11.26 -24.30 0.00 0.00 100.00 — 0.00

148 Source: Morningstar Direct Risk Measures - Common Time Period Time Period: Since Common Inception (1/1/2005) to 6/30/2020 # of # of Up Down Up Down Average Average Best Worst Up Down Capture Capture Capture Capture R2 Gain Loss Quarter Quarter Months Months Return Return Ratio Ratio Dodge & Cox International Stock 104 82 4.20 -4.36 3.93 -4.54 33.37 -30.50 109.16 111.27 94.66

MSCI ACWI Ex USA Value NR USD 107 79 3.73 -4.32 3.64 -4.40 31.55 -28.55 101.07 107.96 97.93

WCM Focused Intl Growth I 119 67 3.26 -3.25 3.29 -2.47 25.68 -18.09 91.32 60.47 82.77

MSCI ACWI Ex USA Growth NR USD 110 76 3.57 -3.87 3.56 -3.77 23.90 -23.88 98.89 92.51 97.77

50% WCM Intl 50% Dodge & Cox Intl 113 73 3.52 -3.72 3.61 -3.47 25.86 -23.66 100.12 85.08 94.94

MSCI ACWI Ex USA NR USD 109 77 3.60 -4.08 3.60 -4.08 27.59 -23.36 100.00 100.00 100.00

Summary Statistics - Common Time Period Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Loss Sharpe Max Excess Tracking Batting Information Return Std Dev Std Alpha Ratio Drawdown Return Error Average Ratio Dev Dodge & Cox International Stock 4.14 19.57 0.14 15.17 -59.93 -0.16 4.81 51.61 -0.03 -0.15

MSCI ACWI Ex USA Value NR USD 2.82 18.23 0.08 13.89 -59.04 -1.47 2.70 39.78 -0.52 -1.44

WCM Focused Intl Growth I 10.91 14.40 0.66 11.03 -41.55 6.62 7.36 55.91 0.86 6.78

MSCI ACWI Ex USA Growth NR USD 5.66 16.99 0.25 13.80 -56.29 1.37 2.61 60.22 0.50 1.40

50% WCM Intl 50% Dodge & Cox Intl 7.65 16.40 0.38 12.86 -51.18 3.36 3.95 56.99 0.82 3.36

MSCI ACWI Ex USA NR USD 4.29 17.40 0.17 13.67 -57.63 0.00 0.00 100.00 — 0.00

149 Source: Morningstar Direct Holdings-Based Style Trail Time Period: Since Common Inception (12/31/2004) to 6/30/2020 Dodge & Cox International Stock MSCI ACWI Ex USA Value NR USD WCM Focused Intl Growth I MSCI ACWI Ex USA Growth NR USD 50% WCM Intl 50% Dodge & Cox Intl MSCI ACWI Ex USA NR USD Micro Small Mid Large Giant Deep-Val Core-Val Core Core-Grth High-Grth Returns-Based Style Map Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Dodge & Cox International Stock MSCI ACWI Ex USA Value NR USD WCM Focused Intl Growth I MSCI ACWI Ex USA Growth NR USD MSCI ACWI Large MSCI ACWI Large Cap Value NR Cap Growth NR 50% WCM Intl 50% Dodge & Cox Intl USD USD MSCI ACWI Ex USA NR USD

MSCI ACWI Small MSCI ACWI Small Value NR USD Growth NR USD

150 Source: Morningstar Direct Asset Allocation

Equity Equity Equity Equity Asset Portfolio Country Country Region Region Alloc Date United Non-US % Developed % Emerging % Cash % States %

Dodge & Cox International Stock 6/30/2020 91.06 7.97 83.93 15.10 1.44

WCM Focused International Growth Instl 4/30/2020 76.99 17.30 83.01 11.28 5.39

MSCI ACWI Ex USA NR USD 7/31/2020 99.42 0.51 77.97 21.96 0.00

GICS Sectors

Portfolio Consumer Consumer Information Telecom Real Energy % Materials % Industrials % Healthcare % Financials % Utilities % Date Discretionary % Staples % Technology % Services % Estate %

Dodge & Cox International Stock 6/30/2020 8.22 8.16 8.84 12.56 1.84 13.36 28.78 9.38 6.61 0.59 1.66

WCM Focused International Growth Instl 4/30/2020 0.00 2.80 13.73 16.54 8.38 23.52 8.43 22.47 4.12 0.00 0.00

50% WCM Intl 50% Dodge & Cox Intl 7/31/2020 3.62 5.16 11.58 14.79 5.50 19.05 17.38 16.72 5.22 0.26 0.73

iShares MSCI ACWI ex US ETF 7/31/2020 4.62 7.85 11.20 12.76 10.01 10.45 17.58 11.66 7.61 3.52 2.73

151 Source: Morningstar Direct Correlation Matrix - Three Years Time Period: 7/1/2017 to 6/30/2020 1 2 3 4 5 6 1 Dodge & Cox International Stock 1.00 2 MSCI ACWI Ex USA Value NR USD 0.98 1.00 3 WCM Focused Intl Growth I 0.84 0.83 1.00 4 MSCI ACWI Ex USA Growth NR USD 0.92 0.93 0.94 1.00 5 50% WCM Intl 50% Dodge & Cox Intl 0.97 0.95 0.95 0.97 1.00 6 MSCI ACWI Ex USA NR USD 0.97 0.98 0.90 0.98 0.98 1.00

Correlation Matrix - Five Years Time Period: 7/1/2015 to 6/30/2020 1 2 3 4 5 6 1 Dodge & Cox International Stock 1.00 2 MSCI ACWI Ex USA Value NR USD 0.98 1.00 3 WCM Focused Intl Growth I 0.81 0.80 1.00 4 MSCI ACWI Ex USA Growth NR USD 0.91 0.92 0.94 1.00 5 50% WCM Intl 50% Dodge & Cox Intl 0.96 0.95 0.94 0.97 1.00 6 MSCI ACWI Ex USA NR USD 0.97 0.98 0.89 0.98 0.98 1.00

Correlation Matrix - Common Time Period Time Period: Since Common Inception (1/1/2005) to 6/30/2020 1 2 3 4 5 6 1 Dodge & Cox International Stock 1.00 2 MSCI ACWI Ex USA Value NR USD 0.98 1.00 3 WCM Focused Intl Growth I 0.88 0.87 1.00 4 MSCI ACWI Ex USA Growth NR USD 0.94 0.96 0.93 1.00 5 50% WCM Intl 50% Dodge & Cox Intl 0.98 0.96 0.96 0.97 1.00 6 MSCI ACWI Ex USA NR USD 0.97 0.99 0.91 0.99 0.97 1.00

152 Source: Morningstar Direct Dodge & Cox International Stock - Quarterly Excess ReturnWCM Focused Intl Growth I - Quarterly Excess Returns 50% WCM Intl 50% Dodge & Cox Intl - Quarterly Excess Re Calculation Benchmark: MSCI ACWI Ex USA Value NR USD Calculation Benchmark: MSCI ACWI Ex USA Growth NR USD Calculation Benchmark: MSCI ACWI Ex USA NR USD

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

2020 -1.96 4.60 0.99 2020 1.43 6.58 7.17 2020 -0.31 5.78 4.05

2019 1.46 1.25 1.14 2.40 7.06 2019 0.53 5.57 0.27 0.04 7.84 2019 1.00 3.44 0.71 1.17 7.47

2018 -0.64 -1.28 -0.90 -1.68 -4.01 2018 2.65 2.30 3.29 -0.17 7.13 2018 1.00 0.55 1.27 -0.91 1.55

2017 2.64 0.67 0.95 -3.03 1.28 2017 1.50 0.61 -2.03 -0.62 -0.77 2017 2.11 0.69 -0.57 -1.81 0.40

2016 -3.34 0.57 2.35 0.07 -0.66 2016 0.66 2.55 -1.39 -1.23 0.54 2016 -1.34 1.60 0.38 -0.62 -0.03

2015 2.07 -0.77 -1.79 -0.60 -1.29 2015 0.34 0.39 4.65 1.15 7.04 2015 1.18 -0.18 1.47 0.41 2.88

2014 2.05 -0.62 2.93 0.78 5.18 2014 0.72 -1.43 0.73 2.26 2.35 2014 1.38 -1.01 1.84 1.45 3.75

2013 1.82 4.94 -0.21 2.96 11.27 2013 2.65 2.13 -0.65 1.25 6.24 2013 2.23 3.51 -0.43 2.11 8.73

2012 2.01 -0.55 -0.22 2.61 4.06 2012 -0.67 -0.36 -2.25 -0.57 -4.20 2012 0.67 -0.48 -1.23 1.06 -0.08

2011 -2.04 0.60 -2.18 0.91 -2.77 2011 0.86 1.70 2.07 4.44 8.31 2011 -0.57 1.15 -0.03 2.75 2.77

2010 2.58 -0.57 2.08 1.76 5.85 2010 6.74 2.76 1.94 -3.39 9.45 2010 4.66 1.16 2.03 -0.93 7.64

153 Source: Morningstar Direct Snapshot

% Asset Average Prospectus in Top # of Turnover Market Net Ticker 10 Holdings Ratio % Cap Expense Holdings (mil) Ratio

Dodge & Cox International Stock DODFX 28.39 101 11.80 36,112.26 0.63

WCM Focused International Growth Instl WCMIX 41.89 33 20.00 55,457.95 1.03

MSCI ACWI Ex USA NR USD — 12.80 2,370 — 37,720.45 —

154 Source: Morningstar Direct Three Year Rolling Tracking Error Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Rolling Window: 3 Years 1 Month shift

11.3

10.5

9.8

9.0

8.3

7.5

6.8

6.0

5.3

4.5

3.8

3.0

2.3

1.5

0.8

Tracking Error 0.0 MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Dodge & Cox International Stock WCM Focused Intl Growth I 50% WCM Intl 50% Dodge & Cox Intl

MSCI ACWI Ex USA NR USD

155 Source: Morningstar Direct Three Year Rolling Information Ratio Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Rolling Window: 3 Years 1 Month shift

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

-0.2

-0.4

-0.6

-0.8

-1.0

Information Ratio (geo) -1.2 MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Dodge & Cox International Stock WCM Focused Intl Growth I 50% WCM Intl 50% Dodge & Cox Intl

MSCI ACWI Ex USA NR USD

156 Source: Morningstar Direct Drawdown Time Period: Since Common Inception (1/1/2005) to 6/30/2020

0.0

-7.5

-15.0

-22.5

-30.0

-37.5

-45.0

-52.5

-60.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Dodge & Cox International Stock MSCI ACWI Ex USA Value NR USD WCM Focused Intl Growth I MSCI ACWI Ex USA Growth NR USD 50% WCM Intl 50% Dodge & Cox Intl MSCI ACWI Ex USA NR USD

Drawdown Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Calculation Benchmark: MSCI ACWI Ex USA NR USD Max Max Max Max Drawdown # Drawdown Drawdown Worst Drawdown of Peak Valley Quarter Periods Date Date

Dodge & Cox International Stock -59.93 16.00 11/1/2007 2/28/2009 -30.50

MSCI ACWI Ex USA Value NR USD -59.04 16.00 11/1/2007 2/28/2009 -28.55

WCM Focused Intl Growth I -41.55 16.00 11/1/2007 2/28/2009 -18.09

MSCI ACWI Ex USA Growth NR USD -56.29 16.00 11/1/2007 2/28/2009 -23.88

50% WCM Intl 50% Dodge & Cox Intl -51.18 16.00 11/1/2007 2/28/2009 -23.66

MSCI ACWI Ex USA NR USD -57.63 16.00 11/1/2007 2/28/2009 -23.36

157 Source: Morningstar Direct Over/Under Benchmark Performance Over/Under Benchmark Performance

Time Period: Since Common Inception (6/1/2001) to 5/31/2020 Rolling Window: 3 Years 3 Months shift Calculation Benchmark: MSCI ACWI Ex USA Value NR USD Time Period: Since Common Inception (6/1/2001) to 5/31/2020 Rolling Window: 5 Years 3 Months shift Calculation Benchmark: MSCI ACWI Ex USA Value NR USD

50.0% 40.0%

30.0%

30.0% Dodge & Cox International Stock Return Dodge & Cox International Stock Return

20.0%

10.0% 10.0%

0.0%

-10.0%

-30.0% -20.0% -30.0% -10.0% 10.0% 30.0% 50.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%

MSCI ACWI Ex USA Value NR USD Return MSCI ACWI Ex USA Value NR USD Return Dodge & Cox International Stock outperforms 46 times (70.77 %) Dodge & Cox International Stock outperforms 44 times (77.19 %) Zero Excess Return Zero Excess Return

158 Source: Morningstar Direct Over/Under Benchmark Performance Over/Under Benchmark Performance

Time Period: Since Common Inception (12/1/2004) to 5/31/2020 Rolling Window: 3 Years 3 Months shift Calculation Benchmark: MSCI ACWI Ex USA Growth NR USD Time Period: Since Common Inception (12/1/2004) to 5/31/2020 Rolling Window: 5 Years 3 Months shift Calculation Benchmark: MSCI ACWI Ex USA Growth NR USD

40.0% 28.0%

24.0%

30.0% WCM Focused Intl Growth I Return WCM Focused Intl Growth I Return WCM Focused Intl Growth

20.0%

20.0% 16.0%

12.0% 10.0%

8.0%

0.0%

4.0%

-10.0% 0.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% -8.0% -3.0% 2.0% 7.0% 12.0% 17.0% 22.0%

MSCI ACWI Ex USA Growth NR USD Return MSCI ACWI Ex USA Growth NR USD Return WCM Focused Intl Growth I outperforms 50 times (98.04 %) WCM Focused Intl Growth I outperforms 43 times (100.00 %) Zero Excess Return Zero Excess Return

159 Source: Morningstar Direct Over/Under Benchmark Performance Over/Under Benchmark Performance

Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Rolling Window: 3 Years 3 Months shift Calculation Benchmark: MSCI ACWI Ex USA NR USD Time Period: Since Common Inception (1/1/2005) to 6/30/2020 Rolling Window: 5 Years 3 Months shift Calculation Benchmark: MSCI ACWI Ex USA NR USD

30.0% 25.0%

21.0%

20.0%

17.0% 50% WCM Intl Dodge & Cox Intl Return 50% WCM Intl Dodge & Cox Intl Return

10.0% 13.0%

9.0% 0.0%

5.0%

-10.0%

1.0%

-20.0% -3.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% -8.0% -4.0% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0%

MSCI ACWI Ex USA NR USD Return MSCI ACWI Ex USA NR USD Return 50% WCM Intl 50% Dodge & Cox Intl outperforms 50 times (98.04 %) 50% WCM Intl 50% Dodge & Cox Intl outperforms 43 times (100.00 %) Zero Excess Return Zero Excess Return

160 Source: Morningstar Direct Trailing Returns As of Date: 6/30/2020 Peer Group: Open End Funds - U.S. - Diversified Emerging Mkts Peer Peer Peer Peer Peer 1 Year group 3 Years group 5 Years group 7 Years group 10 Years group percentile percentile percentile percentile percentile

DFA Emerging Markets Core Equity I -8.29 80 -0.77 80 1.68 72 2.46 66 2.88 62

Baillie Gifford Emerging Markets Eqs I -0.32 37 6.20 15 6.37 11 6.93 3 5.42 18

Hartford Schroders Emerging Mkts Eq I -0.84 40 3.37 32 4.50 28 4.23 32 4.23 40

MSCI EM NR USD -3.39 58 1.90 47 2.86 50 3.22 48 3.27 53

Calendar Year Returns

YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010

DFA Emerging Markets Core Equity I -13.43 16.04 -15.25 36.55 12.35 -14.86 -0.91 -2.64 20.49 -20.65 23.62

Baillie Gifford Emerging Markets Eqs I -8.60 27.90 -14.96 52.97 0.70 -7.51 0.08 3.82 13.73 -20.32 19.52

Hartford Schroders Emerging Mkts Eq I -8.38 22.11 -15.56 40.87 10.41 -12.68 -4.61 -2.28 21.73 -16.70 13.49

MSCI EM NR USD -9.78 18.42 -14.57 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88

161 Source: Morningstar Direct Three Year Risk-Reward Five Year Risk-Reward Time Period: 7/1/2017 to 6/30/2020 Time Period: 7/1/2015 to 6/30/2020 8.0 DFA Emerging Markets Core Equity I 8.0 DFA Emerging Markets Core Equity I Baillie Gifford Emerging Markets Eqs I Baillie Gifford Emerging Markets Eqs I Hartford Schroders Emerging Mkts Eq I Hartford Schroders Emerging Mkts Eq I 6.0 MSCI EM NR USD 6.0 MSCI EM NR USD

4.0

2.0

2.0 0.0

-2.0 0.0 Return Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0

Std Dev Std Dev

DFA Emerging Markets Core Equity I -0.77 19.73 15.39 1.05 -2.47 96.71 -0.12 DFA Emerging Markets Core Equity I 1.68 18.50 13.33 1.02 -1.07 96.67 0.03

Baillie Gifford Emerging Markets Eqs I 6.20 21.46 15.36 1.13 4.50 95.23 0.21 Baillie Gifford Emerging Markets Eqs I 6.37 20.29 13.88 1.08 3.60 89.96 0.25

Hartford Schroders Emerging Mkts Eq I 3.37 18.58 13.82 0.99 1.48 97.23 0.09 Hartford Schroders Emerging Mkts Eq I 4.50 17.43 11.95 0.96 1.65 96.70 0.19

MSCI EM NR USD 1.90 18.52 13.26 1.00 0.00 100.00 0.01 MSCI EM NR USD 2.86 17.85 11.87 1.00 0.00 100.00 0.09

162 Source: Morningstar Direct Seven Year Risk-Reward Ten Year Risk-Reward Time Period: 7/1/2013 to 6/30/2020 Time Period: 7/1/2010 to 6/30/2020 10.0 DFA Emerging Markets Core Equity I 7.0 DFA Emerging Markets Core Equity I Baillie Gifford Emerging Markets Eqs I Baillie Gifford Emerging Markets Eqs I Hartford Schroders Emerging Mkts Eq I 6.0 Hartford Schroders Emerging Mkts Eq I 8.0 MSCI EM NR USD MSCI EM NR USD 5.0

6.0 4.0

3.0 4.0

2.0

2.0 1.0

0.0 0.0 Return Return 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0

Std Dev Std Dev

DFA Emerging Markets Core Equity I 2.46 17.01 12.02 1.01 -0.69 96.87 0.09 DFA Emerging Markets Core Equity I 2.88 18.42 12.73 1.02 -0.33 97.30 0.12

Baillie Gifford Emerging Markets Eqs I 6.93 18.34 12.79 1.03 3.75 86.90 0.33 Baillie Gifford Emerging Markets Eqs I 5.42 19.36 13.39 1.03 2.24 90.05 0.25

Hartford Schroders Emerging Mkts Eq I 4.23 16.19 11.19 0.96 1.07 96.23 0.21 Hartford Schroders Emerging Mkts Eq I 4.23 17.56 12.24 0.96 1.03 96.38 0.20

MSCI EM NR USD 3.22 16.58 10.92 1.00 0.00 100.00 0.14 MSCI EM NR USD 3.27 17.88 11.82 1.00 0.00 100.00 0.15

163 Source: Morningstar Direct Three Year Excess Returns Time Period: Since Common Inception (4/1/2006) to 6/30/2020 Rolling Window: 3 Years 1 Month shift

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

Excess Return (geo) JSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJ 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

DFA Emerging Markets Core Equity I Baillie Gifford Emerging Markets Eqs I Hartford Schroders Emerging Mkts Eq I MSCI EM NR USD

Performance Time Period: Since Common Inception (4/1/2006) to 6/30/2020 Annualized Cumulative Annualized Cumulative Std Dev Excess Excess Return Return Return Return DFA Emerging Markets Core Equity I 4.44 85.80 22.41 0.34 8.42

Baillie Gifford Emerging Markets Eqs I 6.50 145.43 23.69 2.40 68.05

Hartford Schroders Emerging Mkts Eq I 4.88 97.26 21.45 0.78 19.88

MSCI EM NR USD 4.10 77.38 21.83 0.00 0.00

164 Source: Morningstar Direct Five Year Excess Returns Time Period: Since Common Inception (4/1/2006) to 6/30/2020 Rolling Window: 5 Years 1 Month shift

4.5

3.8

3.0

2.3

1.5

0.8

0.0

-0.8

-1.5

-2.3

Excess Return (geo) JSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJSD MJ 2012 2013 2014 2015 2016 2017 2018 2019 2020

DFA Emerging Markets Core Equity I Baillie Gifford Emerging Markets Eqs I Hartford Schroders Emerging Mkts Eq I MSCI EM NR USD

Baillie Gifford Emerging Markets Eqs I 6.50 145.43 23.69 2.40 68.05

Hartford Schroders Emerging Mkts Eq I 4.88 97.26 21.45 0.78 19.88

MSCI EM NR USD 4.10 77.38 21.83 0.00 0.00

165 Source: Morningstar Direct Risk Measures - Last Three Years Time Period: 7/1/2017 to 6/30/2020 # of # of Up Down Up Down Average Average Best Worst Up Down Capture Capture Capture Capture R2 Gain Loss Quarter Quarter Months Months Return Return Ratio Ratio

DFA Emerging Markets Core Equity I 18 18 4.37 -4.31 4.10 -4.53 20.76 -28.31 99.49 110.41 96.71

Baillie Gifford Emerging Markets Eqs I 21 15 4.74 -5.15 5.15 -4.45 24.40 -26.52 124.81 108.49 95.23

Hartford Schroders Emerging Mkts Eq I 22 14 3.65 -4.80 4.20 -3.93 19.31 -23.21 101.69 95.83 97.23

MSCI EM NR USD 19 17 4.13 -4.10 4.13 -4.10 18.08 -23.60 100.00 100.00 100.00

Summary Statistics - Last Three Years Time Period: 7/1/2017 to 6/30/2020 Loss Sharpe Max Excess Tracking Batting Information Return Std Dev Std Alpha Ratio Drawdown Return Error Average Ratio Dev

DFA Emerging Markets Core Equity I -0.77 19.73 -0.12 15.39 -34.15 -2.67 3.69 47.22 -0.71 -2.47

Baillie Gifford Emerging Markets Eqs I 6.20 21.46 0.21 15.36 -27.32 4.30 5.28 75.00 0.80 4.50

Hartford Schroders Emerging Mkts Eq I 3.37 18.58 0.09 13.82 -27.09 1.47 3.10 50.00 0.47 1.48

MSCI EM NR USD 1.90 18.52 0.01 13.26 -28.65 0.00 0.00 100.00 — 0.00

166 Source: Morningstar Direct Risk Measures - Last Five Years Time Period: 7/1/2015 to 6/30/2020 # of # of Up Down Up Down Average Average Best Worst Up Down Capture Capture Capture Capture R2 Gain Loss Quarter Quarter Months Months Return Return Ratio Ratio

DFA Emerging Markets Core Equity I 33 27 3.92 -4.30 3.79 -4.44 20.76 -28.31 99.79 104.78 96.67

Baillie Gifford Emerging Markets Eqs I 35 25 4.55 -4.87 4.34 -4.27 24.40 -26.52 114.36 100.91 89.96

Hartford Schroders Emerging Mkts Eq I 35 25 3.74 -4.17 3.81 -3.97 19.31 -23.21 100.51 93.66 96.70

MSCI EM NR USD 34 26 3.79 -4.24 3.79 -4.24 18.08 -23.60 100.00 100.00 100.00

Summary Statistics - Last Five Years Time Period: 7/1/2015 to 6/30/2020 Loss Sharpe Max Excess Tracking Batting Information Return Std Dev Std Alpha Ratio Drawdown Return Error Average Ratio Dev

DFA Emerging Markets Core Equity I 1.68 18.50 0.03 13.33 -34.15 -1.18 3.40 50.00 -0.34 -1.07

Baillie Gifford Emerging Markets Eqs I 6.37 20.29 0.25 13.88 -27.32 3.51 6.58 70.00 0.52 3.60

Hartford Schroders Emerging Mkts Eq I 4.50 17.43 0.19 11.95 -27.09 1.64 3.25 55.00 0.49 1.65

MSCI EM NR USD 2.86 17.85 0.09 11.87 -28.65 0.00 0.00 100.00 — 0.00

167 Source: Morningstar Direct Risk Measures - Common Time Period Time Period: Since Common Inception (4/1/2006) to 6/30/2020 # of # of Up Down Up Down Average Average Best Worst Up Down Capture Capture Capture Capture R2 Gain Loss Quarter Quarter Months Months Return Return Ratio Ratio

DFA Emerging Markets Core Equity I 95 76 4.75 -4.87 4.73 -4.73 40.20 -28.31 100.78 99.65 97.02

Baillie Gifford Emerging Markets Eqs I 97 74 5.08 -5.14 5.02 -4.70 45.21 -30.06 106.81 99.01 94.16

Hartford Schroders Emerging Mkts Eq I 93 76 4.72 -4.64 4.62 -4.53 33.48 -27.54 98.36 95.41 97.55

MSCI EM NR USD 94 77 4.70 -4.74 4.70 -4.74 34.73 -27.60 100.00 100.00 100.00

Summary Statistics - Common Time Period Time Period: Since Common Inception (4/1/2006) to 6/30/2020 Loss Sharpe Max Excess Tracking Batting Information Return Std Dev Std Alpha Ratio Drawdown Return Error Average Ratio Dev

DFA Emerging Markets Core Equity I 4.44 22.41 0.15 16.54 -61.22 0.34 3.87 52.05 0.08 0.40

Baillie Gifford Emerging Markets Eqs I 6.50 23.69 0.22 17.48 -63.38 2.40 5.84 56.73 0.39 2.44

Hartford Schroders Emerging Mkts Eq I 4.88 21.45 0.17 15.70 -60.46 0.78 3.42 55.56 0.22 0.81

MSCI EM NR USD 4.10 21.83 0.13 16.06 -61.59 0.00 0.00 100.00 — 0.00

168 Source: Morningstar Direct Holdings-Based Style Trail Time Period: Since Common Inception (4/30/2006) to 6/30/2020 DFA Emerging Markets Core Equity I Baillie Gifford Emerging Markets Eqs I Hartford Schroders Emerging Mkts Eq I MSCI EM NR USD Micro Small Mid Large Giant Deep-Val Core-Val Core Core-Grth High-Grth Returns-Based Style Map Time Period: Since Common Inception (4/1/2006) to 6/30/2020 DFA Emerging Markets Core Equity I Baillie Gifford Emerging Markets Eqs I Hartford Schroders Emerging Mkts Eq I MSCI EM NR USD MSCI ACWI Large MSCI ACWI Large Cap Value NR Cap Growth NR USD USD

MSCI ACWI Small MSCI ACWI Small Value NR USD Growth NR USD

169 Source: Morningstar Direct Asset Allocation Equity Equity Equity Equity Asset Portfolio Country Country Region Region Alloc Date United Non-US % Developed % Emerging % Cash % States %

DFA Emerging Markets Core Equity I 6/30/2020 98.65 0.34 31.08 67.91 0.94

Baillie Gifford Emerging Markets Eqs I 6/30/2020 97.82 0.44 23.24 75.03 1.74

Hartford Schroders Emerging Mkts Eq I 6/30/2020 97.65 0.00 31.62 66.03 2.34

MSCI EM NR USD 7/31/2020 99.58 0.36 26.72 73.22 0.00

GICS Sectors

Portfolio Consumer Consumer Information Telecom Real Energy % Materials % Industrials % Healthcare % Financials % Utilities % Date Discretionary % Staples % Technology % Services % Estate %

DFA Emerging Markets Core Equity I 6/30/2020 5.85 9.85 7.55 11.57 7.19 4.07 16.11 19.33 10.72 3.20 4.57

Baillie Gifford Emerging Markets Eqs I 6/30/2020 8.82 10.47 0.85 25.70 1.81 2.23 22.64 20.19 6.17 0.43 0.69

Hartford Schroders Emerging Mkts Eq I 6/30/2020 5.92 4.94 1.61 22.18 6.89 1.18 17.39 22.70 15.15 1.25 0.79

MSCI EM NR USD — ——— ————————

170 Source: Morningstar Direct Correlation Matrix - Three Years Time Period: 7/1/2017 to 6/30/2020 1 2 3 4

1 DFA Emerging Markets Core Equity I 1.00

2 Baillie Gifford Emerging Markets Eqs I 0.97 1.00

3 Hartford Schroders Emerging Mkts Eq I 0.98 0.99 1.00

4 MSCI EM NR USD 0.98 0.98 0.99 1.00

Correlation Matrix - Five Years Time Period: 7/1/2015 to 6/30/2020 1 2 3 4

1 DFA Emerging Markets Core Equity I 1.00

2 Baillie Gifford Emerging Markets Eqs I 0.93 1.00

3 Hartford Schroders Emerging Mkts Eq I 0.97 0.97 1.00

4 MSCI EM NR USD 0.98 0.95 0.98 1.00

Correlation Matrix - Common Time Period Time Period: Since Common Inception (4/1/2006) to 6/30/2020 1 2 3 4

1 DFA Emerging Markets Core Equity I 1.00

2 Baillie Gifford Emerging Markets Eqs I 0.96 1.00

3 Hartford Schroders Emerging Mkts Eq I 0.98 0.98 1.00

4 MSCI EM NR USD 0.99 0.97 0.99 1.00

171 Source: Morningstar Direct DFA Emerging Markets Core Equity I - Quarterly Excess ReBaillie Gifford Emerging Markets Eqs I - Quarterly Excess HartfordR Schroders Emerging Mkts Eq I - Quarterly Excess Calculation Benchmark: MSCI EM NR USD Calculation Benchmark: MSCI EM NR USD Calculation Benchmark: MSCI EM NR USD

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

2020 -4.71 2.67 -3.64 2020 -2.93 6.32 1.19 2020 0.39 1.23 1.41

2019 -1.31 0.25 0.06 -1.28 -2.38 2019 4.75 1.68 0.80 1.11 9.48 2019 0.53 1.55 1.56 -0.62 3.69

2018 0.26 -1.91 -0.11 1.07 -0.68 2018 -0.11 -1.11 1.81 -0.86 -0.39 2018 1.05 -0.49 -0.12 -1.42 -0.99

2017 2.23 -1.59 -1.35 0.27 -0.73 2017 4.86 2.91 4.18 0.05 15.68 2017 1.07 0.82 1.44 -0.51 3.58

2016 1.55 1.56 -1.05 -0.93 1.17 2016 -7.57 -3.63 5.10 -3.17 -10.48 2016 -2.68 1.66 1.25 -0.86 -0.78

2015 -0.28 -0.33 1.27 -0.86 0.06 2015 1.59 -0.48 1.11 6.18 7.41 2015 0.70 -0.69 2.23 -0.08 2.23

2014 1.05 0.14 0.29 -0.18 1.27 2014 -0.32 2.87 0.34 -0.37 2.27 2014 -2.19 -0.12 -0.12 -0.04 -2.43

2013 0.75 -0.62 0.03 -0.15 -0.04 2013 -0.05 1.72 -0.63 5.42 6.42 2013 -1.07 0.01 1.38 0.11 0.32

2012 1.01 0.31 -0.87 1.58 2.26 2012 3.21 -2.12 -0.50 -3.96 -4.49 2012 -0.30 2.49 -0.99 1.50 3.51

2011 -1.46 0.82 -1.69 0.07 -2.22 2011 -2.49 -1.60 -1.48 3.92 -1.90 2011 1.12 -0.04 -1.00 2.47 1.73

2010 1.39 0.31 2.41 0.22 4.74 2010 -0.66 0.78 1.41 -0.90 0.64 2010 -1.43 -1.57 -1.47 -0.27 -5.39

172 Source: Morningstar Direct Snapshot

% Asset Average Prospectus in Top # of Turnover Market Net Ticker 10 Holdings Ratio % Cap Expense Holdings (mil) Ratio

DFA Emerging Markets Core Equity I DFCEX 19.67 5,410 4.00 12,328.65 0.48

Baillie Gifford Emerging Markets Eqs I BGEGX 45.25 74 15.00 64,693.97 0.92

Hartford Schroders Emerging Mkts Eq I SEMNX 40.53 112 43.00 57,006.75 1.23

MSCI EM NR USD — 30.15 1,385 — 44,080.68 —

173 Source: Morningstar Direct University of West Florida Foundation: Private Markets Allocation Q2 2020

309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com 174 EXECUTIVE SUMMARY

Vintage Commitment Distributions to Remaining Fund Strategy Called Capital Year Size Paid in Capital Value Portfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000 70.7% $707,263 141.7% $1,002,175 $249,443 StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000 94.2% $941,663 100.1% $942,257 $540,779 Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000 95.7% $956,781 196.3% $1,878,326 $2,817 Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000 65.2% $652,083 82.5% $537,797 $697,793 Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000 90.7% $1,813,905 112.3% $2,037,622 $569,505 Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000 106.5% $1,064,518 49.3% $524,525 $702,828 Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000 73.5% $1,470,127 30.1% $443,103 $1,324,223 Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000 92.2% $1,843,397 14.9% $275,172 $2,174,110 Golub Capital Partners 12 Private Credit 2018 $2,000,000 30.0% $600,000 0.0% $35,400 $559,824 Portfolio Advisors Private Equity Fund X PE Fund of Fund 2019 $5,000,000 22.4% $1,119,577 0.0% $0 $1,126,083 Portfolio Advisors Secondary Fund IV Diversified PE Secondaries 2020 $4,000,000 0.0% $0 0.0% $0 $0 $22,000,000 $11,169,314 $7,676,377 $7,947,405

TBD Private Real Estate 2020 $4,000,000 TBD Private Credit 2021 $4,000,000

Capital Called Quarter-over-Quarter Change in Fund Distributions During the Quarter During the Quarter Total Value

Portfolio Advisors Private Equity Fund V $0 $0 -$2,842 StepStone Pioneer Capital III $0 $0 -$51,975 Harbert US Real Estate Fund IV $0 $44,113 $147 Portfolio Advisors Private Equity Fund VII $0 $54,764 -$3,120 Harbert US Real Estate Fund V $1,808 $176,493 -$45,967 Portfolio Advisors Direct Credit Fund II $54,938 $71,305 $53,848 Portfolio Advisors Secondary Fund III $187,338 $102,899 $179,047 Harbert US Real Estate Fund VI $1,517 $49,591 $2,193 Golub Capital Partners 12 $0 $10,814 -$40,176 Portfolio Advisors Private Equity Fund X $99,408 $0 $52,722 Portfolio Advisors Secondary Fund IV $0 $0 $0 $345,009 $509,979 $143,878

Portfolio Characteristics as of 3/31/2020

175 PROJECTED CAPITAL CALLS

Projected capital calls Capital called FY 2021 FY 2022 Investment Vintage Commitment % $ % $ % $

Harbert U.S. Real Estate IV 2009 $ 1,000,000 95.7% $ 956,781 0% $0 0% $0 U.S. Real Estate V 2012 $ 2,000,000 90.7% $ 1,813,905 5% $100,000 0% $0 U.S. Real Estate VI 2016 $ 2,000,000 92.2% $ 1,843,397 5% $100,000 0% $0

Portfolio Advisors Private Equity V 2007 $ 1,000,000 70.7% $ 707,263 0% $0 0% $0 Private Equity VII 2011 $ 1,000,000 65.2% $ 652,083 0% $0 0% $0 Direct Credit II 2015 $ 1,000,000 106.5% $ 1,064,518 5% $50,000 0% $0 Secondary Fund III 2016 $ 2,000,000 73.5% $ 1,470,127 5% $100,000 15% $300,000 Private Equity X 2019 $ 5,000,000 22.4% $ 1,119,577 15% $750,000 20% $1,000,000 Secondary Fund IV 2020 $ 4,000,000 0.0% $ - 15% $600,000 35% $1,400,000

Stepstone Pioneer Capital III, LP 2009 $ 1,000,000 94.2% $ 941,663 0% $0.00 0% $0.00

Golub Capital Partners 12 2018 $ 2,000,000 30.0% $ 600,000 15% $300,000.00 30% $600,000.00 SubTotal $ 22,000,000 50.8% $ 11,169,314 9% $2,000,000 15% $3,300,000

Projected Distributions Projected Distributions FY 2021 FY 2022 Salary & Fringe Benefits (Salaries of Foundation and UWF personnel) $3,100,000 $3,100,000 UWF Operations (Travel, postage, and other items to support program) $1,800,000 $1,800,000 Scholarships (Disbursed by Financial Aid and reimbursed by Foundation) $2,200,000 $2,200,000 Other Operations (Expenses paid directly by Foundation) $2,900,000 $2,900,000 SubTotal $10,000,000 $10,000,000

Projected Cash Contributions ($4,000,000) ($4,320,000)

Total $8,000,000 $8,980,000

Called Capital as of 3/31/2020. Projected Distributions are estimates and subject to material change. 176 University of West Florida Foundation: Harbert U.S. Real Estate Fund VII August 2020

309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com 177 FIRM PROFILE

• Harbert Management Corporation (“HMC”) is an alternative investment manager formed in 1993 with $7.4 billion in AUM and a core competency in Real Assets o 83% of firm assets dedicated to Real Assets with 51% invested/committed in Real Estate • Extensive experience as owners, operators and developers of real estate dating back to 1985 with Harbert Corporation

• Dedicated investment professionals for each strategy with no cross over in responsibilities

• Significant GP commitment from HMC partners and strategy investment team alongside clients on equal terms as all other LPs o Approximately 12% of total AUM is from HMC Partners and investment teams

178 HARBERT U.S. REAL ESTATE FUND VII

• Harbert U.S. Real Estate Fund VII (“HUSREF VII”) is seeking to raise $600mm to invest in office, multifamily, retail and industrial assets across primary, non-gateway markets while targeting a net IRR of 13-15% and net equity multiple of 1.5-1.6x

• The strategy aims to create value by enhancing the quality, quantity and/or cash flow stream for the underlying properties and invest with a disciplined pace in proprietary sourced deals based on asymmetric information across targeted markets with strong job growth, diversified economies

• HUSREF VII held its first close in July 2019 and has raised approximately $350mm through June 30, 2020

179 confidentia Jonathan Trinidad Astute Shifts in Property Type and Geographic Diversification

HREP I, HREF II, and HREF III HUSREF IV HUSREF V HUSREF VI HUSREF VII 1995/2001/2005 2009 2012 2016 2019

Condominium Mixed-Use Self-Storage Retail 1% Multifamily Mixed-Use 7% Multifamily 8% Mixed-Use 15% 13% 19% 39% Multifamily Multifamily 24% Multifamily Industrial 43% Industrial 33% 31% Industrial 25% 5% 8%

Retail 4%

Retail 16% Retail Office Office 8% Office Industrial 10% Office 49% Office 25% 40% Retail 34% 33% 10%

NV NV Multiple Multiple CO VA TX CO 1% 2% TX 12% 15% 7% 6% WA 10% GA FL 16% UT TX AZ 18% 24% 21% 1% 7% 28% 9% VA MN 4% CA 4% TN 11% TX 5% CO 31% VA FL 15% CA 11% TX 13% GA 26% AZ 34% 9% 20% GA SC AZ 16% GA OH 7% 13% 10% CO NC 10% KY MD DC VA MD CA NC NC FL TN 25% IL 5% OH 2% 1% 12% 5% 2% 3% 4% 10% 2% 4% 5% 3%

Note: The allocations for HREP I and HREF II are calculated based on final equity invested. The remaining allocations are calculated based on equity invested as of March 31, 2020.

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 6 Jonathan Trinidad 180 confidentia Jonathan Trinidad Harbert United States Real Estate Investment Team

Highly-experienced U.S. real estate team comprises a full complement of investing and asset management capabilities

FUND MANAGER INVESTMENT SENIOR MANAGING DIRECTOR COMMITTEE Jon-Paul Momsen MEMBERS 24 yrs. Industry experience MANAGING DIRECTOR MANAGING DIRECTOR Raymond J. Adam Krug Todd Jordan Harbert 19 yrs. Industry experience 20 yrs. Industry experience J. Travis Dallas San Francisco Birmingham Pritchett Office Office Office Jon-Paul Momsen

DIRECTOR DIR. ASSET MGT. DIRECTOR DIR. ASSET MGT. DIRECTOR ASSOCIATE DIR. ASSET MGT. Todd N. Taylor Jonathan Hal Tom Wade John Brandon Jordan Pearce Shopay Brigham Tewksbury Armstrong Harbert Cohen John W. McCullough

Raymond J. Harbert Jr. SENIOR ANALYST ANALYST ANALYST ASSET MANAGER Brandon Graham Michael Melody Michael P. Keaveny Cujé Waldrum Lewis White

HMC INSTITUTIONAL INFRASTRUCTURE (over 70 dedicated Professionals) THIRD-PARTY SUPPORT ■ Accounting ■ Tax ■ Risk ■ Human Resources ■ IT ■ Legal and Compliance ■ Due Diligence ■ Legal ■ Audit ■ Tax ■ Research ■ Reporting ■ Marketing ■ Corporate Communications

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 7 Jonathan Trinidad 181 confidentia Jonathan Trinidad Investment Focus

Mitigate risk through geographic and sector diversification in growth markets

SECTORS TARGET MARKETS Seattle Portland Class A and B office, multifamily, retail and Minneapolis industrial properties Salt Lake City Chicago Denver HMC Real GEOGRAPHY Estate Office Focus on primary markets with strong San Francisco Washington D.C.

job growth, diversified economies Las Vegas Raleigh and a depth of institutional ownership Los Angeles Charlotte San Diego Nashville Phoenix Atlanta INVESTMENT SIZE HMC Real Orlando Equity investments of $10 million - $30 million Estate Office Austin Houston Tampa Dallas San Antonio HMC Headquarters & Real Estate Office Miami/ Birmingham Fort Lauderdale LEVERAGE Aggregate leverage of 60-70% - Capped at 70%

If not fixed, interest rate risk is hedged Office 35-40% Multifamily No cross-collateralization of fund assets TARGET 35-40% ALLOCATION

Important Notice: The HUSREF VII Investment Team has flexibility with regard to its investment strategies and approach to Retail Industrial investments. Therefore, there can be no assurance that HUSREF VII will utilize the approaches listed above consistently or 15-20% 10-15% that HUSREF VII will achieve its investment objectives.

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 8 Jonathan Trinidad 182 confidentia Jonathan Trinidad Office Sector – Renovate to Meet Tenant Demands

HUSREF MARKETS ARE CURRENTLY EXPERIENCING STRONG OCCUPANCY INCREASES AFTER RENOVATION OFFICE DEMAND AND RENT GROWTH Occupancy 90% High-quality buildings capture more demand . 85% . New supply has been limited 80% 75% . Optimal environment to renovate and reposition older but well located properties 70% 65% . Renovation increases rents by 10% and occupancy by 16% 60% 55% 50% STRATEGY: RENOVATE AND REPOSITION IN STRONG LOCATIONS 2010 2011 2012 2013 2014 2015 2016 2017 2018 . Buy institutional quality office properties in strong job growth Year Property Was Renovated markets with these attributes: Prior to Renovation Year 1 Year 2 Year 3 • Well-located within market and submarket Source: CoStar Portfolio Strategy

• Surrounded by highly-educated population RENT PREMIUMS FOR RENOVATED BUILDINGS • Correctable capital needs due to under-capitalized Rent owner $45 $43 • Below-market, in-place rents $41 $39 • Discount pricing due to unstabilized occupancy $37 $35 . Drive revenue growth through a renovation plan that addresses $33 current tenant demands $31 . Underwrite rental rates at a discount to competitive properties $29 $27 . Sell repositioned, stabilized properties to buyers seeking $25 institutional-quality, cash-flowing assets 2010 2011 2012 2013 2014 2015 2016 2017 2018 Year Property Was Renovated

Prior to Renovation Year 1 Year 2 Year 3 Source: CoStar Portfolio Strategy

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 10 Jonathan Trinidad 183 confidentia Jonathan Trinidad Office - COVID-19 Recessionary Period Analysis

COVID-19 IMPACT . Limited near-term cash flow impact due to limited tenant rent relief requests . New leasing activity very slow during the shutdown, expected to remain depressed in the medium-term . Co-working facing its first recessionary test . Vertical transportation and mass transit concerns . Longer-term impacts related to countervailing forces: . More working from home reduces overall space needs . A reversal in the trend toward high-density, open concept office increases space needs Sources: Bureau of Labor Statistics, American Time Use Survey; CoStar Portfolio Strategy As of 19Q4

SECTOR STRENGTHS More Intensive Office-Users Less Intensive Office-Users . COVID-19-impacted sectors (hospitality, retail, services) are low intensity office users, limiting overall impact and risk to the product type

INVESTMENT PERIOD OPPORTUNITIES . Continued focus on highly differentiated, well-located and amenitized buildings . Underlying tenancy that minimizes work from home exposure . Well-located, high quality buildings with heavy co- working exposure As of 19Q4 . Over-levered, poorly capitalized assets that face near Source: CoStar Portfolio Strategy term cash flow, leasing and debt maturity issues Note: High Impact Sectors include leisure, hospitality, retail trade, and oil & gas & agriculture sectors. Office-Using Quotient divides each sector's share of total office square feet occupied in the U.S. by its share of total HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. employmentconfidentia in the U.S. 11 Jonathan Trinidad 184 confidentia Jonathan Trinidad Multifamily Sector – Affordable Quality, Distressed Luxury

PRONOUNCED AFFORDABILITY GAP BETWEEN RENTER INCOME HISTORIC HOUSING UNDERSUPPLY

AND AVAILABLE PROPERTIES Units of U.S. Housing Stock/Age 20+ Population . Unprecedented demographic demand for apartments with 0.60 2.5M Additional Housing Units average annual household formation growing by 27% through 0.59 Needed To Return 2022 to 1990-2000 Average 0.58 . 73% of renters cannot afford new high-rent, Class A properties 0.57 . Undersupply of affordable, market-rate properties . Oversupply of Class A with lease-up distress 0.56 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Housing Units per Household-Forming Persons (Age 20+) STRATEGY #1 : PROVIDE QUALITY AND VALUE BY 1990-2000 Average REPOSITIONING WELL-LOCATED CLASS B APARTMENTS Source: Oxford Economics; Haver Analytics; U.S. Census; CoStar Portfolio Strategy . Renovate unit interiors and common areas to create a “Class B+” property that offers relative rent value to competition 73% OF RENTERS MAKE LESS THAN $75,000 . Class B multifamily properties in institutionally-favored locations AND CANNOT AFFORD NEW APARTMENTS with these attributes: 7.1 Million • Near Class A properties with a large rent spread 16% • Limited new supply within a three-mile radius 4.7 Million • Favorable ratio of rent-to-mortgage payment 11% $0 - $50,000 • Strong school districts and access to employment $50,000 - $75,000 $75,000 - $100,000 $100,000+ STRATEGY #2 : OPERATIONAL IMPROVEMENT OF DISTRESSED AND UNDERPERFORMING CLASS A PROPERTIES 7.9 Million 24.4 Million 18% 55% . Acquire at a discount to replacement cost with a focus on revenue optimization and light value-add upside Source: U.S. Census ACS Survey; CoStar Portfolio Strategy *American Community Survey Data Through 2018

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 12 Jonathan Trinidad 185 confidentia Jonathan Trinidad Multifamily - COVID-19 Recessionary Period Analysis

COVID-19 IMPACT . Moderate near-term impact of rent declines and collections losses as a result of: . An increase in tenants’ inability to pay due to job losses . An increase in tenants’ unwillingness to pay due to eviction restrictions . Markets with high exposure to COVID-19-impacted sectors (Las Vegas, Orlando, etc.) will suffer the most . Projects in lease-up impacted by Shelter-In-Place

SECTOR STRENGTHS Source: CoStar Portfolio Strategy As of 4/6/2020 Note: National Index, market rate apartments only . Past recessions demonstrate less occupancy loss and less cap rate expansion as compared to other property types . CARES act has helped rent payments . The U.S. remains under-housed overall

INVESTMENT PERIOD OPPORTUNITIES . Historically high Q1 deliveries will face short term lease-up challenges, may lead to distress in recently completed Class A assets . Over-levered value-add transactions with aggressive underwriting assumptions may prove unsustainable for current ownership, particularly as Federal stimulus expires

Source: CoStar Portfolio Strategy As of 4/6/2020

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 13 Jonathan Trinidad 186 confidentia Jonathan Trinidad Retail Sector – High Quality at a Discount

NEGATIVE RETAIL HEADLINES: CREATING A CAPITAL VOID FOR HIGH QUALITY LOCATIONS DELIVER STRONG RENT GROWTH HIGH-QUALITY RETAIL REAL ESTATE Asking Rent (08Q4=100) . Discounted pricing for high-quality, well-located retail centers 115 due to cap rate expansion 110 . Positive retail real estate fundamentals – Occupancy greater 597 bps than 95%, positive rent growth and rising retailer sales projected 105 outperformance through 2022 100 . An attractive return profile driven by cash flow without

significant execution risk 95

90 STRATEGY: BUY THE RIGHT LOCATION, TENANT MIX AND CASH 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FLOW DURABILITY LQS 85-100 LQS <85 . Acquire leading locations with these attributes: Source: Neustar; CoStar Portfolio Strategy • Strong demographic locations supported by a high HIGH QUALITY LOCATIONS MAINTAIN HIGHER OCCUPANCY CoStar Location Quality Score (LQS) and leading Placer.ai Occupancy Rate 97% foot traffic counts – see pg. 33 and 34 • “Experiential or destination” retail property formats 96%

• Tenant mix of “e-commerce resistant” retailers 95% 65 bps • Food & beverage, entertainment, health & beauty, fitness, home goods, and off-price 94% apparel retailers 93% • Strong occupancy history and tenant sales 92% . Underwrite rents at appropriate health ratios (rent / $ sales psf) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 to support flexible business plans as retail continues to evolve LQS 85-100 LQS <85

Source: CoStar Portfolio Strategy HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 14 Jonathan Trinidad 187 confidentia Jonathan Trinidad Retail - COVID-19 Recessionary Period Analysis

COVID-19 IMPACT Composition of Occupied SF . Significant near-term cash flow impacts driven by: . Government-mandated store closures . Tenants’ inability or unwillingness to pay rent . Medium-term issues related to: . Reduced consumer spending driven by job losses, rising unemployment . Ongoing store closure / tenant bankruptcy issues, caused or accelerated by COVID-19 . Longer-term risks related to select product sub-types

SECTOR STRENGTHS . Needs based retailers (grocers, healthcare) seeing Source: CoStar Portfolio Strategy As of 19Q4 increased demand . Omni-channel distribution highlighted . Well-located (high LQS) suburban community and neighborhood centers projected to fare best

INVESTMENT PERIOD OPPORTUNITIES . Patient and opportunistic – too early to tell full impact . Distress will be significant, opportunity set will be large and long-lasting . Continue singular focus on best-of-the-best trophy assets with best positioned underlying tenant lineup Sources: Neustar; CoStar Portfolio Strategy As of 19Q4 *Applies geospatial analysis to gauge the retail sales potential of every location, independent of current use or building quality. Variables that factored into our analysis include complementary and competitive real estate, daytime employment, households, incomes, and tourism. HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 15 Jonathan Trinidad 188 confidentia Jonathan Trinidad Industrial - COVID-19 Recessionary Period Analysis

COVID-19 IMPACT . Most limited impact across the Fund product types . Near-term impact due to: . Disruption in port activity driven by initial China shutdown . Depressed manufacturing activity . Medium-term expected to return to normal, with some increase in domestic demand driven by re- configured supply chains and e-commerce growth

SECTOR STRENGTHS Sources: CFLP, Fung Business Intelligence Center; CoStar Portfolio Strategy As of March 2020 . E-commerce driven demand – particularly last mile . Re-shoring manufacturing driven demand . Inventory “safety” stock driven demand . Construction delays limit supply in the face of slowing near-term demand

INVESTMENT PERIOD OPPORTUNITIES . Industrial sector was “priced to perfection” prior to the COVID-19 pandemic, but current environment could: . Unlock value-add opportunities in temporarily dislocated space markets . Urban-infill older product, ideal for last mile distribution, but not core bulk product

Source: CoStar Portfolio Strategy As of March 2020

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 16 Jonathan Trinidad 189 confidentia Jonathan Trinidad Fund Offering Terms

FUND Harbert United States Real Estate Fund VII, L.P.

TARGETED FUND SIZE $600 million

MINIMUM INVESTMENT $5 million

FUND LIFE 10 years from the Initial Draw Down Date with possible extensions subject to certain approvals

INVESTMENT PERIOD 4 years from Initial Draw Down Date

Annual 1.5% management fee on committed capital during investment period; thereafter, annual 1.5% MANAGEMENT FEE management fee applied only to unreturned, invested capital

PREFERRED RETURN 8% compounded preferred return to LPs before carried interest

WATERFALL 1. 100% to LPs equal to their respective capital contributions

2. 100% to LPs until each partner has received an 8% compounded annual return on capital contributions

3. 60% to GP and 40% to LPs until GP has received 20% of clause 2 above and this clause 3

4. Thereafter 80% to LPs and 20% to GP

CLOSING SCHEDULE Next close projected for Q3 2020

FUND STRUCTURE HUSREF VII, L.P. – Delaware Limited Partnership with REIT feeder fund available

Important Notice: All HUSREF VII terms are subject to change without notice. The terms detailed above are not intended to be complete or final and are qualified in their entirety by reference to the PPM (copies of which will be furnished to any prospective investors upon request and must be received and reviewed by all investors prior to investing). In the event that the description or terms described herein are inconsistent with or contrary to the descriptions in or terms of the PPM, the PPM shall control.

HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 25 Jonathan Trinidad 190 confidentia Jonathan Trinidad HUSREF Markets Forecast to Outperform

HUSREF MARKETS LEAD THE U.S. IN EMPLOYMENT GROWTH STRONG EMPLOYMENT GROWTH IN HUSREF CREATING STRONG DEMAND FOR OFFICE MARKETS EXPECTED TO CONTINUE . Low cost of doing business and a high quality of life Forecast Annual Employment Growth (18Q4-22Q4) 2.0% . Attractive to the millennial workforce and employers Austin 1 1.5% . Target high STEM/TAMI jobs concentration Denver Dallas - FW Houston Las Vegas San Antonio Phoenix 1.0% Raleigh Charlotte Orlando Seattle San Francisco San Diego Nashville EMPLOYMENT GROWTH LEADS TO POPULATION GROWTH Portland OR Minneapolis Salt Lake City AND STRONG DEMAND FOR HOUSING 0.5% Washington, D.C. Fort Lauderdale Atlanta Miami Tampa Chicago . HUSREF markets have outperformed the overall U.S. in 0.0% population growth and are projected to continue to do so 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Average Annual Employment Growth (Past Two Years) . This creates demand for affordable, quality housing with

the modern amenities desired by renters Harbert Market Non-Harbert Market Source: U.S. Census Bureau; Moody's Analytics; CoStar Portfolio Strategy HIGHER POPULATION GROWTH IN HUSREF MARKETS POPULATION AND EMPLOYMENT GROWTH SUPPORTS STRONG RETAIL FUNDAMENTALS Population Growth Rate 1.8% 1.6% . Population and employment growth creates a growing 1.4% base of retail customers with strong buying power 1.2% . Retailers locate near a growing customer base, creating 1.0% 0.8% positive demand for retail real estate 0.6% 0.4% 0.2% 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1 STEM is an acronym for Science Technology Engineering and Math. TAMI is an acronym for Technology Advertising Media and Information. HUSREF Markets Non-HUSREF Markets Source: CoStar Portfolio Strategy HARBERT UNITED STATES REAL ESTATE FUND VII, L.P. confidentia 35 Jonathan Trinidad 191 University of West Florida Planned Giving As of June 30, 2020 Fiscal Year End: June Asset Allocation Current Current Balance Allocation _ US Stock Large $820,401 28.2% Alger Capital Appreciation Instl I $303,188 10.4% Diamond Hill Large Cap A $239,560 8.2% Schwab® S&P 500 Index $277,653 9.5% US Stock Small $193,232 6.6% Conestoga Small Cap Investors $110,677 3.8% American Beacon Small Cp Val Inv $82,555 2.8% International $283,697 9.7% American Beacon Intl Equity Inv $131,601 4.5% Artisan International Investor $152,097 5.2% International Emerging Stocks $103,110 3.5% Harding Loevner Emerging Markets Advisor $103,110 3.5% US Fixed Income $1,057,855 36.3% JPMorgan Strategic Income Opports A $217,747 7.5% Virtus Seix Total Return Bond I $306,063 10.5% Schwab U.S. Aggregate Bond Index Fund $298,685 10.3% Western Asset Intermediate Bond $235,360 8.1% Alternative Investments $435,046 14.9% Blackrock Systematic Multi Strat A $230,209 7.9% DWS RREEF Real Assets S $204,837 7.0% Cash $17,722 0.6% Cash $17,722 0.6% Total $2,911,064 100.0% XXXXX

Summary of Cash Flows Inception Second Quarter Year-To-Date One Year Three Years Five Years Ten Years 7/31/08 _ Beginning Market Value $2,650,667 $3,076,028 $3,013,591 $2,984,179 $138,095 $143,390 $125,597 Net Cash Flow -$51,623 -$103,393 -$196,449 -$528,346 $2,084,082 $2,010,908 $2,026,473 Net Investment Change $312,020 -$61,572 $93,922 $455,230 $688,887 $756,766 $758,994 Income $6,572 $11,952 $98,577 $308,901 $376,827 $407,722 $417,667 Ending Market Value $2,911,064 $2,911,064 $2,911,064 $2,911,064 $2,911,064 $2,911,064 $2,911,064 _

Prepared by The Atlanta Consulting Group 192 University of West Florida Planned Giving As of June 30, 2020 Fiscal Year End: June

Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs Inception Inception ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) Date _ Planned Giving 2,911,064 100.00 1.74 11.81 -1.84 3.27 4.63 5.18 4.31 5.62 Jul-08 Balanced Index 1.85 11.01 -1.43 4.37 5.02 5.53 4.86 5.91 Jul-08 US Stock Large 820,401 28.18 Alger Capital Appreciation Instl I 303,188 10.42 4.70 28.10 13.62 24.30 16.88 19.03 14.57 14.33 Nov-14 Russell 1000 Growth 4.35 27.84 9.81 23.28 17.27 18.99 15.89 14.89 Nov-14 Diamond Hill Large Cap A 239,560 8.23 0.24 17.95 -13.72 -5.90 2.78 3.96 6.52 6.29 Nov-14 Russell 1000 Value -0.66 14.29 -16.26 -8.84 -0.56 1.82 4.64 4.15 Nov-14 Schwab® S&P 500 Index 277,653 9.54 2.00 20.55 -3.08 7.50 8.93 10.70 10.78 12.58 Dec-09 S&P 500 1.99 20.54 -3.08 7.50 8.95 10.73 10.73 12.55 Dec-09 US Stock Small 193,232 6.64 Conestoga Small Cap Investors 110,677 3.80 3.18 26.43 2.00 3.47 6.95 13.46 13.33 14.50 Dec-09 Russell 2000 3.53 25.42 -12.98 -6.63 -4.98 2.01 4.29 10.15 Dec-09 American Beacon Small Cp Val Inv 82,555 2.84 1.86 22.18 -24.84 -18.88 -13.57 -5.69 -0.36 0.30 Jun-14 Russell 2000 3.53 25.42 -12.98 -6.63 -4.98 2.01 4.29 4.82 Jun-14 International 283,697 9.75 American Beacon Intl Equity Inv 131,601 4.52 3.50 15.37 -19.22 -14.05 -8.84 -4.09 -1.46 2.49 Dec-09 MSCI ACWI ex USA 4.52 16.12 -11.00 -4.80 -1.80 1.13 2.26 3.69 Dec-09 Artisan International Investor 152,097 5.22 4.08 16.76 -8.06 -0.47 4.11 5.14 3.23 5.85 Dec-09 MSCI ACWI ex USA 4.52 16.12 -11.00 -4.80 -1.80 1.13 2.26 3.69 Dec-09 International Emerging Stocks 103,110 3.54 Harding Loevner Emerging Markets Advisor 103,110 3.54 7.07 17.53 -15.27 -8.26 -4.82 -0.61 2.49 3.61 Dec-09 MSCI Emerging Markets 7.35 18.08 -9.78 -3.39 -1.12 1.90 2.86 2.65 Dec-09 US Fixed Income 1,057,855 36.34 JPMorgan Strategic Income Opports A 217,747 7.48 0.49 3.54 -0.38 0.48 1.40 -- -- 1.56 Nov-17 BBgBarc US Universal TR 0.83 3.81 5.16 7.88 7.98 5.15 4.42 5.37 Nov-17 Virtus Seix Total Return Bond I 306,063 10.51 0.65 3.07 8.70 10.47 8.66 5.18 4.27 4.20 Dec-09 BBgBarc US Aggregate TR 0.63 2.90 6.13 8.74 8.30 5.32 4.30 4.04 Dec-09 Schwab U.S. Aggregate Bond Index Fund 298,685 10.26 0.65 2.78 6.07 8.63 8.18 5.22 -- 5.16 Apr-17 BBgBarc US Aggregate TR 0.63 2.90 6.13 8.74 8.30 5.32 4.30 5.26 Apr-17 Western Asset Intermediate Bond 235,360 8.09 0.94 5.28 4.21 6.50 6.86 4.57 -- 4.89 Mar-17 BBgBarc US Govt/Credit Int TR 0.62 2.81 5.28 7.12 7.02 4.43 3.46 4.59 Mar-17

Prepared by The Atlanta Consulting Group 193 University of West Florida Planned Giving As of June 30, 2020 Fiscal Year End: June

Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs Inception Inception ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) Date _ Alternative Investments 435,046 14.94 Blackrock Systematic Multi Strat A 230,209 7.91 0.00 6.45 4.08 4.96 ------5.00 Jun-19 ICE BofA 91 Days T-Bills TR 0.01 0.02 0.60 1.63 1.97 1.77 1.19 1.63 Jun-19 DWS RREEF Real Assets S 204,837 7.04 0.68 9.75 -9.74 -4.90 1.20 2.84 2.40 1.54 Nov-14 Morningstar Mod Tgt Risk TR USD 1.97 12.73 -2.35 3.70 5.38 5.89 6.00 5.63 Nov-14 Cash 17,722 0.61 Cash 17,722 0.61 XXXXX - Balanced Index = Weighted Average of Russell 1000 Growth / Russell 1000 Value / S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI Emerging Markets / BBgBarc US Universal TR / BBgBarc US Aggregate TR / BBgBarc US Govt/Credit Int TR / ICE BofA 91 Days T-Bills TR / Morningstar Mod Tgt Risk TR USD / FTSE T-Bill 1 Month TR

Prepared by The Atlanta Consulting Group 194 University of West Florida Planned Giving As of June 30, 2020

RISK RETURN STATISTICS RISK RETURN STATISTICS 1 Year 3 Years Planned Giving Balanced Index Planned Giving Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 12 12 Number of Periods 36 36 Maximum Return 6.59 6.28 Maximum Return 6.59 6.28 Minimum Return -8.65 -7.77 Minimum Return -8.65 -7.77 Annualized Return 3.27 4.37 Annualized Return 5.18 5.53 Total Return 3.27 4.37 Total Return 16.38 17.52 Annualized Excess Return Annualized Excess Return 1.97 3.07 3.53 3.87 Over Risk Free Over Risk Free Annualized Excess Return -1.10 0.00 Annualized Excess Return -0.34 0.00

RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 1.08 1.00 Beta 1.05 1.00 Upside Deviation 6.86 6.23 Upside Deviation 5.27 4.89 Downside Deviation 13.73 12.20 Downside Deviation 9.38 8.43

RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 12.90 11.94 9.68 9.20 Deviation Deviation Alpha -0.11 0.00 Alpha -0.05 0.00 Sharpe Ratio 0.15 0.26 Sharpe Ratio 0.36 0.42 Excess Return Over Market Excess Return Over Market -0.08 0.00 -0.04 0.00 / Risk / Risk Tracking Error 1.22 0.00 Tracking Error 0.85 0.00 Information Ratio -0.90 -- Information Ratio -0.40 --

CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 1.00 1.00 R-Squared 0.99 1.00 Correlation 1.00 1.00 Correlation 1.00 1.00

Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills

Prepared by The Atlanta Consulting Group 195 University of West Florida Planned Giving As of June 30, 2020

RISK RETURN STATISTICS RISK RETURN STATISTICS 5 Years Since Inception Planned Giving Balanced Index Planned Giving Balanced Index RETURN SUMMARY STATISTICS RETURN SUMMARY STATISTICS Number of Periods 60 60 Number of Periods 143 143 Maximum Return 6.59 6.28 Maximum Return 6.59 6.58 Minimum Return -8.65 -7.77 Minimum Return -10.09 -9.36 Annualized Return 4.31 4.86 Annualized Return 5.62 5.91 Total Return 23.49 26.79 Total Return 91.78 98.23 Annualized Excess Return Annualized Excess Return 3.18 3.73 5.08 5.37 Over Risk Free Over Risk Free Annualized Excess Return -0.55 0.00 Annualized Excess Return -0.29 0.00

RISK SUMMARY STATISTICS RISK SUMMARY STATISTICS Beta 1.02 1.00 Beta 1.01 1.00 Upside Deviation 4.92 4.82 Upside Deviation 5.16 4.91 Downside Deviation 7.77 7.23 Downside Deviation 7.81 7.11

RISK/RETURN SUMMARY STATISTICS RISK/RETURN SUMMARY STATISTICS Annualized Standard Annualized Standard 8.39 8.20 8.98 8.71 Deviation Deviation Alpha -0.05 0.00 Alpha -0.03 0.00 Sharpe Ratio 0.38 0.46 Sharpe Ratio 0.57 0.62 Excess Return Over Market Excess Return Over Market -0.07 0.00 -0.03 0.00 / Risk / Risk Tracking Error 0.84 0.00 Tracking Error 1.59 0.00 Information Ratio -0.66 -- Information Ratio -0.19 --

CORRELATION STATISTICS CORRELATION STATISTICS R-Squared 0.99 1.00 R-Squared 0.97 1.00 Correlation 1.00 1.00 Correlation 0.98 1.00

Market Proxy: Balanced Index Market Proxy: Balanced Index Risk-Free Proxy: 91 Day T-Bills Risk-Free Proxy: 91 Day T-Bills

Prepared by The Atlanta Consulting Group 196 University of West Florida - Planned Giving Alger Capital Appreciation Instl I As of June 30, 2020

Description: Universe Name: Large Growth MStar MF The investment seeks long-term capital appreciation. # of Observations: 329 (6/30/2020) The fund normally invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companies of any market capitalization that the adviser believes demonstrate promising growth potential. Fund Information as of 5/31/20 ALGER CAPITAL Fund Name APPRECIATION INSTL I Ticker ALARX Morningstar Category Large Growth Benchmark Russell 1000 Growth Expense Ratio 1.16% Fund Assets ($mm) 2,044.29 Share Class Inception Date 11/8/1993 Manager Tenure 16

Top Holdings as of 5/31/20 MICROSOFT CORP 9.51% AMAZON.COM INC 9.11% APPLE INC 5.64% VISA INC CLASS A 4.96% FACEBOOK INC A 4.93% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs ALIBABA GROUP HOLDING LTD ADR 4.03% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) ALPHABET INC CLASS C 3.94% _ DANAHER CORP 3.51% Alger Capital Appreciation 28.10 36 13.62 21 24.30 19 19.03 30 14.48 39 16.75 30 ADOBE INC 2.93% Russell 1000 Growth 27.84 39 9.81 45 23.28 23 18.99 31 15.89 21 17.23 21 FIDELITY NATIONAL INFORMATION SERVICES INC 2.67% Over/Under 0.26 3.81 1.02 0.04 -1.41 -0.48 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 5/31/20 _ BASIC MATERIALS 1.73% Alger Capital Appreciation 33.12 -0.87 31.02 0.46 6.23 13.30 34.81 18.11 -1.03 13.48 COMMUNICATION SERVICES 12.00% Russell 1000 Growth 36.39 -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71 CONSUMER CYCLICAL 20.48% Over/Under -3.27 0.64 0.81 -6.62 0.56 0.25 1.33 2.85 -3.67 -3.23 CONSUMER DEFENSIVE 0.73% ENERGY 0.00% 5 Years Statistics Summary FINANCIAL SERVICES 12.87% Down Mkt HEALTHCARE 14.06% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 2.91% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 2.10% _ Alger Capital Appreciation 16.00% -1.65% 1.02 100.76% 107.81% 0.84 2.91% -0.48 TECHNOLOGY 33.12% UTILITIES 0.00% Russell 1000 Growth 15.49% 0.00% 1.00 100.00% 100.00% 0.96 0.00% --

Prepared by The Atlanta Consulting Group 197 University of West Florida - Planned Giving Diamond Hill Large Cap A As of June 30, 2020

Description: Universe Name: Large Value MStar MF The investment seeks to provide long-term capital appreciation. # of Observations: 296 (6/30/2020) The fund normally invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviser believes are undervalued. Large cap companies are defined as companies with market capitalizations at the time of purchase of $5 billion Fund Information as of 6/30/20 or greater, or in the range of those market capitalizations of companies included in the Russell 1000 Index at the time of purchase. The Fund Name DIAMOND HILL LARGE CAP A Adviser focuses on estimating a company's value independent of its current stock price. Ticker DHLAX Morningstar Category Large Value Benchmark Russell 1000 Value Expense Ratio 0.96% Fund Assets ($mm) 971.78 Share Class Inception Date 6/29/2001 Manager Tenure 18

Top Holdings as of 6/30/20 ABBOTT LABORATORIES 4.60% AMERICAN INTERNATIONAL GROUP INC 3.54% BERKSHIRE HATHAWAY INC CLASS B 3.49% CITIGROUP INC 3.30% PROCTER & GAMBLE CO 3.11% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs PEPSICO INC 3.08% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) MONDELEZ INTERNATIONAL INC CLASS A 2.96% _ THE WALT DISNEY CO 2.86% Diamond Hill Large Cap A 17.95 21 -13.72 33 -5.90 33 3.96 25 6.42 18 11.15 24 ALPHABET INC A 2.72% Russell 1000 Value 14.29 69 -16.26 60 -8.84 61 1.82 57 4.64 49 10.41 41 MEDTRONIC PLC 2.65% Over/Under 3.66 2.54 2.94 2.14 1.78 0.74 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 2.91% Diamond Hill Large Cap A 31.80 -9.88 19.95 14.26 -1.10 10.42 36.33 12.29 2.35 9.29 COMMUNICATION SERVICES 11.57% Russell 1000 Value 26.54 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 CONSUMER CYCLICAL 14.32% Over/Under 5.26 -1.61 6.29 -3.08 2.73 -3.03 3.80 -5.22 1.96 -6.22 CONSUMER DEFENSIVE 14.37% ENERGY 2.46% 5 Years Statistics Summary FINANCIAL SERVICES 26.43% Down Mkt HEALTHCARE 15.07% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 5.35% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 1.04% _ Diamond Hill Large Cap A 16.71% 1.54% 1.05 110.73% 101.10% 0.32 3.02% 0.59 TECHNOLOGY 6.49% UTILITIES 0.00% Russell 1000 Value 15.65% 0.00% 1.00 100.00% 100.00% 0.23 0.00% --

Prepared by The Atlanta Consulting Group 198 University of West Florida - Planned Giving Schwab® S&P 500 Index As of June 30, 2020

Description: Universe Name: Large Cap MStar MF The investment seeks to track the total return of the S&P 500® Index. # of Observations: 974 (6/30/2020) The fund generally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in these stocks; typically, the actual percentage is considerably higher. It generally will seek to replicate the performance of the index by giving the Fund Information as of 6/30/20 same weight to a given stock as the index does. Fund Name SCHWAB® S&P 500 INDEX Ticker SWPPX Morningstar Category Large Blend Benchmark S&P 500 Expense Ratio 0.02% Fund Assets ($mm) 42,089.16 Share Class Inception Date 5/19/1997 Manager Tenure 7

Top Holdings as of 6/30/20 MICROSOFT CORP 6.00% APPLE INC 5.78% AMAZON.COM INC 4.49% FACEBOOK INC A 2.12% ALPHABET INC A 1.65% ALPHABET INC CLASS C 1.61% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank JOHNSON & JOHNSON 1.44% (%) (%) (%) (%) (%) (%) _ BERKSHIRE HATHAWAY INC CLASS B 1.35% Schwab® S&P 500 Index 20.55 48 -3.08 41 7.50 37 10.70 37 10.67 33 13.90 34 VISA INC CLASS A 1.27% S&P 500 20.54 49 -3.08 41 7.50 37 10.73 36 10.73 32 13.99 32 PROCTER & GAMBLE CO 1.15% Over/Under 0.01 0.00 0.00 -0.03 -0.06 -0.09 XXXXX 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 2.20% Schwab® S&P 500 Index 31.44 -4.42 21.79 11.82 1.29 13.57 32.27 15.91 2.07 14.97 COMMUNICATION SERVICES 10.78% S&P 500 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 CONSUMER CYCLICAL 10.59% Over/Under -0.05 -0.04 -0.04 -0.14 -0.09 -0.12 -0.12 -0.09 -0.04 -0.09 CONSUMER DEFENSIVE 7.38% XXXXX ENERGY 2.83% 5 Years Statistics Summary FINANCIAL SERVICES 13.20% Down Mkt HEALTHCARE 14.75% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 8.39% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 2.84% _ Schwab® S&P 500 Index 14.75% -0.05% 1.00 99.74% 100.00% 0.65 0.05% -1.25 TECHNOLOGY 23.98% UTILITIES 3.07% S&P 500 14.76% 0.00% 1.00 100.00% 100.00% 0.65 0.00% --

Prepared by The Atlanta Consulting Group 199 University of West Florida - Planned Giving Conestoga Small Cap Investors As of June 30, 2020

Top Holdings as of 6/30/20 FOX FACTORY HOLDING CORP 3.27% THE DESCARTES SYSTEMS GROUP INC 3.23% EXPONENT INC 3.16% TREX CO INC 3.08% REPLIGEN CORP 2.93% NEOGEN CORP 2.91% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) PAYLOCITY HOLDING CORP 2.86% _ SPS COMMERCE INC 2.78% Conestoga Small Cap Investors 26.43 44 2.00 17 3.47 23 13.46 15 13.39 7 15.25 10 SITEONE LANDSCAPE SUPPLY INC 2.74% Russell 2000 25.42 50 -12.98 47 -6.63 44 2.01 44 4.29 45 10.50 45 MERCURY SYSTEMS INC 2.70% Over/Under 1.01 14.98 10.10 11.45 9.10 4.75

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 3.31% Conestoga Small Cap Investors 25.18 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 COMMUNICATION SERVICES 0.00% Russell 2000 25.52 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 CONSUMER CYCLICAL 8.09% Over/Under -0.34 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 CONSUMER DEFENSIVE 1.83% XXXXX ENERGY 0.00% 5 Years Statistics Summary FINANCIAL SERVICES 0.00% Down Mkt HEALTHCARE 17.31% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 31.42% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 2.53% _ Conestoga Small Cap Investors 18.41% 9.80% 0.84 104.34% 75.59% 0.67 7.94% 1.15 TECHNOLOGY 35.52% UTILITIES 0.00% Russell 2000 20.27% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --

Prepared by The Atlanta Consulting Group 200 University of West Florida - Planned Giving American Beacon Small Cp Val Inv As of June 30, 2020

Description: Universe Name: Small Cap MStar MF The investment seeks long-term capital appreciation and current income. # of Observations: 505 (6/30/2020) Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowings for investment purposes) are invested in equity securities of small market capitalization U.S. companies. These companies have market capitalizations of $5 billion or Fund Information as of 6/30/20 less at the time of investment. The fund's investments may include common stocks, real estate investment trusts ("REITs"), American AMERICAN BEACON SMALL Fund Name Depositary Receipts ("ADRs") and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively, "stocks"). CP VAL INV Ticker AVPAX Morningstar Category Small Value Benchmark Russell 2000 Expense Ratio 1.14% Fund Assets ($mm) 308.90 Share Class Inception Date 2/26/1999 Manager Tenure 22

Top Holdings as of 6/30/20 FUTURE ON RUSSEL 2000 (TR) SEP20 4.30% DIODES INC 1.50% ARROW ELECTRONICS INC 0.97% EVERCORE INC A 0.94% II-VI INC 0.87% ENSTAR GROUP LTD 0.77% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) DARLING INGREDIENTS INC 0.76% _ KENNAMETAL INC 0.76% American Beacon Small Cp Val 22.18 68 -24.84 91 -18.88 89 -5.69 91 -0.38 87 7.61 85 MGIC INVESTMENT CORP 0.75% Russell 2000 25.42 50 -12.98 47 -6.63 44 2.01 44 4.29 45 10.50 45 PRA GROUP INC 0.73% Over/Under -3.24 -11.86 -12.25 -7.70 -4.67 -2.89 XXXXX Sector Allocation as of 6/30/20 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 _ BASIC MATERIALS 5.19% American Beacon Small Cp Val 23.07 -15.89 8.34 26.36 -5.35 4.31 39.63 16.08 -4.41 25.67 COMMUNICATION SERVICES 1.83% Russell 2000 25.52 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 CONSUMER CYCLICAL 13.19% Over/Under -2.45 -4.88 -6.31 5.05 -0.94 -0.59 0.81 -0.27 -0.23 -1.18 CONSUMER DEFENSIVE 3.36% ENERGY 3.42% 5 Years Statistics Summary FINANCIAL SERVICES 26.90% Down Mkt HEALTHCARE 4.63% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 20.13% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 4.91% _ American Beacon Small Cp Val 22.54% -5.05% 1.09 96.53% 110.64% -0.06 4.85% -0.96 TECHNOLOGY 13.90% UTILITIES 2.54% Russell 2000 20.27% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --

Prepared by The Atlanta Consulting Group 201 University of West Florida - Planned Giving American Beacon Intl Equity Inv As of June 30, 2020 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks long-term capital appreciation. # of Observations: 208 (6/30/2020) The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks and securities convertible into common stocks (collectively, "stocks") of issuers based in at least three different countries Fund Information as of 6/30/20 AMERICAN BEACON located outside the United States. It primarily invests in countries comprising the MSCI EAFE Index®. The MSCI EAFE Index is Fund Name designed to represent the performance of large- and mid-capitalization securities across 21 developed markets countries, including INTERNATIONAL EQ INV countries in Europe, Australasia and the Far East, and excluding the U.S. and Canada. Ticker AAIPX Morningstar Category Foreign Large Value Benchmark MSCI ACWI ex USA Expense Ratio 1.05% Fund Assets ($mm) 107.59 Share Class Inception Date 8/1/1994 Manager Tenure 26

Top Holdings as of 6/30/20 FUTURE ON MSCI EAFE SEP20 3.66% NOVARTIS AG 3.50% VOLKSWAGEN AG PARTICIPATING PREFERRED 3.32% SAP SE 3.00% ABB LTD 2.81% SAMSUNG ELECTRONICS CO LTD 2.23% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank RELX PLC 2.16% (%) (%) (%) (%) (%) (%) SANOFI SA 2.13% _ American Beacon Intl Equity Inv 15.37 76 -19.22 98 -14.05 98 -4.09 98 -1.77 99 3.96 95 UNICREDIT SPA 1.93% BASF SE 1.83% MSCI ACWI ex USA 16.12 66 -11.00 59 -4.80 59 1.13 34 2.26 39 4.97 83 Over/Under -0.75 -8.22 -9.25 -5.22 -4.03 -1.01 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 6.80% American Beacon Intl Equity Inv 19.00 -16.64 24.40 -0.09 -2.08 -7.35 24.06 21.16 -11.90 6.42 COMMUNICATION SERVICES 10.63% MSCI ACWI ex USA 21.51 -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 CONSUMER CYCLICAL 8.47% Over/Under -2.51 -2.44 -2.79 -4.59 3.58 -3.48 8.77 4.33 1.81 -4.73 CONSUMER DEFENSIVE 7.63% XXXXX ENERGY 3.12% 5 Years Statistics Summary FINANCIAL SERVICES 16.66% Down Mkt HEALTHCARE 11.79% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 19.85% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 1.47% _ TECHNOLOGY 9.52% American Beacon Intl Equity Inv 16.00% -4.14% 1.05 92.09% 110.37% -0.18 3.94% -1.02 UTILITIES 4.07% MSCI ACWI ex USA 14.85% 0.00% 1.00 100.00% 100.00% 0.08 0.00% --

Prepared by The Atlanta Consulting Group 202 University of West Florida - Planned Giving Artisan International Investor As of June 30, 2020 Description: Universe Name: Foreign Large Blend MStar MF The investment seeks maximum long-term capital growth. # of Observations: 208 (6/30/2020) The fund invests primarily in developed markets but also may invest up to 35% of the fund's total assets at market value at the time of purchase in emerging and less developed markets. Under normal market conditions, it is substantially fully invested in common Fund Information as of 6/30/20 ARTISAN INTERNATIONAL stocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non- Fund Name U.S. companies. INVESTOR Ticker ARTIX Morningstar Category Foreign Large Growth Benchmark MSCI ACWI ex USA Expense Ratio 1.19% Fund Assets ($mm) 3,049.18 Share Class Inception Date 12/28/1995 Manager Tenure 25

Top Holdings as of 6/30/20 DEUTSCHE BOERSE AG 6.71% LINDE PLC 6.01% AIR LIQUIDE SA 4.26% NESTLE SA 3.99% ROCHE HOLDING AG DIVIDEND RIGHT CERT. 3.90% GENMAB A/S 3.55% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank AON PLC 3.51% (%) (%) (%) (%) (%) (%) AIA GROUP LTD 3.39% _ Artisan International Investor 16.76 57 -8.06 19 -0.47 17 5.14 3 3.03 16 7.97 5 AMAZON.COM INC 3.03% MSCI ACWI ex USA 16.12 66 -11.00 59 -4.80 59 1.13 34 2.26 39 4.97 83 DEUTSCHE TELEKOM AG 2.40% Over/Under 0.64 2.94 4.33 4.01 0.77 3.00 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 14.91% Artisan International Investor 29.20 -10.86 31.02 -9.66 -3.85 -0.97 25.18 25.39 -7.26 5.91 COMMUNICATION SERVICES 7.65% MSCI ACWI ex USA 21.51 -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 CONSUMER CYCLICAL 5.50% Over/Under 7.69 3.34 3.83 -14.16 1.81 2.90 9.89 8.56 6.45 -5.24 CONSUMER DEFENSIVE 8.78% XXXXX ENERGY 0.62% 5 Years Statistics Summary FINANCIAL SERVICES 24.69% Down Mkt HEALTHCARE 20.71% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 6.52% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00% _ TECHNOLOGY 8.75% Artisan International Investor 14.59% 0.93% 0.93 94.63% 92.76% 0.13 4.94% 0.16 UTILITIES 1.86% MSCI ACWI ex USA 14.85% 0.00% 1.00 100.00% 100.00% 0.08 0.00% --

Prepared by The Atlanta Consulting Group 203 University of West Florida - Planned Giving Harding Loevner Emerging Markets Advisor As of June 30, 2020 Description: Universe Name: Diversified Emerging Mkts MStar MF The investment seeks long-term capital appreciation through investments in equity securities of companies based in emerging # of Observations: 242 (6/30/2020) markets. The Portfolio invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, and Fund Information as of 6/30/20 investment companies. It invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued by HARDING LOEVNER companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), Fund Name EMERGING MARKETS and investment companies that invest in the types of securities in which the Portfolio would normally invest. ADVISOR Ticker HLEMX Morningstar Category Diversified Emerging Mkts Benchmark MSCI Emerging Markets Expense Ratio 1.37% Fund Assets ($mm) 3,640.49 Share Class Inception Date 11/9/1998 Manager Tenure 14

Top Holdings as of 6/30/20 TENCENT HOLDINGS LTD 6.09% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 5.38% ALIBABA GROUP HOLDING LTD ADR 4.87% SAMSUNG ELECTRONICS CO LTD GDR 4.30% EPAM SYSTEMS INC 2.98% AIA GROUP LTD 2.73% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) LG HOUSEHOLD & HEALTH CARE LTD 2.68% _ PJSC LUKOIL ADR 2.51% Harding Loevner Emerging 17.53 84 -15.27 88 -8.26 78 -0.61 73 2.42 59 4.18 43 SBERBANK OF RUSSIA PJSC ADR 2.19% MSCI Emerging Markets 18.08 79 -9.78 53 -3.39 53 1.90 46 2.86 52 3.27 53 HOUSING DEVELOPMENT FINANCE CORP LTD 2.15% Over/Under -0.55 -5.49 -4.87 -2.51 -0.44 0.91 XXXXX

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ BASIC MATERIALS 0.00% Harding Loevner Emerging 25.79 -18.72 35.22 13.20 -13.55 -1.66 4.18 22.73 -17.52 20.98 COMMUNICATION SERVICES 10.89% MSCI Emerging Markets 18.44 -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.23 -18.42 18.88 CONSUMER CYCLICAL 13.83% Over/Under 7.35 -4.14 -2.06 2.01 1.37 0.53 6.78 4.50 0.90 2.10 CONSUMER DEFENSIVE 10.00% XXXXX ENERGY 5.96% 5 Years Statistics Summary FINANCIAL SERVICES 24.06% Down Mkt HEALTHCARE 1.80% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio INDUSTRIALS 8.45% Dev Alpha Ratio Anlzd Ratio Error Anlzd REAL ESTATE 0.00% _ TECHNOLOGY 23.54% Harding Loevner Emerging 18.81% -0.50% 1.02 99.34% 100.99% 0.07 4.57% -0.10 UTILITIES 1.47% MSCI Emerging Markets 17.86% 0.00% 1.00 100.00% 100.00% 0.10 0.00% --

Prepared by The Atlanta Consulting Group 204 University of West Florida - Planned Giving JPMorgan Strategic Income Opports A As of June 30, 2020 Description: Universe Name: Nontraditional Bond MStar MF The investment seeks high total return. # of Observations: 95 (6/30/2020) The fund has an absolute return orientation which means that it is not managed relative to an index. It has flexibility to allocate its assets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectors Fund Information as of 6/30/20 including cash, money market instruments and short-term investments. The fund may invest up to 100% of its total assets in JPMORGAN STRATEGIC Fund Name securities that are rated below investment grade or the unrated equivalent. INCOME OPPORTS A Ticker JSOAX Morningstar Category Nontraditional Bond Benchmark BBgBarc US Universal TR Expense Ratio 1.03% Fund Assets ($mm) 912.56 Share Class Inception Date 10/10/2008 Manager Tenure 12

Fund Characteristics as of 6/30/20 Sharpe Ratio (3 Year) -0.03 Average Duration 0.55 Average Coupon 2.47% Average Effective Maturity 1.47 R-Squared (3 Year) 0.17 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank Alpha (3 Year) -0.02% (%) (%) (%) (%) (%) (%) Beta (3 Year) 0.37 _ JPMorgan Strategic Income 3.54 78 -0.38 48 0.48 66 1.54 72 2.46 69 2.70 72 Opports A Credit Quality as of 6/30/20 BBgBarc US Universal TR 3.81 75 5.16 11 7.88 5 5.15 1 4.42 10 4.12 21 AAA 46.61% AA 3.60% Over/Under -0.27 -5.54 -7.40 -3.61 -1.96 -1.42 A 15.58% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 BBB 10.95% _ BB 5.86% JPMorgan Strategic Income Opports A 3.72 0.43 3.08 8.92 -2.37 -0.14 2.78 7.82 -0.28 5.06 B 8.54% BBgBarc US Universal TR 9.29 -0.26 4.09 3.91 0.43 5.56 -1.35 5.53 7.40 7.16 Below B 4.91% Over/Under -5.57 0.69 -1.01 5.01 -2.80 -5.70 4.13 2.29 -7.68 -2.10 Not Rated 3.95%

5 Years Statistics Summary Fixed Income Sectors as of 6/30/20 Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking GOVERNMENT 0.26% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error MUNICIPAL 0.00% Anlzd CORPORATE 39.05% _ JPMorgan Strategic Income SECURITIZED 15.63% 2.99% 0.83% 0.37 52.46% 49.82% 0.46 3.38% -0.58 Opports A CASH & EQUIVALENTS 45.02% BBgBarc US Universal TR 3.06% 0.00% 1.00 100.00% 100.00% 1.09 0.00% -- DERIVATIVE 0.05%

Prepared by The Atlanta Consulting Group 205 University of West Florida - Planned Giving Virtus Seix Total Return Bond As of June 30, 2020 Description: Universe Name: Intermediate Core Bond MStar MF The investment seeks to maximize long term total return through a combination of current income and capital appreciation, consistent # of Observations: 125 (6/30/2020) with capital preservation. The fund invests in various types of income-producing debt instruments including mortgage- and asset-backed securities, Fund Information as of 6/30/20 government and agency obligations, corporate obligations and floating rate loans. It normally invests at least 80% of its net assets in VIRTUS SEIX TOTAL RETURN Fund Name fixed income securities. BOND I Ticker SAMFX Morningstar Category Intermediate Core-Plus Bond Benchmark BBgBarc US Aggregate TR Expense Ratio 0.46% Fund Assets ($mm) 287.45 Share Class Inception Date 12/30/1997 Manager Tenure 19

Fund Characteristics as of 6/30/20 Sharpe Ratio (3 Year) 1.02 Average Duration 5.69 Average Coupon 3.31% Average Effective Maturity 8.05 R-Squared (3 Year) 0.80 Alpha (3 Year) 0.01% Beta (3 Year) 0.95 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Credit Quality as of 3/31/20 _ Virtus Seix Total Return Bond 3.07 74 8.70 3 10.47 4 5.18 46 4.29 38 3.87 52 AAA 81.21% BBgBarc US Aggregate TR 2.90 79 6.13 44 8.74 34 5.32 32 4.30 36 3.82 60 AA 3.36% A 8.32% Over/Under 0.17 2.57 1.73 -0.14 -0.01 0.05 BBB 7.11% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 BB 0.00% _ B 0.00% Virtus Seix Total Return Bond 7.12 -0.32 2.67 3.09 0.19 6.38 -3.04 4.96 9.79 6.49 Below B 0.00% BBgBarc US Aggregate TR 8.72 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 Not Rated 0.00% Over/Under -1.60 -0.33 -0.87 0.44 -0.36 0.41 -1.02 0.75 1.95 -0.05 Fixed Income Sectors as of 6/30/20 5 Years Statistics Summary GOVERNMENT 29.69% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.00% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 29.96% Anlzd SECURITIZED 34.69% _ Virtus Seix Total Return Bond 3.20% 0.18% 0.96 93.79% 83.30% 1.00 1.28% -0.01 CASH & EQUIVALENTS 5.66% BBgBarc US Aggregate TR 3.08% 0.00% 1.00 100.00% 100.00% 1.05 0.00% -- DERIVATIVE 0.00%

Prepared by The Atlanta Consulting Group 206 University of West Florida - Planned Giving Schwab U.S. Aggregate Bond Index Fund As of June 30, 2020 Description: Universe Name: Intermediate Core Bond MStar MF The investment seeks to track as closely as possible, before fees and expenses, the total return of the Bloomberg Barclays US # of Observations: 125 (6/30/2020) Aggregate Bond Index†. The fund generally invests at least 90% of its net assets (including, for this purpose, any borrowings for investment purposes) in Fund Information as of 6/30/20 securities included in the index. The index is a broad-based benchmark measuring the performance of the U.S. investment grade, SCHWAB US AGGREGATE Fund Name taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities, BOND INDEX commercial MBS, and ABS that are publicly available for sale in the United States. Ticker SWAGX Morningstar Category Intermediate Core Bond Benchmark BBgBarc US Aggregate TR Expense Ratio 0.04% Fund Assets ($mm) 4,294.85 Share Class Inception Date 2/23/2017 Manager Tenure 3

Fund Characteristics as of 6/30/20 Sharpe Ratio (3 Year) 1.11 Average Duration 5.96 Average Coupon 3.10% Average Effective Maturity 7.93 R-Squared (3 Year) 1.00 Alpha (3 Year) 0.00% Beta (3 Year) 0.99 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Credit Quality as of 6/30/20 _ Schwab U.S. Aggregate Bond 2.78 81 6.07 47 8.63 38 5.22 40 ------AAA 72.00% AA 2.90% BBgBarc US Aggregate TR 2.90 79 6.13 44 8.74 34 5.32 32 4.30 36 3.82 60 A 11.55% Over/Under -0.12 -0.06 -0.11 -0.10 BBB 13.56% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 BB 0.00% _ B 0.00% Schwab U.S. Aggregate Bond 8.63 -0.13 ------Below B 0.00% BBgBarc US Aggregate TR 8.72 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 Not Rated 0.00% Over/Under -0.09 -0.14 Fixed Income Sectors as of 6/30/20 Fund Inception Statistics Summary GOVERNMENT 41.03% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking MUNICIPAL 0.56% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error CORPORATE 25.82% Anlzd SECURITIZED 28.40% _ Schwab U.S. Aggregate Bond 3.10% -0.04% 0.99 98.27% 99.34% 1.15 0.17% -0.63 CASH & EQUIVALENTS 4.19% BBgBarc US Aggregate TR 3.14% 0.00% 1.00 100.00% 100.00% 1.17 0.00% -- DERIVATIVE 0.00%

Prepared by The Atlanta Consulting Group 207 University of West Florida - Planned Giving Western Asset Intermediate Bond As of June 30, 2020 Description: Universe Name: Intermediate Core Bond MStar MF The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. # of Observations: 125 (6/30/2020) The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets in debt and fixed income securities. Although it may invest in debt and fixed income securities of any maturity, Fund Information as of 6/30/20 under normal market conditions the target dollar-weighted average effective duration for the fund, as estimated by the fund's WESTERN ASSET Fund Name subadviser, is expected to range within 20% of the duration of its benchmark. INTERMEDIATE BOND I Ticker WATIX Morningstar Category Intermediate Core Bond Benchmark BBgBarc US Govt/Credit Int TR Expense Ratio 0.54% Fund Assets ($mm) 629.14 Share Class Inception Date 7/1/1994 Manager Tenure 11

Fund Characteristics as of 6/30/20 Sharpe Ratio (3 Year) 0.92 Average Duration 4.52 Average Coupon 3.18% Average Effective Maturity 7.63 R-Squared (3 Year) 0.64 QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Alpha (3 Year) -0.02% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) Beta (3 Year) 1.08 _ Western Asset Interm Bond 5.28 25 4.21 83 6.50 84 4.57 80 4.02 65 3.96 44 Credit Quality as of 6/30/20 BBgBarc US Govt/Credit Int 2.81 81 5.28 74 7.12 74 4.43 81 3.46 88 3.12 94 AAA 44.67% TR AA 9.43% Over/Under 2.47 -1.07 -0.62 0.14 0.56 0.84 A 22.55% BBB 19.95% 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 _ BB 1.57% Western Asset Interm Bond 8.05 0.20 4.02 3.15 1.50 3.88 -0.78 7.10 5.35 8.76 B 0.00% BBgBarc US Govt/Credit Int TR 6.80 0.88 2.14 2.08 1.07 3.13 -0.86 3.89 5.80 5.89 Below B 0.00% Over/Under 1.25 -0.68 1.88 1.07 0.43 0.75 0.08 3.21 -0.45 2.87 Not Rated 1.83%

5 Years Statistics Summary Fixed Income Sectors as of 6/30/20 Down Mkt GOVERNMENT 33.53% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio MUNICIPAL 0.05% Dev Alpha Ratio Anlzd Ratio Error Anlzd CORPORATE 43.54% _ SECURITIZED 19.41% Western Asset Interm Bond 2.83% 0.44% 1.03 115.96% 114.02% 1.03 1.56% 0.35 CASH & EQUIVALENTS 3.25% BBgBarc US Govt/Credit Int 2.29% 0.00% 1.00 100.00% 100.00% 1.04 0.00% -- TR DERIVATIVE 0.21% XXXXX

Prepared by The Atlanta Consulting Group 208 University of West Florida - Planned Giving Blackrock Systematic Multi Strat A As of June 30, 2020

Description: Universe Name: Multialternative MStar MF The investment seeks total return comprised of current income and capital appreciation. # of Observations: 98 (6/30/2020) The fund seeks to achieve its investment objective by investing in a range of global asset classes, with a focus on fixed and floating rate debt securities and equity securities. It will normally invest in both U.S. and non-U.S. securities, including securities of companies located Fund Information as of 6/30/20 in emerging markets. BLACKROCK SYSTEMATIC Fund Name MULTI-STRAT INV A Ticker BAMBX Morningstar Category Multialternative Benchmark ICE BofA 91 Days T-Bills TR Expense Ratio 1.22% Fund Assets ($mm) 112.95 Share Class Inception Date 5/19/2015 Manager Tenure 5

Top Holdings as of 6/30/20 FEDERAL NATIONAL MORTGAGE ASSOCIATION 3% 1.35% UNITED STATES TREASURY BONDS 2.88% 1.33% FNMA PASS-THRU I 3% 1.19% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs FEDERAL HOME LOAN BANKS 3.5% 1.08% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 3% 1.07% _ FNMA PASS-THRU I 4% 0.98% Blackrock Systematic Multi 6.45 35 4.08 7 4.96 11 6.37 6 5.41 5 -- -- FEDERAL NATIONAL MORTGAGE ASSOCIATION 3.5% 0.91% Strat FNMA PASS-THRU I 3.5% 0.91% ICE BofA 91 Days T-Bills TR 0.02 85 0.60 18 1.63 24 1.77 37 1.19 45 0.64 95 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 3.5% 0.80% Over/Under 6.43 3.48 3.33 4.60 4.22 CONNECTICUT AVENUE SECURITIES TRUST 2019-R04 XXXXX 0.77% 2.28%

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Sector Allocation as of 6/30/20 _ Blackrock Systematic Multi Strat 8.25 1.51 9.72 5.61 ------BASIC MATERIALS 6.04% ICE BofA 91 Days T-Bills TR 2.28 1.87 0.86 0.33 0.05 0.03 0.07 0.11 0.10 0.13 COMMUNICATION SERVICES 4.79% CONSUMER CYCLICAL 14.42% Over/Under 5.97 -0.36 8.86 5.28 CONSUMER DEFENSIVE 9.89% 3 Years Statistics Summary ENERGY 8.32% FINANCIAL SERVICES 8.34% Down Mkt Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking HEALTHCARE 12.98% Beta Cap Ratio Info Ratio Dev Alpha Ratio Anlzd Ratio Error INDUSTRIALS 14.12% Anlzd _ REAL ESTATE 4.63% Blackrock Systematic Multi Strat 4.16% 18.74% -7.00 360.46% -- 1.14 4.25% 1.08 TECHNOLOGY 9.56% ICE BofA 91 Days T-Bills TR 0.22% 0.00% 1.00 100.00% -- 0.58 0.00% -- UTILITIES 6.90% XXXXX

Prepared by The Atlanta Consulting Group 209 University of West Florida - Planned Giving DWS RREEF Real Assets S As of June 30, 2020

Description: Universe Name: Multialternative MStar MF The investment seeks total return in excess of inflation through capital growth and current income. # of Observations: 98 (6/30/2020) The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a combination of investments that the Advisor believes offer exposure to "real assets." It generally invests between 25% and 75% of fund assets in Fund Information as of 6/30/20 securities of foreign issuers, including up to 10% of fund assets in issuers located in countries with new or emerging markets. Fund Name DWS RREEF REAL ASSETS S Ticker AAASX Morningstar Category World Allocation Morningstar Mod Tgt Risk TR Benchmark USD Expense Ratio 1.07% Fund Assets ($mm) 165.40 Share Class Inception Date 7/30/2007 Manager Tenure 6

Top Holdings as of 6/30/20 CAYMAN REAL ASSETS FUND LTD. 9.79% AMERICAN TOWER CORP 2.86% CROWN CASTLE INTERNATIONAL CORP 2.49% TC ENERGY CORP 2.32% QTD YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs UNITED STATES TREASURY NOTES 2.38% 2.26% Rank Rank Rank Rank Rank Rank (%) (%) (%) (%) (%) (%) GOLD 100 OZ AUG20 2.23% _ DWS RREEF Real Assets 9.75 11 -9.74 84 -4.90 71 3.69 15 2.92 17 3.43 49 CHENIERE ENERGY INC 1.96% UNITED STATES TREASURY NOTES 2.62% 1.91% Morningstar Mod Tgt Risk TR 12.73 7 -2.35 32 3.70 14 5.89 6 6.00 3 7.76 1 USD SEMPRA ENERGY 1.69% SBA COMMUNICATIONS CORP 1.42% Over/Under -2.98 -7.39 -8.60 -2.20 -3.08 -4.33

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 _ Sector Allocation as of 6/30/20 DWS RREEF Real Assets 21.54 -5.17 14.83 4.20 -9.66 3.32 0.91 9.52 -3.09 12.45 BASIC MATERIALS 11.94% Morningstar Mod Tgt Risk TR USD 19.03 -4.76 14.66 8.57 -1.79 4.89 14.31 12.04 0.59 12.33 COMMUNICATION SERVICES 1.72% Over/Under 2.51 -0.41 0.17 -4.37 -7.87 -1.57 -13.40 -2.52 -3.68 0.12 CONSUMER CYCLICAL 0.88% CONSUMER DEFENSIVE 1.12% 5 Years Statistics Summary ENERGY 14.21% Down Mkt FINANCIAL SERVICES 0.00% Anlzd Std Anlzd Up Mkt Cap Sharpe Tracking Beta Cap Ratio Info Ratio HEALTHCARE 0.00% Dev Alpha Ratio Anlzd Ratio Error Anlzd INDUSTRIALS 11.14% _ REAL ESTATE 42.90% DWS RREEF Real Assets 10.38% -3.25% 1.03 82.19% 105.97% 0.18 4.86% -0.63 TECHNOLOGY 0.00% Morningstar Mod Tgt Risk TR 8.92% 0.00% 1.00 100.00% 100.00% 0.55 0.00% -- UTILITIES 16.10% USD

Prepared by The Atlanta Consulting Group 210 University of W Florida Foundation - Univ of W Fl CGA Seg Res Portfolio Snapshot as of 7/15/2020

Charitable Gift Annuity Summary

Total Number of Active CGAs Unique Donors IPS Monitor 60% 6 3 50%

Total Gift Amount Average Gift Amount 40% 35.4% 35.7% $3,180,000 $530,000 30%

20% New Gift(s) Total (1 Year) Terminated Gift(s) Total (1 Year) 13.7% 14.8% $0 $68,517 10% 0.4% 0% Domestic International Fixed Income Alternative Cash & Market Value Annual Annuity Equities Equities Equivalents $2,980,277 $184,560 Actual Target Lower Limit Upper Limit

CGA Breakdown

Donor Age & Gift Amount Active CGA History 2 $3000K 12

10 $2500K 8 $2000K 6

1 $1500K 4 2 2 1 1 1 1 1 $1000K 0 0 0 0

$500K -2

0 $0K -4 <75 75-80 80-85 85-90 90-95 95+ -6 -5 Unique Donors Market Value 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

State Reserve Requirements and Healthcheck

Reserve Requirement Annual Return 1 Year 5 Year 10 Year

Portfolio $2,980,277 -10% $2,525,056 $1,090,032 -$70,087

-6% $2,628,625 $1,412,656 $246,271

FL $1,756,153 $175,615 0% $2,795,717 $2,057,477 $1,134,677

6% $2,970,431 $2,924,774 $2,850,498

$0 10% $3,086,962 $3,631,596 $4,680,550

$0K $500K $1000K $1500K $2000K $2500K $3000K $3500K * Return assumptions are based off quarterly annuity payments and investment returns. Return Reserve Required Surplus Market Value assumptions do not include any new or terminated gifts over the timeperiod.

211

As of June 30, 2020 University of West Florida

Aggregated Account Summary

Strategic Current Target Percent Asset Category Current Market Value Allocation Allocation Variance Domestic Equities $1,040,490 33.7% 35.0% (1.3%) International Equities $395,660 12.8% 15.0% (2.2%) Fixed Income $1,166,955 37.8% 32.0% 5.8% Alternative $452,713 14.7% 13.0% 1.7% Cash & Equivalents $28,603 0.9% 5.0% (4.1%) Total $3,084,422 100.0% 100.0%

3/31/20 Net 6/30/20 Account Name Account Type Value Contributions Withdrawals Investment Gain Value University of West Florida Seg Res CGA $2,650,667 $0 ($51,623) $312,020 $2,911,064 University of West Florida - Zimmers NIM CRUT $121,642 $0 ($630) $7,636 $128,648 University of West Florida - Hugh Garnett NIM CRUT $42,219 $0 ($481) $2,972 $44,711 University of West Florida $2,814,529 $0 ($52,735) $322,628 $3,084,422

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 1 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 212

As of June 30, 2020 University of West Florida Seg Res

Asset Allocation

Strategic Current Target Percent Asset Category Current Market Value Allocation Allocation Variance Domestic Equities $1,013,634 34.8% 35.0% (0.2%) International Equities $386,807 13.3% 15.0% (1.7%) Fixed Income $1,057,855 36.3% 32.0% 4.3% Alternative $435,046 14.9% 13.0% 1.9% Cash & Equivalents $17,722 0.6% 5.0% (4.4%) Total $2,911,064 100.0% 100.0%

* Since data availability date of 1/1/10

As of June 30, 2020 University of West Florida Seg Res

Quarterly Cashflow University of West Florida Seg Res (CGA) From March 31, 2020 to June 30, 2020 Beginning Market Income/Change in Description Weight Value Deposits/ Purchases Outflows Market Value Ending Market Value Domestic Equities Alger Capital Appreciation Instl I 10.4% $236,689 $0 $0 $66,499 $303,188 American Beacon Small Cp Val Inv 2.8% $67,571 $0 $0 $14,984 $82,555 Conestoga Small Cap Investors 3.8% $87,543 $0 $0 $23,134 $110,677 Diamond Hill Large Cap A 8.2% $203,097 $0 $0 $36,463 $239,560 Schwab® S&P 500 Index 9.5% $230,324 $0 $0 $47,329 $277,653

Domestic Equities Total 34.8% $825,224 $0 $0 $188,410 $1,013,634

International Equities American Beacon Intl Equity Inv 4.5% $114,072 $0 $0 $17,529 $131,601 Artisan International Investor 5.2% $130,262 $0 $0 $21,835 $152,097 Harding Loevner Emerging Markets Advisor 3.5% $87,731 $0 $0 $15,379 $103,110

International Equities Total 13.3% $332,064 $0 $0 $54,743 $386,807

Fixed Income JPMorgan Strategic Income Opps A 7.5% $210,822 $0 ($528) $7,452 $217,747 Schwab U.S. Aggregate Bond Index Fund 10.3% $292,330 $0 ($1,768) $8,123 $298,685 Virtus Seix Total Return Bond I 10.5% $298,093 $0 ($1,184) $9,154 $306,063 Western Asset Intermediate Bond I 8.1% $224,708 $0 ($1,196) $11,848 $235,360

Fixed Income Total 36.3% $1,025,954 $0 ($4,676) $36,578 $1,057,855

Alternative Blackrock Systematic 7.9% $216,250 $0 $0 $13,959 $230,209 Deutsche Real Assets Fd 7.0% $187,912 $0 ($1,404) $18,329 $204,837

Alternative Total 14.9% $404,162 $0 ($1,404) $32,288 $435,046

Cash & Equivalents Cash 0.6% $63,264 $6,080 ($51,623) - $17,722

Total 100.0% $2,650,667 $0 ($51,623) $312,020 $2,911,064

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 2 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 214

As of June 30, 2020 University of West Florida Seg Res

Manager Performance University of West Florida Seg Res (CGA) Asset Category Weight Value Quarter to Date Net Return Domestic Equities Large Cap Value Diamond Hill Large Cap A (DHLAX) 8.2% $239,560 18.0%

Large Cap Value Total 8.2% $239,560 18.0% Russell 1000 Value 14.3%

Large Cap Core Schwab® S&P 500 Index (SWPPX) 9.5% $277,653 20.5%

Large Cap Core Total 9.5% $277,653 20.5% S&P 500 Composite 20.5%

Large Cap Growth Alger Capital Appreciation Instl I (ALARX) 10.4% $303,188 28.1%

Large Cap Growth Total 10.4% $303,188 28.1% Russell 1000 Growth 27.8%

Small Cap Value American Beacon Small Cp Val Inv (AVPAX) 2.8% $82,555 22.2%

Small Cap Value Total 2.8% $82,555 22.2% Russell 2000 Value 18.9%

Small Cap Growth Conestoga Small Cap Investors (CCASX) 3.8% $110,677 26.4%

Small Cap Growth Total 3.8% $110,677 26.4% Russell 2000 Growth 30.6%

International Equities Intl Core Plus Artisan International Investor (ARTIX) 5.2% $152,097 16.8%

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 3 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 215

As of June 30, 2020 University of West Florida Seg Res

Manager Performance University of West Florida Seg Res (CGA) Asset Category Weight Value Quarter to Date Net Return International Equities Intl Core Plus Intl Core Plus Total 5.2% $152,097 16.8% MSCI All Country World Index X - US Net 16.1%

Intl Large Cap Value American Beacon Intl Equity Inv (AAIPX) 4.5% $131,601 15.4%

Intl Large Cap Value Total 4.5% $131,601 15.4% MSCI EAFE Value Net 12.4%

Emerging Markets Harding Loevner Emerging Markets Advisor (HLEMX) 3.5% $103,110 17.5%

Emerging Markets Total 3.5% $103,110 17.5% MSCI EM (Emerging Markets) Net 18.1%

Fixed Income Unconstrained Fixed Income JPMorgan Strategic Income Opps A (JSOAX) 7.5% $217,747 3.5%

Unconstrained Fixed Income Total 7.5% $217,747 3.5% Bloomberg Barclays US Aggregate 2.9%

Core Bond Schwab U.S. Aggregate Bond Index Fund (SWAGX) 10.3% $298,685 2.8% Virtus Seix Total Return Bond I (SAMFX) 10.5% $306,063 3.1% Western Asset Intermediate Bond I (WATIX) 8.1% $235,360 5.3%

Core Bond Total 28.9% $840,108 3.6% Bloomberg Barclays US Aggregate 2.9%

Alternative Liquid Real Assets Deutsche Real Assets Fd (AAASX) 7.0% $204,837 9.7%

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 4 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 216

As of June 30, 2020 University of West Florida Seg Res

Manager Performance University of West Florida Seg Res (CGA) Asset Category Weight Value Quarter to Date Net Return Alternative Liquid Real Assets Liquid Real Assets Total 7.0% $204,837 9.7% S&P Real Assets 12.1%

Absolute Return Blackrock Systematic (BAMBX) 7.9% $230,209 6.5% HFRX Aggregate Index 5.5%

Absolute Return Total 7.9% $230,209 6.5% HFRX Global Hedge Fund Index 6.2%

Cash & Equivalents Taxable Money Market Cash (CASH) 0.6% $17,722 -

Taxable Money Market Total 0.6% $17,722 -

Total 100.0% $2,911,064 11.8% Blended 50 Eq (Blended Benchmark) 11.9%

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 5 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 217

As of June 30, 2020 University of West Florida Seg Res

Historical Performance University of West Florida Seg Res (CGA) Benchmark: Beginning Market Change in Market Blended Total Return Value Net Flow Value Ending Market Value Benchmark Historical Quarterly Performance Second Quarter 2020 11.8% $2,650,667 ($51,623) $312,020 $2,911,064 11.9% First Quarter 2020 (12.1%) $3,076,028 ($51,769) ($373,591) $2,650,667 (10.9%) Fourth Quarter 2019 4.7% $3,056,367 ($120,266) $139,927 $3,076,028 4.9% Third Quarter 2019 0.5% $3,013,591 $27,210 $15,567 $3,056,367 0.9% Second Quarter 2019 3.7% $2,957,924 ($51,583) $107,249 $3,013,591 3.0% First Quarter 2019 8.2% $2,783,305 ($51,572) $226,192 $2,957,924 7.8% Fourth Quarter 2018 (7.8%) $3,074,009 ($51,806) ($238,898) $2,783,305 (7.0%) Third Quarter 2018 2.6% $3,047,152 ($51,799) $78,656 $3,074,009 2.4% Second Quarter 2018 1.1% $3,064,932 ($51,882) $34,102 $3,047,152 1.1% First Quarter 2018 (0.7%) $3,136,764 ($51,859) ($19,974) $3,064,932 (1.0%) Fourth Quarter 2017 2.9% $3,098,928 ($51,783) $89,620 $3,136,764 3.1% Third Quarter 2017 2.9% $2,984,179 $29,375 $85,373 $3,098,928 3.1%

Historical Quarterly Performance Total 5.2% $2,984,179 ($529,357) $456,242 $2,911,064 6.0%

Historical Annual Performance for Last 3 Years 2020 * (1.7%) $3,076,028 ($103,393) ($61,572) $2,911,064 (0.3%) 2019 17.9% $2,783,305 ($196,211) $488,934 $3,076,028 17.6% 2018 (5.0%) $3,136,764 ($207,346) ($146,114) $2,783,305 (4.6%) 2017 12.5% $2,904,629 ($123,522) $355,657 $3,136,764 12.8%

Historical Annual Performance for Last * 6.3% $2,904,629 ($630,471) $636,906 $2,911,064 6.9% 3 Years Total

Inception to Date 12/31/2009 - 6/30/2020 6.0% 6.5%

* Partial period return Returns for periods exceeding 12 months are annualized.

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 6 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 218

As of June 30, 2020 University of West Florida - Zimmers

Asset Allocation

Strategic Current Target Percent Asset Category Current Market Value Allocation Allocation Variance Domestic Equities $18,325 14.2% 14.0% 0.2% International Equities $6,666 5.2% 6.0% (0.8%) Fixed Income $80,867 62.9% 65.0% (2.1%) Alternative $12,688 9.9% 10.0% (0.1%) Cash & Equivalents $10,101 7.9% 5.0% 2.9% Total $128,648 100.0% 100.0%

* Since data availability date of 1/1/10

As of June 30, 2020 University of West Florida - Zimmers

Quarterly Cashflow University of West Florida - Zimmers (NIM CRUT) From March 31, 2020 to June 30, 2020 Beginning Market Income/Change in Description Weight Value Deposits/ Purchases Outflows Market Value Ending Market Value Domestic Equities Schwab Small Cap Index 2.3% $2,362 $0 $0 $600 $2,962 Schwab® S&P 500 Index 11.9% $12,744 $0 $0 $2,619 $15,363

Domestic Equities Total 14.2% $15,106 $0 $0 $3,219 $18,325

International Equities American Beacon Intl Equity Inv 1.6% $1,827 $0 $0 $281 $2,108 Artisan International Investor 2.0% $2,196 $0 $0 $368 $2,564 Harding Loevner Emerging Markets Advisor 1.6% $1,697 $0 $0 $297 $1,994

International Equities Total 5.2% $5,719 $0 $0 $946 $6,666

Fixed Income JPMorgan Strategic Income Opps A 6.2% $7,737 $0 ($19) $274 $7,992 Virtus Seix Total Return Bond I 56.6% $70,978 $0 ($282) $2,180 $72,875

Fixed Income Total 62.9% $78,715 $0 ($301) $2,453 $80,867

Alternative Blackrock Systematic 9.9% $11,919 $0 $0 $769 $12,688 Eaton Vance Glbl Macr Abs Ret A 0.0% $44 $0 ($47) $3 $0

Alternative Total 9.9% $11,963 $0 ($47) $772 $12,688

Cash & Equivalents Cash 1.6% $2,259 $379 ($630) - $2,008 Payden Ltd Maturity Fund 6.3% $7,879 $0 ($31) $245 $8,093

Cash & Equivalents Total 7.9% $10,139 $348 ($630) $245 $10,101

Total 100.0% $121,642 $0 ($630) $7,636 $128,648

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 2 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 220

As of June 30, 2020 University of West Florida - Zimmers

Manager Performance University of West Florida - Zimmers (NIM CRUT) Asset Category Weight Value Quarter to Date Net Return Domestic Equities Large Cap Core Schwab® S&P 500 Index (SWPPX) 11.9% $15,363 20.5%

Large Cap Core Total 11.9% $15,363 20.5% S&P 500 Composite 20.5%

Small Cap Broad Schwab Small Cap Index (SWSSX) 2.3% $2,962 25.4%

Small Cap Broad Total 2.3% $2,962 25.4% Russell 2000 25.4%

International Equities Intl Core Plus Artisan International Investor (ARTIX) 2.0% $2,564 16.8%

Intl Core Plus Total 2.0% $2,564 16.8% MSCI All Country World Index X - US Net 16.1%

Intl Large Cap Value American Beacon Intl Equity Inv (AAIPX) 1.6% $2,108 15.4%

Intl Large Cap Value Total 1.6% $2,108 15.4% MSCI EAFE Value Net 12.4%

Emerging Markets Harding Loevner Emerging Markets Advisor (HLEMX) 1.6% $1,994 17.5%

Emerging Markets Total 1.6% $1,994 17.5% MSCI EM (Emerging Markets) Net 18.1%

Fixed Income Unconstrained Fixed Income JPMorgan Strategic Income Opps A (JSOAX) 6.2% $7,992 3.5%

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 3 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 221

As of June 30, 2020 University of West Florida - Zimmers

Manager Performance University of West Florida - Zimmers (NIM CRUT) Asset Category Weight Value Quarter to Date Net Return Fixed Income Unconstrained Fixed Income Unconstrained Fixed Income Total 6.2% $7,992 3.5% Bloomberg Barclays US Aggregate 2.9%

Core Bond Virtus Seix Total Return Bond I (SAMFX) 56.6% $72,875 3.1%

Core Bond Total 56.6% $72,875 3.1% Bloomberg Barclays US Aggregate 2.9%

Alternative Absolute Return Blackrock Systematic (BAMBX) 9.9% $12,688 6.5% HFRX Aggregate Index 5.5%

Absolute Return Total 9.9% $12,688 6.5% HFRX Global Hedge Fund Index 6.2%

Cash & Equivalents Taxable Money Market Cash (CASH) 1.6% $2,008 -

Taxable Money Market Total 1.6% $2,008 -

Short Term Bnd Payden Ltd Maturity Fund (PYLMX) 6.3% $8,093 3.1%

Short Term Bnd Total 6.3% $8,093 3.1% ICE BofA US 3-Month Treasury Bill 0.0%

Total 100.0% $128,648 6.3% Blended 20 Eq (Blended Benchmark) 6.6%

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 4 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 222

As of June 30, 2020 University of West Florida - Zimmers

Historical Performance University of West Florida - Zimmers (NIM CRUT) Benchmark: Beginning Market Change in Market Blended Total Return Value Net Flow Value Ending Market Value Benchmark Historical Quarterly Performance Second Quarter 2020 6.3% $121,642 ($630) $7,636 $128,648 6.6% First Quarter 2020 (2.6%) $126,515 ($1,611) ($3,261) $121,642 (3.1%) Fourth Quarter 2019 1.6% $124,739 ($227) $2,003 $126,515 2.2% Third Quarter 2019 1.4% $123,602 ($624) $1,761 $124,739 1.6% Second Quarter 2019 2.7% $120,553 ($220) $3,268 $123,602 2.9% First Quarter 2019 4.7% $116,655 ($1,494) $5,392 $120,553 4.8% Fourth Quarter 2018 (3.0%) $120,476 ($220) ($3,602) $116,655 (2.3%) Third Quarter 2018 1.0% $119,469 ($219) $1,226 $120,476 1.0% Second Quarter 2018 0.4% $119,643 ($619) $444 $119,469 0.4% First Quarter 2018 (0.8%) $122,356 ($1,720) ($992) $119,643 (1.2%) Fourth Quarter 2017 1.3% $120,952 ($221) $1,624 $122,356 1.5% Third Quarter 2017 1.6% $119,280 ($219) $1,891 $120,952 1.8%

Historical Quarterly Performance Total 4.8% $119,280 ($8,023) $17,390 $128,648 5.4%

Historical Annual Performance for Last 3 Years 2020 * 3.5% $126,515 ($2,242) $4,375 $128,648 3.3% 2019 10.8% $116,655 ($2,565) $12,425 $126,515 12.1% 2018 (2.4%) $122,356 ($2,777) ($2,924) $116,655 (2.1%) 2017 7.4% $116,872 ($2,964) $8,448 $122,356 7.2%

Historical Annual Performance for Last * 5.4% $116,872 ($10,548) $22,323 $128,648 5.7% 3 Years Total

Inception to Date 12/31/2009 - 6/30/2020 5.3% 5.2%

* Partial period return Returns for periods exceeding 12 months are annualized.

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 5 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 223

As of June 30, 2020 University of West Florida - Hugh Garnett

Asset Allocation

Strategic Current Target Percent Asset Category Current Market Value Allocation Allocation Variance Domestic Equities $8,531 19.1% 14.0% 5.1% International Equities $2,187 4.9% 6.0% (1.1%) Fixed Income $28,233 63.1% 65.0% (1.9%) Alternative $4,979 11.1% 10.0% 1.1% Cash & Equivalents $780 1.7% 5.0% (3.3%) Total $44,711 100.0% 100.0%

* Since data availability date of 1/1/10

As of June 30, 2020 University of West Florida - Hugh Garnett

Quarterly Cashflow University of West Florida - Hugh Garnett (NIM CRUT) From March 31, 2020 to June 30, 2020 Beginning Market Income/Change in Description Weight Value Deposits/ Purchases Outflows Market Value Ending Market Value Domestic Equities Schwab Small Cap Index 2.3% $827 $0 $0 $210 $1,038 Schwab® S&P 500 Index 16.8% $6,216 $0 $0 $1,277 $7,494

Domestic Equities Total 19.1% $7,044 $0 $0 $1,488 $8,531

International Equities American Beacon Intl Equity Inv 1.7% $640 $0 $0 $98 $738 Artisan International Investor 2.3% $873 $0 $0 $146 $1,019 Harding Loevner Emerging Markets Advisor 1.0% $366 $0 $0 $64 $430

International Equities Total 4.9% $1,879 $0 $0 $309 $2,187

Fixed Income JPMorgan Strategic Income Opps A 10.5% $4,542 $0 ($11) $161 $4,691 Virtus Seix Total Return Bond I 52.7% $22,928 $0 ($91) $704 $23,541

Fixed Income Total 63.1% $27,471 $0 ($102) $865 $28,233

Alternative Eaton Vance Glbl Macr Abs Ret A 11.1% $4,714 $0 ($46) $311 $4,979

Cash & Equivalents Cash 1.7% $1,113 $148 ($481) - $780

Total 100.0% $42,219 $0 ($481) $2,972 $44,711

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 2 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 225

As of June 30, 2020 University of West Florida - Hugh Garnett

Manager Performance University of West Florida - Hugh Garnett (NIM CRUT) Asset Category Weight Value Quarter to Date Net Return Domestic Equities Large Cap Core Schwab® S&P 500 Index (SWPPX) 16.8% $7,494 20.5%

Large Cap Core Total 16.8% $7,494 20.5% S&P 500 Composite 20.5%

Small Cap Broad Schwab Small Cap Index (SWSSX) 2.3% $1,038 25.4%

Small Cap Broad Total 2.3% $1,038 25.4% Russell 2000 25.4%

International Equities Intl Core Plus Artisan International Investor (ARTIX) 2.3% $1,019 16.8%

Intl Core Plus Total 2.3% $1,019 16.8% MSCI All Country World Index X - US Net 16.1%

Intl Large Cap Value American Beacon Intl Equity Inv (AAIPX) 1.7% $738 15.4%

Intl Large Cap Value Total 1.7% $738 15.4% MSCI EAFE Value Net 12.4%

Emerging Markets Harding Loevner Emerging Markets Advisor (HLEMX) 1.0% $430 17.5%

Emerging Markets Total 1.0% $430 17.5% MSCI EM (Emerging Markets) Net 18.1%

Fixed Income Unconstrained Fixed Income JPMorgan Strategic Income Opps A (JSOAX) 10.5% $4,691 3.5%

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 3 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 226

As of June 30, 2020 University of West Florida - Hugh Garnett

Manager Performance University of West Florida - Hugh Garnett (NIM CRUT) Asset Category Weight Value Quarter to Date Net Return Fixed Income Unconstrained Fixed Income Unconstrained Fixed Income Total 10.5% $4,691 3.5% Bloomberg Barclays US Aggregate 2.9%

Core Bond Virtus Seix Total Return Bond I (SAMFX) 52.7% $23,541 3.1%

Core Bond Total 52.7% $23,541 3.1% Bloomberg Barclays US Aggregate 2.9%

Alternative Global Macro Eaton Vance Glbl Macr Abs Ret A (EAGMX) 11.1% $4,979 6.6%

Global Macro Total 11.1% $4,979 6.6% CS Global Macro 2.0%

Cash & Equivalents Taxable Money Market Cash (CASH) 1.7% $780 -

Taxable Money Market Total 1.7% $780 -

Total 100.0% $44,711 7.1% Blended 20 Eq (Blended Benchmark) 6.6%

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 4 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 227

As of June 30, 2020 University of West Florida - Hugh Garnett

Historical Performance University of West Florida - Hugh Garnett (NIM CRUT) Benchmark: Beginning Market Change in Market Blended Total Return Value Net Flow Value Ending Market Value Benchmark Historical Quarterly Performance Second Quarter 2020 7.1% $42,219 ($481) $2,972 $44,711 6.6% First Quarter 2020 (4.2%) $44,450 ($378) ($1,852) $42,219 (3.1%) Fourth Quarter 2019 2.4% $43,492 ($79) $1,037 $44,450 2.2% Third Quarter 2019 1.5% $43,324 ($479) $647 $43,492 1.6% Second Quarter 2019 2.8% $42,226 ($77) $1,175 $43,324 2.9% First Quarter 2019 4.7% $40,597 ($263) $1,892 $42,226 4.8% Fourth Quarter 2018 (3.0%) $41,939 ($76) ($1,266) $40,597 (2.3%) Third Quarter 2018 1.0% $41,586 ($77) $429 $41,939 1.0% Second Quarter 2018 0.4% $41,907 ($477) $156 $41,586 0.4% First Quarter 2018 (0.8%) $42,598 ($343) ($348) $41,907 (1.2%) Fourth Quarter 2017 1.4% $42,106 ($77) $569 $42,598 1.5% Third Quarter 2017 1.6% $41,520 ($77) $662 $42,106 1.8%

Historical Quarterly Performance Total 4.8% $41,520 ($2,884) $6,074 $44,711 5.4%

Historical Annual Performance for Last 3 Years 2020 * 2.6% $44,450 ($859) $1,120 $44,711 3.3% 2019 11.8% $40,597 ($898) $4,751 $44,450 12.1% 2018 (2.5%) $42,598 ($973) ($1,028) $40,597 (2.1%) 2017 7.4% $40,677 ($1,038) $2,959 $42,598 7.2%

Historical Annual Performance for Last * 5.4% $40,677 ($3,768) $7,802 $44,711 5.7% 3 Years Total

Inception to Date 12/31/2009 - 6/30/2020 5.5% 5.3%

* Partial period return Returns for periods exceeding 12 months are annualized.

Performance quoted is past performance and is no guarantee of future results. Not a statement; please confirm all values against your custodial account statement. Cornerstone Advisors Asset Management, LLC 5 Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC (610) 694-0900 • www.cornerstone-companies.com Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC 74 West Broad Street, Suite 340, Bethlehem, PA 18018 Cornerstone Advisors Asset Management, LLC is independently owned and operated. 228 Disclosures

Securities offered through M Holdings Securities, Inc., MEMBER FINRA/SIPC

Investment Advisory Services are offered through Cornerstone Advisors Asset Management, LLC, which is independently owned and operated.

Performance quoted is past performance and is no guarantee of future results.

Unless otherwise noted, data obtained from Callan Associates.

All indices are unmanaged and not available for direct investment.

Cornerstone Advisors Asset Management, LLC and Cornerstone Institutional Investors, LLC have exercised reasonable care in the preparation of this presentation. Several portions of this presentation are obtained from third party sources. While we have attempted to verify all information within, we disclaim all responsibility for any errors that may occur due to third party information and data.

The information is provided solely for informational purposes and therefore should not be considered an offer to buy or sell a security. Except as otherwise required by law, Cornerstone shall not be responsible for any trading decisions or damages or other losses resulting from, this information, data, analyses or opinions or their use. Please read the prospectus carefully before investing. It is not a replacement for any account statement or transaction confirmation issued by the provider. Please compare this document to your custodial statement for accuracy, as applicable.

All materials, including advertising, sales promotion, or demonstration materials which refer directly to the Russell Indexes shall expressly state that Frank Russell Company is the owner of the Russell Marks in language consistent with and substantially similar to the following example:

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

cornerstone-companies.com 229 Monthly R eview July 2020

Market Highlights Index Returns (%)

• Markets continued their upward trajectory despite a Equity Returns (%) MTD YTD 1 Yr 3 Yr 5 Yr S&P Sector Returns (%) resurgence in Coronavirus cases and the worst quarterly S&P 500 5.64 2.38 11.96 12.01 11.49 MTD YTD GDP growth rate in U.S. history (-32.9% during Q2 Russell 1000 5.86 2.88 12.03 12.02 11.31 Consumer Discretionary 2020). Russell MidCap 5.87 -3.79 2.04 7.30 7.83 Consumer Staples Russell 2000 2.77 -10.57 -4.59 2.69 5.10 • The S&P 500 returned 5.6%, placing YTD returns in Energy Russell 3000 5.68 2.00 10.93 11.39 10.89 positive territory. NASDAQ Composite TR 6.85 20.40 32.78 20.44 17.25 Financials MSCI ACWI 5.29 -1.29 7.20 6.99 7.37 Health Care • Small cap stocks lagged large cap companies during July, but delivered positive returns – the Russell 2000 MSCI ACWI ex USA 4.46 -7.03 0.66 1.38 3.22 Industrials MSCI EAFE 2.33 -9.28 -1.67 0.63 2.10 Index was up 2.8% during the month. Information Technology MSCI Emerging Markets 8.94 -1.72 6.55 2.84 6.15 Materials • All sectors were positive in July with the exception of Energy. Fixed Income Returns (%) MTD YTD 1 Yr 3 Yr 5 Yr Real Estate BBgBarc US Aggregate TR 1.49 7.72 10.12 5.69 4.47 Communication Services

• Growth style outperformance vs Value continued. BBgBarc Global Aggregate TR 3.19 6.27 7.85 4.30 4.16 Utilities BBgBarc US Credit TR 3.08 8.05 11.86 6.96 6.05 ‐50 0 50 • International markets remained strong as the MSCI BBgBarc US Govt TR 1.12 9.82 11.70 5.87 4.11 Emerging Markets Index returned 8.9%, and the MSCI BBgBarc US High Yield TR 4.69 0.71 4.14 4.54 5.88 Russell Style Returns (%) - MTD EAFE gained 2.3% during the month due to declining BBgBarc US Municipal TR 1.68 3.80 5.36 4.52 4.13 Value Core Growth infection rates, a robust recovery package from the FTSE WGBI 3.63 7.86 8.91 4.58 4.34 Large 3.95 5.86 7.69 European Union and a weakening U.S. dollar. Mid 4.72 5.87 7.99 Other Index Returns (%) MTD YTD 1 Yr 3 Yr 5 Yr Small 2.06 2.77 3.44 • Within fixed income, Federal Reserve intervention lead to continued spread compression across credit sectors. HFRI Fund of Funds Composite Index 2.83 1.20 3.05 2.86 2.02 Wilshire Liquid Alternative TR USD 1.93 -1.68 -0.31 0.87 0.79 Russell Style Returns (%) - YTD FTSE EPRA/NAREIT Developed NR USD 2.78 -19.15 -14.22 -1.30 1.14 Value Core Growth Sources: Morningstar Direct, MSCI Alerian MLP TR USD -3.55 -37.99 -43.40 -18.14 -12.91 Large -12.95 2.88 18.26 Bloomberg Commodity Index TR USD 5.71 -14.79 -12.07 -5.09 -4.54 Mid -14.22 -3.79 12.48 Small -21.92 -10.57 0.27

309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | T 888.317.2810 | F 470.823.3178 | theatlantaconsultinggroup.com 230 0DUNHW,QGH[5HYLHZ± July20

Major Market Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years International Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 5.64 5.64 2.38 11.96 12.01 11.49 13.84 MSCI EAFE 2.33 2.33 -9.28 -1.67 0.63 2.10 5.02 Russell 2000 2.77 2.77 -10.57 -4.59 2.69 5.10 10.07 MSCI Europe 3.84 3.84 -9.43 -1.29 0.27 1.60 4.89 Russell 3000 5.68 5.68 2.00 10.93 11.39 10.89 13.59 MSCI Pacific -0.29 -0.29 -9.27 -2.52 1.28 3.19 5.35 MSCI ACWI 5.29 5.29 -1.29 7.20 6.99 7.37 8.87 MSCI EAFE Small Cap 3.36 3.36 -10.19 0.43 0.45 4.32 7.48 MSCI ACWI ex USA 4.46 4.46 -7.03 0.66 1.38 3.22 4.52 MSCI Emerging Markets 8.94 8.94 -1.72 6.55 2.84 6.15 3.33 BBgBarc US Aggregate TR 1.49 1.49 7.72 10.12 5.69 4.47 3.87 MSCI Frontier Markets -0.69 -0.69 -16.35 -13.95 -2.68 0.32 2.85

Russell Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Bond Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Russell 1000 5.86 5.86 2.88 12.03 12.02 11.31 13.85 FTSE T-Bill 3 Months 0.01 0.01 0.53 1.37 1.70 1.15 0.61 Russell 1000 Growth 7.69 7.69 18.26 29.84 20.91 16.84 17.29 BBgBarc US Municipal TR 1.68 1.68 3.80 5.36 4.52 4.13 4.26 Russell 1000 Value 3.95 3.95 -12.95 -6.01 2.70 5.36 10.12 BBgBarc US Govt/Credit TR 2.01 2.01 9.36 12.06 6.42 5.01 4.22 Russell MidCap 5.87 5.87 -3.79 2.04 7.30 7.83 12.21 BBgBarc US Govt/Credit Int TR 0.75 0.75 6.06 7.95 4.53 3.54 3.09 Russell MidCap Growth 7.99 7.99 12.48 18.09 17.09 12.96 15.21 BBgBarc US Credit 1-3 Yr TR 0.39 0.39 2.97 4.67 3.23 2.66 2.32 Russell MidCap Value 4.72 4.72 -14.22 -8.41 0.56 4.31 10.01 BBgBarc US Credit Long TR 6.09 6.09 12.37 18.71 10.55 9.49 8.17 Russell 2000 Growth 3.44 3.44 0.27 6.00 8.77 7.49 12.58 BBgBarc US Corporate High Yield TR 4.69 4.69 0.71 4.14 4.54 5.88 6.80 Russell 2000 Value 2.06 2.06 -21.92 -15.91 -3.90 2.24 7.30 FTSE WGBI 3.63 3.63 7.86 8.91 4.58 4.34 2.36

Sector Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Other Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years S&P 500 Materials 7.07 7.07 -0.34 6.28 5.75 7.99 9.33 HFRI FOF: Diversified Index 3.24 3.24 2.14 3.71 3.41 2.14 3.12 S&P 500 Consumer Discretionary 9.00 9.00 16.88 21.57 17.92 14.10 18.31 HFRI FOF: Conservative Index 1.58 1.58 -0.38 0.94 2.31 1.73 2.67 S&P 500 Consumer Staples 6.97 6.97 0.91 8.13 7.21 7.51 11.89 HFRI FOF: Strategic Index 2.78 2.78 0.58 3.24 2.50 2.08 3.24 S&P 500 Energy -5.13 -5.13 -38.65 -38.26 -14.69 -8.69 -1.09 HFRI Equity Hedge Index 3.68 3.68 0.31 4.21 3.75 4.08 4.68 S&P 500 Financials 3.77 3.77 -20.74 -12.81 0.78 5.55 9.38 Wilshire Liquid Alternative TR USD 1.93 1.93 -1.68 -0.31 0.87 0.79 1.66 S&P 500 Health Care 5.39 5.39 4.54 18.77 11.96 8.68 16.45 FTSE EPRA/NAREIT Global TR USD 2.90 2.90 -18.79 -13.16 -0.33 2.49 6.15 S&P 500 Industrials 4.34 4.34 -10.93 -5.70 3.34 7.60 11.14 Alerian MLP TR USD -3.55 -3.55 -37.99 -43.40 -18.14 -12.91 -2.48 S&P 500 Information Technology 5.62 5.62 21.41 38.91 27.35 24.03 20.31 Bloomberg Commodity Index TR USD 5.71 5.71 -14.79 -12.07 -5.09 -4.54 -5.91 S&P 500 Real Estate 4.00 4.00 -4.88 0.16 7.30 -- -- S&P 500 Communication Services 6.80 6.80 6.47 14.76 8.72 8.60 10.32 S&P 500 Utilities 7.81 7.81 -4.20 5.83 8.24 10.54 11.34

Source: Morningstar, ACG Returns include dividends; 3-year, 5-year and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results 231 University of West Florida Foundation As of July 31, 2020 Current Current Within IPS Policy Policy Range Difference Balance Allocation Range? _ US Stock Large $23,335,658 23.97% 22.50% 20.00% - 30.00% 1.47% Yes Eagle Capital Management $10,972,946 11.27% Vanguard 500 Index Admiral $12,362,711 12.70% US Stock Small $10,441,087 10.72% 10.00% 7.50% - 15.00% 0.72% Yes Conestoga Small Cap Investors $5,648,252 5.80% Fuller & Thaler Behav Sm-Cp Eq Inst $4,792,835 4.92% International $14,257,551 14.64% 15.00% 10.00% - 20.00% -0.36% Yes Dodge & Cox International Stock $5,814,349 5.97% WCM Focused International Growth Instl $8,443,202 8.67% International Small Stocks $7,278,720 7.48% 7.50% 2.50% - 10.00% -0.02% Yes T. Rowe Price International Discovery $7,278,720 7.48% International Emerging Stocks $5,487,968 5.64% 5.00% 2.50% - 7.50% 0.64% Yes DFA Emerging Markets Core Equity I $5,487,968 5.64% Fixed $11,902,624 12.22% 15.00% 10.00% - 25.00% -2.78% Yes Barrow Hanley $6,295,375 6.47% Templeton Global Bond Fund $2,601,585 2.67% Chartwell Short Duration High Yield $3,005,664 3.09% MLP $2,809,375 2.89% 0.00% 0.00% - 10.00% 2.89% Yes Tortoise MLP & Pipeline Instl $2,809,375 2.89% Hedge Fund $8,067,526 8.29% 5.00% 0.00% - 10.00% 3.29% Yes Ironwood International Ltd. $3,818,691 3.92% Canyon Balanced Fund, Ltd. $2,202,995 2.26% Renaissance RIEF $2,045,840 2.10% Real Estate $2,724,757 2.80% 7.50% 0.00% - 15.00% -4.70% Yes Harbert US RE Fund V LP $582,693 0.60% Harbert US RE Fund VI LP $2,139,257 2.20% Harbert US RE Fund IV LP $2,807 0.00% Private Equity $3,840,859 3.94% 7.50% 0.00% - 10.00% -3.56% Yes Portfolio Advisors PE Offshore V $224,927 0.23% Portfolio Advisors PE VII $578,949 0.59% Portfolio Advisors PE Offshore X $1,210,553 1.24% Portfolio Advisors Secondary Fund III, $1,324,223 1.36% L.P. StepStone Pioneer Capital III, L.P. $502,207 0.52% Private Debt $1,593,466 1.64% 5.00% 0.00% - 10.00% -3.36% Yes Portfolio Advisors Direct Credit II $733,642 0.75% Golub Capital Partners Intl 12 LP $859,824 0.88% Cash/Short Term Fixed Income $5,634,168 5.79% 0.00% 0.00% - 10.00% 5.79% Yes PIMCO Short-Term Instl $5,398,514 5.54% Cash $37,504 0.04% Synovus Bank (Operating) $198,151 0.20% Total $97,373,760 100.00% 100.00% XXXXX

Prepared by The Atlanta Consulting Group 232 University of West Florida Foundation As of July 31, 2020 Fiscal Year End: June Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date _ Foundation 97,373,760 100.00 3.28 3.28 -1.91 4.18 3.38 5.53 5.74 7.41 5.06 Mar-99 Balanced Index 3.45 3.45 -2.88 2.49 2.17 4.31 4.95 6.82 4.82 Mar-99 CPI+4% 0.83 0.83 3.16 5.02 5.45 5.98 5.72 5.81 6.22 Mar-99 US Stock Large 23,335,658 23.97 4.69 4.69 -1.78 6.93 7.26 10.39 10.12 -- 10.42 Dec-13 S&P 500 5.64 5.64 2.38 11.96 9.95 12.01 11.49 13.84 11.30 Dec-13 Eagle Capital Management Caution 1Q20 10,972,946 11.27 3.63 3.63 -6.06 1.80 4.48 8.64 8.68 -- 12.38 Oct-12 S&P 500 5.64 5.64 2.38 11.96 9.95 12.01 11.49 13.84 13.31 Oct-12 Vanguard 500 Index Admiral 12,362,711 12.70 5.64 5.64 2.37 11.93 9.92 11.98 11.45 -- 13.30 Sep-12 S&P 500 5.64 5.64 2.38 11.96 9.95 12.01 11.49 13.84 13.33 Sep-12 US Stock Small 10,441,087 10.72 3.93 3.93 -1.28 2.74 2.51 8.62 8.72 -- 6.68 Dec-13 Russell 2000 2.77 2.77 -10.57 -4.59 -4.50 2.69 5.10 10.07 5.16 Dec-13 Conestoga Small Cap Investors 5,648,252 5.80 3.52 3.52 5.59 6.35 6.74 13.99 14.02 -- 11.71 Apr-14 Russell 2000 2.77 2.77 -10.57 -4.59 -4.50 2.69 5.10 10.07 4.96 Apr-14 Fuller & Thaler Behav Sm-Cp Eq Inst 4,792,835 4.92 4.42 4.42 -8.31 -1.22 -1.88 ------1.20 Mar-18 Russell 2000 2.77 2.77 -10.57 -4.59 -4.50 2.69 5.10 10.07 -1.44 Mar-18 International 14,257,551 14.64 4.07 4.07 -2.67 7.51 2.61 3.20 4.09 -- 3.54 Dec-13 MSCI ACWI ex USA 4.46 4.46 -7.03 0.66 -0.82 1.38 3.22 4.52 2.39 Dec-13 Dodge & Cox International Stock Caution 4Q17 5,814,349 5.97 1.49 1.49 -17.22 -7.38 -7.46 -4.74 -0.60 3.92 1.07 Dec-07 MSCI ACWI ex USA 4.46 4.46 -7.03 0.66 -0.82 1.38 3.22 4.52 1.21 Dec-07 WCM Focused International Growth Instl 8,443,202 8.67 5.92 5.92 10.74 20.90 ------24.69 Mar-19 MSCI ACWI ex USA 4.46 4.46 -7.03 0.66 -0.82 1.38 3.22 4.52 2.67 Mar-19 International Small Stocks 7,278,720 7.48 T. Rowe Price International Discovery 7,278,720 7.48 6.38 6.38 10.48 20.75 5.52 8.20 -- -- 11.81 Sep-16 MSCI ACWI ex US Small Cap 5.00 5.00 -8.44 1.12 -3.14 0.30 3.91 5.73 4.66 Sep-16 International Emerging Stocks 5,487,968 5.64 DFA Emerging Markets Core Equity I Caution 3Q17 5,487,968 5.64 8.09 8.09 -6.43 1.80 -1.34 0.22 4.57 -- 4.05 Dec-11 MSCI Emerging Markets 8.94 8.94 -1.72 6.55 2.09 2.84 6.15 3.33 4.60 Dec-11 Fixed 11,902,624 12.22 1.49 1.49 3.48 4.32 5.20 3.52 3.22 -- 3.31 Dec-13 BBgBarc US Aggregate TR 1.49 1.49 7.72 10.12 9.10 5.69 4.47 3.87 4.38 Dec-13 Barrow Hanley Caution - 1Q20 6,295,375 6.47 1.66 1.66 8.05 10.57 9.14 5.68 4.62 3.97 4.49 Apr-03 BBgBarc US Aggregate TR 1.49 1.49 7.72 10.12 9.10 5.69 4.47 3.87 4.41 Apr-03 90% BBgBarc Agg/10% BBgBarc High 1.81 1.81 7.08 9.60 8.79 5.61 4.64 4.18 4.78 Apr-03 Yield

Prepared by The Atlanta Consulting Group 233 University of West Florida Foundation As of July 31, 2020 Fiscal Year End: June Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date _ Templeton Global Bond Fund 2,601,585 2.67 -0.25 -0.25 -4.58 -7.70 -2.15 -0.85 -- -- -1.13 Apr-17 FTSE WGBI TR 3.63 3.63 7.86 8.91 7.15 4.58 4.34 2.36 5.30 Apr-17 Chartwell Short Duration High Yield 3,005,664 3.09 2.67 2.67 1.89 3.73 4.49 3.31 -- -- 3.35 May-17 ICE BofAML US Corp and High Yield 1-3 Yr 0.85 0.85 2.62 4.49 4.69 3.42 3.16 2.95 3.48 May-17 MLP 2,809,375 2.89 Tortoise MLP & Pipeline Instl 2,809,375 2.89 -1.88 -1.88 -35.67 -35.29 -21.36 -13.93 -8.55 -- -7.55 Apr-14 Alerian MLP TR USD -3.55 -3.55 -37.99 -43.40 -26.08 -18.14 -12.91 -2.48 -12.40 Apr-14 50% Alerian/50% ML High Yield 0.61 0.61 -16.96 -19.20 -9.28 -5.71 -2.71 2.77 -2.92 Apr-14 Hedge Funds 8,067,526 8.29 Ironwood International Ltd. 3,818,691 3.92 1.13 1.13 3.68 6.32 4.81 5.39 3.98 6.03 4.52 Mar-05 HFRI FOF: Conservative Index 1.54 1.54 -0.38 0.95 1.56 2.31 1.73 2.67 2.27 Mar-05 Canyon Balanced Fund, Ltd. 2,202,995 2.26 1.37 1.37 ------4.90 Jun-20 HFRI ED: Distressed/Restructuring Index 1.52 1.52 -1.29 -2.74 -1.99 0.71 2.43 3.81 5.99 Jun-20 Renaissance RIEF 2,045,840 2.10 2.40 2.40 ------2.58 Jun-20 HFRI Equity Hedge (Total) Index 3.68 3.68 0.31 4.21 2.06 3.75 4.08 4.68 6.42 Jun-20 Real Estate 2,724,757 2.80 0.00 0.00 -0.01 7.38 8.57 9.87 14.29 -- 14.09 Dec-13 NCREIF Property Index 0.00 0.00 -0.29 2.69 4.58 5.44 6.77 9.70 7.97 Dec-13 FTSE NAREIT All Equity REIT 3.82 3.82 -9.99 -4.38 4.25 4.25 6.25 9.76 8.59 Dec-13 Harbert US RE Fund V LP 582,693 0.60 0.00 0.00 -5.60 -1.68 2.47 5.56 11.13 -- 10.29 Nov-13 NCREIF Property Index 0.00 0.00 -0.29 2.69 4.58 5.44 6.77 9.70 7.23 Nov-13 FTSE NAREIT All Equity REIT 3.82 3.82 -9.99 -4.38 4.25 4.25 6.25 9.76 7.67 Nov-13 Harbert US RE Fund VI LP 2,139,257 2.20 0.00 0.00 1.57 11.00 11.65 ------11.42 Nov-17 NCREIF Property Index 0.00 0.00 -0.29 2.69 4.58 5.44 6.77 9.70 5.30 Nov-17 FTSE NAREIT All Equity REIT 3.82 3.82 -9.99 -4.38 4.25 4.25 6.25 9.76 4.65 Nov-17 Harbert US RE Fund IV LP 2,807 0.00 Dec-08 Private Equity 3,840,859 3.94 0.00 0.00 -5.56 4.41 8.65 13.03 10.73 -- 10.17 Dec-13 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.73 7.07 10.71 10.85 13.09 10.93 Dec-13 Portfolio Advisors PE Offshore V 224,927 0.23 0.00 0.00 -3.48 -0.77 3.34 6.96 7.37 9.25 6.85 Dec-08 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.73 7.07 10.71 10.85 13.09 13.14 Dec-08 Portfolio Advisors PE VII 578,949 0.59 0.00 0.00 -9.03 11.99 16.19 17.90 14.30 -- 13.21 Apr-13 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.73 7.07 10.71 10.85 13.09 11.95 Apr-13 Portfolio Advisors PE Offshore X 1,210,553 1.24 0.00 0.00 -1.84 ------3.56 Oct-19 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.73 7.07 10.71 10.85 13.09 2.54 Oct-19

Prepared by The Atlanta Consulting Group 234 University of West Florida Foundation As of July 31, 2020 Fiscal Year End: June Market Value % of 1 Mo QTD YTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs Inception Inception Manager Status ($) Portfolio (%) (%) (%) (%) (%) (%) (%) (%) (%) Date _ Portfolio Advisors Secondary Fund III, L.P. 1,324,223 1.36 0.00 0.00 -5.69 4.11 12.24 ------23.18 Aug-17 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.73 7.07 10.71 10.85 13.09 10.47 Aug-17 StepStone Pioneer Capital III, L.P. 502,207 0.52 0.00 0.00 -8.85 -8.38 -3.34 3.90 4.67 12.41 12.60 Dec-09 Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 4.73 7.07 10.71 10.85 13.09 13.70 Dec-09 Private Debt 1,593,466 1.64 0.00 0.00 -1.38 3.30 13.43 12.34 -- -- 11.01 Oct-16 Cliffwater Direct Lending Index 0.00 0.00 0.00 1.77 5.08 6.34 7.03 9.40 6.99 Oct-16 Portfolio Advisors Direct Credit II 733,642 0.75 0.00 0.00 3.71 8.77 16.39 14.29 -- -- 12.55 Oct-16 Cliffwater Direct Lending Index 0.00 0.00 0.00 1.77 5.08 6.34 7.03 9.40 6.99 Oct-16 Golub Capital Partners Intl 12 LP 859,824 0.88 0.00 0.00 -6.70 -2.44 ------2.44 Dec-18 Cliffwater Direct Lending Index 0.00 0.00 0.00 1.77 5.08 6.34 7.03 9.40 4.34 Dec-18 Cash/Short Term Fixed Income 5,634,168 5.79 PIMCO Short-Term Instl 5,398,514 5.54 0.20 0.20 1.91 2.54 2.40 2.40 -- -- 2.57 Jan-16 FTSE T-Bill 3 Months TR 0.01 0.01 0.53 1.37 1.85 1.70 1.15 0.61 1.27 Jan-16 Cash 37,504 0.04 Synovus Bank (Operating) 198,151 0.20 XXXXX - Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / BBgBarc US Aggregate TR / FTSE WGBI TR / ICE BofAML US Corp and High Yield 1-3 Yr / Alerian MLP TR USD / HFRI FOF: Conservative Index / NCREIF Property Index / Cambridge Assoc. U.S. PE Index / Cliffwater Direct Lending Index / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR - CPI+4% = Consumer Price Index+0.00327 100 - 90% BBgBarc Agg/10% BBgBarc High Yield = BBgBarc US High Yield TR 10% / BBgBarc US Aggregate TR 90% - 50% Alerian/50% ML High Yield = Alerian MLP TR USD 50% / ICE BofA US High Yield TR 50% - HFRI Equity Hedge (Total) Index = HFRI Equity Hedge (Total) Index - NCREIF Property Index = NCREIF Property Index - Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Legacy Index - Cliffwater Direct Lending Index = Cliffwater Direct Lending Index

Prepared by The Atlanta Consulting Group 235 DISCLOSURE

236 University of West Florida Foundation As of June 30, 2020

Prepared by The Atlanta Consulting Group 58 The University of West Florida Foundation, Inc. Earnings vs Expenses Obligated As of June 30, 2020

Investment Earnings 9/30/2019 12/31/19 03/31/20 06/30/20 To Date Interest Income $ 31,086.14 $ 1,576.23 $ 40,099.96 $ 46,067.22 $ 118,829.55 Dividend Income 238,412.90 705,445.97 163,999.57 264,365.76 1,372,224.20 Realized Gain/Loss 267,068.53 374,182.73 508,280.56 2,369,273.54 3,518,805.36 Unrealized Gain/Loss (1,185,792.63) 4,686,812.40 (17,415,302.77) 8,762,059.87 (5,152,223.13) Rental Income - - Other Charges & Fees (2,797.77) (3,425.42) (150.00) (1,008.05) (7,381.24) Investment Fees (34,654.08) (33,433.34) (37,070.26) (32,570.89) (137,728.57) Consultant Fees (23,413.69) (23,243.57) (24,506.68) (20,751.26) (91,915.20) Total $ (710,090.60) $ 5,707,915.00 $ (16,764,649.62) $ 11,387,436.19 $ (379,389.03)

Spending Rate @ Spending Rate @ Spending Rate @ Spending Rate @ Spending Rate @ 4.00% 4.00% 4.00% 4.00% 4.00% FY 19/20 Expenses Obligated FY 18/19 FY 17/18 FY 16/17 FY 15/16 Investment Earnings $ (379,389.03) $ 3,422,523.82 $ 6,829,701.07 $ 10,473,662.14 $ (2,061,514.57)

Dept. Allocated Spending 2,730,281.77 2,606,226.38 2,451,182.84 2,218,141.35 2,169,804.07 Operating Budget 1,507,752.00 1,366,719.00 1,333,148.00 1,298,107.00 1,249,987.00 Non-Endowed Budget 626,000.00 591,000.00 511,000.00 473,000.00 429,000.00 Total Committed Expenses 4,864,033.77 4,563,945.38 4,295,330.84 3,989,248.35 3,848,791.07

Income Versus Expenses $ (5,243,422.80) $ (1,141,421.56) $ 2,534,370.23 $ 6,484,413.79 $ (5,910,305.64) Other UWF Foundation Assets

Charitable Gift Annuity

Definition: A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization's promise to make fixed annual payments to you for life. Annuity payments can begin immediately or can be deferred to some future date.

Current Assets held by the UWF Foundation as of 6/30/2020

Cornerstone $ 2,911,063.84

Annuitant 2 $ 13,096.58

Annuitant 3 $ 2,744,590.24

Annuitant 4 $ 153,377.01

Annuity Commitments as of 6/30/2020

Commitment Age Annuitant 2 $ 8,085.93 ** 90 @ 06.30.20

Annuitant 3 $ 1,939,754.84 ** 80 @ 06.30.20

Annuitant 4 $ 114,844.96 ** 78-84 @ 06.30.20

**6.30.20 FASB Balances adjusted for Annuity Payments; alignment of calculation done by Cornerstone fiscal year end.

Insurance Insurance Commitments as of 6/30/2020 *** Face Value Cash Value Interest Credit Cost Per Year

Insurant 1 $ 100,000 $ 49,959.92 $ 2,979.12 $ 870.80

Insurant 3 $ 175,000 $ 14,090.44 $ 503.81 $ 20,000.00

Insurant 4 $ 100,000 $ 15,614.77 $ 258.97 $ 962.14

Insurant 5 $ 1,000,000 $ 235,762.15 $ 6,887.70 $ 65,000.00

***Numbers represent 6.30.19 balances as information is only supplied at year end from insurance companies. Audit Budget Committee Reports

University of West Florida Foundation Income Statement Housing Budget to Actual for the UWF Foundation Board

Quarter Ending Year to Date Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 Revenues 97-42113 INTEREST INCOME - HOUSING $628.57 $7,500.00 ($6,871.43) (91.62%) $17,462.50 $30,500.00 ($13,037.50) (42.75%) $30,500.00 1 97-42114 INTEREST INCOME - SPIA $95,075.76 $46,250.00 $48,825.76 105.57% $235,927.12 $125,000.00 $110,927.12 88.74% $125,000.00 97-43012 RENTAL INCOME - HOUSING ($818,744.53) $889,597.29 ($1,708,341.82) (192.04%) $7,756,245.70 $9,667,224.13 ($1,910,978.43) (19.77%) $9,667,224.13 2 97-44000 CONCESSIONS REVENUE $7,232.09 $14,551.57 ($7,319.48) (50.30%) $54,291.36 $50,000.00 $4,291.36 8.58% $50,000.00 97-45000 OTHER INCOME - HOUSING $29,777.62 $53,384.42 ($23,606.80) (44.22%) $208,925.89 $205,000.00 $3,925.89 1.92% $205,000.00 97-49900 MISCELLANEOUS OTHER INCOME $1,491,625.00 $0.00 $1,491,625.00 0.00% $1,491,625.00 $0.00 $1,491,625.00 0.00% $0.00 2 Total Revenues $805,594.51 $1,011,283.28 ($205,688.77) (20.34%) $9,764,477.57 $10,077,724.13 ($313,246.56) (3.11%) $10,077,724.13

Expenses 97-51010 SALARIES - FACULTY & STAFF $240,161.52 $247,127.64 $6,966.12 2.82% $905,149.65 $933,027.64 $27,877.99 2.99% $933,027.64 97-51137 OPS - STAFF $608,925.34 $706,404.76 $97,479.42 13.80% $982,436.79 $1,156,404.76 $173,967.97 15.04% $1,156,404.76 97-52110 TRAVEL $189.00 $1,500.00 $1,311.00 87.40% $2,301.20 $10,000.00 $7,698.80 76.99% $10,000.00 97-53150 CONCESSION EXP - HOUSING $7,303.14 $13,107.81 $5,804.67 44.28% $48,176.78 $55,000.00 $6,823.22 12.41% $55,000.00 97-54100 PROFESSIONAL DEVELOPMENT $400.00 $1,000.00 $600.00 60.00% $5,417.25 $6,750.00 $1,332.75 19.74% $6,750.00 97-54110 MEMBERSHIPS & DUES $45.00 $0.00 ($45.00) 0.00% $1,378.00 $1,800.00 $422.00 23.44% $1,800.00 97-55100 RECRUITMENT - TRAVEL $0.00 $0.00 $0.00 0.00% $0.00 $3,000.00 $3,000.00 100.00% $3,000.00 97-55110 RECRUITMENT - MEALS $0.00 $0.00 $0.00 0.00% $405.73 $2,000.00 $1,594.27 79.71% $2,000.00 97-70100 OFFICE EXPENSES - COPYING $139.28 $585.00 $445.72 76.19% $1,807.85 $3,000.00 $1,192.15 39.74% $3,000.00 97-70110 OFFICE EXPENSES - POSTAGE $6.68 $300.00 $293.32 97.77% $387.05 $1,000.00 $612.95 61.30% $1,000.00 97-70120 OFFICE EXPENSES - PRINT/DUPL $0.00 $500.00 $500.00 100.00% $3,657.14 $3,000.00 ($657.14) (21.90%) $3,000.00 3 97-70130 OFFICE EXPENSES - MKTG COMM $508.41 $3,750.00 $3,241.59 86.44% $10,336.00 $17,000.00 $6,664.00 39.20% $17,000.00 97-70140 OFFICE SUPPLIES $536.90 $1,376.67 $839.77 61.00% $4,452.09 $6,000.00 $1,547.91 25.80% $6,000.00 97-70220 COMPUTER - SOFTWARE SUPPORT $16,442.52 $13,155.92 ($3,286.60) (24.98%) $62,297.25 $82,920.00 $20,622.75 24.87% $82,920.00 97-70300 TELEPHONE $2,679.86 $2,950.00 $270.14 9.16% $10,538.75 $12,450.00 $1,911.25 15.35% $12,450.00 97-71100 EQUIPMENT - GENERAL $0.00 $200.00 $200.00 100.00% $6,836.48 $1,500.00 ($5,336.48) (355.77%) $1,500.00 4 97-71200 EQUIPMENT - COMPUTER $2,358.72 $1,000.00 ($1,358.72) (135.87%) $5,766.18 $8,000.00 $2,233.82 27.92% $8,000.00 97-72100 CLEANING SERVICES $391,563.35 $0.00 ($391,563.35) 0.00% $583,248.19 $600,000.00 $16,751.81 2.79% $600,000.00 97-72110 CLEANING SUPPLIES $6,317.31 $6,121.82 ($195.49) (3.19%) $29,446.68 $20,000.00 ($9,446.68) (47.23%) $20,000.00 5 97-72200 HSG REPAIR & MAINT. - MISCELLANEOUS $182,600.65 $4,700.00 ($177,900.65) (3785.12%) $210,787.89 $20,000.00 ($190,787.89) (953.94%) $20,000.00 6 97-72210 HSG REPAIR & MAINT.- TOOLS $0.00 $0.00 $0.00 0.00% $86.14 $2,500.00 $2,413.86 96.55% $2,500.00 97-72215 HSG REPAIR & MAINT. - LOCKS & KEYS $0.00 $500.00 $500.00 100.00% $11,922.04 $4,000.00 ($7,922.04) (198.05%) $4,000.00 7 97-72220 HSG REPAIR & MAINT. - LANDSCAPING $797.87 $2,198.52 $1,400.65 63.71% $1,491.72 $15,000.00 $13,508.28 90.06% $15,000.00 97-72225 HSG REPAIR & MAINT. - PLUMBING $907.52 $0.00 ($907.52) 0.00% $11,097.09 $1,000.00 ($10,097.09) (1009.71%) $1,000.00 8 97-72230 HSG REPAIR & MAINT. - FIRE ALARM $5,064.69 $200.00 ($4,864.69) (2432.35%) $33,784.18 $1,000.00 ($32,784.18) (3278.42%) $1,000.00 9 97-72235 HSG REPAIR & MAINT. - AIR HANDLERS $24,240.59 $3,565.74 ($20,674.85) (579.82%) $60,037.24 $15,000.00 ($45,037.24) (300.25%) $15,000.00 10 97-72240 HSG REPAIR & MAINT. - ELEVATORS $426.99 $0.00 ($426.99) 0.00% $43,447.15 $1,000.00 ($42,447.15) (4244.72%) $1,000.00 11 97-72245 HSG REPAIR & MAINT. - ELECTRICAL & HVAC $423.08 $2,822.34 $2,399.26 85.01% $2,806.28 $10,000.00 $7,193.72 71.94% $10,000.00 97-72250 HSG REPAIR & MAINT. - PEST CONTROL $0.00 $3,274.85 $3,274.85 100.00% $9,432.00 $9,000.00 ($432.00) (4.80%) $9,000.00 97-72255 HSG REPAIR & MAINT. - UNIFORMS $1,206.45 $0.00 ($1,206.45) 0.00% $1,985.19 $3,000.00 $1,014.81 33.83% $3,000.00 97-72310 HOUSING - VEHICLE GAS $646.61 $1,462.16 $815.55 55.78% $5,353.41 $7,000.00 $1,646.59 23.52% $7,000.00 97-72320 HOUSING - VEHICLE REPAIR & MAINT. $2,900.34 $965.61 ($1,934.73) (200.36%) $13,803.77 $10,000.00 ($3,803.77) (38.04%) $10,000.00 12 97-72400 OPER EXP - HOUSING SUPPLIES $3,181.25 $7,759.00 $4,577.75 59.00% $71,989.85 $32,000.00 ($39,989.85) (124.97%) $32,000.00 13 97-72900 RENEWAL & REPLACEMENT $78,883.68 $105,698.10 $26,814.42 25.37% $244,193.60 $300,000.00 $55,806.40 18.60% $300,000.00 97-72910 CONTINGENCY & IMPROVEMENT EXP ($312,263.50) $165,406.23 $477,669.73 288.79% $0.00 $0.00 $0.00 0.00% $0.00 97-73100 DEPREC/AMORT EXPENSE - OFFICE $2,538.73 $1,845.31 ($693.42) (37.58%) $9,237.22 $7,381.30 ($1,855.92) (25.14%) $7,381.30 14 97-73205 DEPRECIATION EXP - VILLAGE WEST $101,992.35 $101,839.01 ($153.34) (0.15%) $407,969.48 $407,356.16 ($613.32) (0.15%) $407,356.16 97-73210 DEPRECIATION EXP - VILLAGE EAST $137,921.48 $138,170.14 $248.66 0.18% $551,685.94 $552,680.62 $994.68 0.18% $552,680.62 97-73215 DEPRECIATION EXP - ARGO HALL $55,539.22 $55,489.32 ($49.90) (0.09%) $222,156.76 $221,957.10 ($199.66) (0.09%) $221,957.10 Quarter Ending Year to Date Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 6/30/2020 97-73220 DEPRECIATION EXP - MARTIN $76,109.13 $76,059.20 ($49.93) (0.07%) $307,447.45 $307,247.78 ($199.67) (0.06%) $307,247.78 97-73225 DEPRECIATION EXP - PACE HALL $53,853.79 $53,803.81 ($49.98) (0.09%) $215,415.06 $215,215.39 ($199.67) (0.09%) $215,215.39 97-73230 DEPRECIATION EXP - HERITAGE $133,806.76 $133,806.76 $0.00 0.00% $535,227.01 $535,227.01 $0.00 0.00% $535,227.01 97-73235 DEPRECIATION EXP - PRESIDENTS $189,203.56 $189,203.57 $0.01 0.00% $756,814.30 $756,814.31 $0.01 0.00% $756,814.31 97-74200 INTEREST EXPENSE - HOUSING $914,563.19 $965,380.33 $50,817.14 5.26% $1,549,898.86 $1,600,716.00 $50,817.14 3.17% $1,600,716.00 97-74300 HOUSING - MISC. OPERATING ADMIN FEES $2,302.01 $792.90 ($1,509.11) (190.33%) $4,685.87 $4,500.00 ($185.87) (4.13%) $4,500.00 97-74310 HOUSING - OTHER MISC. OPER EXP $1,475.45 $2,500.00 $1,024.55 40.98% $33,993.61 $35,700.00 $1,706.39 4.78% $35,700.00 97-74315 HOUSING - MEAL PLANS $0.00 $0.00 $0.00 0.00% $11,700.00 $14,000.00 $2,300.00 16.43% $14,000.00 97-75005 HOUSING UTILITIES - ELECTRICAL $92,420.12 $175,800.00 $83,379.88 47.43% $621,671.41 $750,000.00 $128,328.59 17.11% $750,000.00 97-75010 HOUSING UTILITIES - GAS $4,064.00 $7,907.20 $3,843.20 48.60% $21,744.71 $32,000.00 $10,255.29 32.05% $32,000.00 97-75015 HOUSING UTILITIES - SEWER $15,607.61 $29,438.30 $13,830.69 46.98% $109,102.36 $120,000.00 $10,897.64 9.08% $120,000.00 97-75020 HOUSING UTILITIES - WATER $252.84 $752.78 $499.94 66.41% $2,102.10 $3,800.00 $1,697.90 44.68% $3,800.00 97-75025 HOUSING UTILITIES - GARBAGE $14,479.92 $12,000.00 ($2,479.92) (20.67%) $50,092.38 $50,000.00 ($92.38) (0.18%) $50,000.00 97-75030 HOUSING UTILITIES - CABLE $55,273.38 $37,475.00 ($17,798.38) (47.49%) $172,914.90 $170,000.00 ($2,914.90) (1.71%) $170,000.00 97-75100 HOUSING - INSURANCE ($712.65) $0.00 $712.65 0.00% $10,516.66 $10,600.00 $83.34 0.79% $10,600.00 97-75110 INSURANCE - BOND ($1,395.83) $0.00 $1,395.83 0.00% $68,111.17 $70,000.00 $1,888.83 2.70% $70,000.00 97-75115 INSURANCE - AUTOMOBILE $30,142.16 $24,000.00 ($6,142.16) (25.59%) $33,431.16 $24,000.00 ($9,431.16) (39.30%) $24,000.00 15 97-75120 INSURANCE - PROPERTY $0.00 $0.00 $0.00 0.00% $80,161.29 $90,000.00 $9,838.71 10.93% $90,000.00 97-75200 BOND EXPENSES $0.00 $0.00 $0.00 0.00% $11,941.39 $21,000.00 $9,058.61 43.14% $21,000.00 97-76020 LEGAL FEES $0.00 $0.00 $0.00 0.00% $195.00 $0.00 ($195.00) 0.00% $0.00 97-76060 PROFESSIONAL SERVICES ($291.67) $0.00 $291.67 0.00% $17,983.33 $26,000.00 $8,016.67 30.83% $26,000.00 97-76110 BANK SERVICE CHARGES $1,134.69 $825.31 ($309.38) (37.49%) $3,609.08 $3,250.00 ($359.08) (11.05%) $3,250.00 16 97-76115 ADMINISTRATIVE FEE - SPIA $3,193.29 $2,563.27 ($630.02) (24.58%) $8,440.78 $7,000.00 ($1,440.78) (20.58%) $7,000.00 17 97-76117 ADMINISTRATIVE FEE - HSG $58,724.16 $62,565.18 $3,841.02 6.14% $108,908.33 $125,972.18 $17,063.85 13.55% $125,972.18 97-76300 BAD DEBT EXPENSE $19,470.81 $0.00 ($19,470.81) 0.00% $19,470.81 $0.00 ($19,470.81) 0.00% $0.00 Total Expenses $3,228,261.75 $3,369,849.56 $141,587.81 4.20% $9,332,885.03 $9,515,770.25 $182,885.22 1.92% $9,515,770.25

Notes 1 INTEREST INCOME - HOUSING Less interest was paid out by banks. 2 RENTAL INCOME - HOUSING Occupancy is lower than projected in Spring and Summer. UWF moves to online classes. Housing will control expenses to compensate for lower revenues. End of year accounting entry to account for student rent refunds due to COVID-19. 3 OFFICE EXPENSES - PRINT/DUPL Increased effort in marketing to new and existing students to keep occupancy high. 4 EQUIPMENT - GENERAL Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line. 5 CLEANING SUPPLIES More extensive cleaning and disenfecting required for suspected Covid-19 cases and for cleaning and disenfecting common areas in all halls. 6 HSG REPAIR & MAINT. - MISCELLANEOUS Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line. 7 HSG REPAIR & MAINT. - LOCKS & KEYS Our key cutting machine required replacement and we changed the locks and keys in Argo, Martin and Pace Halls to enable use of master and sub-master key system. 8 HSG REPAIR & MAINT. - PLUMBING Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line. 9 HSG REPAIR & MAINT. - FIRE ALARM Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line. 10 HSG REPAIR & MAINT. - AIR HANDLERS Repair costs that were included in the Renewal and Replacement line for budget purposes are now charged to this line. 11 HSG REPAIR & MAINT. - ELEVATORS Annual cost of the elevator repair service contract. This is in the budget under the Renewal and Replacement line. 12 HOUSING - VEHICLE REPAIR & MAINT. Our aging fleet of repair vehicles are experiencing incresed costs to maintain. We will begin replacing them this year and over the next few years. 13 OPER EXP - HOUSING SUPPLIES We have experienced an increase in appliance replacements and we purchased furniture for replacements in VW. 14 DEPREC/AMORT EXPENSE - OFFICE Purchased a maintenance truck to replace oldest vehicle in our inventory. 15 INSURANCE - AUTOMOBILE Insurance carrier increased fees dramatically, we switched carriers, but cost was still higher. 16 BANK SERVICE CHARGES Increase in service charges from banks. 17 ADMINISTRATIVE FEE - SPIA Increased amount in account results in higher admin fees. University of West Florida Foundation A COMPONENT UNIT OF THE UNIVERSITY OF WEST FLORIDA BUDGETED STATEMENT OF FUNCTIONAL EXPENSES

Actual Other Program Student HSG Expenses Budget Scholarship Services System Fundraising General & Admin 6/30/2020 6/30/2020 Variance % Unspent Operating Budget

Advancement Services $0.00 $0.00 $0.00 $0.00 $4,636.78 $4,636.78 $27,300.00 $22,663.22 83.02% Alumni Relations $0.00 $0.00 $0.00 $0.00 $91,319.22 $91,319.22 $118,650.00 $27,330.78 23.03% Board of Directors $0.00 $0.00 $0.00 $0.00 $19,738.77 $19,738.77 $37,300.00 $17,561.23 47.08% Development $19,495.93 $0.00 $0.00 $536,426.51 $0.00 $555,922.44 $575,277.00 $19,354.56 3.36% Foundation $0.00 $0.00 $0.00 $0.00 $512,585.79 $512,585.79 $519,019.00 $6,433.21 1.24% Total Adv. Division Lines $19,495.93 $0.00 $0.00 $536,426.51 $628,280.56 $1,184,203.00 $1,277,546.00 $93,343.00 7.31%

Executive $0.00 $0.00 $0.00 $0.00 $195,772.85 $195,772.85 $230,206.00 $34,433.15 14.96% Total $0.00 $0.00 $0.00 $0.00 $195,772.85 $195,772.85 $230,206.00 $34,433.15 14.96%

Total of Operating Budget $19,495.93 $0.00 $0.00 $536,426.51 $824,053.41 $1,379,975.85 $1,507,752.00 $127,776.15 19.85%

Non-Endowed Budget

Non-Endowed Budget $0.00 $545,797.89 $0.00 $2,700.00 $85,330.07 $633,827.96 $736,000.00 $102,172.04 13.88% Total Non-Endowed Budget $0.00 $545,797.89 $0.00 $2,700.00 $85,330.07 $633,827.96 $736,000.00 $102,172.04 13.88%

Other Areas

Administrative Fee $0.00 $65,553.84 $0.00 $0.00 $0.00 $65,553.84 $85,000.00 $19,446.16 22.88% Housing $0.00 $0.00 $9,332,885.03 $0.00 $0.00 $9,332,885.03 $9,515,770.25 $182,885.22 1.92% Other University Accounts $1,488,521.18 $5,153,768.89 $0.00 $16,783.27 $1,032,534.03 $7,691,607.37 $7,691,607.37 $0.00 0.00% Total $1,488,521.18 $5,219,322.73 $9,332,885.03 $16,783.27 $1,032,534.03 $17,090,046.24 $17,292,377.62 $202,331.38 1.17%

Total Other Areas $1,488,521.18 $5,219,322.73 $9,332,885.03 $16,783.27 $1,032,534.03 $17,090,046.24 $17,292,377.62 $202,331.38 1.17%

Grand Total $1,508,017.11 $5,765,120.62 $9,332,885.03 $555,909.78 $1,941,917.51 $19,103,850.05 $19,536,129.62 $432,279.57 2.21% Prepared by: ______Reviewed by: ______

Bond Convenant Calcuation 6/30/2020 Notes: Housing Income per Housing Statement of Revenue and Expenses 9,764,477.75 Refunds - Housing Expense per Housing Statement of Revenue and Expenses (9,332,885.04) Total Revenue 9,764,477.75 Adjusted Net Income (Loss) 431,592.71 DEPRECIATION EXP--TRUCK 9,237.22 Add: DEPRECIATION EXP--VILLAGE WEST 407,969.48 Interest Expense 1,549,898.87 DEPRECIATION EXP--VILLAGE EAST 551,685.94 Amortization Expense - DEPRECIATION EXP--SOUTHSIDE - Depreciation Expense 3,005,953.22 DEPRECIATION EXP--MARTIN 307,447.45 Contingency and Improvement - DEPRECIATION EXP--ARGO 222,156.76 Renewals & Replacements 198,562.63 DEPRECIATION EXP-- PACE 215,415.06 Adjusted Net Revenue 5,186,007.43 DEPRECIATION EXP-- HERITAGE 535,227.01 DEPRECIATION EXP-- PRESIDENTS 756,814.30 Debt Service 2019-2020 2005 Bond Principal - OPERATING EXPENSES-PAYROLL 1,887,586.44 2005 Bond Interest INTEREST EXPENSE - HOUSING 1,549,898.87 Rev of prior year acrual (133,392.97) AMORTIZATION EXPENSE - HOUSING - Interest Payable 124,748.00 OPERATING EXPENSES- R&M 1,341,748.90 2009 Bond Principal - OPERATING EXPENSES-Admin & Gen 377,849.47 2009 Bond Interest - OPERATING EXPENSES- Utilities 977,627.86 2010/2015 Bond Interest - OPERATING EXPENSES- Insurance 192,220.28 2010/2015 Bond Principal - OPERATING EXPENSES- Other 2011 Bond Interest - CONSTRUCTION EXP - 2011 Bond Principal - 2015 Bond Interest - Total Expenditure 9,332,885.04 2015 Bond Principal - 2016A Bond Interest 1,061,481.26 2016A Bond Principal 1,210,000.00 - 2016B Bond Interest 185,102.50 Net Income 431,592.71 2016B Bond Principal 670,500.00 2016C Bond Interest 354,131.82 9,332,885.04 2016C Bond Principal 799,871.00 4,555,852.09 Less Capitalized Interest - 4,777,032.95 Total Debt Service 2019-2020 4,272,441.61

Net Revenue 5,186,007.43 Total Debt Service 4,272,441.61 Debt Coverage Ratio# 1.214

#Debt Coverage Ratio is stated at 1.20 per bond documents. The University of West Florida Foundation, Inc. Prior Years Unspent Budget Report As of June 30, 2020

Unspent Division of Advancement Lines

Carried Forward Funds Total Carried Forward Budget 356,282.84

Expensed During 19/20 Commitment for meal plan scholarships 50,000.00 Alexander Haas & Gernerate (Consultants) 78,081.29 Freewill, Co. 9,736.42 Capitol Days 2020 8,793.07 Comm. Garden 7,000.00 Comm. Engagement 8,000.00 HAAS Center 4,000.00 Hiaasen Event 11,337.02 Mo Money/Face Masks 1,212.50

Total FY 19/20 Expenses to Date 178,160.30

Net FY 19/20 Activity 178,122.54

Net Carry Forward FY 19/20 $ 178,122.54 Other Business

UNIVERSITY OF WEST FLORIDA FOUNDATION, INC.

CONFLICT-OF-INTEREST POLICY

1. Scope. The following statement of policy applies to each member of the Board of Directors and to all officers of the University of West Florida Foundation, Inc. It is intended to serve as guidance for all persons engaged by the University of West Florida Foundation, Inc. in positions of significant responsibility for the activities of the Foundation.

2. Fiduciary Responsibilities. Members of the Board of Directors and officers of the Founda- tion serve the public trust and have a clear obligation to fulfill their responsibilities in a manner consistent with this ideal. High standards, ethical behavior, personal integrity, and impartiality are inherent to the reputation and ultimate success of the University of West Florida Foundation, Inc. All decisions of the Board and officers are to be made solely on the basis of a desire to promote the best interest of the Foundation, University of West Florida and the public good. Officers, Directors, and staff must refrain from engaging in any behavior that might be construed as self-dealing or in conflict with the mission, goals, and fundamental purpose of the Foundation. The integrity of the Foundation and University of West Florida must be protected and advanced at all times.

Men and women of substance inevitably are involved in the affairs of other institutions and organizations. An effective board cannot consist of individuals entirely free from at least per- ceived conflicts of interest. Although most such potential conflicts are and will be deemed to be inconsequential, it is everyone's responsibility to ensure that the Board is made aware of situations that involve personal, familial or business relationships that may be troublesome for the Foundation or University of West Florida. Thus, the Board requires each Board member and officer annually (1) to review this policy; (2) to disclose any possible personal, familial or business relationships that reasonably could give rise to a conflict of interest involving the Foundation or University of West Florida; and (3) to acknowledge by his or her signature that he or she is in accordance with the letter and spirit of this policy.

3. Disclosure. All Board members and officers are requested to disclose only those substantive relationships that they maintain (or members of their families maintain) with organizations that do business with the Foundation, University of West Florida or any related or affiliated organization, or which otherwise could be construed to potentially affect their independent, unbiased judgment in light of their decision-making authorities or responsibilities. Any uncertainties as to the appropriateness of listing a particular relationship may be resolved by consultation with the President of the UWF Foundation who in turn may consult with legal counsel, the Executive Committee, or the Board of Directors in a special-called meeting. Information disclosed or provided by any person pursuant to this policy shall be held in confidence except when, after consultation with that person, the best interests of the Foundation or University of West Florida would be served by disclosure.

The following definitions are provided to assist Board members and officers in determining whether to disclose a particular relationship:

Substantive Relationship. One in which a Board member, officer or family member, or an organization with which the Board member, officer or family member has a business relationship (1) does substantial business with the Foundation or University of West Florida or any related or affiliated organization or (2) has other direct or indirect dealings with the Foundation, University of West Florida or any related or affiliated organization from which the Board members, officer or family member benefits directly, indirectly or potentially from cash or property receipts totaling $10,000 or more annually.

Business Relationship. One in which a Board member, officer, family member is an officer, director, employee, partner, trustee, controlling stockholder or the actual or beneficial owner of more than 5 percent of the voting interest of an organization.

Family Member. A spouse, parents, siblings, children or any other relative of a Board member or officer if the latter resides in the same household as the Board member or officer.

4. Restraint on Participation. Board members or officers who have declared or have been found to have a conflict of interest shall refrain from consideration of proposed transactions, unless for special reasons the Board or administration requests information or interpretation. Persons with conflicts shall not vote, participate in discussion or be present at the time of the vote. Any proposed transaction in which a conflict of interest has been declared or found to exist must be approved by a majority of the disinterested members of the Board or the appropriate committee of the Board after disclosure of the conflict of interest.

January 2018 (minor editorial change for clarity)

University of West Florida Foundation, Inc. Disclosure Form

Please complete this annual form & return to Lisa at [email protected], or mail to: UWF Foundation 11000 University Parkway, Building 12, Pensacola, FL 32514

1. Have you read the University of West Florida Foundation, Inc., Conflict-Of-Interest Policy? Yes No

2. Are you aware of any relationships between the Foundation, University of West Florida or any related or affiliated organization and you or a member of your family as defined by the letter or spirit of this policy that may constitute a conflict of interest? Yes No

If yes, please list or elaborate such relationships and the details of annual or potential financial benefit as you can best estimate them. (Use back of page if necessary)

3. Did you or a member of your family receive, during the past 12 months, any gifts or loans from any source from which the Foundation, University of West Florida or any related or affiliated organization, buys goods or services or otherwise has significant business dealings? Yes No

If yes, please list such loans or gifts, their sources and their approximate values. (Use back of page if necessary)

I certify that the foregoing information is true and complete to the best of my knowledge:

Date: Signature

Please Print Name: ______UWF Foundation, Inc. Board Calendar FY20-21 updated 08.21.20- lfm Date: 2020-2021 Meeting Time Location Attendees

August 27, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Committee Member August 27, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Zoom Meetings Committee Member & Requested August 27, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member

September 9, Wed. Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Zoom Meeting All Board Members & Requested

November 12, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Tentatively set for UWF’s Committee Member November 12, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Global Online Bldg. Committee Member & Requested November 12, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. 630 E. Government Street Committee Member

November 19, Thursday Grant Committee Meeting 11:00 a.m.- 1:00 p.m. UWF Bldg. 12 Conf. Room Committee Member & Requested

December 8, Tuesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Location TBD All Board Members & Requested

December Date TBD UWF 2020 Holiday Fest 5:30 – 7:30 p.m. PNS Historic Village All invited

February 18, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Committee Member February 18, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. Location TBD Committee Member February 18, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested February 18, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member

March 10, Wednesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. J. Earle Bowden Building Committee Member & Requested UWF Historic Trust 120 Church Street

March 16, Tuesday Grant Committee Meeting 11:00 a.m. – 1:00 p.m. UWF Bldg. 12 Conf. Room Committee Member & Requested

May 20, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Committee Member May 20, Thursday Nominating Committee 1:15 p.m. – 2:00 p.m. Location TBD Committee Member May 20, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested May 20, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member June 9, Wednesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. J. Earle Bowden Building All Board Members & Requested UWF Historic Trust 120 Church Street