2019 / 2020 ANNUAL REPORT A Year of Accomplishments.

F O S 1 A B O U T U S E T L L E T T E R F R O M T H E C H A I R 2 B A N 4 E X E C U T I V E C O M M I T T E E T E 5 B O A R D O F D I R E C T O R S T 6 P A S T C H A I R S N 7 A D V I S O R Y G R O U P C O - C H A I R S O 8 A N N U A L D I N N E R H I G H L I G H T S C 9 A D V I S O R Y G R O U P H I G H L I G H T S 17 A D V I S O R Y G R O U P V O L U N T E E R S

21 M E M B E R S H I P S N A P S H O T

22 S O C I T I E S S N A P S H O T 23 F I N A N C I A L S CFA SOCIETY 2019 / 2020 OUR MISSION

To lead the investment profession by promoting the highest standards of ethics, education, and professional excellence; to shape an investment industry that serves the greater good; and to serve as the premier local resource for Chartered Financial Analyst designees, candidates, other investment professionals and our communities. CFA Society Chicago, the world’s first investment analysts’ society, is committed to working with our members and the investment community to achieve our mission through five organizational pillars.

Ethical Leadership Championing ethical behavior in investment markets.

Community Fostering a culture of inclusion, diversity and respect.

Industry Knowledge Being a respected source of knowledge in investment markets

Professional Excellence Raising standards of professional excellence in the industry

The Greater Good Expanding our investment culture to serve the interests of investors and society

OUR VISION

As the world’s first investment analysts’ society, CFA Society Chicago strives to be the pre-eminent association of Chartered Financial Analysts and other investment professionals. CFA Society Chicago has long collaborated closely with allied groups linked by CFA Institute (formerly AIMR).

CFA Society Chicago effectively, and with fiscal discipline, delivers quality programs and services fostering the development and application of technical skills and ethical practices within the profession and by the individual practitioner. CFA Society Chicago enables its members to serve as mutual sources of support directed at their attainment of the highest professional standards.

The talent and integrity of CFA Society Chicago’s members are recognized throughout the investment community. Their expertise and dedication are sought by both institutional and individual investors across the full range of economic and financial issues.

ANNUAL FINANCIAL REPORT / PAGE 1 CFA SOCIETY CHICAGO 2019 / 2020 LETTER FROM THE CHAIR

Dear CFA Society Chicago Members:

It has been an honor to serve as your Chair over the past year and thank you for all of your dedication and support. Specifically, I would like to thank the Board of Directors, our 342 member volunteers, and the Society staff for all of their time and effort; you are what makes CFA Society Chicago so great!

Building on Success

Never in my wildest dreams would I have expected my term to turn out like this. Despite several challenges we encountered over the year, we were able to build on our success and make progress on all of our strategic initiatives. We started the year with record breaking attendance and sponsorship at our Annual Dinner. We put on numerous other fantastic live events of the highest quality. Overall, the Society held 80 plus events for our nearly 5,000 members.

Events of Note Include:

Our Annual Dinner where we celebrated 136 new charterholders and received financial support from 67 sponsors, had a sellout crowd of more than 1,000 attendees.

Education Advisory Group held events on topics including Investing in the Space Race, Cannabis, Hedge Funds, LIBOR/SOFR, Modern Monetary Theory, and ETFs.

Professional Development Advisory Group hosted events including Industry Roundtables, Non- Traditional Careers, and Job Search Strategies.

CFA Women’s Network held events with keynote speakers including Sallie Krawcheck (Ellevest), Loretta Mester (President of the Federal Reserve Bank of Cleveland), and Gina Martin Adams, CFA (Bloomberg).

Distinguished Speaker Series events including David Herro, CFA (Harris Associates), Roy Swan (Ford Foundation), Nancy Lazar (Cornerstone Macro), (), Alec Litowitz (Magnetar Capital), and Cathie Wood (ARK Invest).

Membership Engagement hosted the Local Research Challenge Competition with ULTA Beauty as the Featured Company with 9 teams competing.

The Pandemic – Pivot to Virtual

At our Annual Dinner, we promised to deliver more digital content for our membership with a goal to provide opportunities to our members that are unable to attend live events. When the pandemic abruptly put a halt to live events after our last in-person event on March 11, 2020, featuring Rocky Wirtz, the owner of the Chicago Blackhawks, the Society staff and volunteers were able to responded swiftly, and adapt to the new reality due to our past efforts to upgrade our technology platform. Since that time, the Society has accelerated the creation of digital content in a time when we cannot hold live events. We have added video conference capabilities, incorporated podcasts covering a wide range of topics, and held our first remote- world webinar entitled Modern Monetary Theory: Historic Monetary and Fiscal Stimulus: Savior or Destroyer? on April 22nd.

ANNUAL FINANCIAL REPORT / PAGE 2 CFA SOCIETY CHICAGO 2019 / 2020 LETTER FROM THE CHAIR

New Chief Executive Officer – Christopher T. Vincent, CFA

The year did not go without other non-pandemic challenges. The Society operated without a CEO for most of the year, which placed additional burden on the Society's staff and members of the board. The Board and its Search Committee did an exhaustive search that started in early December 2019, screening and interviewing numerous qualified candidates. They narrowed the field over a four-month period to a final candidate, Chris Vincent, who was approved during the last virtual board meeting held in late March 2020.

We are excited to have Chris Vincent as our new CEO. Chris is a CFA charterholder and brings significant experience in the investment management industry to the Society. The combination of his knowledge, networking abilities, and leadership skills will allow him to successfully lead the Society into the future. Welcome Chris!

New Strategic Plan

The Board also launched an initiative to update the Society’s three-year strategic plan to better align the Society’s efforts with our three strategic pillars:

Deliver Member Value Develop Future Professionals Build Market Integrity

To deliver on these strategic objectives the plan includes aligning our programming to meet the needs of our diverse member base. The three-year strategic plan was completed and approved by the Board and will be reviewed and updated at the first board meeting of each fiscal year. The strategic plan is available on the website at www.cfachicago.org.

The Board’s Executive Committee also instituted new quarterly meetings with all Advisory Group co-chairs and the Executive Committee to provide a forum to identify, coordinate and organize our content in a more systematic way, as well as better align it with our member base, and the CFA Institute’s Professional Learning framework currently under development.

Volunteer – It’s Rewarding

The Society needs and wants our members to get involved. There are many ways to do so. Volunteer for an Advisory Group, be a subject matter expert and share your knowledge with our members at an event, find someone to be a subject matter expert to participate in a Society webinar, or contact the staff and share your programming ideas. There are many ways of getting involved. The opportunity of working with so many talented individuals is certainly rewarding.

Sincerely,

Daniel R. Kastholm, CFA Chair CFA Society Chicago

ANNUAL FINANCIAL REPORT / PAGE 3 CFA SOCIETY CHICAGO 2019 / 2020

EXECUTIVE COMMITTEE

Daniel Kastholm, CFA Kristan Rowland, CFA Garrett Glawe, CFA Chair Vice Chair Secretary Treasurer Fitch Ratings William Blair S&P Dow Jones Indices

Thomas Digenan, CFA Immediate Past Chair UBS Asset Management

"Never in my wildest dreams would I have expected my term to turn out like this. Despite several challenges we encountered over the year, we were able to build on our success and make progress on all of our strategic initiatives. " Christopher T. Vincent, CFA Daniel Kastholm, CFA President & Chief Executive Officer CFA Society Chicago

ANNUAL FINANCIAL REPORT / PAGE 4 CFA SOCIETY CHICAGO 2019 / 2020 BOARD OF DIRECTORS

Jenifer Aronson, CFA William Fitzpatrick, CFA Michael Holt, CFA Cosmin Lucaci, CFA Mosaic Fi Manulife Asset Management Morningstar, Inc. Brownson, Rehmus & Foxworth

Michael Miranda, CFA Alan Papier, CFA Linda Ruegsegger, CFA James Schroeder BMO Family Office Nuveen DHR International

Dhvani Shah, CFA David Smith, CFA Sunitha Thomas, CFA Mark Toledo, CFA Municipal Marquette Associates Northern Trust Chicago Partners Retirement Fund

Tanya Williams, CFA NexTier Consulting Solutions, LLC

ANNUAL FINANCIAL REPORT / PAGE 5 CFA SOCIETY CHICAGO 2019 / 2020 PAST CHAIRS

Raymond J. Sidney (1925-1926) Olin McReynolds Jr., CFA (1971-1972) James Milton Coulter (1926-1927) J. Parker Hall III, CFA (1972-1973) Dudley Hall Jr. (1927-1928) Brierly W. Anderson, CFA (1973-1974) Standish W. Robinson (1928-1929) Richard M. Burridge, CFA (1974-1975) John P. Campbell (1929-1930) H. Robert Powell, CFA (1975-1976) R. M. Plaister (1930-1931) William A. Cornish (1976-1977) W. B. Prickitt (1931-1932) Edward B. Dillmann, CFA (1977-1978) Harland H. Allen (1932-1933) F. Conrad Fischer, CFA (1978-1979) Erwin W. Boehmier (1933-1934) Henry G. Van der Eb Jr., CFA (1979-1980) W. Philip Moncreiff (1934-1935) James E. Depies, CFA (1980-1981) Henry K. Wilcox (1935-1936) Priscilla Perry, CFA (1981-1982) James H. Clarke (1936-1937) John C. Kirscher, CFA (1982-1983) Corliss D. Anderson, CFA (1937-1938) John F. Richards, CFA (1983-1984) Arthur J. O’Hara (1938-1939) Alison A. Winter, CFA (1984-1985) Paul L. Morrison (1939-1940) Frank E. Helsom, CFA (1985-1986) John H. Weedon (1940-1941) Douglas K. Harman, CFA (1986-1987) Raymond W. Duning (1941-1942) Michael L. McCowin, CFA (1987-1988) Alfred L. Burke (1941-1942) Philip Edward Arnold, CFA (1988-1989) Evan V. Shierling (1942-1943) James C. Goss, CFA (1989-1990) Richard E. Weeks (1942-1943) Charles F. O’Connell, CFA (1990-1991) Wm. E. Stiegelmeier (1943-1944) Nathaniel B. Jones, CFA (1991-1992) Virgil R. Liptrap (1944-1945) Jon T. Ender, CFA (1992-1993) Earl Meyer (1945-1946) Nancy E. Sindelar, CFA (1993-1994) Albert Y. Bingham, CFA (1946-1947) Robert H. Harper, CFA (1994-1995) M. Dutton Morehouse, CFA (1947-1948) Kenneth G. Shay, CFA (1995-1996) Richard H. Samuels, CFA (1948-1949) Larry Alan Lonis, CFA (1996-1997) William D. Heer Jr., CFA (1949-1950) Alexander B. Knowles, CFA (1997-1998) Glenn M. Trumbo (1950-1951) Michelle Adrienne Moreno, CFA (1998-1999) John C. Ratcliffe (1951-1952) John A. Edinger, CFA (1999-2000) J. Parker Hall III, CFA (1952-1953) Fred Duda, CFA (2000-2001) Philip C. Biggert (1953-1954) James F. Whitney, CFA (2001-2002) William B. Maas (1954-1955) Laura N. Stern, CFA (2002-2003) William C. Norby, CFA (1955-1956) Kevin J. Vandolder, CFA (2003-2004) Stanford O. Ege (1956-1957) Nicholas Ronalds, CFA (2004-2005) Russell J. Eddy (1957-1958) Mark C. Hutchinson, CFA (2005-2006) Clarence E. Torrey Jr. (1958-1959) Michael N. Lindh, CFA (2006-2007) Neil E. Heikes (1959-1960) Arch E. King, CFA (2007-2008) Hartman L. Butler Jr. (1960-1961) Joseph R. Knecht, CFA (2008-2009) Lang Elliott (1961-1962) Joan K. Rockey, CFA (2009-2010) William A. Stenson (1962-1963) Leo Harmon, Jr., CFA (2010-2011) Robert E. Peckenpaugh, CFA (1963-1964) Heather Elizabeth Brilliant, CFA (2011-2012) Richard C. Barbour, CFA (1964-1965) Keith Cardoza, CFA (2012-2013) William S. Gray III, CFA (1965-1966) Gautam Dhingra, CFA (2013-2014) George H. Norton Jr., CFA (1966-1967) Christopher T. Vincent, CFA (2014-2015) C. Reed Parker, CFA (1967-1968) Kerry P. Jordan, CFA (2015-2016) Thomas N. Mathers, CFA (1968-1969) Douglas M. Jackman, CFA (2016-2017) Clair V. Felker (1969-1970) Marie Winters, CFA (2017-2018) Mary Petrie, CFA (1970-1971) Thomas Digenan, CFA (2018-2019)

ANNUAL FINANCIAL REPORT / PAGE 6 CFA SOCIETY CHICAGO 2019 / 2020 ADVISORY GROUP CO-CHAIRS

ANNUAL DINNER CFA WOMEN'S NETWORK The Annual Dinner is CFA Society Chicago’s The CFA Women’s Network mission is to inspire flagship event. The main task for the Annual female engagement in the CFA Program, Dinner Advisory Group is soliciting corporate support women in their financial career and sponsorships to support the event. promote demand for diversity.

Melissa Binder, CFA - PPM America Tiffany Greenhouse, CFA - MSCI Christine Tinker, CFA - Northern Trust

COMMUNICATIONS DISTINGUISHED SPEAKER SERIES The Communications Advisory Group ensures The Distinguished Speakers Series Advisory the members of CFA Society Chicago receive Group suggests event topics and secures the pertinent and timely information and is industry’s top financial leaders to speak at responsible for the CFA Society Chicago blog. society breakfasts and luncheons.

Lisa Davenport, CFA - Neuberger Berman Jeremy Heer, CFA - The University of Chicago Office of Richard Schiller, CFA - Duff & Phelps Investments Robert Knezevic, CFA - Susquehanna International Group

EDUCATION SEMINARS MEMBERSHIP ENGAGEMENT The Education Advisory Group's primary focus is to The Member Engagement Advisory Group is plan educational events on a variety of topics for responsible for engaging current and potential investment professionals at every stage in their members of CFA Society Chicago. The group raises career. awareness about the credential, membership, and supports the efforts of prospective charterholders. Richard Excell, CFA - Wolverine Asset Management Melissa Binder, CFA - PPM America Matthew Morris, CFA - UBS Asset Management Gerald Norby, CFA - William Blair & Company

PROFESSIONAL DEVELOPMENT SOCIAL EVENTS

The Professional Development Advisory Group is The Social Advisory Group’s mission is to organize charged with developing programs to assist relaxing, entertaining, and networking-oriented members excel during all stages of their careers and events in a variety of different environments that will adjust to changes in the financial industry. appeal to our diverse group of members.

Anne Durkin, CFA - Main Street Advisors Jenny McNicholas, CFA - US Trust Rick Tauber, CFA Drew Speight, CFA - Goldman Sachs

ANNUAL FINANCIAL REPORT / PAGE 7 CFA SOCIETY CHICAGO 2019 / 2020 ANNUAL DINNER 2019 HIGHLIGHTS

KEYNOTE SPEAKER BILL BROWDER

Founder and CEO of Hermitage Capital Management Author of "Red Notice: A True Story of High Finance, Murder, and One Man's Fight for Justice"

HORTENSE FRIEDMAN, CFA, AWARD FOR EXCELLENCE

ALAN M. MEDER, CFA THOMAS N. MATHERS, CFA (POSTHUMOUS) Alan Meder, CFA, accepts the Hortense Friedman, CFA, Award For Excellence from Daniel Kastholm, CFA, chair of Thomas N. Mathers, CFA, family accepts the Hortense Friedman, CFA Society Chicago, at the 2019 Annual Dinner. CFA, Award For Excellence from Daniel Kastholm, CFA, chair of CFA Society Chicago, at the 2019 Annual Dinner.

1000+ 67 136

Local investment Sponsors who purchase New charterholders professionals in corporate tables to support welcomed into CFA Society attendance CFA Society Chicago Chicago

ANNUAL FINANCIAL REPORT / PAGE 8 CFA SOCIETY CHICAGO 2019 / 2020

C POWER SERIES EVENTS

F Interactive Empowerment Series Wrap-Up Sallie Krawcheck December 3, 2020 A September 17, 2019 This was an opportunity to learn about the topics anyone

Sallie Krawcheck, CEO and missed out on from previous Empowerment Series events W co-founder of Ellevest, at one event. Attendees participated in table discussions discussed how the covering the following topics:

O investment landscape is Taking Control of Your Career changing in addition to Negotiating M how investment platforms Personal Branding and interfaces need to Building Relationship Equity

E evolve. Krawcheck talked about her journey with Ellevest, how her career N experiences propelled her into launching an Managing Wealth Through a Pandemic online investment platform geared towards

' May 7, 2020 (Virtual)

S women, and the challenges and opportunities for digital investment advisors. Panelists discussed the different types of clients, their investment approach during a health crisis N and extraordinary financial market volatility, and

E Stephanie Braming, CFA provided recommendations for current allocations February 4, 2020 and give their thoughts on alternative T Stephanie Braming, CFA, investments. O head of William Blair Speakers: Jenifer Aronson, CFA (Mosaic Fi, LLC), Investment Management, Elizabeth Martinez, CFA (Bank of America Private Bank - W joined the Society for a Moderator), Sunitha C. Thomas, CFA (Northern Trust) fireside chat moderated

R by Patricia Halper, CFA. Braming provided her Gina Martin Adams, CFA, CMT

K perspective on the financial markets and role May 20, 2020 (Virtual) for active management going forward. She Bloomberg Intelligence's Chief

also discussed her career path, advice she Equity Strategist discussed why the wish she had along the way, and what she equity market appears to be believes is going to be key for asset managers detached from economic reality and to remain relevant going forward. how long it may last, her fair value model for stocks, factor and sector President Loretta J. Mester strategy, and a customized equity May 12, 2020 (Virtual) market playbook for Covid-19 Loretta J. Mester, president recession and recovery. of the Federal Reserve Bank of Cleveland, discussed the Investment Trends Through a Diverse Lens tools and policies of the U.S. July 14, 2020 (Virtual) central bank and how they A panel of leaders discussed the potential implications can help the economy get as we move beyond quarantine but still face health back on a sustainable concerns and struggle with how to create a more growth path. She also spoke about her equitable and inclusive environment for employees personal thought process and contributions to and clients. Fed policy decisions, as well as the Fed's Speakers: Laurie P. Barry, CFP® (UBS ), Laura Gregg ongoing public policy research on gender and (Northern Trust - Moderator), Connie L. Lindsey income inequality. (Northern Trust)

ANNUAL FINANCIAL REPORT / PAGE 9 CFA SOCIETY CHICAGO 2019 / 2020

C Blog Reporting O The CFA Society Chicago Blog serves as one of the primary communication channels between

M the Society and its members. The Communications Advisory Group continued on-going blog reporting efforts recapping the Society’s events along with facilitating a discussion on opening up the blog to include additional content. The previous blog was removed from its individual M WordPress site and merged with the Society's main website. There were more than 40 blog posts published during the 2019-2020 year. The group is working on refining the Society's brand by U weaving together events, blog posts, podcasts, etc. into stories around topics.

N CFA Society Chicago Website I

C The Communications Advisory Group continued to provide input for updates to the website regarding aesthetics and functionality. The website's digital library continued to grow with additional digital

A content being added weekly.

T Podcasts I

O The group invited guests to speak on various topics with the first series being recorded on Peak Globalization. A podcast consultant was hired to provide guidance and a review subcommittee was

N officially formed to help review content before posting. Official guidelines were created and provided to the group to help evaluate whether or not podcasts met the Society's standards to be posted. The Society

S also began cross promoting podcasts with other CFA societies included Stamford, New York, and Orlando.

Podcasts Uploaded to Libsyn 2019-2020 (Available on Spotify, Apple, Google, Stitcher and TuneIn) Digital Assets with Mike Creadon & Rich Excell, CFA Part 1 Biotech with Michael Caldwell & Brian Gilmartin, CFA Opportunity Zones with Andrew Lee & Lotta Moberg, CFA Digital Assets with Mike Creadon & Rich Excell, CFA Part 2 Chicago Media Angels with Ted Reilly & Brian Gilmartin, CFA Impact Investing with Priya Parrish & Rich Excell, CFA Life after LIBOR Follow Up Discussion with Brian Battle & Blaine Reed, CFA Investing in Private Debt Markets with Tony Berkley & David Sekera, CFA Economics with Nancy Lazar & Rich Excell, CFA LIBOR vs SOFR with Meredith Coffey & Blaine Reed, CFA Cannabis: Insights and Opportunities with Kristoffer Inton & Mike Kalil, CFA A Digital Dive into Fintech with Will Cong & Rich Excell, CFA The Path to Recovery in a COVID-19 World with Brian Coulton & Rich Excell, CFA CFA Society Chicago and OIC Episode 1 of 3: Basic Option Concepts with Rich Excell, CFA & Joe Burgoyne CFA Society Chicago and OIC Episode 2 of 3: The Importance of Volatility with Rich Excell, CFA & Joe Burgoyne CFA Society Chicago and OIC Episode 3 of 3: PM’s Use of Options with Rich Excell, CFA & Joe Burgoyne Peak Globalization Series: Richard Thies of Driehaus Capital Management Holistic Wealth Management with Matthew Kocanda, CFP® & Brett Bina, CFA, CAIA Investment Exchange Forum: Is Illinois still investable? The Future of Libor and Ameribor with Dr. Richard Sandor & Blaine Reed, CFA Investment Exchange Forum: Tax-loss Harvesting Peak Globalization Series: Supply Chain Part 1 with Seenu Sarma Peak Globalization Series: Supply Chain Part 2 with Ed Pound & Joe Sweeney Peak Globalization Series: Reshaping Global Trade with Jake Schleshinger Investing in China with Brendan Ahern & Brett Bina, CFA, CAIA Peak Globalization Series: Reshoring with Harry Moser Peak Globalization Series: A New Cold War with Reva Goujon Peak Globalization Series: Impacts on the Economy with Greg Daco

ANNUAL FINANCIAL REPORT / PAGE 10 CFA SOCIETY CHICAGO 2019 / 2020 D I S T I N

G Rob Brown David Herro, CFA Curt Bailey Bob Browne, CFA Lincoln International Harris Associates L.P Related Companies Northern Trust U September 10, 2019 October 8, 2019 November 20, 2019 December 10, 2019 I S H E D

S P Nancy Lazar Alec Litowitz Rocky Wirtz Kristina Hooper*

E Cornerstone Macro Magnetar Capital Wirtz Corporation Invesco January 28, 2020 February 11, 2020 Chicago Blackhawks June 2, 2020 A March 11, 2020 K

E *Denotes events that were virtual due R to the COVID-19

pandemic. CFA S Society Chicago

E thanks all its guest speakers who joined R the Society both in Cathie Wood* Roy Swan* Suni Harford*

I ARK Invest Ford Foundation UBS Asset Management person and virtually E over the past year. June 8, 2020 July 15, 2020 August 19, 2020 S VAULT SERIES

Kim Cash, CFA, CPA, CAIA, CIPM Michael Caldwell Brett Jergens, CFA, CFP 2020 GIPS Standards Counting Cards in Biotech MLPs and Energy Infrastructure September 18, 2019 November 14, 2019 January 9, 2020

ANNUAL FINANCIAL REPORT / PAGE 11 CFA SOCIETY CHICAGO 2019 / 2020

E Investing in the New Space Race

D September 12, 2019 While governments around the world remain major players, U private companies are playing a larger role. The panel explored current and future industry trends to expose the direction of this C new market. The event focused on understanding the

A technologies of space exploration as launch costs decrease, the geopolitical tensions that have always accompanies expansions

T into new territory, and the economic implications for investors. I

O Speakers: Richard Godwin (Space Technology Holdings LLC), Joan Johnson-Freese, Ph.D. ( U.S. Naval War College), Steven Jorgenson (Starbridge Venture Capital), Mark LaPenna (Xenesis), Myles Walton (UBS

N Investment Bank)

Opportunities in Hedge Funds in 2019 S October 10, 2019

E Leading minds from the hedge fund world in Chicago discussed the performance of various hedge fund investment styles. They M also provided an understanding of hedge funds within the investing landscape. The default view is that hedge funds are I too short-term oriented. This event gave more insight so N investors from other parts of the market can understand how

A hedge funds operate.

R Speakers: Kevin Doonan (GCM Grosvenor), Kenneth Heinz (Hedge Fund Research, Inc.), Joseph Scoby (Magnetar Capital), Tristan L. Thomas, CFA (50 South Capital) S SOFR: Life after LIBOR January 15, 2020 Meredith Coffey, executive vice president of the Loan Syndications and Trading Association (LSTA), gave a brief overview about LIBOR and SOFR. Panelists then brought attendees up to speed on the transition to LIBOR, what SOFR products are being developed, potential market impacts, and what is yet to be addressed before yearend 2021 when Libor is planned to be phased out. Speakers: Brian Battle (Performance Trust ), Meredith Coffey (Loan Syndications and Trading Association - Moderator/Opening Remarks), Agha Mirza (CME Group), Jerome Schneider (PIMCO) Cannabis: Insights and Opportunities February 25, 2020 On January 1, 2020, Illinois became the eleventh state to legalize the recreational use of cannabis. Panelists shared their thoughts and insights on the investment opportunities, evolution and future of the cannabis market. They also discussed how states view the benefits (tax revenues) and hurdles (monitoring) of legalization, what new players will enter the space, how to profit from the legalization through private or public investment and which, if any, current companies are leading and why.

Speakers: Charlie Bachtell (Cresco Labs), Andy Grossman (Green Thumb Industries ), Kristoffer Inton (Morningstar -Moderator), Sumit Mehta (MAZAKALI), John Wellehan (Affect X Technologies)

ANNUAL FINANCIAL REPORT / PAGE 12 CFA SOCIETY CHICAGO 2019 / 2020

E Modern Monetary Theory Book Club D April 22, 2020 (Virtual) "Thee Hundred Year In this conversation, Stephen Moore, visiting senior fellow in Marathon: China’s Secret U economics at The Heritage Foundation, and Randall Wray, Strategy To Replace professor of economics and scholar of Modern Monetary Theory, C America" discussed the implications of U.S. government and Federal Michael Pillsbury

A Reserve stimulus measures. With their contrasting perspectives on economics, they debated the impact of the current economic "Red Notice: A true Story of T downturn and how to best emerge from it. High Finance, Murder and I One Man’s Fight for Justice" O Speakers: Lotta Moberg, Ph.D., CFA (William Blair - Moderator), Stephen Moore (The Heritage Foundation ), L. Randall Wray (Bard Bill Browder

N College) "Strategy Beyond the

Hockey Stick: People, S The Path to Recovery in a COVID-19 World Probabilities, and Big Moves

E April 30, 2020 (Virtual) to Beat the Odds" World GDP is going through a collapse of activity only seen

M Chris Bradley during war time; however, policy makers have also been quicker to respond than in past crises. Brian Coulton, chief I economist of Fitch Ratings, discussed how he thinks N economies will re-open, if this was this a supply or a demand Special Situations shock, how much stimulus is enough (or too much), and if the A Participants discussed a crisis will have a lasting impact on fiat money. research investment situation R decided in advance. Speakers: Brian Coulton (Fitch Ratings), Rich Excell, CFA (University S of Illinois, Gies College of Business - Moderator) The ONE Group Hospitality, Inc. The Impact of the Fed on the Corporate Bond (STKS) ETF Market Flotek Industries May 27, 2020 (Virtual) (FTK) Portfolio managers from two of the biggest ETF providers - Invesco and State Street Global Advisors - spoke about the Prodex Inc positive, and potentially negative unintended impacts, the (PDEX) Fed's presence is having on the ETF market, and the corporate bond market overall. Perion Network Ltd. (PERI) Speakers: Rich Excell, CFA (University of Illinois, Gies College of Business - Moderator), Jeff Kernagis, CFA (Invesco), Bradley Kotler (State Street Global Advisors) Investment Exchange Forum WST: Advanced Financial Modeling Stock-picking meeting December 11, 2019 featuring a lively discussion This full-day workshop taught attendees how to build a fully of the topic picked in integrated financial statement projection model with income advance. statement projections, a self-balancing balance sheet, an automated cash flow statement, and the balancing cash flow Angel Investing sweep/debt schedule. Brexit: Opportunities in Instructor: Ted Michaels, Wall Street Training either the UK or EU

ANNUAL FINANCIAL REPORT / PAGE 13 CFA SOCIETY CHICAGO 2019 / 2020

M Financial Literacy

E CFA Society Chicago continued its partnership with the Economic Awareness Council (EAC) to increase financial literacy by participating with On The Money Mentoring and visiting Willowbrook Corner, Pritzker M College Prep and DePaul University. The group started evaluating additional partnerships including the Greenwood Project, a Chicago-based non-profit whose mission is to introduce minority students to B careers in the finance industry. E Exam Information Sessions R On December 12, 2019, the Society hosted an exam information session at Northern Trust with 62 S attendees. Kaplan representatives shared information on exam prep material available and raffled off a

H study package. Recent charterholders Leon Zeng, CFA, Matthias Berning, CFA, Josh Cabrera, CFA, and Jesse Singh, CFA, shared their test taking and exam experience along with how the designation has

I assisted in their career. P The information session for the June 2020 exam was replaced with the Moving Forward with CFA Exams

E event after the postponement of the June 2020 exam was announced due to the COVID -19 pandemic. Kristina Fitzhugh with CFA Institute presented tips for staying on track with studying and an overview of N the tools and resources available to candidates. BJ Tolia, Ph.D, CFA, from Kaplan, reviewed strategies for exam preparation over the now extended time period. G

A Mock Exams and Post-Exam Party

G CFA Society Chicago partnered with Kaplan Schweser to host in-person mock exams during the year. The mock exam was for the December 2019 exam was held on November 23, 2019, at the University E Center - Chicago with 50 candidates registered. The mock exam for the June 2020 exam was canceled

M after the postponement of the June 2020 exam was announced.

E The Society did not host a post-exam party due to the cancellation of the June 2020 exam. N New Member Outreach

T Volunteers continued to welcome new members to CFA Society Chicago with individual phone calls, giving introductions and answering questions about the Society.

Research Challenge Students from area universities competed in the local level of the CFA Institute Research Challenge hosted by CFA Society Chicago. The competition kicked off October 4, 2019. Feature company, Ulta Beauty (NASDAQ: ULTA), made a company presentation on October 25, 2019. Teams developed a written report of fundamental company analysis based on a sell-side or an independent research analyst perspective of Ulta. Teams then presented their research at Morningstar to a panel of judges who are CFA charterholders and experts in equity research.

Winning Team Augustana College Loyola University Aurora University Northern Illinois University Illinois Institute of Technology Benedictine University Olivet University Illinois Institute of Technology University of Illinois Urbana-Champaign Lake Forest College University of Chicago

ANNUAL FINANCIAL REPORT / PAGE 14 CFA SOCIETY CHICAGO 2019 / 2020

P Non-Traditional Careers for Charterholders

R September 24, 2019 Panelists discussed non-traditional career options available for charterholders and how they can capitalize O on the skills and knowledge they developed during the CFA program and from being a charterholder.

F Presenters: Jacqueline Benitez (Segall Bryant & Hamill - Moderator), Kevin Hacker, CFA(BP), Joan Rockey, CFA (CastleArk), Professor James Valentine, CFA (Center for Behavioral Finance, DePaul University) E

S Transition Techniques November 18, 2019 S Attendees heard from speakers within the investment industry who transitioned from an administrative or

I “back office” supportive role, to an aspirational role of portfolio manager, analyst or trader. Topics

O included action steps that assisted with career advancement, the significance of a mentor, the value of the CFA designation, and insights from a senior member of a leading outplacement firm. N Presenters: Vincent Baxter, CFA (Northern Trust Asset Management), Jackson Finks, CFA (Dearborn Partners), Eric Schweitzer (Challenger Gray & Christmas - Moderator), Oday Tillawi () A

L improve it! Effective Communication Workshop January 14, 2020

D The Society welcomed back the improve it! crew to facilitate a two-hour experiential workshop where attendees participated in an interactive lecture and series of improvisation-based exercises led by E professional improvisers. Attendees learned and practiced how to use verbal and non-verbal techniques

V to enhance interpersonal communication skills, quickly build rapport, and establish trust with others. Presenter: improve it! E Time Management: Locking Down Goals L May 14, 2020 (Virtual) O Effective time management is more about gaining clarity, consistency and commitment with prioritized goals and less about tactics and techniques. This event provided techniques to help reduce stress, P increase feeling of fulfillment, develop the ability to accomplish more in less time, increase productivity,

E and enhance personal life balance. Presenter: Tom Lemanski - Executive Coach, Chicago Executive Coaching M ANNUAL CAREER FAIR Job Search Strategies

E Canceled due to COVID-19 June 23, 2020 (Virtual) N This presentation focused on how the job search has INDUSTRY ROUNDTABLES changed due to COVID-19. Attendees received a 25-page February 26, 2020 T COVID-19 Job Search Resource Guide. Topics discussed In-depth discussions with leading included how to find companies that are hiring, if you investment professionals. Attendees really have to become a video interview expert, how to picked three of ten tables to learn how stay motivated, and how to reinvent yourself. different sectors in the investment Presenter: Abby Kohut - Recruiter/Job Search Speaker industry operate.

Speed Reading JOB SEEKERS FORUM August 4, 2020 (Virtual) Attendees learned about potential new This workshop taught attendees how to read faster, opportunities and resources. Meetings remember more and boost productivity helping to save alternated between less than 10 years time with annual reports/10Ks, financial statements, and more than 10 years experience. research reports, contracts, business books, legal documents, regulatory information and more. MENTORSHIP PROGRAM Presenter: Paul Nowak - Founder, Iris Reading Kicked off on October 2, 2019

ANNUAL FINANCIAL REPORT / PAGE 15 CFA SOCIETY CHICAGO 2019 / 2020

S Ugly Holiday Sweater Soiree

O December 5, 2019 The Social Advisory Group hosted a holiday networking C event inviting colleagues to enjoy food and drinks while

I rocking their “cringiest" sweater. Although ugly

A sweaters were encouraged, they're not required to attend the event held at Sidebar Grille in the Chicago

L loop.

E Bullseye! Bad Axe Throwing

V February 13, 2020 The Society hosted its second axe throwing event at E Bad Axe Throwing in Chicago's West Loop

N neighborhood. Attendees participated in a friendly axe throwing competition while enjoying snacks and

T refreshments. No experience was necessary as professional axe throwing coaches where there to help! S

Progressive Networking Lunch March 4, 2020 One of the last in-person events the Society hosted before the COVID-19 pandemic forced events to go virtual. Featuring a three-course meal, attendees switched tables after each course. Participants introduced themselves providing the opportunity to build relationships with influential CFA Society Chicago members.

Informal Happy Hours Fourth Thursday of the Month The Social Advisory Group hosted an informal networking happy hour on the fourth Thursday of every month. A different location was selected for every happy hour to provide a change of scenery, a variety of beverage options, and to be inclusive off different office locations. Starting April 2020 happy hours went virtual due to COVID-19. September 2019 - One North Kitchen & Bar October 2019 - One North Kitchen & Bar November 2019 - Canceled due to Thanksgiving holiday December 2019 - Replaced with Ugly Holiday Soiree January 2020 - Traditions February 2020 - Traditions March 2020 - Canceled due to COVID-19 April 2020 - Virtual May 2020 - Virtual June 2020 - Virtual July 2020 - Virtual August 2020 - Virtual

ANNUAL FINANCIAL REPORT / PAGE 16 CFA SOCIETY CHICAGO 2019 / 2020 ADVISORY GROUP VOLUNTEERS

ANNUAL DINNER

Melissa Binder, CFA Andrew Lindblom, CFA Emil Suqi, CFA Matthew Brady, CFA Jim Mohan, CFA Aaron Temple, CFA Cara Esser, CFA Stephen Moy, CFA Monique Thanos, CFA Timothy Holt, CFA Maxwell Rhee, CFA Marina Viergutz, CFA Douglas Jackman, CFA Kristan Rowland, CFA Brian Kopinski, CFA Alex Schneider, CFA

CFA WOMEN'S NETWORK

Jenifer Aronson, CFA Lisa Haag, CFA Kelsey Renfro (Hanna), CFA Jiaying Bao, CFA Emily Hahn Joan Rockey, CFA Iuliia Boutin Winter Haynes Linda Ruegsegger, CFA Pamela Brill, CFA Melanie Hilbush, CFA Andrea Shaeffer, CFA Shanelle Brown, CFA Michelle Jonson, CFA Kelly Scheltens, CFA Kristin Buikema Kerry Jordan, CFA Elizabeth Stack (Rutkowski), CFA Bridget Burke Bhavna Khurana, CFA Kanchana Suresh, CFA Andria Canel, CFA Kelly Lavieri Palmer, CFA Monique Thanos, CFA Katherine Cardwell Lily Liu Sunitha Thomas, CFA Katie Carroll, CFA Kokila Lozano Christine Tinker, CFA Jing (Carol) Chen, CFA Jaclyn McClellan, CFA Marina Viergutz, CFA Constance Christian, CFA Elizabeth Martinez Ronit Walny, CFA Lauren Cooney, CFA Crystal McClenthen, CFA Tanya Williams, CFA Lisa Davenport, CFA Madelyn Pavlic (Schiller), CFA Marie Winters, CFA Virxhini Gjonzeneli, CFA Giacoma Pilotta-Medici, CFA Miranda Yu, CFA Tiffany Greenhouse, CFA Sara Pollock, CFA Susan Zeeb

COMMUNICATIONS

Brad Adams, CFA Anthony Di Silvestro Abhi Mathews, CFA Sebastian Alcantara Robert Fogarty, CFA Charles McGrath, CFA Brett Bina, CFA Austin Galm Cynthia McLaughlin John Brick, CFA Brian Gilmartin, CFA Carla Norfleet Taylor, CFA Zachary Brown, CFA R. Dale Hall, CFA Richard Schiller, CFA Michael Burdeen, CFA Matthew Kempt, CFA Sam Simaan, CFA Michael Campagna, CFA Brian Kopinski, CFA Mark Toledo, CFA Michael Cody Sandra Krueger, CFA Jeff Tryka, CFA Bob Cohen, CFA Andrew Kunzweiler, CFA Peter Vinzani, CFA Lisa Davenport, CFA Nitin Laddha, CFA

ANNUAL FINANCIAL REPORT / PAGE 17 CFA SOCIETY CHICAGO 2019 / 2020 ADVISORY GROUP VOLUNTEERS

DISTINGUISHED SPEAKER SERIES

Sebastian Alcantara Brad Hedlund, CFA John Pelling, CFA Christopher Ashbee, CFA Jeremy Heer, CFA Colin Plunkett David Bachtler, CFA David Hoffer, CFA Blaine Reed, CFA Andrew Baker, CFA Aditi Jain, CFA Gordon Scott, CFA Jiaying Bao, CFA Tyler Kennedy John Servia, CFA Christian Barron Robert Knezevic, CFA Sebastian Sierotnik, CFA Patrick Bourbon, CFA Brian Kopinski, CFA M Nicholas Sims, CFA Pablo Brezman, CFA Anand Krishnakumar, CFA Serge Slavinsky Pamela Brill, CFA Kokila Lozano, CFA James Stirling, CFA Stephen Bringardner Cosmin Lucaci-Oprea, CFA Gaal Surugeon, CFA Arun Burla, CFA Eric Mandell, CFA Bret Swango, CFA Vasile Ceban Steve Minturn, CFA Sunitha Thomas, CFA Shivani Choudhary, CFA Jim Mohan, CFA Nicholas Vassilos, CFA Michael Cody Jon Morris Marina Viergutz, CFA Matt Dmytryszyn, CFA Arthur Olunwa, CFA David Watkins, CFA Jeff Doblin, CFA Jacqueline Osenbaugh Michael Wittman, CFA Jeff Eisman, CFA Alan Papier, CFA Jonathan Woo, CFA James Franke, CFA Kenny Parzgnat, CFA Mikhail Zarkh, CFA

EDUCATION SEMINARS

Suleyman Ahmad, CFA Jeffrey Hoffmeyer, CFA Jon Morris Sebastian Alcantara, Robert Hoffman, CFA Matthew Morris, CFA Christian Artuso Joseph Hollis, CFA Jeanne Murphy, CFA Jiaying Bao, CFA Aditi Jain, CFA Anders Nelson Christian Barron Ben Johnson, CFA John Nelson, CFA Elena Black, CFA John Joyce, CFA Mike Nieves, CFA Pamela Brill, CFA Michael Kalil, CFA Arthur Olunwa, CFA Arun Burla, CFA Chandra Sekhar Kanuri Venkata Alan Papier, CFA Shivani Choudhary Spencer Kelly, CFA John Pelling, CFA Michael Cody Anand Krishnakumar, CFA Nancy Prial, CFA James Daley, CFA Michael Kulov, CFA Tarun Puri, CFA Anthony Di Silvestro Gaurav Kumar, CFA Allyson Rasmussen (Buckles), CFA Richard Excell, CFA Andrew Lindblom Nicholas Redmond, CFA Andy Feltovich, CFA Sean Lindbloom, CFA Blaine Reed, CFA John Feyerer , CFA Chris Madison Maxwell Rhee, CFA Robert Fogarty, CFA Randall Malecki, CFA Russell Rhoads, CFA James Georgantas, CFA Eric Mandell, CFA Akobe Sandy, CFA Tiffany Greenhouse, CFA Cynthia McLaughlin David Sekera, CFA Winter Haynes Lotta Moberg, CFA John Servia, CFA Tom Hillman, CFA Sebastian Moreno Bradley Schneider, CFA

ANNUAL FINANCIAL REPORT / PAGE 18 CFA SOCIETY CHICAGO 2019 / 2020 ADVISORY GROUP VOLUNTEERS

EDUCATION SEMINARS (CONT.)

Tony Schneider Kanchana Suresh, CFA Marina Viergutz Brian Schuster, CFA Monique Thanos, CFA Kurt Zellner, CFA Lee Souter, CFA Cindy Tsai, CFA Jian Zhang, CFA Jake Stapleton Miranda Yu, CFA Jason Stevens, CFA Michael Vazza

MEMBERSHIP ENGAGEMENT

Sebastian Alcantara Sitaram Gundapaneni Robert Sempsey, CFA John Arnold Emilio Guzman Rebecca Smith, CFA Christian Artuso William Lee, CFA Lee Souter, CFA Erik Baaske, CFA James Meixner, CFA Aaron Taylor, CFA Melissa Binder, CFA Sean Morley, CFA Sunitha Thomas, CFA Michael Cody Chelsea Nacker, CFA Peter Wahlstrom, CFA Christine De Giuseppe, CFA Tchapo Napoe, CFA Michael Wittman, CFA Austin Galm Gerald Norby, CFA Leon Zeng Joseph Grandis, CFA Lisa Radomski, CFA

PROFESSIONAL DEVELOPMENT

Chris Abraham, CFA William Fitzpatrick, CFA Sean Lindbloom, CFA Brad Adams, CFA Alek Gasiel, CFA Chris Madison Sebastian Alcantara Tyler Glover, CFA Thomas Mizwicki, John Arnold Samantha Grant, CFA Sean Morley, CFA Jenifer Aronson, CFA Timothy Greive, CFA Sebastian Moreno Christian Artuso Winter Haynes Jon Morris David Bachtler, CFA Daniel Harris, CFA Mike Nieves, CFA Erik Baaske, CFA Brad Hedlund, CFA Adith Noronha, Olsi Bandula Joseph Hollis Zachary Patzik, CFA Christian Barron John Ide, CFA John Pelling, CFA Iuliia Boutin (Pastukhova) Michael Kalil, CFA Maxwell Rhee, CFA Michael Bubnis, CFA Spencer Kelly, CFA Kevin Ross, CFA Arun Burla, CFA Bhavna Khurana, CFA Grant Sanders, CFA Michael Cody Dennis Kim, CFA Michael Schroeder James Daley, CFA Vince Klos, CFA Brian Schuster, CFA Tom Desmond, CFA Brian Kopinski, CFA John Servia, CFA Anne Durkin, CFA Michael Kulov, CFA John Sleight, CFA Jeff Feeney, CFA Gaurav Kumar, CFA Jake Stapleton Andrew Feltovich, CFA Nitin Laddha, CFA Michael Sullivan, CFA

ANNUAL FINANCIAL REPORT / PAGE 19 CFA SOCIETY CHICAGO 2019 / 2020 ADVISORY GROUP VOLUNTEERS

PROFESSIONAL DEVELOPMENT (CONT.)

Kanchana Suresh, CFA Thomas Van Spankeren Daniel Wiggins Rick Tauber, CFA Ryan Vaughn, CFA Catherine Witeck, CFA Monique Thanos, CFA Marina Viergutz, CFA Kurt Zellner, CFA John Valentino, CFA Luke Von Glan

SOCIAL EVENTS

David Bachtler, CFA Brad Kaupla, CFA Serge Slavinsky Olsi Bandula Nate Kirckof, CFA Drew Speight , CFA Ozan Bektas, CFA Micheal Koehler, CFA Marina Viergutz, CFA Andrew Bushey, CFA Gaurav Kumar, CFA Seth Williams, CFA Grant Casteel, CFA Sean Lindbloom, CFA Kurt Zellner, CFA Taylor Champion, CFA Colin MacLean, CFA Zhixiang (Neil) Zhang Tauras Dambrauskas Jenny McNicholas Christopher DeMale, CFA Kimberly Merchant, CFA Adan Galvan, CFA Jesus Morales Bryce Goldbach, CFA Sean Morley, CFA Joseph Hollis Sridip Mukhopadhyaya, CFA Sara Hostalet, CFA Michael Schroeder Kinzer Jennings, CFA John Servia, CFA

CFA Society Chicago volunteers and new members celebrated and networked at the 2020 Annual Celebration held on February 12, 2020, at Boleo in downtown Chicago.

ANNUAL FINANCIAL REPORT / PAGE 20 CFA SOCIETY CHICAGO 2019 / 2020 MEMBERSHIP SNAPSHOT 4,980 Total Members -1.68% Membership Growth

6,000

4,000

2,000

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (Year End)

Regular & Affiliate

Candidate

Student

Other

0 1,000 2,000 3,000 4,000 5,000

ANNUAL FINANCIAL REPORT / PAGE 21 CFA SOCIETY CHICAGO 2019 / 2020 CFA SOCIETIES BY REGION

EMEA AMER 47 APAC 92 20

AMER = Americas EMEA = Europe, Middle East, and Africa APAC = Asia Pacific

MEMBERS & SOCIETIES

Founded in 1925, CFA Society Chicago is part of the worldwide network of CFA Institute member societies that lead the investment profession globally by promoting the highest standards of ethics, education and professional excellence for the ultimate benefit of society. CFA Society Chicago represents the interests of more than 4,500 investment professionals in Chicago through advocacy, education, events, and professional development. CFA Institute, the global association of investment professionals, sets the standard for professional excellence and credentials and is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. There are more than 186,000 members and 159 local societies worldwide. For more information visit www.cfainstitute.org.

ANNUAL FINANCIAL REPORT / PAGE 22 CFA SOCIETY CHICAGO 2019 / 2020 FINANCIALS

REVENUE AUGUST 2019 REVENUE AUGUST 2020

EXPENSES AUGUST 2019 EXPENSES AUGUST 2020

ANNUAL FINANCIAL REPORT / PAGE 23 CFA SOCIETY CHICAGO 2019 / 2020

ANNUAL FINANCIAL REPORT / PAGE 24 2 0 1 9 / 2 0 2 0 A N N U A L R E P O R T

33 N. LaSalle Street Suite 910 Chicago, IL 60602 www.cfachicago.org I [email protected]