University of Hawai‘i, Board of Regents, 2444 Dole Street, Bachman 209, Honolulu, HI 96822 Telephone No. (808) 956-8213; Fax No. (808) 956-5156

Notice of Meeting UNIVERSITY OF HAWAI‘I BOARD OF REGENTS Board business not completed on this day will be taken up on another day and time announced at the conclusion of the meeting. Date: Thursday, August 19, 2021 Time: 8:30 a.m. Place: Virtual Meeting

In light of the evolving COVID-19 situation, protecting the health and welfare of the community is of utmost concern. As such, this will be a virtual meeting and written testimony and oral testimony will be accepted in lieu of in-person testimony. Meetings may be monitored remotely via the livestream pilot project. See the Board of Regents website for information on accessing the livestream: www.hawaii.edu/bor. Mahalo for your consideration. AGENDA I. Call Meeting to Order II. Approval of the Minutes of the July 15, 2021 Meeting III. Public Comment Period for Agenda Items: All written testimony on agenda items received after posting of this agenda and up to 24 hours in advance of the meeting will be distributed to the board. Late testimony on agenda items will be distributed to the board within 24 hours of receipt. Written testimony may be submitted via the board’s website through the testimony link provided on the Meeting Agendas, Minutes and Materials page. Testimony may also be submitted via email at [email protected], U.S. mail, or facsimile at (808) 956-5156. All written testimony submitted are public documents. Therefore, any testimony that is submitted for use in the public meeting process is public information and will be posted on the board’s website. Those wishing to provide oral testimony for the virtual meeting may register here. Given constraints with the online format of our meetings, individuals wishing to orally testify must register no later than 7:00 a.m. on the day of the meeting in order to be accommodated. It is highly recommended that written testimony be submitted in addition to registering to provide oral testimony. Oral testimony will be limited to three (3) minutes per testifier. IV. Report of the President A. COVID-19 Update B. Enrollment Update C. Update on Clarence T.C. Ching Field Improvements D. Update on Legislative Informational Briefings Related to Procurement, Projects, and the Research Corporation of the University of Hawai‘i For disability accommodations, contact the Board Office at 956-8213 or [email protected]. Advance notice requested five (5) days in advance of the meeting. -1- University of Hawai‘i, Board of Regents, 2444 Dole Street, Bachman 209, Honolulu, HI 96822 Telephone No. (808) 956-8213; Fax No. (808) 956-5156

E. Other V. Report of the University of Hawai‘i Foundation VI. Committee and Affiliate Reports A. Report from the Committee on Independent Audit B. Report from the Committee on Personnel Affairs and Board Governance C. Affiliate Reports VII. Agenda Items A. Consent Agenda 1. Approval of Indemnification Provision in an Agreement Between the U.S. Department of Commerce National Oceanic and Atmospheric Administration (NOAA) and the University of Hawai‘i for a Cooperative Institute for Marine and Atmospheric Research Project (CIMAR) B. Private Donation: 1. Approval of Naming of the University of Hawai‘i at Mānoa School of Nursing and Dental Hygiene 2. Approval of the Establishment and Naming of the Nancy Atmospera-Walch Endowed Professorship in School Health 3. Approval of the Establishment and Naming of the Nancy Atmospera-Walch Early Career Endowed Professorships in Population Health C. Approval of Appointment of Andy Adamson to the Mauna Kea Management Board D. Fiscal Year 2020-2021 Fourth Quarter UBS Legacy Endowment Fund Investment Performance Report VIII. Announcements A. Next Meeting: September 16, 2021, at a location to be determined IX. Adjournment

ATTACHMENT Attachment A – Personnel actions posted for information only

For disability accommodations, contact the Board Office at 956-8213 or [email protected]. Advance notice requested five (5) days in advance of the meeting. -2-

Board of Regents Meeting Minutes of July 15, 2021 - Page 1 of 13 DRAFT DISCLAIMER – THE FOLLOWING ARE DRAFT MINUTES AND ARE SUBJECT TO FURTHER REVIEW AND CHANGE UPON APPROVAL BY THE BOARD MINUTES BOARD OF REGENTS MEETING JULY 15, 2021 Note: On January 30, 2020, the World Health Organization declared the outbreak of COVID-19 a public health emergency of international concern, subsequently declaring it a pandemic on March 11, 2020. On March 16, 2020, Governor David Y. Ige issued a supplementary proclamation that temporarily suspended Chapter 92, Hawai‘i Revised Statutes, relating to public meetings and records, “to the extent necessary to enable boards to conduct business in person or through remote technology without holding meetings open to the public.”

I. CALL TO ORDER Chair Kudo called the meeting to order at 10:38 a.m. on Thursday, July 15, 2021. The meeting was conducted with regents participating from various locations. Quorum (11): Chair Benjamin Kudo; Vice-Chair Randy Moore; Vice-Chair Alapaki Nahale-a; Regent Simeon Acoba; Regent Kelli Acopan; Regent Eugene Bal; Regent William Haning; Regent Wayne Higaki; Regent Diane Paloma; Regent Robert Westerman; and Regent Ernest Wilson. Others in attendance: President David Lassner; Vice President (VP) for Administration Jan Gouveia; VP for Legal Affairs/University General Counsel Carrie Okinaga; VP for Research and Innovation Vassilis Syrmos; VP for Information Technology/Chief Information Officer Garret Yoshimi; VP for Budget and Finance/Chief Financial Officer Kalbert Young; VP for Advancement/UH Foundation (UHF) Chief Executive Officer Tim Dolan; UH Mānoa (UHM) Provost Michael Bruno; UH Hilo (UHH) Chancellor Bonnie Irwin; UH West O‘ahu Chancellor Maenette Benham; Executive Administrator and Secretary of the Board of Regents (Board Secretary) Kendra Oishi; and others as noted.

II. WELCOME REAPPOINTED REGENT HIGAKI AND NEW REGENTS HANING AND PALOMA Chair Kudo welcomed reappointed Regent Wayne Higaki and new Regents William Haning and Diane Paloma to the board.

III. APPROVAL OF THE MINUTES Vice-Chair Moore moved to approve the minutes of the May 20, 2021, meeting, seconded by Regent Higaki, and the motion carried, with all members present voting in the affirmative.

IV. ELECTION OF OFFICERS Board of Regents Meeting Minutes of July 15, 2021 - Page 2 of 13 DRAFT Chair Kudo requested that Board Secretary Oishi conduct the election of officers as the current board officers may potentially be considered for election. Board Secretary Oishi explained the process that would be used for the election of board officers, noting that the person elected would preside beginning at the next board meeting, and began the election by opening the nominations for chair of the board. Regent Bal nominated Vice-Chair Moore to serve as board chair. Board Secretary Oishi asked if there were any further nominations and none were stated. The nominations were closed and a roll-call vote was conducted. With all members present voting in the affirmative, Vice-Chair Moore was elected as chair of the board. It was noted that both the Hawai‘i Revised Statutes and Bylaws of the Board of Regents provide for up to two vice-chairs to serve on the board. Vice-Chair Moore moved for the election of two vice-chairs for the 2021 – 2022 academic year, seconded by Regent Wilson. Board Secretary Oishi conducted a roll-call vote and the motion carried with all members present voting in the affirmative. She then proceeded with the election of the first vice-chair and opened the floor for nominations. Regent Higaki nominated Chair Kudo. Chair Kudo declined the nomination. Regent Higaki then nominated Regent Westerman. Regent Westerman also declined the nomination. Regent Westerman nominated Vice-Chair Nahale-a and the nomination was accepted. Board Secretary Oishi asked if there were any further nominations, and with none being stated, the nominations were closed and a roll-call vote was conducted. With all members present voting in the affirmative, Vice-Chair Nahale-a was elected as first vice-chair. Board Secretary Oishi then proceeded with the election of the second vice-chair and opened the floor for nominations. Regent Higaki nominated Chair Kudo. Board Secretary Oishi asked if there were any further nominations. Hearing none, she declared the nominations closed and conducted a roll-call vote. With all members present voting in the affirmative, Chair Kudo was elected as second vice-chair. Chair Kudo expressed his thanks and appreciation to Regents and the administration for the support he has been given during his tenure as Chair, especially over the past year during which time the university experienced unprecedented challenges. He recognized the work of the board over the past two years noting that each Regent brought a unique perspective to the various discussions involving matters relating to the university. While difficult decisions were made during this time, the board always attempted to act in the best interest of the university.

V. PUBLIC COMMENT PERIOD Board Secretary Oishi announced that the Board Office received written comments as follows: Written comments regarding the vaccination requirements for students attending the university in person in the fall was received from Tina Lia. Board of Regents Meeting Minutes of July 15, 2021 - Page 3 of 13 DRAFT Testimony in support of the approval of the establishment of the Chin Sik and Hyun Sook Chung Endowed Chair in Public Health Studies at the Thompson School of Social Work and Public Health at the UHM was received from Dr. Ann Sakaguchi. Late written comments regarding the vaccination requirements for students attending the university in person in the fall was received from Jessica Hamad. Late written comments regarding tuition and university employee salaries was received from an unidentified individual. Written comments may be viewed at the Board of Regents website as follows: Written Testimony Comment Received Late Written Testimony Comment Received Four individuals signed up to provide oral testimony. Jessica Hamad, Merlyn J. Travis, Bruce Douglas, and Tina Lia represented the Pono Coalition for Informed Consent and provided comments regarding the vaccination requirements for students attending the university in person in the fall.

VI. REPORT OF THE PRESIDENT AND COVID-19 UPDATE President Lassner provided an update on the university’s current state of affairs with regard to the COVID-19 pandemic. He shared the results of a survey administered in late-June regarding COVID-19 vaccinations across the university system stating that 92 percent of students and 95 percent of university employees have indicated that they have either received their vaccinations or plan to be vaccinated. The survey also found that approximately seven percent of university students and four percent of university employees have indicated that they do not plan on being vaccinated. The university will continue its outreach efforts to address vaccine hesitancy and a follow-up survey will be conducted in mid-August. Although it was announced earlier this year that the university was adding the COVID-19 vaccine to its student health clearance requirements beginning in the fall 2021 semester, this requirement was conditioned on at least one of the vaccines currently under emergency use authorization being approved and fully licensed by the United States Food and Drug Administration (FDA). However, the FDA is not expected to complete the process for full-approval of a vaccine until at least spring 2022. As such, the university will not enforce its COVID-19 vaccination requirement by administrative disenrollment in classes for the fall semester. The requirement will be enforced for students residing on campus at UHM and UHH due to the close communal contact in these facilities. Enforcement of vaccination requirements may also extend to certain other specific activities, events, and facilities that will be determined based on a health-risk assessment. Given the high rate of vaccination within the community, the university is finalizing new on-campus COVID-19 guidelines, and is confident that all of the campuses within the university system will be safe places to teach, learn, live, and conduct research. President Lassner reiterated that being fully vaccinated is the single Board of Regents Meeting Minutes of July 15, 2021 - Page 4 of 13 DRAFT most important action university students and employees can take to protect the health and well-being of themselves, their family members, and the campus communities. The university continues to provide financial support to students through the distribution of Higher Education Emergency Relief Fund (HEERF) monies. While, thus far, HEERF funding has been distributed directly to students in the form of student aid in accordance with established requirements, the university has embarked on a program that will use HEERF funds to give students who attended the university between March 13, 2020, and summer 2021 and who have a financial obligation hold on their accounts, a one-time credit that will be applied to overdue balances. After the credits are applied, the students’ financial obligation holds will be removed and they will be allowed to register for the fall 2021 semester. The university is also encouraging students to apply for additional financial assistance for the upcoming academic year that is available through HEERF and other federal stimulus programs for college students impacted by the COVID-19 pandemic. Enrollment data for the fall semester continues to show improvement, although the situation remains dynamic. To date, headcount students registered for fall 2021 has increased by 5.3 percent over the same period last year. Eight of the 10 campuses of the university system have experienced increases with Windward Community College witnessing the highest enrollment percentage increase at 18.4 percent and UHM seeing the largest increase in enrollment numbers at 1,175 students, which equates to an increase of 8.3 percent. However, both UHH and Kaua‘i Community College (KauCC) experienced declining enrollment with UHH seeing a minimal decrease of 10 students and KauCC witnessing a reduction of 12 percent. President Lassner noted that while the enrollment situation is encouraging, there are 39 days left before the first day of instruction and these figures can change over that time. The university will provide a full analysis of its enrollment statistics once the official census is completed in the fall. Extramural funding received by the university has exceeded targets. Although the university was hoping to exceed $500 million in extramural funding received for research in fiscal year (FY) 2021, the unofficial total is $485.7 million which exceeds the target for the year and is the second highest in the university’s history, exceeded only when the university received tens of millions in American Recovery and Reinvestment Act funds during the great recession. President Lassner stressed that the figures for extramural research funding only reflect monies received from competitive awards and do not include any formula-based HEERF funds. Philanthropy also did well. As of the close of FY 2021, the unofficial estimate is that UHF received $99 million in philanthropic donations, which was the highest amount of philanthropic funding in its history without the receipt of a large, single (“unicorn”) donation. The DOE will be welcoming a new, interim-superintendent next month and the university looks forward to continuing and deepening its excellent relationship with the department, particularly regarding early college education facilitated through Hawai‘i P- 20 Partnerships for Education. Both the DOE and university remain committed to finding ways to increase the number of Hawai‘i public high school graduates pursuing a Board of Regents Meeting Minutes of July 15, 2021 - Page 5 of 13 DRAFT post-secondary education, including the strengthening of pathways from high school into specific curricula that will lead to living wage jobs and providing access to these pathways with online options. President Lassner also shared information on the leadership transition that has just taken place at the United States Indo-Pacific Command (INDOPACOM) and the university’s connections to this vital institution in Hawai‘i. It was noted that, prior to the departure of the previous commander, a memorandum of understanding (MOU) between the university and INDOPACOM was renewed. The MOU focuses on moving forward in the areas of community resilience and climate change; technology, experimentation and innovation; and international, intelligence, and futures studies education and workforce development and the university looks forward to working with INDOPACOM and other stakeholders under the renewed MOU. It was announced that the university has also entered into a formal MOU with the Obama Foundation, which is the first-step in formalizing a relationship intended to work towards inspiring, empowering, and connecting emerging leaders from across the Asia- Pacific region. President Lassner commented on the loss of two remarkable women who were part of the university ‘ohana. He highlighted the accomplishments and careers of Haunani- Kay Trask and Barbara Barnard Smith noting their tremendous contributions to both the university and internationally in their respective fields and beyond. While they will be missed, their legacies will live on for generations to come. Chair Kudo congratulated the university on its enrollment increases, as well as its success in the receipt of extramural research funding. He also inquired about the ongoing improvements to the Clarence T.C. Ching Athletic Complex (Ching Complex) asking whether the facilities will be ready to host the university’s first home football game on September 4th and whether the government-imposed COVID-19 restrictions with regard to outdoor events will impact the expected capacity for on-campus football games. President Lassner replied that improvements to the Ching Complex remain on schedule and are expected to be completed in time to host the university’s first home football game of the season. The issue regarding the number of spectators that will be allowed at special events on campus, including athletic events, remains fluid. The university continues to work on understanding State and county restrictions that may be imposed on spectator attendance at such events and developing possible solutions to remain within these parameters.

VII. COMMITTEE AND AFFILIATE REPORTS A. Report from the Committee on Academic and Student Affairs Committee Chair Wilson summarized the committee report.

B. Report from the Committee on Budget and Finance Committee Vice-Chair Moore summarized the committee report. Board of Regents Meeting Minutes of July 15, 2021 - Page 6 of 13 DRAFT C. Report from the Committee on Independent Audit Committee Chair Moore summarized the committee report.

D. Report from the Committee on Intercollegiate Athletics (ICA) Committee Chair Acoba summarized the committee report. He also addressed a question raised by Board Chair Kudo regarding the Ching Complex and spectator participation at sporting events noting that he had confidence in UHM Athletic Director David Matlin, President Lassner, and the university administration in finding solutions to address any issues related to the completion of improvements to the Ching Complex and spectator participation. Regent Haning asked whether ICA encompassed both intercollegiate and intramural athletics. Committee Chair Acoba replied that ICA focuses on intercollegiate athletics although there are instances where the UHM and UHH athletics departments attempt to support intramural athletic programs.

E. Report from the Committee on Planning and Facilities (P&F) Committee Vice-Chair Higaki summarized the committee report.

F. Report from the Committee on Research and Innovation Committee Chair Bal summarized the committee report.

G. Affiliate Reports Maunakea Management Board (MKMB): Regent Higaki reported that MKMB met during the first week of July and received a report from the Office of Maunakea Management relative to the activities and ongoing work of the Maunakea Plan Review Permitted Interaction Group. Given the recent appointment of Mr. Doug Simons as Director of the Institute for Astronomy and the need to increase membership, MKMB has also begun reviewing its committee membership and composition. UH Student Caucus: Regent Acopan reported that the UH Student Caucus is currently on summer break and has not met during the current academic year.

VIII. AGENDA ITEMS A. Consent Agenda 1. Approval of Lease Between the University of Hawai‘i (UH) and Las Cumbres Observatory Global Telescope Network, Inc. to Allow the Continued Use of Existing Observatory Facilities for Education and Research at Waiakoa, Papa`anui, Makawao (Honua`ula), Maui, Hawai‘i, covering approximately 0.5 Acres at the Haleakalā High Altitude Observatory Site 2. Approval of Extension of Lease Between the University of Hawai‘i and the U.S. General Services Administration dba National Oceanic and Board of Regents Meeting Minutes of July 15, 2021 - Page 7 of 13 DRAFT Atmospheric Administration Agency (National Weather Service) for Office Space on the UH Mānoa Campus Regent Acoba stated that he would be recusing himself from discussions and voting with respect to the approval of the lease between UH and Las Cumbres Observatory Global Telescope Network, Inc. as referenced under consent agenda item A.1. Regent Wilson moved to approve the consent agenda, seconded by Vice-Chair Moore, and noting the recusal of Regent Acoba on agenda item A.1, the motion carried with all members present voting in the affirmative.

B. Approval of the Establishment of the Dr. Alfred A. Yee Chair of Sustainability and Resilience at the College of Engineering at UHM Provost Bruno provided information on a financial commitment in the amount of $1,011,100 for the establishment and naming of the Dr. Alfred A. Yee Chair of Sustainability and Resilience in the Department of Civil and Environmental Engineering (CEE) at the UHM College of Engineering. He also noted that an additional $1,000,000 has been pledged over a five-year period to support the endowed chair. Funds will be used by the recipient to support sustainability and resilience efforts of CEE through the recruitment and retention of high-caliber faculty. The monies received will also be used to enhance CEE’s scholarship, research, and instructional activities related to academic programs involving sustainability and resiliency. Vice-Chair Moore moved to approve the establishment and naming of the Dr, Alfred A. Yee Chair of Sustainability and Resilience at the UHM College of Engineering, seconded by Regent Wilson, and the motion carried with all members present voting in the affirmative.

C. Approval of the Establishment of the Chin Sik and Hyun Sook Chung Endowed Chair in Public Health Studies at the Thompson School of Social Work and Public Health at UHM Provost Bruno provided information on a financial commitment in the amount of $2,000,000 for the establishment and naming of the Chin Sik and Hyun Sook Chung Endowed Chair in Public Health Studies at the Thompson School of Social Work and Public Health at UHM. Funds will be used by the endowed chair to support public health studies in the focused area of environmental health research and to recruit and retain high-caliber faculty in this field of study. Chair Kudo asked about the relationship of the donors to the university. Provost Bruno replied that Dr. Chin Sik Chung was a professor at the School of Public Health, as well as the university’s Cancer Research Center, from 1965 through 1995, and was internationally renowned for his contributions to genetic epidemiology. Dr. Chung’s wife, Hyun Sook Chung, was a retired teacher who specialized in both English and Japanese instruction. The donation was being made by their daughter, Joyce A. Chung, and René Lacerte of Portola Valley, California, to honor the legacy of Dr. and Mrs. Chung. Board of Regents Meeting Minutes of July 15, 2021 - Page 8 of 13 DRAFT Regent Westerman moved to approve the establishment and naming of the Chin Sik and Hyun Sook Chung Endowed Chair in Public Health Studies at the Thompson School of Social Work and Public Health at UHM, seconded by Regent Wilson, and the motion carried with all members present voting in the affirmative. Vice-Chair Moore expressed his thanks to both philanthropic donors. Chair Kudo concurred and offered the board’s thanks and appreciation to all benefactors of the university that make such generous donations.

D. Review and Approval of a Proposed Long-Term Vision for a Reimagined UH pursuant to Board Resolution 21-01, Requesting a Comprehensive Plan to Achieve a Reimagined University of Hawai‘i President Lassner spoke about the university’s efforts to develop a long-term, comprehensive plan (Plan) to achieve a reshaped and reimagined university for the future. He described the OneUH concept that serves as the overarching theme for the Plan, as well as the vision for UH, stating that working together as a university system will allow the university to meet Hawai‘i’s needs. It was also emphasized that the university is essential to the economic and social recovery of the State. The fiscal and programmatic impacts of the COVID-19 pandemic on the university, as well as the current economic realities and future challenges it faces, were noted with President Lassner stating that it is imperative that these impacts be addressed in a thoughtful manner in order to maintain the future viability of the university on both budgetary and programmatic levels for fiscal year 2022 and beyond. Some of the priorities established under the Plan that will guide the difficult choices necessary for the future sustainability of the university were highlighted. The administration believes that an integrated approach that focuses on reimagining and reshaping the university through structural rebalancing and programmatic changes will allow it to continue to carry out its core educational mission while confronting long-term fiscal challenges through strategic reductions and investments, the leveraging of the university’s strengths, and increasing and diversifying the university’s revenue streams to improve resiliency in the face of economic fluctuations. President Lassner reviewed some of the steps the university must take to achieve these long-term plans including the establishment of a hybridized environment in which work and learning occur both online and in-person; implementation of innovative instructional approaches that include increased use of distance learning, non-credit, and micro-credentialing courses that will allow the university to reach more students and maximize student retention; improved efficiency in the use of university personnel; gaining a greater awareness of university facilities to determine necessary improvements or elimination of outdated structures so that utilization of higher-quality square-footage can be maximized; and attainment of a better understanding of the mission of each of the university’s major units that will allow for improvement of mission differentiation and collaboration between these units and lead to greater realignment and sharing of resources which will enhance operational effectiveness and efficiency. Board of Regents Meeting Minutes of July 15, 2021 - Page 9 of 13 DRAFT President Lassner also noted that work to achieve the goals of the Plan has already begun across all of the academic units of the university system; discussed the next steps that will be required to continue moving forward to achieving the long-term vision and success of the university, including obtaining feedback on the Plan through faculty and student consultation; and spoke about the future direction of the university and where it hopes to be by 2030 or sooner. The administration anticipates presenting a final Plan to the board in the fall in accordance with the requirements of Resolution 21- 01. Although the work ahead remains challenging, the administration is upbeat and optimistic about the future of the university. Citing that the economy of the County of Kaua‘i relies primarily on tourism which has resulted in establishing service industry jobs as the main source of employment for its residents, Regent Westerman opined that the lack of on-island job opportunities for individuals with a post-secondary education is problematic as residents that choose to pursue higher education are often forced to leave the island to seek employment in their chosen field of study. He noted that this also affects the decisions made by high school seniors as to whether or not they should pursue a post-secondary education which impacts enrollment at KauCC. It was his belief that the university’s long-term vision should also include the development of educational programs in collaboration with various stakeholders which will result in the creation of economic diversification not only for Kaua‘i but for the State as a whole. President Lassner replied that, while Kaua‘i is in a unique situation, the university must do a better job of understanding the on-island employment opportunities available to residents and begin tailoring academic pathways that utilize academic programs available throughout the university system to educate residents in fields of study that can meet Kaua‘i’s employment needs. The university must also begin to focus on educating individuals in the areas of innovation and entrepreneurship that will allow for greater economic diversification of Kaua‘i, as well as the State. Regent Wilson noted that the State faces a large and ever-growing shortage of teachers at the elementary and secondary school level but that the State has not shown leadership in addressing this need. He stated that, with its collective knowledge in the field of education, the university should take a more proactive approach and lead the way in mitigating this issue. President Lassner stated that conversations are held with education programs across the university system in line with the OneUH concept and DOE representatives are invited to take part in these discussions. He noted that Hawai‘i would be better served, both in terms of the ability to relate to the student population and the longevity of employment with the DOE, with homegrown teachers that have ties to the community. Regent Paloma remarked that the Plan provides a good framework for the tasks that must be done by the university in the near future to meet the needs of the university and Hawai‘i. She was also encouraged by the administration’s openness to feedback from the faculty and students. Referencing the aggressive timeline presented for implementation of the Plan, Regent Acopan asked about the level of input stakeholders would have through the administration’s consultative process. President Lassner replied that, since much of the Board of Regents Meeting Minutes of July 15, 2021 - Page 10 of 13 DRAFT work involved with the Plan is taking place at the academic unit level, the consultation process would primarily involve formal governance groups. However, the administration is also considering the use of open forums as part of the consultation process. Regent Acopan continued by asking if the timelines will allow for formal governance groups to gather feedback on the Plan from their respective constituencies which can then be provided to the administration. President Lassner stated that the administration will attempt to provide as much time as possible to allow for the governance groups to speak with their constituents. He also noted that there will be opportunities for individual faculty and students to provide direct input and feedback on the Plan through the use of web forms. Noting Hawai‘i’s low incidence of COVID-19 cases in relation to the rest of the nation, Regent Haning asked whether the university would be able to capitalize on this relative safety with regard to increasing enrollment and educational opportunities. President Lassner responded in the affirmative stating that this is one aspect that is being touted when the university recruits faculty and students. He also pointed out the increase in the number of out-of-state students enrolling at the university. Regent Acoba questioned the intended purposes of the Plan and expressed his concerns with some of the language currently contained within the document, particularly with regard to the vision of the university. He stated his belief that, in order to accept the document, it needs to be treated as a statement of objectives and goals with the realization that attainment of each of these items may not be possible. In addition to this Plan, he noted that, during his time of the board, the university has presented a number of visionary documents that included objectives such as developing the university into a world-class academic and leading indigenous-serving institution; establishing an integrated academic and facilities plan for the university system. He also stated that when Resolution 21-01, which requested the development of the Plan was adopted, it was evident that the future of the university was uncertain and subject to change and noted that he expressed that the board needed to remain flexible and responsive to potential changes. Since that time, the situation facing the university has changed dramatically and the future appears to be much more optimistic. Should the Plan be adopted, the university and the board must remain cognizant of, and consider the facts and circumstances surrounding, each situation it is intending to address. While Regents recognized the work and effort of the administration in developing the Plan and acknowledged that it was the start of a basic framework to achieve a longer- term vision for the university’s future, they also expressed numerous concerns with the Plan’s lack of detail with regard to the specific vision of the university; the goals and objectives of that vision; the parameters and metrics that will be used to measure the university’s success in achieving its vision; and what the vision intended to accomplish with respect to the role of the university in the future of Hawai‘i. It was also noted that the Plan lacked specifics that addressed how the university can take a lead role in fostering and improving the relationship between the State of Hawai‘i and the Native Hawaiian community. Due to the numerous questions and concerns raised, Chair Kudo suggested the possibility of deferring this issue for two months to allow the administration to return to Board of Regents Meeting Minutes of July 15, 2021 - Page 11 of 13 DRAFT the board with a more detailed Plan and future vision for the university and requested feedback from Regents. Discussions ensued among Regents on the proposal with Vice-Chair Moore opining that the development of visionary statements and plans was an iterative process. It was his belief that an additional two months of Plan development would not result in a document containing the amount of detail being sought by Regents. As such, Vice-Chair Moore moved to approve the proposed long- term vision for a reimagined UH with the inclusion of a component addressing the university’s role in improving Hawai‘i’s relationship with the Native Hawaiian community, seconded by Vice-Chair Nahale-a, and the motion carried with Chair Kudo, Regent Acoba, Regent Higaki, Regent Westerman, and Regent Wilson voting no and all other members present voting in the affirmative.

IX. EXECUTIVE SESSION Regent Wilson made a motion to convene in executive session, seconded by Regent Westerman, and with all members present voting in the affirmative, the board approved convening in executive session to carry-out deliberations concerning the solicitation and acceptance of private donations, pursuant to Section 92-5(a)(7), Hawai‘i Revised Statutes (HRS); the hire, evaluation, dismissal, or discipline of an officer or employee, where consideration of matters affecting privacy will be involved, pursuant to Section 92-5(a)(2), HRS; and to consult with the board’s attorneys on questions and issues pertaining to the board’s powers, duties, privileges, immunities, and liabilities, pursuant to Sections 92-5(a)(4), HRS. The meeting recessed at 1:35 p.m. Regent Higaki left at 1:56 p.m. Chair Kudo called the meeting back to order at 3:22 p.m. and announced that the board met in executive session to discuss several issues as stated on the agenda.

X. AGENDA ITEMS (Continued) A. Approval of Establishment of Class Specification for Chief Business Officer (CBO), UHM, with Assignment to the SM-4 Salary Schedule VP Gouveia stated that the administration was requesting approval for the establishment of a class specification for CBO at UHM with assignment to the SM-4 salary schedule. The CBO will report directly to the President and serve as the senior business and financial officer for UHM, advising both the President and UHM Provost on financial, budget, position control, shared services, and related business matters. She noted that the CBO is charged with providing innovative leadership, vision, and direction on campus business and financial affairs and will also be responsible for developing and advancing financial business plans and actions that directly support campus goals and objectives. Vice-Chair Moore moved for the approval of the establishment of the class specification of CBO at UHM, with assignment to the SM-4 salary schedule, seconded Board of Regents Meeting Minutes of July 15, 2021 - Page 12 of 13 DRAFT by Regent Wilson, and noting the excused absence of Regent Higaki, the motion carried with all members present voting in the affirmative.

B. Personnel Actions (Attachment A-1 for Approval) VP Gouveia stated that the administration was requesting board approval of a waiver of recruitment and the appointment of Alexandra (Sandy) French as CBO at UHM effective July 16, 2021. She noted that Ms. French has nearly 28 years of experience within UHM as a chief administrative officer of a major organized research unit and, since 2019, has served as interim Vice Chancellor for Administration, Finance and Operations which was the previous classification for the CBO position at UHM. Regent Wilson moved to approve the personnel action on Attachment A-1 appointing Alexandra French as CBO at UHM, seconded by Regent Bal, and noting the excused absence of Regent Higaki, the motion carried with all members present voting in the affirmative. President Lassner thanked the board for the waiver of recruitment and approval of the personnel actions on Attachment A-1. He also spoke about the proposed compensation actions for excluded Executive and Managerial positions contained within Attachment A-2 in the materials packet which was provided to Regents for information only. It was noted that the individuals identified in Attachment A-2 consisted mostly of individuals being appointed to executive positions with additional responsibilities on an interim basis to replace personnel who retired or otherwise left the university. Explanations for the position appointments and compensation were provided with emphasis on the fact that the salaries for the majority of the appointments were less than the salaries of individuals previously holding these positions, which resulted in overall personnel cost-savings for the university.

C. Approval of Settlement of Civil Actions entitled, (1) Honolulu Builders, LLC v. University of Hawai‘i, Civil No. 19-1-0171; and (2) University of Hawai‘i v. Honolulu Builders, LLC, Civil No. 20-0-0118 Chair Kudo stated that he would be requesting Vice-Chair Moore to facilitate deliberation on this agenda item as he would be recusing himself from discussions and voting on this matter due to a possible conflict of interest. Regent Acoba stated that he would also be recusing himself from discussions and voting with respect to this agenda item. Vice-Chair Moore noted that this agenda item concerned settlement of litigation that was discussed extensively in executive session. Regent Bal moved to approve the settlement of civil actions entitled, Honolulu Builders, LLC, v. University of Hawai‘i, Civil No. 19-1-0171, and University of Hawai‘i v. Honolulu Builders, LLC, Civil No. 20-0-0118, seconded by Regent Wilson, and noting the recusal of Chair Kudo and Regent Acoba, and the excused absence of Regent Higaki, the motion carried with all members present voting in the affirmative. Board of Regents Meeting Minutes of July 15, 2021 - Page 13 of 13 DRAFT XI. ANNOUNCEMENTS Chair Kudo announced that the next board meeting was scheduled for August 19, 2021, at a location to be determined. XII. ADJOURNMENT Prior to adjournment, Vice-Chair Moore and President Lassner offered their thanks to Chair Kudo for his service as board Chair over the last two years. There being no further business, Regent Wilson moved to adjourn, seconded by Vice-Chair Moore, and noting the excused absence of Regent Higaki, and with all members present voting in the affirmative, the motion carried and the meeting was adjourned at 3:36 p.m. Respectfully Submitted,

Kendra Oishi Executive Administrator and Secretary of the Board of Regents Item IV. Report of the President A-E

NO MATERIALS ORAL REPORT

1 2 3 4 5 6 7 8 Board of Regents Meeting 8/19/2021 Funds Raised Leadership Report FY14-21

All dollars in thousands Fiscal Periods Ending on June 30 2 Impact in our Community

3 Major Giving Trends at UH

$120,000,000

Total Giving $100,000,000 $100.2M Total Giving $84.7M $80,000,000 Total Giving $71.6M $60,000,000 89% 87% of total giving $40,000,000 of total giving came from 83% came from major gifts of total giving major gifts came from $20,000,000 major gifts

$- 2019 2020 2021

As of June 30 4 Funds Raised by Source, Gift Type, Account Category and Purpose

All dollars in thousands 5 As of June 30, 2021 Statement of Operations

Fiscal Periods Ending on June 30 6 Investment Management • Total Assets: $456.5M and with a return of +0.4% in June

• Cumulative performance (TTM) has surpassed its benchmark’s return of +26.9% by +9.4%

• Since inception, the Foundation’s performance of +7.5% has outperformed the Total Assets Portfolio Benchmark’s return of +6.4%

7

Independent Audit Committee Report Page 1 of 1 Summary of August 5, 2021 Meeting

Agenda Items:

A. Committee Work Plan Chair Kudo referenced the Committee Work Plan that was provided in the materials packet stating that it would be used as an outline to guide the work to be performed by the committee during the coming year.

B. Office of Internal Audit (OIA) – Audit Plan Development Internal Auditor Shizumura reviewed the process used by OIA in developing its annual audit work plan, noting that it is developed in consultation with the administration and that OIA’s plan development process is consistent with audit departments at other institutions. It was explained that this presentation was done at the request of the former committee chair as part of an effort to provide better context for the development of OIA’s audit plan and assist the committee in determining how it can better utilize the services of OIA in the future. Discussions occurred on considering regularly scheduled audits of operating units on a rolling basis. OIA was requested to work with the administration on assessing potential areas of risk in determining the units that would be subject to these audits.

C. Update on OIA’s Emergency Response Plan (ERP) Internal Auditor Shizumura stated that OIA was requested to develop an ERP in 2020 that would ensure the continuance of operations during emergency situations. He highlighted the changes made to OIA’s ERP since it was last presented to the committee during the June 4, 2020 meeting stating that the plan has remained fairly consistent with only minor changes being made to reflect a decrease in OIA personnel. Discussions occurred on OIA’s offsite record storage methods and President Lassner offered to have the university’s information technology staff work with OIA on a more structured approach.

D. Audit Project Status Update Internal Auditor Shizumura provided a status update on all of the projects and audits outlined in OIA’s 2021-2022 work plan which was approved by the committee at its June 2, 2021, meeting and presented a chart indicating new and ongoing carryover projects, as well as the current status of each of these projects. Personnel Affairs and Board Governance Committee Report Page 1 of 1 Summary of August 5, 2021 Meeting

Agenda Items: A. Committee Work Plan Chair Moore referenced the Committee Work Plan (Work Plan) that was provided to committee members stating that it was an outline of the work to be performed by the committee during the coming year and inquired if Regents had any comments. Discussions occurred on the topics contained in the current Work Plan. The issue of committee restructuring was also deliberated with extensive conversations occurring on the methodology and process used for restructuring being considered by the Board as a whole before adoption. It was suggested that discussion on this matter be continued at future committee meetings and possibly a board retreat.

B. Update on the Office of the Board of Regents (Board Office) Emergency Response Plan (ERP) Board Secretary Oishi stated that, in 2020, the Board Office was requested to prepare an ERP to ensure the continuance of essential operations during emergency situations. She highlighted the changes made to the Board Office’s ERP since it was last presented to the committee during the August 6, 2020 meeting stating that the majority of these changes were clarifying and technical in nature. The ERP was also modified to address a reduction in office staff as well as the temporary relocation of the Board Office from Bachman Hall to Hawai‘i Hall. Questions were raised regarding emergency response plans for the broader university community. Administration was requested to address this topic during its enterprise risk management update to the board.

C. Discussion on Board Member Education and Development An overview of the educational and development opportunities and resources made available through the Board Office was provided by Chair Moore who noted the importance of ensuring that Regents are continually educated and updated on various governance issues, and indicated that this would be a regular agenda item. Discussion occurred on a number of topics and issues that may be helpful in addressing the educational development of Regents including suggestions of having in-depth presentations and discussions on specific topics at board or committee meetings; holding a board retreat for the purposes of educating Regents on specific issues; and Regents’ acceptance of personal responsibility of remaining up-to-date on current issues facing the university, as well as universities throughout country, and familiarizing themselves with the mission of the university, the board’s policies and bylaws, and the duties and responsibilities of each committee as outlined in the bylaws. Item VI.C. Affiliate Reports

NO MATERIALS ORAL REPORTS Office of the Vice President for Research and Innovation UNIvERSITY UNIVERSITYOFHAWAIi OA OF of HAWAI’1 SYSTEM 2 AUG10P:L

UH DTS #21688

July 30, 2021

MEMORANDUM

TO: Randolph Moore Chairperson, Board of Regents

VIA: David Lassner President

VIA: Kalbert K. Young Vice President for Bud et and n nce/Chi f Financial Officer

VIA: Carrie K. S. Okinaga Vice President for Legal Affairs and niversi y Gen at Counsel

FROM: Vassilis L. Syrmos - Vice President for R search and hvation

SUBJECT: Request Approval of Indemnification Provision in an Agreement between the U.S. Department of Commerce National Oceanic and Atmospheric Administration (NOAA) and the University of Hawaii for a Cooperative Institute for Marine and Atmospheric Research Project (CIMAR)

SPECIFIC ACTION REQUESTED:

It is respectfully requested that the Board of Regents (Board’) authorize the University of Hawaii (University”) to accept indemnification provisions in an agreement between the U.S. Department of Commerce National Oceanic and Atmospheric Administration (DCC), and the University for a Cooperative Institute for Marine and Atmospheric Research project (“Contract”). This request is made pursuant to Hawaii Revised Statutes Section 304A-110, appended as “Attachment 1” to this memorandum.

RECOMMENDED EFFECTIVE DATE:

It is recommended that the University be authorized to perform certain project activities and indemnify DCC as set forth inthe project agreement immediately upon Board approval of the indemnifications.

ADDITIONALCOST:

There are no additional costs associated with this request.

2425 Campus Road, Sinclair 10 Honolulu, Hawaii 96822 Telephone: (808) 956.5006 FAX: (808) 956-9150 An Equal OppoltunityAtfirmative AcUonInstitution Chairperson Randolph Moore July 30, 2021 Page 2

PURPOSE:

The purpose of this request is to obtain Board approval so the University may enter into a sponsored research agreement with the DOG for a Cooperative Institute for Marine and Atmospheric Research project and perform certain project activies that require indemnities.

BACKGROUND:

The Proiect

The current NOAAIUHCooperative Institute for the Pacific Islands Region (historically and officially known as the Joint Institute for Marine and Atmospheric Research (JIMAR) has successfully served the mutual basic and applied research, education and outreach goals of NOAA and the University of Hawaii (UI-f)since 1977. Under a new name, the Cooperative Institute for Marine and Atmospheric Research (CIMAR), will continue hosting and supporting this beneficial synergistic relationship through the next decade. The projct willfollow Cooperative Institute (CI) Program Office guidelines, while maintaining the benefits of the JIMAR”name recognition in the region.

CIMAR’sgoals include the following:

• provide a sound infrastructure and promote interaction that facilitates innovative collaborative research between scientists at NOAAand UH in the CIMARresearch theme areas; • support high quality educational opportunities for basic and applied research in the relevant Earth Sciences at the undergraduate, graduate, and post-doctoral levels; • encourage the exchange of new ideas and differing views through sponsorship of visiting scientists and scholars, and scientific workshops at UH; • promote the effective dissemination of research outcomes for societal benefit in the Pacific Islands Region; and, • promote the transition of research outcomes to operational products and services that benefit the Pacific Islands Region.

Task I (Year 1: 10/01/2021 — 09/30/2022) will be the base program of CIMAR. It willprovide for the core management and administrative activities/functions of the Institute as well as support the visiting scientist and postdoctoral programs. Itwillalso provide for outreach and educational activities for the Institute.

Although the award for the initial period is limited to $200,000, the award period and budget cover a 5-year period for a total amount up to $210,000,000. Prospective funding is contingent uppon availability of funds from Congress, satisfactory performance and continued relevance to NOAA and DOC program objectives. Continued funding is within the sole discretion of the DOC. Chairperson Randolph Moore July 30, 2021 Page 3

The Cooperative Agreement and the Indemnity Provision

As a condition to the award, the DCC requires that the University indemnify and hold harmless the DCC from certain liability caused by University personnel. Specifically, the DCC, in its standard Cooperative Institute Standard Terms and Conditions, includes the following provisions (highlighted for clarity):

Vessels BoatslShips. Ifa Recipient, in executing performance under this award, willbe aboard or piloting a Federally-owned or leased vessel, the Recipient must obtain prior approval from the Federal Program Officer and provide proof of sufficient insurance, or if a governmental entity, provide a copy of the statutory authority covering its liabilities connected with use of a Federal Government vessel. By boarding, piloting, or operating a Federally-owned or leased vessel, the Recipient agrees to release, indemnify and hold harmless the United States Department of Commerce, National Oceanic and Atmospheric Administration, its officers, agents, and employees from any and all liability or costs resulting from the negligent operation of NOAA’s vessels by employees, agents, officers, students, invitees, and guests of the Recipient. Only these listed University parties will be allowed on NOA vessels.

and

Vehicle. If a Recipient, in executing performance under this award, will be driving a Federally-owned or leased automobile, the Recipient must obtain prior approval from the Federal Program Officer and provide proof of insurance, or if a governmental entity, provide a copy of the statutory authority covering its liabilities connected with use of a Federal Government vehicle in amounts of at least $300,000 per person and $500,000 per occurrence for bodily injury, and $25,000 per occurrence for property damage. By driving a Federally-owned or leased automobile, the Recipient agrees to release, indemnify and hold harmless the United States Department of Commerce, National Oceanic and Atmospheric Administration, its officers, agents and employees from any and all liability or costs resulting from the negligent operation of NOAA’s vehicles by employees, agents, officers, students, invitees and guests of the Recipient. Only these listed University parties will be allowed to operate NOM vehicles.

The University and DOC negotiated revisions to DOC’s original contract language to clarify their mutual understanding that (1) obtaining prior approval from the Board of Regents to provide the indemnity protection is not a pre-condition for the University accepting and entering into the federal award; but that (2) if the University and NOAA enter into the contract, no University employee is permitted to board a federal vessel or drive a federally-owned vehicle unless the University has first authorized and accepted the indemnity obligations. Chairperson Randolph Moore July 30, 2021 Page 4

The parties reached this clarification for their mutual benefit to meet certain federal fiscal deadlines to obligate DCC funds, In addition, the parties contemplate that tasks under this new award would not commence earlier than October 2021, so there would be sufficient time to obtain Board of Regents approval of the indemnify prior to commencing the activities requiring indemnification.

Risk Analysis:

With oversight and training from federal partners, CIMARstaff may be required to operate small water craft in support of NOAi missions. Operations may include boat maintenance, deploying moored or floating instrumentation, SCUBA diving, conducting underwater surveys, transporting staff and gear between atolls/islands or between research vessels, etc.

Under the indemnification provisions, the University must indemnify and hold harmless the Department of Commerce and NOAA from any claim for liabilityor costs resulting from the negligent operation of a federally-owned or leased vessel and/or vehicles by University personnel. These liabilities would typically include the obligation to pay for damage to property or injury to persons caused by UH’s negligent operations of the vessel or the vehicle. Costs would typically include the legal expenses and costs in defending against these third party claims, including in the case of NOAA, the initialcosts of seeking to dismiss NOAAas a defending party.

The potential magnitude of the liabilityassessed against the University and the costs to defend could range between minimal expenses, such as the case where UH’s internal legal staff settled a small claim for nuisance value. Liability exposure and legal defense costs, however, could be more extensive, for example, if there were peronal injuries as a result of a boating accident, or if a legal specialty, such as maritime or admiralty, were required to fullyand fairly resolve a claim.

To mitigate and manage the risks, all CIMAR staff operating vessels are required to undergo training and examination, hold and regularly maintain the necessary operational certification (e.g., Motor Boat Operator Certification), including any specialized or advanced certifications for particular activities, and adhere to safety requirements described in the NOAA Small Boat Program documentation. In addition, boat usage from the lnouye Regional Center requires a pre-approved float plan which is subsequently coordinated and tracked at multiple oversight points via a federal boat safety operation system.

The University will carefully train, supervise and manage the activities of its officers, employees, agents, consultants, contractors, or invitees in order to minimize the University’s creation of liability. During the JIMAR operation, there were no signficant claims by third parties, nor were significant legal costs incurred to resolve claims.

Indemnifying DCC and NOAA for injury or damage due to the University’s negligent operation of a federal vessel or vehicle is a reasonable request from the federal research sponsor. The risks are acceptable and the underlying actions that potentially give rise to third party claims can be migitated and managed by the University. The overall benefits to the community and the University for this potential multi-year award CIMARproject outweigh the indemnification risks. Chairperson Randolph Moore July 30, 2021 Page 5

ACTION RECOMMENDED:

It is recommended that the Board of Regents approve and authorize the University to accept the indemnification provisions in an agreement between the U.S. Department of Commerce National Oceanic and Atmospheric Administration, and the University of Hawaii for a Cooperative Institute for Marine and Atmospheric Research project.

Attachment (HRS § 304A-110)

C: Executive Administrator and Secretary to the Board of Regents Attachment 1

[3O4A-1 10] Indemnification.

(a) Notwithstanding any other law to the contrary, the board of regents may agree inwriting to an indemnity provision by which the university agrees to indemnify, defend, and hold harmless any person, corporation, or entity that sponsors research at the university when all of the following conditions are satisfied:

(1)The person, corporation, or entity requires an indemnity in writing as a condition for providing a grant, benefit, service, or interest in or right to use property;

(2) The president, or the president’s designee, following a favorable review by the university general counsel or the counsel’s designee, approves the proposed indemnification; and

(3) The chief financial officer, pursuant to section 304A-108, has obtained an insurance policy or policies in an amount sufficient to cover the liability of the university that may be reasonably anticipated to arise under the indemnity provision or has determined that it is not in the best interest of the university to obtain insurance.

(b) Nothing in this section shall be construed to expand the scope of liability of the university beyond that set forth in chapters 661 and 662.

(c) Nothing in this section shall be construed to waive the immunity of the university from suit in federal courts guaranteed by the Eleventh Amendment to the United States Constitution. An indemnity provision not in strict compliance with this section shall not give rise to a claim against the university under this chapter or chapter 661 or otherwise waive the university’s sovereign immunity. UHIVERSIiF Denial Hygcne 80ArD )r EijNT$ Office of the Dean UNIvERsITY of HAWAI’I 21 UG10 i11:15 MANOA

July 30, 2021 V

V MEMORANDUM

TO: Randolph G. Moore Chair, University of Hawaii Board of Regents

VIA: David Lassner President, University of Hawaii FROM: Tim DoIan7 CEO, Univesity of Hawaii Foundation MaryG. Boland Dean, School of Nursirt & Dental Hygiene

SUBJECT: (1) REQUEST FORACTION TOAPPROVE THE NAMING OF THE UNIVERSITY OF HAWAII AT MANOA SCHOOL OF NURSING & DENTAL HYGIENE (2) REQUEST FOR ACTION TO APPROVE THE ESTABLISHMENT AND NAMINGOF THE NANCYATMOSPERA-WALCH ENDOWED PROFESSORSHIP IN SCHOOL HEALTH (3) REQUEST FOR ACTION TO APPROVE THE ESTABLISHMENT AND NAMING OF THE NANCY ATMOSPERA-WALCH EARLY CAREER POPULATION HEALTH ENDOWED PROFESSORSHIPS

PECIFIC ACTION REQUESTER

It is requested that the University of Hawaii Board of Regents approve (1) the naming of the University of Hawaii at Mãnoa School of Nursing & Dental Hygiene (SONDH), (2) the establishment and naming of the Nancy Atmospera-Walch Endowed Professorship in School Health, and (3) the establishment and naming of the Nancy Atmospera-Walch Early Career Population Health Endowed Professorships in recognition of a private donation.

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two of University of Havaii at Hilo Administration Office ofthe Chancellor

UNIVERSITY - o1 HAwAIr UISfY UFHAWAJi E3OARLOF GEHTS HILO 21 AUO10 jtJ H5

August 9, 2021

MEMORANDUM

TO: Randy Moore Chairperson, Board of Regents

V: David Lassner President, University of Hawai’i

FROM: Bonnie D. Irwin Chancellor, University of Hawai’i at Hilo

SUBJECT: Appointment of Andy Adamson to the Mauna Kea Management Board

SPECIFIC ACTION REQUESTED:

It is requested that the Board of Regents approve the appointment of Dr. Andy Adamson to fill the remaining months of the term of member Doug Simons (ending June 30, 2022) and a full four-year term immediately following on the Mauna Kea Management Board. The full term of Dr. Adamson would expire on June 30, 2026.

RECOMMENDED EFFECTh/E DATE:

Upon Board approval.

ADDfl1ONAL COST:

No additional costs.

PURPOSE:

To fu’fillthe mandate of the 2000 Mauna Kea Science Reserve Master Plan.

200W. KiIi St. Hilo. Haoaii 96720-4091 Telephone: (808) 932-7348 Fa\: (808)932-7338 Iiilo .haaii.edu All Equal Opportunity/Affirmative Action Institution Randy Moore, Chairperson August 9, 2021 Page 2

BACKGROUND INFORMATION:

The Mauna Kea Science Reserve Master Plan, approved by the BOR in June 2000, called for the establishment of the community-based Mauna Kea Management Board (MKMB). The Master Plan states:

“Communityinvolvementin the management of the mountain begins wth the membership of the Mauna Kea ManagementBoard. . . The Boards prim aty role is to advise the Office of the Chancellorat the UniversityofHavei’i at Hilo (UH Hilo)on management of the Mauna Kea Science Reserve.. .and shall be the main community voice for activities and development planned for the Science Reserve.”

The MKMBis comprised of seven members representing various constituencies with a stake in Maunakea: Native Hawaiians, environment, education, commercial activities, astronomy, land management, and general community. Pursuant to the Master Plan, the chancellor of UH Hilo submits her recommendations to the BOR for its consideration and approval.

Nominee

Dr. Andy Adamson Dr. Andy Adamson is currently the Associate Director for the Hawaii Site for Gemini Observatory. Dr. Adamson has worked for Gemini Observatory since 2010, and has acted as a Gemini Observatory representative to the MKODirector’s group since 2018. Dr. Adamson has been a part of the Maunakea Observatories since 1998, when he first worked at UK Infrared Telescope as the Head of Operations and then Associate Director. He received his B.Sc. in Physics at Imperial College London, UK, in 1979, and Ph.D. in Astronomy at the University of Leicester, UK, in 1983. Prior to his time in Hawaii, he held positions at the University of St. Andrews and Lancashire Polytechnic (now the University of Central Lancashire). His principal research interests are the composition and physical properties of dust grains in the interstellar medium.

ACTION RECOMMENDED:

It is recommended that the Board of Regents approve the appointment of Andy Adamson to fillthe remaining months of the term of Doug Simons (ending June 30, 2022) and a full four year term immediately following on the Mauna Kea Management Board. The full term of Dr. Adamson would expire on June 30, 2026. c: Executive Administrator and Secretary to the Board of Regents, Oishi A J Ada mson - Curriculum Vitae

Academic Qualifications

1979 B.Sc. in Physics, 1St Class Honours, Imperial College London, UK. 1983 Ph.D. in Astronomy, University of Leicester, UK.

Current Position

2018-present Associate Director Hawaii Site, Gemini Observatory, Rib

Previous Employment

2011-20 18 Associate Director Operations, Gemini Observatory, Hibo, Hi & La Serena, Chile

2010-20 11 Associate Director Science Operations, Gemini Observatory, La Serena, Chile and then Rib, Hi

2007-20 10 Associate Director, UK Infrared Telescope, Him Hawaii 1998-2007 Head of Operations/Science director, UK Infrared Telescope, Hilo Hawaii 1990-1998 Postdoctoral Research Fellow/Starlink Computer Systems Manager/Lecturer, University of Central Lancashire, UK (UCLAN) 1986-1990 Postdoctoral Research Fellow, Lancashire Polytechnic 1983-1986 Postdoctoral Research Assistant, University of St. Andrews

Teaching

UCLAN, UK Lecture courses in Infrared, Radio, X-ray and Gamma-ray astronomy, Information Technology, Physics; 3 year Astronomy and Astrophysics Laboratories; Coordinator of remote-learning Certificate of Higher Education University of St Andrews, UK Infrared Astronomy (year 4 undergraduate course) Open University, UK Course tutor, remote-learning unit S281 UCLAN Undergraduate IT course organizer, 1994-1998

Other Responsibilities

UCLAN Data Protection contact, Physics & Astronomy JAC Rib Data Protection Contact

Committees, Panels, etc.

1989-1995 UKIRT Service time allocation panel 1988-1991 UKIRT Time Allocation Committee, Panel forAllocation of Telescope Time (Particle Physics and Astronomy Research Council of the UK) 1994-1996 Member of UKIRT Board of Directors (Particle Physics and Astronomy Research Council of the UK) 1997-1999 External Project Scientist on ORAC Project (observing preparation and execution software for UK Infrared Telescope)

Postgraduate Supervision

1986-1999 Sole advisor: 3 completed Astrophysics Ph.D.s; 1 completed M.Phil

1986-1999 Second advisor: I Mathematics & 1Astronomy Ph.D.

Refereeing

1998-2007 Various grant proposals for the UK Particle Physics and Astronomy Research Council (PPARC) 2008-20 10 Various large-grant proposal refereeing for the UK Science and Technology Facilities Council.

Research Topics

Interstellar dust / volatile and refractory component compositions and morphologies via spectroscopy, polarirnetry and spectropolarimetry.

Research Conference Organization

2002 Galactic Centre — the central 300 parsecs. Workshop held in Keauhou-Kona, Hawaii, November 4-8 (Member, Local Organizing Committee).

2004 Astronomical Polarirnetry — current status and future directions. Conference held in Waikoloa, Hawaii, March 15-19 (Chair, Science and Local Organizing Committees; Lead organizer for the meeting). 2008 Astronomical Polarimetry 2008. Quebec, Canada, July 2008. (Member, Science Organizing Committee).

Science Publications

http://orcid.or/0000-0003- 1120-5 178

Branch office: Financial Advisor: 733 Bishop Street Kyle Yoneshige, CFP©, CPWA© Suite 1600 Senior Vice President Honolulu, HI 968134068 Wealth Advisor UBS Client Review as of June 30, 2021 Financial Advisor: Lori Hamano, CPWA© Senior Vice President Wealth Advisor

Prepared for University of Hawaii Endowment Fund

Accounts included in this review What's inside ^ performance and account start dates differ (see disclosures)

Account Name Type Performance review...... 2 JX XX521 • US Equity • ACCESS Asset allocation review...... 3 JX XX519 • Fixed Income • ACCESS Performance by account...... 4 JX XX523 • Intl Value • ACCESS Portfolio holdings...... 7 JX XX522 • Intl Growth • ACCESS Additional information about your portfolio...... 41 JX XX443^ • Cash Account • Business Service Account Important information about this report...... 43

Page 1 of 45

Consolidated report prepared for University of Hawaii Performance review as of June 30, 2021 Sources of portfolio value Portfolio value and investment results $ Millions Performance returns (annualized > 1 year)

YTD 1 Year 5 Years ITD 12/31/2020 to 06/30/2020 to 06/30/2016 to 02/28/2014 to 06/30/2021 06/30/2021 06/30/2021 06/30/2021 Opening value 90,888,819.46 78,695,531.34 63,479,149.78 65,577,366.93 Net deposits/withdrawals -1,579,912.20 -2,451,474.78 -11,453,300.53 -17,557,063.35 Div./interest income 825,563.94 1,596,036.80 8,158,369.16 12,654,571.53 Change in accr. interest -6,868.47 1,394.42 143,708.72 143,708.72 Change in value 6,694,486.89 18,980,601.84 36,494,162.50 36,003,505.80 Closing value 96,822,089.63 96,822,089.63 96,822,089.63 96,822,089.63 Gross Time-weighted ROR 8.39 26.42 12.22 9.12 Net Time-weighted ROR 8.12 25.81 11.83 8.79 Net deposits and withdrawals include program and account fees.

Portfolio and selected benchmark returns Time weighted rates of return (net of fees) Net Time-weighted returns annualized Performance returns (annualized > 1 year)

YTD 1 Year 5 Years ITD 12/31/2020 to 06/30/2020 to 06/30/2016 to 02/28/2014 to 06/30/2021 06/30/2021 06/30/2021 06/30/2021 Your portfolio(%) 8.12 25.81 11.83 8.79 Consolidated Blended Index 6.64 22.10 10.11 7.67 Consolidated Blended Index 2 8.85 27.52 11.99 9.08 US Treasury Bill - 3 Mos 0.02 0.07 1.11 0.78 Barclays Agg Bond -1.60 -0.33 3.02 3.39 MSCI EAFE-NR 8.83 32.35 10.27 5.21 S&P 500 15.25 40.79 17.64 14.33

Consolidated Blended Index:Start - Current: 39% Barclays Agg Bond; 26% MSCI EAFE-NR; 1% US Treasury Bill - 3 Mos; 34% Russell 3000 Consolidated Blended Index 2:03/19/2020 - Current: 30% Barclays Agg Bond; 5% MSCI Emerging Markets-NR; 15% MSCI EAFE-NR; 5% Russell 2000; 5% Russell Mid Cap; + +Additional benchmark information can be found on the benchmark composition page. Past performance does not guarantee future results and current performance may be lower/higher than past data presented. Report created on: July 01, 2021 Page 2 of 45

Consolidated report prepared for University of Hawaii Asset allocation review as of June 30, 2021 Summary of asset allocation

Market % of value ($) Portfolio Cash 1,653,629.17 1.71 Cash 1,653,629.17 1.71 Fixed Income 23,733,723.71 24.51 US 23,197,533.29 23.96 International 536,190.42 0.55 Equity 71,434,736.75 73.78 US 42,162,338.46 43.55 International 29,272,398.29 30.23 Commodities 0.00 0.00 Non-Traditional 0.00 0.00 Other 0.00 0.00 Total Portfolio $96,822,089.63 100% Balanced mutual funds are allocated in the 'Other' category

Report created on: July 01, 2021 Page 3 of 45

Consolidated report prepared for University of Hawaii Performance by account as of June 30, 2021 Summary of performance by account

Performance returns (annualized > 1 year)

YTD 1 Year 5 Years ITD Performance Value on % of 12/31/2020 to 06/30/2020 to 06/30/2016 to Start Date to start date 06/30/2021 ($) portfolio 06/30/2021 06/30/2021 06/30/2021 06/30/2021 JX XX521 US Equity Oct 22, 2018 43,003,938.01 44.42% Net time-weighted 14.68% 42.67% 19.74%* 19.74% Risk profile: Aggressive Gross time-weighted 14.95% 43.35% 20.30%* 20.30% Return objective: Current Income and Capital Appreciation Russell 3000++ 15.11% 44.16% 20.74% 20.74% JX XX519 Fixed Income Oct 16, 2018 24,430,404.53 25.23% Net time-weighted -2.01% -1.44% 5.50%* 5.50% Risk profile: Moderate Gross time-weighted -1.81% -1.03% 5.94%* 5.94% Return objective: Current Income and Capital Appreciation Barclays Agg Bond++ -1.60% -0.33% 6.16% 6.16% JX XX523 Intl Value Oct 22, 2018 14,927,101.64 15.42% Net time-weighted 9.13% 29.01% 7.64%* 7.64% Risk profile: Aggressive Gross time-weighted 9.44% 29.74% 8.25%* 8.25% Return objective: Current Income and Capital Appreciation MSCI EAFE-NR++ 8.83% 32.35% 11.55% 11.55% JX XX522 Intl Growth Oct 22, 2018 14,460,645.44 14.94% Net time-weighted 7.12% 35.67% 17.85%* 17.85% Risk profile: Aggressive Gross time-weighted 7.43% 36.44% 18.51%* 18.51% Return objective: Current Income and Capital Appreciation MSCI EAFE-NR++ 8.83% 32.35% 11.55% 11.55% JX XX443 Cash Account Feb 17, 2021 0.00 0.00% Net time-weighted N/A N/A N/A N/A Risk profile: Moderate Gross time-weighted N/A N/A N/A N/A Return objective: Current Income and Capital Appreciation 60% MSCI World; 40% Barclays Agg Bond++ 4.77% 4.77% 4.77% 4.77% Total Portfolio Feb 28, 2014 $96,822,089.63 100% Net time-weighted 8.12% 25.81% 11.83% 8.79% Gross time-weighted 8.39% 26.42% 12.22% 9.12%

YTD 1 Year 5 Years ITD 12/31/2020 to 06/30/2020 to 06/30/2016 to Start Date to Benchmarks - Annualized time-weighted returns 06/30/2021 06/30/2021 06/30/2021 06/30/2021 Consolidated Blended Index 6.64% 22.10% 10.11% 7.67% Consolidated Blended Index 2 8.85% 27.52% 11.99% 9.08% US Treasury Bill - 3 Mos 0.02% 0.07% 1.11% 0.78% Barclays Agg Bond -1.60% -0.33% 3.02% 3.39% MSCI EAFE-NR 8.83% 32.35% 10.27% 5.21% S&P 500 15.25% 40.79% 17.64% 14.33%

Consolidated Blended Index:Start - Current: 39% Barclays Agg Bond; 26% MSCI EAFE-NR; 1% US Treasury Bill - 3 Mos; + +Additional benchmark information can be found on the benchmark composition page. ++Displays only the current benchmark for the account, for previous time period(s) please see the benchmark composition page *Performance is partially available for the selected time period and is based on the performance start date. Past performance does not guarantee future results and current performance may be lower/higher than past data presented. Report created on: July 01, 2021 Page 4 of 45

Consolidated report prepared for University of Hawaii

Performance by account - as of June 30, 2021 (continued) Details of performance by account

Year to Date - 12/31/2020 to 06/30/2021 Performance returns (annualized > 1 year) Opening Net Dividend Change Closing Gross time- Net time- portfolio deposits and and interest in accrued Change portfolio % of weighted weighted value ($) withdrawals ($) income ($) interest ($) in value ($) value ($) portfolio returns returns JX XX521 US Equity 37,690,974.69 -271,044.47 274,686.95 0.00 5,309,320.85 43,003,938.01 44.42% 14.95% 14.68% JX XX519 Fixed Income 24,908,033.91 -38,593.67 314,984.92 -6,868.47 -747,152.16 24,430,404.53 25.23% -1.81% -2.01% JX XX523 Intl Value 13,287,325.47 359,622.18 129,377.66 0.00 1,150,776.34 14,927,101.64 15.42% 9.44% 9.13% JX XX522 Intl Growth 14,992,082.04 -1,618,832.85 105,854.38 0.00 981,541.87 14,460,645.44 14.94% 7.43% 7.12% JX XX443 Cash Account -660.03 660.03 0.00 0.00 0.00 0.00% N/A N/A Total Portfolio $90,888,819.46 $-1,579,912.20 $825,563.94 $-6,868.47 $6,694,486.89 $96,822,089.63 100% 8.39% 8.12%

1 Year - 06/30/2020 to 06/30/2021 Performance returns (annualized > 1 year) Opening Net Dividend Change Closing Gross time- Net time- portfolio deposits and and interest in accrued Change portfolio % of weighted weighted value ($) withdrawals ($) income ($) interest ($) in value ($) value ($) portfolio returns returns JX XX521 US Equity 30,846,494.86 -1,021,144.54 544,731.30 0.00 12,633,856.39 43,003,938.01 44.42% 43.35% 42.67% JX XX519 Fixed Income 24,762,353.02 -90,960.03 631,150.49 1,394.42 -873,533.37 24,430,404.53 25.23% -1.03% -1.44% JX XX523 Intl Value 11,238,939.08 326,681.58 219,795.38 0.00 3,141,685.60 14,927,101.64 15.42% 29.74% 29.01% JX XX522 Intl Growth 11,837,166.02 -1,654,813.40 199,699.60 0.00 4,078,593.23 14,460,645.44 14.94% 36.44% 35.67% JX XX443 Cash Account -660.03 660.03 0.00 0.00 0.00 0.00% N/A N/A Total Portfolio $78,695,531.34 $-2,451,474.78 $1,596,036.80 $1,394.42 $18,980,601.84 $96,822,089.63 100% 26.42% 25.81%

*Performance is partially available for the selected time period and is based on the performance start date. Past performance does not guarantee future results and current performance may be lower/higher than past data presented. Report created on: July 01, 2021 Page 5 of 45

Consolidated report prepared for University of Hawaii

Performance by account - as of June 30, 2021 (continued)

5 Years - 06/30/2016 to 06/30/2021 Performance returns (annualized > 1 year) Opening Net Dividend Change Closing Gross time- Net time- portfolio deposits and and interest in accrued Change portfolio % of weighted weighted value ($) withdrawals ($) income ($) interest ($) in value ($) value ($) portfolio returns returns JX XX521 US Equity 24,939,824.46 1,382,648.97 0.00 16,681,464.58 43,003,938.01 44.42% 20.30%* 19.74%* JX XX519 Fixed Income 20,141,094.23 1,851,236.91 143,708.72 2,294,364.67 24,430,404.53 25.23% 5.94%* 5.50%* JX XX523 Intl Value 11,431,178.09 535,231.74 0.00 2,960,691.81 14,927,101.64 15.42% 8.25%* 7.64%* JX XX522 Intl Growth 8,224,449.43 489,977.09 0.00 5,746,218.92 14,460,645.44 14.94% 18.51%* 17.85%* JX XX443 Cash Account -660.03 660.03 0.00 0.00 0.00 0.00% N/A N/A Total Portfolio $63,479,149.78 $-11,453,300.53 $8,158,369.16 $143,708.72 $36,494,162.50 $96,822,089.63 100% 12.22% 11.83%

Inception to Date - Start Date to 06/30/2021 Performance returns (annualized > 1 year) Opening Net Dividend Change Closing Gross time- Net time- portfolio deposits and and interest in accrued Change portfolio % of weighted weighted value ($) withdrawals ($) income ($) interest ($) in value ($) value ($) portfolio returns returns JX XX521 US Equity 24,869,417.65 70,406.81 1,382,648.97 0.00 16,681,464.58 43,003,938.01 44.42% 20.30% 19.74% 10/22/2018 JX XX519 Fixed Income 20,472,448.30 -331,354.07 1,851,236.91 143,708.72 2,294,364.67 24,430,404.53 25.23% 5.94% 5.50% 10/16/2018 JX XX523 Intl Value 9,395,151.63 2,036,026.46 535,231.74 0.00 2,960,691.81 14,927,101.64 15.42% 8.25% 7.64% 10/22/2018 JX XX522 Intl Growth 9,395,012.85 -1,170,563.42 489,977.09 0.00 5,746,218.92 14,460,645.44 14.94% 18.51% 17.85% 10/22/2018 JX XX443 Cash Account 300,000.00 -300,660.03 660.03 0.00 0.00 0.00 0.00% N/A N/A 02/17/2021 Total Portfolio $65,577,366.93 $-17,557,063.35 $12,654,571.53 $143,708.72 $36,003,505.80 $96,822,089.63 100% 9.12% 8.79%

*Performance is partially available for the selected time period and is based on the performance start date. Past performance does not guarantee future results and current performance may be lower/higher than past data presented. Report created on: July 01, 2021 Page 6 of 45

Consolidated report prepared for University of Hawaii Portfolio holdings as of June 30, 2021 Summary of Portfolio Holdings

Value on Unrealized Unrealized Est. annual Current % of Cost basis ($) 06/30/2021 ($) gain/loss ($) gain/loss (%) income ($) yield (%) Portfolio A Cash 1,653,629.17 1,653,629.17 0.00 0.00% 0.00 0.00% 1.71% Cash 1,653,629.17 1,653,629.17 0.00 0.00% 0.00 0.00% 1.71% B Fixed Income 22,153,077.24 23,733,723.71 1,580,646.47 7.14% 618,675.42 2.61% 24.51% US 21,623,055.71 23,197,533.29 1,574,477.58 7.28% 603,505.42 2.60% 23.96% International 530,021.53 536,190.42 6,168.89 1.16% 15,170.00 2.83% 0.55% C Equity 48,371,317.67 71,434,736.75 23,063,419.08 47.68% 925,565.62 1.30% 73.78% US 26,303,891.06 42,162,338.46 15,858,447.40 60.29% 533,329.12 1.26% 43.55% International 22,067,426.61 29,272,398.29 7,204,971.68 32.65% 392,236.50 1.34% 30.23% D Commodities 0.00 0.00 0.00 0.00% 0.00 0.00% 0.00% E Non-Traditional 0.00 0.00 0.00 0.00% 0.00 0.00% 0.00% F Other 0.00 0.00 0.00 0.00% 0.00 0.00% 0.00% Total Portfolio $72,178,024.08 $96,822,089.63 $24,644,065.55 34.14% $1,544,241.04 1.59% 100% Balanced mutual funds are allocated in the 'Other' category

Report created on: July 01, 2021 Page 7 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Details of portfolio holdings

% of Unrealized Unrealized Est. annual Current asset % of Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) class Portfolio Total Portfolio $72,178,024.08 $96,822,089.63 $24,644,065.55 34.14% $1,544,241.04 1.59% 100% 100%

Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Cash Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Cash Portfolio Cash UBS BANK USA BUSINESS ACCOUNT 1,695,140.50 1.00 1.00 1,695,140.50 1,695,140.50 0.00 0.00% 0.00 0.00% 102.51% 1.75% USD CASH -41,511.33 2.00 1.00 -41,511.33 -41,511.33 0.00 0.00% 0.00 0.00% -2.51% -0.04% Total Cash $1,653,629.17 $1,653,629.17 $0.00 0.00% $0.00 0.00% 100.00% 1.71%

Total Cash $1,653,629.17 $1,653,629.17 $0.00 0.00% $0.00 0.00% 100.00% 1.71%

Purchase Price on % of price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current Fixed % of Fixed Income Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Income Portfolio US ABBVIE INC NTS B/E 02.900% 325,000.00 96.97 103.29 315,159.00 337,109.50 21,950.50 6.96% 9,425.00 2.81% 1.42% 0.35% 110622 DTD050613 FC110613 CALL@MW+25BP ALPHABET INC B/E 02.050% 081550 200,000.00 91.45 88.32 182,896.00 178,185.50 -4,710.50 -2.58% 4,100.00 2.32% 0.75% 0.18% DTD080520 CALL@MW+15BP ALTRIA GROUP INC B/E 04.000% 325,000.00 100.13 108.40 325,434.06 357,729.67 32,295.61 9.92% 13,000.00 3.69% 1.51% 0.37% 013124 DTD103113 FC073114 AMAZON.COM INC B/E 01.500% 330,000.00 102.30 98.10 337,579.94 324,094.65 -13,485.29 -3.99% 4,950.00 1.53% 1.37% 0.33% 060330 DTD060320 CALL@MW+15BP AMGEN INC B/E 02.450% 022130 275,000.00 105.86 103.19 291,103.51 286,178.52 -4,924.99 -1.69% 6,737.50 2.37% 1.21% 0.30% DTD022120 CALL@MW+15BP ANHEUSER BUSCH INBEV FIN 225,000.00 95.19 123.88 214,175.25 283,286.38 69,111.13 32.27% 11,025.00 3.96% 1.19% 0.29% 04.900% 020146 DTD012516 FC080116 CALL@MW+35BP APPLE INC B/E 2.900% 091227 315,000.00 93.12 108.98 293,318.55 346,018.05 52,699.50 17.97% 9,135.00 2.66% 1.46% 0.36% DTD091217 FC031218 CALL@MW+15BP BK OF AMER CORP 04.000% 350,000.00 100.04 109.10 350,127.94 385,311.11 35,183.17 10.05% 14,000.00 3.67% 1.62% 0.40% 040124 DTD040114 FC100114 MED TERM NTS

Report created on: July 01, 2021 Page 8 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on % of price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current Fixed % of Fixed Income Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Income Portfolio US CIGNA CORP NTS B/E 03.750% 158,000.00 102.83 106.48 162,475.85 170,954.03 8,478.18 5.22% 5,925.00 3.52% 0.72% 0.18% 071523 DTD071519 CALL@MW+15BP CITIGROUP INC NTS B/E 02.572% 350,000.00 101.26 102.91 354,393.05 360,870.65 6,477.60 1.83% 9,002.00 2.50% 1.52% 0.37% 060331 DTD060320 FC120320 CALL@MW+30BP CITIGROUP INC NTS B/E 2.750% 375,000.00 96.72 101.84 362,692.50 383,769.48 21,076.98 5.81% 10,312.50 2.70% 1.62% 0.40% 042522 DTD042517 FC102517 CALL@MW+20BP COMCAST CORP B/E 03.450% 275,000.00 116.93 108.22 321,564.21 301,534.52 -20,029.69 -6.23% 9,487.50 3.19% 1.27% 0.31% 020150 DTD110519 FC020120 CALL@MW+20BP CROWN CASTLE INTL CORP 150,000.00 91.36 97.37 137,037.00 147,669.67 10,632.67 7.76% 4,350.00 2.98% 0.62% 0.15% 02.900% 040141 DTD021621 FC100121 B/E CVS HEALTH CORP NTS B/E 440,000.00 104.79 114.98 461,095.83 510,904.78 49,808.95 10.80% 18,920.00 3.74% 2.15% 0.53% 04.300% 032528 DTD030918 FC092518 CALL@MW+25BP FHLMC PL G08741 03.0000 DUE 800,000.00 95.25 105.80 299,025.91 332,917.56 33,891.65 11.33% 9,418.14 2.84% 1.40% 0.34% 12/01/46 FACTOR 0.392422400000 FHLMC PL G08784 03.5000 DUE 2,355,000.00 98.08 105.90 663,463.88 718,310.53 54,846.65 8.27% 23,676.25 3.30% 3.03% 0.74% 10/01/47 FACTOR 0.287246200000 FHLMC PL G08842 04.0000 DUE 825,000.00 100.25 106.43 159,034.54 169,359.99 10,325.45 6.49% 6,345.67 3.76% 0.71% 0.17% 10/01/48 FACTOR 0.192293100000 FHLMC PL G18692 03.5000 DUE 310,000.00 100.45 107.16 88,075.85 94,206.80 6,130.95 6.96% 3,068.83 3.27% 0.40% 0.10% 06/01/33 FACTOR 0.282841200000 FHLMC PL G18710 03.5000 DUE 300,000.00 102.17 107.09 76,663.55 80,567.02 3,903.47 5.09% 2,626.19 3.27% 0.34% 0.13% 10/01/33 FACTOR 0.250113500000 FHLMC PL SD8016 03.0000 DUE 850,000.00 101.59 104.36 316,025.84 325,412.93 9,387.09 2.97% 9,332.56 2.87% 1.37% 0.34% 10/01/49 FACTOR 0.365982800000 FHLMC PL SD8074 03.0000 DUE 1,000,000.00 104.82 104.27 700,679.59 698,560.49 -2,119.10 -0.30% 20,053.08 2.88% 2.94% 0.72% 07/01/50 FACTOR 0.668436300000 FIFTH THIRD BANCORP NTS 405,000.00 100.13 107.12 405,537.27 440,184.49 34,647.22 8.54% 14,782.50 3.41% 1.85% 0.45% 03.650% 012524 DTD012519 FC072519 B/E FISERV INC B/E 3.500% 070129 370,000.00 104.73 110.14 387,494.70 413,942.23 26,447.53 6.83% 12,950.00 3.18% 1.74% 0.43% DTD062419 FC010120 CALL@MW+25BP FNMA - CALL BOND 06.625 % DUE 175,000.00 134.48 144.82 235,345.29 254,885.97 19,540.68 8.30% 11,593.75 4.57% 1.07% 0.26% 111530 DTD 110300 FC 05152001 FNMA PL MA3088 04.0000 DUE 1,530,000.00 100.69 106.89 401,666.88 427,691.01 26,024.13 6.48% 15,956.80 3.74% 1.80% 0.44% 08/01/47 FACTOR 0.260732040000

Report created on: July 01, 2021 Page 9 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on % of price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current Fixed % of Fixed Income Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Income Portfolio US FNMA PL MA3416 04.5000 DUE 655,000.00 102.51 107.67 144,661.65 152,443.83 7,782.18 5.38% 6,350.15 4.18% 0.64% 0.16% 07/01/48 FACTOR 0.215441930000 FNMA PL MA4307 03.0000 DUE 700,000.00 105.34 104.94 724,290.59 723,173.13 -1,117.46 -0.15% 20,626.79 2.86% 3.05% 0.75% 04/01/51 FACTOR 0.982228320000 GNMA PL MA6274M 03.0000 DUE 600,000.00 102.02 102.75 159,091.05 160,613.68 1,522.63 0.96% 4,678.40 2.92% 0.68% 0.17% 11/20/49 FACTOR 0.259911190000 GOLDMAN SACHS GROUP INC 250,000.00 101.40 103.87 253,506.69 262,251.94 8,745.25 3.45% 6,500.00 2.50% 1.10% 0.27% 02.600% 020730 DTD020720 FC080720 B/E GOLDMAN SACHS GROUP INC 250,000.00 100.12 100.35 250,310.19 256,448.13 6,137.94 2.45% 13,125.00 5.23% 1.08% 0.26% 05.250% 072721 DTD072711 FC012712 B/E HOME DEPOT INC B/E 02.700% 315,000.00 108.00 107.03 340,190.77 338,913.23 -1,277.55 -0.38% 8,505.00 2.52% 1.43% 0.35% 041530 DTD033020 FC101520 CALL@MW+30BP JPMORGAN CHASE & CO B/E 300,000.00 93.50 96.01 280,494.00 288,638.70 8,144.70 2.90% 5,292.00 1.84% 1.22% 0.30% 01.764% 111931 DTD111920 FC051921 CALL@MW+15BP JPMORGAN CHASE & CO B/E 350,000.00 98.00 104.45 343,000.00 370,383.22 27,383.22 7.98% 11,200.00 3.06% 1.56% 0.38% 03.200% 012523 DTD012513 FC072513 JPMORGAN CHASE & CO B/E 275,000.00 94.60 110.00 260,150.00 304,103.71 43,953.71 16.90% 9,735.00 3.22% 1.28% 0.31% 03.540% 050128 DTD042517 FC110117 CALL@MW+25BP LOWES COS INC NTS B/E 01.700% 250,000.00 99.74 95.97 249,360.53 240,817.92 -8,542.61 -3.43% 4,250.00 1.77% 1.01% 0.25% 101530 DTD102220 CALL@MW+15BP MARSH & MCLENNAN COS INC 275,000.00 100.31 108.47 275,861.02 301,406.07 25,545.05 9.26% 10,656.25 3.57% 1.27% 0.31% 03.875% 031524 DTD011519 CALL@MW+20BP MASTERCARD INC B/E 03.350% 200,000.00 117.32 112.57 234,646.71 226,891.44 -7,755.27 -3.31% 6,700.00 2.98% 0.96% 0.23% 032630 DTD032620 FC092620 CALL@MW+40BP MICROSOFT CORP B/E 04.250% 225,000.00 101.00 129.94 227,251.19 296,183.25 68,932.06 30.33% 9,562.50 3.27% 1.25% 0.31% 020647 DTD020617 FC080617 CALL@MW+20BP MORGAN STANLEY B/E 03.875% 275,000.00 99.21 108.78 272,835.75 300,939.64 28,103.89 10.30% 10,656.25 3.56% 1.27% 0.31% 042924 DTD042814 FC102914 MORGAN STANLEY B/E 04.375% 185,000.00 107.32 125.36 198,534.42 235,468.26 36,933.84 18.60% 8,093.75 3.49% 0.99% 0.24% 012247 DTD012017 FC072217 CALL@MW+25BP

Report created on: July 01, 2021 Page 10 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on % of price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current Fixed % of Fixed Income Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Income Portfolio US MORGAN STANLEY NTS B/E 185,000.00 97.11 100.90 179,659.05 187,246.90 7,587.85 4.22% 4,856.25 2.60% 0.79% 0.19% 02.625% 111721 DTD111716 FC051717 NORTHROP GRUMMAN CORP 300,000.00 94.19 106.64 282,558.00 323,951.75 41,393.75 14.65% 8,790.00 2.75% 1.36% 0.33% 02.930% 011525 DTD101317 FC071518 CALL@MW+15BP ORACLE CORP B/E 04.000% 071546 300,000.00 91.28 108.76 273,837.00 331,783.00 57,946.00 21.16% 12,000.00 3.68% 1.40% 0.34% DTD070716 FC011517 CALL@MW+30BP PAYPAL HOLDINGS INC NTS 400,000.00 106.70 107.44 426,788.28 432,380.56 5,592.28 1.31% 10,600.00 2.47% 1.82% 0.45% 02.650% 100126 DTD092619 CALL@MW+15BP PFIZER INC B/E 03.000% 121526 300,000.00 94.84 109.93 284,511.00 330,168.00 45,657.00 16.05% 9,000.00 2.73% 1.39% 0.34% DTD112116 FC061517 CALL@MW+15BP TARGET CORP NTS B/E 02.250% 200,000.00 105.08 105.09 210,163.50 211,109.50 946.00 0.45% 4,500.00 2.14% 0.89% 0.22% 041525 DTD033120 FC101520 CALL@MW+30BP TINT DUE 05/15/25 TRSY INTEREST 600,000.00 88.96 97.30 533,772.35 583,812.00 50,039.65 9.37% 0.00 0.00% 2.46% 0.60% PMT U S TREAS INFL NT BOND 00.125 % 200,000.00 107.76 107.93 222,756.34 223,172.85 416.51 0.19% 258.40 0.12% 0.94% 0.23% DUE 04/15/25 FACTOR 1.033610000000 UNION PAC CORP B/E 03.950% 300,000.00 98.76 114.76 296,277.00 347,906.83 51,629.83 17.43% 11,850.00 3.44% 1.47% 0.36% 091028 DTD060818 FC031019 CALL@MW+20BP UNITED STATES TREAS BOND 01.000 170,000.00 103.37 133.54 190,253.29 246,479.33 56,226.04 29.55% 1,840.54 0.75% 1.04% 0.25% % DUE 02/15/48 FACTOR 1.082670000000 UNITED STATES TREAS BOND 02.500 410,000.00 89.93 108.40 368,697.02 445,729.45 77,032.43 20.89% 10,250.00 2.31% 1.88% 0.46% % DUE 05/15/46 DTD 05/15/16 FC 11/15/16 UNITED STATES TREAS BOND 02.875 245,000.00 107.66 117.16 263,766.99 287,912.67 24,145.68 9.15% 7,043.75 2.45% 1.21% 0.30% % DUE 05/15/49 DTD 05/15/19 FC 11/15/19 UNITED STATES TREAS BOND 03.625 215,000.00 110.32 129.34 237,189.67 280,978.91 43,789.24 18.46% 7,793.75 2.80% 1.18% 0.29% % DUE 02/15/44 DTD 02/15/14 FC 08/15/14 UNITED STATES TREAS BOND DUE 250,000.00 53.02 63.24 132,552.02 158,105.00 25,552.98 19.28% 0.00 0.00% 0.67% 0.16% 05/15/43 CORPUS STRIP US TSY NOTE 00.250 % DUE 400,000.00 100.02 99.83 400,099.06 399,453.00 -646.06 -0.16% 1,000.00 0.25% 1.68% 0.41% 11/15/23 DTD 11/15/20 FC 05/15/21

Report created on: July 01, 2021 Page 11 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on % of price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current Fixed % of Fixed Income Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Income Portfolio US US TSY NOTE 00.625 % DUE 360,000.00 98.45 105.78 380,949.43 409,805.98 28,856.55 7.57% 2,418.39 0.59% 1.73% 0.42% 04/15/23 FACTOR 1.074840000000 US TSY NOTE 01.500 % DUE 200,000.00 103.38 103.20 206,750.36 206,635.90 -114.46 -0.06% 3,000.00 1.45% 0.87% 0.21% 11/30/24 DTD 11/30/19 FC 05/31/20 US TSY NOTE 01.625 % DUE 900,000.00 101.35 102.02 912,133.35 924,886.49 12,753.14 1.40% 14,625.00 1.59% 3.90% 0.96% 11/15/22 DTD 01/15/13 FC 05/15/13 US TSY NOTE 02.375 % DUE 640,000.00 94.41 107.71 604,226.56 691,224.80 86,998.24 14.40% 15,200.00 2.21% 2.91% 0.71% 05/15/27 DTD 05/15/17 FC 11/15/17 US TSY NOTE 02.375 % DUE 610,000.00 102.09 107.98 622,764.67 660,513.34 37,748.67 6.06% 14,487.50 2.20% 2.78% 0.68% 05/15/29 DTD 05/15/19 FC 11/15/19 US TSY NOTE 02.875 % DUE 1,290,000.00 105.31 111.16 1,358,435.20 1,438,599.88 80,164.74 5.90% 37,087.50 2.59% 6.06% 1.49% 05/15/28 DTD 05/15/18 FC 11/15/18 VERIZON COMMUNICATIONS 400,000.00 90.18 106.33 360,736.00 429,269.50 68,533.50 19.00% 10,500.00 2.47% 1.81% 0.44% 2.625% 081526 DTD080116 FC021517 CALL@MW+20BP VISA INC NTS B/E 01.900% 041527 200,000.00 105.69 103.32 211,388.81 207,439.67 -3,949.14 -1.87% 3,800.00 1.84% 0.87% 0.21% DTD040220 FC101520 CALL@MW+25BP WAL-MART STORES INC NTS 300,000.00 96.39 102.91 289,173.00 309,017.75 19,844.75 6.86% 7,050.00 2.28% 1.30% 0.32% 2.350% 121522 DTD102017 FC061518 CALL@MW+10BP WELLS FARGO & CO B/E 03.000% 315,000.00 100.75 107.89 317,367.21 341,618.55 24,251.34 7.64% 9,450.00 2.78% 1.44% 0.35% 102326 DTD102516 FC042317 Total US $21,623,055.71 $23,197,533.29 $1,574,477.58 7.28% $603,505.42 2.60% 97.74% 23.96%

International B A T INTL FIN P L C 01.668% 250,000.00 101.67 99.99 254,171.56 251,070.42 -3,101.14 -1.22% 4,170.00 1.67% 1.06% 0.26% 032526 DTD092520 CALL2MW+25BP HSBC HLDGS PLC B/E 04.000% 275,000.00 100.31 102.68 275,849.97 285,120.00 9,270.03 3.36% 11,000.00 3.90% 1.20% 0.29% 033022 DTD033012 FC093012 Total International $530,021.53 $536,190.42 $6,168.89 1.16% $15,170.00 2.83% 2.26% 0.55%

Total Fixed Income $22,153,077.24 $23,733,723.71 $1,580,646.47 7.14% $618,675.42 2.61% 100.00% 24.51%

Report created on: July 01, 2021 Page 12 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US 10X GENOMICS INC CL A 115.00 164.05 195.82 18,866.03 22,519.30 3,653.27 19.36% 0.00 0.00% 0.03% 0.02% 3-D SYSTEMS CORP DELA NEW 377.00 49.56 39.97 18,684.12 15,068.69 -3,615.43 -19.35% 0.00 0.00% 0.02% 0.02% 3M CO 552.00 175.63 198.63 96,949.75 109,643.76 12,694.01 13.09% 3,267.84 2.98% 0.15% 0.11% ABBOTT LABS 1,700.00 71.39 115.93 121,368.17 197,081.00 75,712.83 62.38% 3,060.00 1.55% 0.28% 0.20% ABBVIE INC COM 1,715.00 78.99 112.64 135,465.72 193,177.60 57,711.88 42.60% 8,918.00 4.62% 0.27% 0.20% ABIOMED INC 77.00 329.75 312.11 25,390.86 24,032.47 -1,358.39 -5.35% 0.00 0.00% 0.03% 0.02% ACADIA PHARMACEUTICALS INC 865.00 26.16 24.39 22,627.97 21,097.35 -1,530.62 -6.76% 0.00 0.00% 0.03% 0.02% ACCELERON PHARMA INC 147.00 97.89 125.49 14,390.18 18,447.03 4,056.85 28.19% 0.00 0.00% 0.03% 0.02% ACCENTURE PLC IRELAND CL A 565.00 153.37 294.79 86,655.83 166,556.35 79,900.52 92.20% 1,988.80 1.19% 0.23% 0.17% ACTIVISION BLIZZARD INC 835.00 64.69 95.44 54,012.05 79,692.40 25,680.35 47.55% 392.45 0.49% 0.11% 0.08% ACUTUS MED INC 1,251.00 17.73 16.98 22,179.60 21,241.98 -937.62 -4.23% 0.00 0.00% 0.03% 0.02% ADOBE INC. (DELAWARE) 469.00 247.12 585.64 115,898.34 274,665.16 158,766.82 136.99% 0.00 0.00% 0.38% 0.28% ADVANCE AUTO PARTS INC 82.00 160.75 205.14 13,181.79 16,821.48 3,639.69 27.61% 328.00 1.95% 0.02% 0.02% ADVANCED MICRO DEVICES INC 1,089.00 30.89 93.93 33,643.70 102,289.77 68,646.07 204.04% 0.00 0.00% 0.14% 0.11% AECOM 465.00 30.32 63.32 14,100.52 29,443.80 15,343.28 108.81% 0.00 0.00% 0.04% 0.03% AEGLEA BIOTHERAPEUTICS INC 1,587.00 6.54 6.96 10,375.49 11,045.52 670.03 6.46% 0.00 0.00% 0.02% 0.01% AES CORP 823.00 14.76 26.07 12,146.16 21,455.61 9,309.45 76.65% 495.45 2.31% 0.03% 0.02% AFLAC INC 678.00 43.15 53.66 29,253.80 36,381.48 7,127.68 24.36% 894.96 2.46% 0.05% 0.04% AGCO CORP 207.00 50.87 130.38 10,529.26 26,988.66 16,459.40 156.32% 165.60 0.61% 0.04% 0.03% AGILENT TECHNOLOGIES INC 290.00 62.89 147.81 18,237.82 42,864.90 24,627.08 135.03% 225.04 0.52% 0.06% 0.04% AGNC INVT CORP REIT 1,047.00 11.88 16.89 12,433.13 17,683.83 5,250.70 42.23% 1,507.68 8.53% 0.02% 0.02% AGREE REALTY CORP 230.00 72.77 70.49 16,737.43 16,212.70 -524.73 -3.14% 598.92 3.69% 0.02% 0.02% AIR PROD & CHEMICAL INC 244.00 149.98 287.68 36,594.19 70,193.92 33,599.73 91.82% 1,464.00 2.09% 0.10% 0.07% AKAMAI TECHNOLOGIES INC 204.00 63.17 116.60 12,886.66 23,786.40 10,899.74 84.58% 0.00 0.00% 0.03% 0.02% AKOUSTIS TECHNOLOGIES INC COM 1,242.00 5.31 10.71 6,592.91 13,301.82 6,708.91 101.76% 0.00 0.00% 0.02% 0.01% ALASKA AIR GROUP INC 196.00 63.49 60.31 12,443.96 11,820.76 -623.20 -5.01% 0.00 0.00% 0.02% 0.01% ALBEMARLE CORP 161.00 94.05 168.46 15,142.23 27,122.06 11,979.83 79.12% 251.16 0.93% 0.04% 0.03% ALCOA CORP 325.00 34.48 36.84 11,205.29 11,973.00 767.71 6.85% 0.00 0.00% 0.02% 0.01% ALEXANDRIA REAL ESTATE EQUITIES 130.00 122.59 181.94 15,936.47 23,652.20 7,715.73 48.42% 582.40 2.46% 0.03% 0.02% ALEXION PHARMACEUTICALS INC 172.00 112.63 183.71 19,372.34 31,598.12 12,225.78 63.11% 0.00 0.00% 0.04% 0.03% ALIGN TECHNOLOGY INC 88.00 296.81 611.00 26,119.16 53,768.00 27,648.84 105.86% 0.00 0.00% 0.08% 0.06% ALLIANCE DATA SYSTEMS CORP 59.00 200.80 104.19 11,847.09 6,147.21 -5,699.88 -48.11% 49.56 0.81% 0.01% 0.01% ALLIANT ENERGY CORP 342.00 45.76 55.76 15,651.03 19,069.92 3,418.89 21.84% 550.62 2.89% 0.03% 0.02% ALLSTATE CORP 314.00 86.63 130.44 27,203.07 40,958.16 13,755.09 50.56% 1,017.36 2.48% 0.06% 0.04% ALLY FINANCIAL INC 522.00 24.74 49.84 12,912.30 26,016.48 13,104.18 101.49% 396.72 1.52% 0.04% 0.03%

Report created on: July 01, 2021 Page 13 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US ALNYLAM PHARMACEUTICALS INC 158.00 72.29 169.52 11,421.25 26,784.16 15,362.91 134.51% 0.00 0.00% 0.04% 0.03% ALPHABET INC CL A 300.00 1,140.19 2,441.79 342,057.33 732,537.00 390,479.67 114.16% 0.00 0.00% 1.03% 0.76% ALPHABET INC CL C 277.00 1,099.54 2,506.32 304,571.59 694,250.64 389,679.05 127.94% 0.00 0.00% 0.97% 0.72% ALTERYX INC CL A 95.00 162.57 86.02 15,444.15 8,171.90 -7,272.25 -47.09% 0.00 0.00% 0.01% 0.01% ALTICE USA INC CL A 644.00 17.00 34.14 10,951.22 21,986.16 11,034.94 100.76% 0.00 0.00% 0.03% 0.02% ALTRIA GROUP INC 1,830.00 57.46 47.68 105,154.39 87,254.40 -17,899.99 -17.02% 6,295.20 7.21% 0.12% 0.09% AMAZON.COM INC 413.00 1,816.87 3,440.16 750,365.79 1,420,786.08 670,420.29 89.35% 0.00 0.00% 1.99% 1.47% AMC ENTERTAINMENT HLDS CL A 382.00 54.09 56.68 20,660.47 21,651.76 991.29 4.80% 0.00 0.00% 0.03% 0.02% AMEDISYS INC 65.00 176.49 244.93 11,471.53 15,920.45 4,448.92 38.78% 0.00 0.00% 0.02% 0.02% AMER ELECTRIC POWER CO 187.00 77.82 84.59 14,551.52 15,818.33 1,266.81 8.71% 553.52 3.50% 0.02% 0.02% AMER EXPRESS CO 643.00 101.70 165.23 65,392.84 106,242.89 40,850.05 62.47% 1,105.96 1.04% 0.15% 0.11% AMERCO 39.00 279.03 589.40 10,882.17 22,986.60 12,104.43 111.23% 0.00 0.00% 0.03% 0.02% AMEREN CORP 379.00 66.85 80.04 25,334.67 30,335.16 5,000.49 19.74% 833.80 2.75% 0.04% 0.03% AMERICAN AIRLS GROUP INC 375.00 30.68 21.21 11,504.70 7,953.75 -3,550.95 -30.87% 0.00 0.00% 0.01% 0.01% AMERICAN HOMES 4 RENT CL A 697.00 20.77 38.85 14,476.62 27,078.45 12,601.83 87.05% 278.80 1.03% 0.04% 0.03% AMERICAN INTL GROUP INC COM 1,074.00 42.65 47.60 45,810.51 51,122.40 5,311.89 11.60% 1,374.72 2.69% 0.07% 0.05% NEW AMERICAN TOWER CORP REIT 405.00 157.47 270.14 63,773.68 109,406.70 45,633.02 71.55% 1,968.30 1.80% 0.15% 0.11% AMERICAN WATER WORKS CO INC 184.00 92.23 154.13 16,970.96 28,359.92 11,388.96 67.11% 443.44 1.56% 0.04% 0.03% NEW AMERIPRISE FINANCIAL INC 149.00 123.11 248.88 18,343.67 37,083.12 18,739.45 102.16% 673.48 1.82% 0.05% 0.04% AMERISOURCEBERGEN CORP 180.00 85.87 114.49 15,456.17 20,608.20 5,152.03 33.33% 316.80 1.54% 0.03% 0.02% AMETEK INC (NEW) 268.00 66.33 133.50 17,777.46 35,778.00 18,000.54 101.25% 214.40 0.60% 0.05% 0.04% AMGEN INC 558.00 197.13 243.75 109,995.87 136,012.50 26,016.63 23.65% 3,928.32 2.89% 0.19% 0.14% AMPHENOL CORP NEW CL A 546.00 40.72 68.41 22,232.63 37,351.86 15,119.23 68.00% 316.68 0.85% 0.05% 0.04% ANALOG DEVICES INC 301.00 89.36 172.16 26,895.86 51,820.16 24,924.30 92.67% 830.76 1.60% 0.07% 0.05% ANSYS INC 105.00 145.94 347.06 15,323.42 36,441.30 21,117.88 137.81% 0.00 0.00% 0.05% 0.04% ANTHEM INC 294.00 287.30 381.80 84,467.01 112,249.20 27,782.19 32.89% 1,328.88 1.18% 0.16% 0.12% APPIAN CORP CL A 89.00 219.46 137.75 19,531.93 12,259.75 -7,272.18 -37.23% 0.00 0.00% 0.02% 0.01% APPLE HOSPITALITY REIT INC 749.00 15.45 15.26 11,573.38 11,429.74 -143.64 -1.24% 29.96 0.26% 0.02% 0.01% APPLE INC 15,373.00 58.04 136.96 892,262.64 2,105,486.08 1,213,223.44 135.97% 13,528.24 0.64% 2.95% 2.17% APPLIED MATERIALS INC 936.00 33.20 142.40 31,070.56 133,286.40 102,215.84 328.98% 898.56 0.67% 0.19% 0.14% APTARGROUP INC 115.00 100.67 140.84 11,577.04 16,196.60 4,619.56 39.90% 174.80 1.08% 0.02% 0.02% ARAMARK HOLDINGS CORP 542.00 36.90 37.25 20,002.24 20,189.50 187.26 0.94% 238.48 1.18% 0.03% 0.02% ARCHER DANIELS MIDLAND CO 574.00 48.20 60.60 27,665.59 34,784.40 7,118.81 25.73% 849.52 2.44% 0.05% 0.04% ARCHROCK INC 2,382.00 3.36 8.91 7,992.09 21,223.62 13,231.53 165.56% 1,381.56 6.51% 0.03% 0.02%

Report created on: July 01, 2021 Page 14 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US ARCONIC CORP 128.00 12.49 35.62 1,598.17 4,559.36 2,961.19 185.29% 0.00 0.00% 0.01% 0.00% ARCOSA INC 112.00 29.32 58.74 3,283.29 6,578.88 3,295.59 100.37% 22.40 0.34% 0.01% 0.01% ARISTA NETWORKS INC 69.00 226.80 362.31 15,649.19 24,999.39 9,350.20 59.75% 0.00 0.00% 0.03% 0.03% ARROW ELECTRONICS INC 240.00 51.55 113.83 12,371.95 27,319.20 14,947.25 120.82% 0.00 0.00% 0.04% 0.03% ASHLAND GLOBAL HLDGS INC COM 192.00 73.05 87.50 14,025.20 16,800.00 2,774.80 19.78% 230.40 1.37% 0.02% 0.02% ASPEN TECHNOLOGY INC DEL 139.00 84.07 137.54 11,685.40 19,118.06 7,432.66 63.61% 0.00 0.00% 0.03% 0.02% CHANGE IN STATE OF INC AT&T INC 6,423.00 30.54 28.78 196,166.55 184,853.94 -11,312.61 -5.77% 13,359.84 7.23% 0.26% 0.19% ATRECA INC CL A 2,552.00 9.04 8.52 23,059.87 21,743.04 -1,316.83 -5.71% 0.00 0.00% 0.03% 0.02% AUTODESK INC 249.00 129.16 291.90 32,159.87 72,683.10 40,523.23 126.01% 0.00 0.00% 0.10% 0.08% AUTOMATIC DATA PROCESSNG INC 419.00 140.03 198.62 58,672.49 83,221.78 24,549.29 41.84% 1,558.68 1.87% 0.12% 0.09% AUTOZONE INC 23.00 737.70 1,492.22 16,967.10 34,321.06 17,353.96 102.28% 0.00 0.00% 0.05% 0.04% AVALARA INC 171.00 125.37 161.80 21,438.53 27,667.80 6,229.27 29.06% 0.00 0.00% 0.04% 0.03% AVALONBAY COMMUNITIES INC SBI 156.00 177.45 208.69 27,682.45 32,555.64 4,873.19 17.60% 992.16 3.05% 0.05% 0.03% AVANTOR INC 693.00 27.81 35.51 19,272.33 24,608.43 5,336.10 27.69% 0.00 0.00% 0.03% 0.03% BAKER HUGHES CO CL A 935.00 14.21 22.87 13,289.51 21,383.45 8,093.94 60.90% 673.20 3.15% 0.03% 0.02% BALCHEM CORP 123.00 96.56 131.26 11,876.39 16,144.98 4,268.59 35.94% 71.34 0.44% 0.02% 0.02% BALL CORP 364.00 44.13 81.02 16,062.59 29,491.28 13,428.69 83.60% 218.40 0.74% 0.04% 0.03% BANK OF AMER CORP 7,608.00 26.89 41.23 204,583.91 313,677.84 109,093.93 53.32% 5,477.76 1.75% 0.44% 0.32% BANK OF NEW YORK MELLON CORP 833.00 45.69 51.23 38,058.76 42,674.59 4,615.83 12.13% 1,032.92 2.42% 0.06% 0.04% BANK OZK 482.00 24.54 42.16 11,826.93 20,321.12 8,494.19 71.82% 539.84 2.66% 0.03% 0.02% BAXTER INTL INC 355.00 69.45 80.50 24,654.31 28,577.50 3,923.19 15.91% 397.60 1.39% 0.04% 0.03% BECTON DICKINSON & CO 290.00 227.58 243.19 65,998.95 70,525.10 4,526.15 6.86% 962.80 1.37% 0.10% 0.07% BERKSHIRE HATHAWAY INC NEW CL 1,785.00 189.39 277.92 338,067.89 496,087.20 158,019.31 46.74% 0.00 0.00% 0.69% 0.51% B BERRY CORP 4,192.00 5.13 6.72 21,501.93 28,170.24 6,668.31 31.01% 670.72 2.38% 0.04% 0.03% BEST BUY CO INC 234.00 70.17 114.98 16,419.92 26,905.32 10,485.40 63.86% 655.20 2.44% 0.04% 0.03% BILL COM HLDGS INC 116.00 187.17 183.18 21,712.30 21,248.88 -463.42 -2.13% 0.00 0.00% 0.03% 0.02% BIO RAD LABORATORIES INC CL A 44.00 271.10 644.29 11,928.40 28,348.76 16,420.36 137.66% 0.00 0.00% 0.04% 0.03% BIO TECHNE CORP COM 66.00 176.05 450.26 11,619.30 29,717.16 18,097.86 155.76% 84.48 0.28% 0.04% 0.03% BIOGEN INC 186.00 303.38 346.27 56,429.57 64,406.22 7,976.65 14.14% 0.00 0.00% 0.09% 0.07% BIOMARIN PHARMACEUTICAL INC 239.00 89.44 83.44 21,376.11 19,942.16 -1,433.95 -6.71% 0.00 0.00% 0.03% 0.02% BLACK KNIGHT INC 193.00 54.24 77.98 10,467.55 15,050.14 4,582.59 43.78% 0.00 0.00% 0.02% 0.02% BLACKROCK INC 145.00 403.99 874.97 58,577.94 126,870.65 68,292.71 116.58% 2,395.40 1.89% 0.18% 0.13% BLACKSTONE GROUP INC CL A 378.00 98.92 97.14 37,393.65 36,718.92 -674.73 -1.80% 469.10 1.28% 0.05% 0.04% BLUEBIRD BIO INC 77.00 114.05 31.98 8,781.92 2,462.46 -6,319.46 -71.96% 0.00 0.00% 0.00% 0.00%

Report created on: July 01, 2021 Page 15 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US BOEING COMPANY 571.00 312.77 239.56 178,593.70 136,788.76 -41,804.94 -23.41% 0.00 0.00% 0.19% 0.14% BONANZA CREEK ENERGY INC 720.00 14.54 47.07 10,471.61 33,890.40 23,418.79 223.64% 1,008.00 2.97% 0.05% 0.04% BOOKING HLDGS INC 41.00 1,647.48 2,188.09 67,546.48 89,711.69 22,165.21 32.81% 0.00 0.00% 0.13% 0.09% BOOZ ALLEN HAMILTON HLDG 171.00 64.98 85.18 11,110.73 14,565.78 3,455.05 31.10% 253.08 1.74% 0.02% 0.02% CORP CL A BORGWARNER INC 361.00 36.25 48.54 13,085.49 17,522.94 4,437.45 33.91% 245.48 1.40% 0.02% 0.02% BOSTON BEER CO INC CL A 18.00 1,063.94 1,020.80 19,150.92 18,374.40 -776.52 -4.05% 0.00 0.00% 0.03% 0.02% BOSTON PROPERTIES INC 220.00 115.45 114.59 25,398.69 25,209.80 -188.89 -0.74% 862.40 3.42% 0.04% 0.03% BOSTON SCIENTIFIC CORP 871.00 33.98 42.76 29,592.87 37,243.96 7,651.09 25.85% 0.00 0.00% 0.05% 0.04% BRIGHAM MINERALS INC CL A 2,082.00 12.90 21.29 26,858.06 44,325.78 17,467.72 65.04% 1,998.72 4.51% 0.06% 0.05% BRIGHT HORIZONS FAMILY 110.00 76.55 147.11 8,420.50 16,182.10 7,761.60 92.18% 0.00 0.00% 0.02% 0.02% SOLUTIONS INC BRIGHTHOUSE FINANCIAL INC 299.00 39.28 45.54 11,744.45 13,616.46 1,872.01 15.94% 0.00 0.00% 0.02% 0.01% BRISTOL MYERS SQUIBB CO 2,196.00 52.13 66.82 114,467.07 146,736.72 32,269.65 28.19% 4,304.16 2.93% 0.21% 0.15% BROADCOM INC 388.00 234.94 476.84 91,158.26 185,013.92 93,855.66 102.96% 5,587.20 3.02% 0.26% 0.19% BROADRIDGE FINANCIAL 138.00 114.15 161.53 15,752.69 22,291.14 6,538.45 41.51% 317.40 1.42% 0.03% 0.02% SOLUTIONS INC BROWN & BROWN INC 526.00 27.91 53.14 14,679.19 27,951.64 13,272.45 90.42% 194.62 0.70% 0.04% 0.03% BROWN FORMAN CRP CL B 292.00 46.57 74.94 13,598.09 21,882.48 8,284.39 60.92% 209.66 0.96% 0.03% 0.02% BRT APARTMENTS CORP 1,230.00 7.97 17.34 9,802.85 21,328.20 11,525.35 117.57% 1,082.40 5.07% 0.03% 0.02% BURLINGTON STORES INC 75.00 164.16 321.99 12,312.00 24,149.25 11,837.25 96.14% 0.00 0.00% 0.03% 0.02% CABLE ONE INC 9.00 1,362.39 1,912.81 12,261.51 17,215.29 4,953.78 40.40% 90.00 0.52% 0.02% 0.02% CADENCE DESIGN SYSTEM 299.00 56.20 136.82 16,803.56 40,909.18 24,105.62 143.46% 0.00 0.00% 0.06% 0.04% CAESARS ENTMT INC NEW 338.00 37.06 103.75 12,525.72 35,067.50 22,541.78 179.96% 0.00 0.00% 0.05% 0.04% CAMDEN PPTY TR SBI 165.00 93.55 132.67 15,435.19 21,890.55 6,455.36 41.82% 547.80 2.50% 0.03% 0.02% CAMPBELL SOUP CO 209.00 48.76 45.59 10,190.44 9,528.31 -662.13 -6.50% 309.32 3.25% 0.01% 0.01% CAPITAL ONE FINCL CORP 519.00 75.60 154.69 39,236.30 80,284.11 41,047.81 104.62% 830.40 1.03% 0.11% 0.08% CARDINAL HEALTH INC 405.00 52.27 57.09 21,168.95 23,121.45 1,952.50 9.22% 795.10 3.44% 0.03% 0.02% CARLISLE COS INC 83.00 94.74 191.38 7,863.42 15,884.54 8,021.12 102.01% 174.30 1.10% 0.02% 0.02% CARMAX INC 229.00 68.88 129.15 15,772.44 29,575.35 13,802.91 87.51% 0.00 0.00% 0.04% 0.03% CARNIVAL CORP NEW (PAIRED 743.00 42.34 26.36 31,459.85 19,585.48 -11,874.37 -37.74% 0.00 0.00% 0.03% 0.02% STOCK) CARRIER GLOBAL CORP 921.00 21.08 48.60 19,412.43 44,760.60 25,348.17 130.58% 442.08 0.99% 0.06% 0.05% CARVANA CO CL A 128.00 96.20 301.82 12,314.24 38,632.96 26,318.72 213.73% 0.00 0.00% 0.05% 0.04% CATALENT INC 269.00 45.80 108.12 12,319.12 29,084.28 16,765.16 136.09% 0.00 0.00% 0.04% 0.03% CATCHMARK TIMBER TRUST INC 1,864.00 11.08 11.70 20,653.12 21,808.80 1,155.68 5.60% 1,006.56 4.62% 0.03% 0.02% REIT CL A SBI

Report created on: July 01, 2021 Page 16 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US CATERPILLAR INC 497.00 110.90 217.63 55,118.40 108,162.11 53,043.71 96.24% 2,206.68 2.04% 0.15% 0.11% CATHAY GENL BANCORP 372.00 36.22 39.36 13,473.58 14,641.92 1,168.34 8.67% 461.28 3.15% 0.02% 0.02% CAVCO INDUSTRIES INC DEL 61.00 193.87 222.19 11,825.93 13,553.59 1,727.66 14.61% 0.00 0.00% 0.02% 0.01% CBOE GLOBAL MARKETS INC 148.00 106.36 119.05 15,741.90 17,619.40 1,877.50 11.93% 248.64 1.41% 0.02% 0.02% CBRE GROUP INC CL A 414.00 36.85 85.73 15,253.96 35,492.22 20,238.26 132.68% 0.00 0.00% 0.05% 0.04% CDW CORP 146.00 80.99 174.65 11,824.91 25,498.90 13,673.99 115.64% 233.60 0.92% 0.04% 0.03% CELANESE CORP NEW 143.00 108.14 151.60 15,463.72 21,678.80 6,215.08 40.19% 388.96 1.79% 0.03% 0.02% CENTENE CORP 447.00 65.94 72.93 29,475.02 32,599.71 3,124.69 10.60% 0.00 0.00% 0.05% 0.03% CENTERPOINT ENERGY INC (HLDGS 582.00 27.98 24.52 16,282.73 14,270.64 -2,012.09 -12.36% 372.48 2.61% 0.02% 0.01% CO) CERNER CORP 459.00 63.74 78.16 29,255.53 35,875.44 6,619.91 22.63% 403.92 1.13% 0.05% 0.04% CF INDUSTRIES HOLDINGS INC 330.00 44.98 51.45 14,844.85 16,978.50 2,133.65 14.37% 396.00 2.33% 0.02% 0.02% CHARLES RIVER LABORATORIES 93.00 107.05 369.92 9,955.52 34,402.56 24,447.04 245.56% 0.00 0.00% 0.05% 0.04% CHARTER COMMUNICATIONS INC 133.00 313.29 721.45 41,667.76 95,952.85 54,285.09 130.28% 0.00 0.00% 0.13% 0.10% NEW CL A CHEGG INC 225.00 86.20 83.11 19,394.66 18,699.75 -694.91 -3.58% 0.00 0.00% 0.03% 0.02% CHEMOCENTRYX INC 1,117.00 23.69 13.39 26,465.81 14,956.63 -11,509.18 -43.49% 0.00 0.00% 0.02% 0.02% CHENIERE ENERGY INC NEW 399.00 48.90 86.74 19,511.55 34,609.26 15,097.71 77.38% 0.00 0.00% 0.05% 0.04% CHIPOTLE MEXICAN GRILL INC CL A 35.00 493.40 1,550.34 17,269.09 54,261.90 36,992.81 214.21% 0.00 0.00% 0.08% 0.06% CHURCH & DWIGHT CO INC 274.00 60.36 85.22 16,539.93 23,350.28 6,810.35 41.18% 276.74 1.19% 0.03% 0.02% CIENA CORP NEW 317.00 38.30 56.89 12,140.37 18,034.13 5,893.76 48.55% 0.00 0.00% 0.03% 0.02% CIGNA CORP 340.00 177.53 237.07 60,360.10 80,603.80 20,243.70 33.54% 1,360.00 1.69% 0.11% 0.08% CINN FINANCIAL CORP 201.00 73.65 116.62 14,803.24 23,440.62 8,637.38 58.35% 506.52 2.16% 0.03% 0.02% CINTAS CORP 106.00 220.11 382.00 23,331.92 40,492.00 17,160.08 73.55% 318.00 0.79% 0.06% 0.04% CISCO SYSTEMS INC 4,177.00 43.77 53.00 182,817.80 221,381.00 38,563.20 21.09% 6,181.96 2.79% 0.31% 0.23% CITIGROUP INC 2,049.00 60.93 70.75 124,840.40 144,966.75 20,126.35 16.12% 4,179.96 2.88% 0.20% 0.15% CITIZENS FINANCIAL GROUP INC 695.00 35.31 45.87 24,538.50 31,879.65 7,341.15 29.92% 1,084.20 3.40% 0.04% 0.03% CITRIX SYSTEMS INC 174.00 110.91 117.27 19,298.01 20,404.98 1,106.97 5.74% 257.52 1.26% 0.03% 0.02% CLEAN ENERGY FUELS CORP 1,177.00 2.78 10.15 3,276.89 11,946.55 8,669.66 264.57% 0.00 0.00% 0.02% 0.01% CLEAN HARBORS INC 239.00 34.84 93.14 8,327.38 22,260.46 13,933.08 167.32% 0.00 0.00% 0.03% 0.02% CLEVELAND-CLIFFS INC NEW 1,003.00 21.55 21.56 21,614.75 21,624.68 9.93 0.05% 0.00 0.00% 0.03% 0.02% CLOROX CO 178.00 166.14 179.91 29,572.24 32,023.98 2,451.74 8.29% 825.92 2.58% 0.04% 0.03% CLOUDFLARE INC CL A 354.00 105.69 105.84 37,414.58 37,467.36 52.78 0.14% 0.00 0.00% 0.05% 0.04% CME GROUP INC 313.00 177.79 212.68 55,649.59 66,568.84 10,919.25 19.62% 1,126.80 1.69% 0.09% 0.07% CMS ENERGY CORP 322.00 51.27 59.08 16,509.06 19,023.76 2,514.70 15.23% 560.28 2.95% 0.03% 0.02% CNO FINL GROUP INC COM 621.00 18.79 23.62 11,666.85 14,668.02 3,001.17 25.72% 322.92 2.20% 0.02% 0.02%

Report created on: July 01, 2021 Page 17 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US COCA COLA CO COM 3,377.00 45.96 54.11 155,216.83 182,729.47 27,512.64 17.73% 5,673.36 3.10% 0.26% 0.19% COGNEX CORP 250.00 41.80 84.05 10,451.10 21,012.50 10,561.40 101.06% 60.00 0.29% 0.03% 0.02% COGNIZANT TECH SOLUTIONS CRP 617.00 65.24 69.26 40,250.75 42,733.42 2,482.67 6.17% 592.32 1.39% 0.06% 0.04% COLFAX CORP 400.00 28.34 45.81 11,335.96 18,324.00 6,988.04 61.64% 0.00 0.00% 0.03% 0.02% COLGATE PALMOLIVE CO 622.00 64.69 81.35 40,234.81 50,599.70 10,364.89 25.76% 1,119.60 2.21% 0.07% 0.05% COLUMBIA PPTY TR INC REIT 652.00 21.53 17.39 14,035.15 11,338.28 -2,696.87 -19.22% 547.68 4.83% 0.02% 0.01% COMCAST CORP NEW CL A 4,458.00 35.89 57.02 159,996.87 254,195.16 94,198.29 58.88% 4,458.00 1.75% 0.36% 0.26% COMMUNITY HEALTHCARE TR INC 466.00 42.80 47.46 19,943.47 22,116.36 2,172.89 10.90% 794.53 3.59% 0.03% 0.02% REIT CONAGRA BRANDS, INC. 445.00 37.33 36.38 16,611.49 16,189.10 -422.39 -2.54% 489.50 3.02% 0.02% 0.02% CONS EDISON CO (HOLDING CO) 355.00 78.24 71.72 27,774.06 25,460.60 -2,313.46 -8.33% 1,100.50 4.32% 0.04% 0.03% CONSTELLATION BRANDS INC CL A 187.00 190.10 233.89 35,547.85 43,737.43 8,189.58 23.04% 568.48 1.30% 0.06% 0.05% CONTANGO OIL & GAS CO 3,588.00 2.49 4.32 8,934.12 15,500.16 6,566.04 73.49% 0.00 0.00% 0.02% 0.02% COOPER COMPANIES INC NEW 62.00 251.13 396.27 15,570.04 24,568.74 8,998.70 57.79% 3.72 0.02% 0.03% 0.03% COPART INC 203.00 46.80 131.83 9,500.32 26,761.49 17,261.17 181.69% 0.00 0.00% 0.04% 0.03% CORNING INC 874.00 30.86 40.90 26,971.55 35,746.60 8,775.05 32.53% 839.04 2.35% 0.05% 0.04% CORTEVA INC 788.00 27.30 44.35 21,514.91 34,947.80 13,432.89 62.44% 409.76 1.17% 0.05% 0.04% COSTAR GROUP INC 420.00 36.69 82.82 15,408.04 34,784.40 19,376.36 125.75% 0.00 0.00% 0.05% 0.04% COSTCO WHOLESALE CORP 383.00 235.34 395.67 90,135.65 151,541.61 61,405.96 68.13% 1,210.28 0.80% 0.21% 0.16% COUPA SOFTWARE INC 82.00 131.63 262.11 10,793.50 21,493.02 10,699.52 99.13% 0.00 0.00% 0.03% 0.02% COVETRUS INC 78.00 44.32 27.00 3,456.81 2,106.00 -1,350.81 -39.08% 0.00 0.00% 0.00% 0.00% CRANE CO 165.00 84.57 92.37 13,953.52 15,241.05 1,287.53 9.23% 283.80 1.86% 0.02% 0.02% CREE INC 192.00 101.83 97.93 19,551.36 18,802.56 -748.80 -3.83% 0.00 0.00% 0.03% 0.02% CROWDSTRIKE HLDGS INC CL A 174.00 111.25 251.31 19,357.64 43,727.94 24,370.30 125.89% 0.00 0.00% 0.06% 0.05% CROWN CASTLE INTL CORP REIT 414.00 103.86 195.10 42,999.44 80,771.40 37,771.96 87.84% 2,202.48 2.73% 0.11% 0.08% CSX CORPORATION 1,521.00 22.14 32.08 33,673.52 48,793.68 15,120.16 44.90% 567.84 1.16% 0.07% 0.05% CULLEN FROST BANKERS INC 153.00 92.71 112.00 14,184.89 17,136.00 2,951.11 20.80% 440.64 2.57% 0.02% 0.02% CUMMINS INC 146.00 126.25 243.81 18,433.17 35,596.26 17,163.09 93.11% 788.40 2.21% 0.05% 0.04% CVS HEALTH CORP 1,363.00 68.86 83.44 93,862.93 113,728.72 19,865.79 21.16% 2,726.00 2.40% 0.16% 0.12% D R HORTON INC 361.00 27.88 90.37 10,064.75 32,623.57 22,558.82 224.14% 288.80 0.89% 0.05% 0.03% DANAHER CORP 616.00 107.32 268.36 66,110.47 165,309.76 99,199.29 150.05% 517.44 0.31% 0.23% 0.17% DARDEN RESTAURANTS INC 188.00 112.33 145.99 21,118.41 27,446.12 6,327.71 29.96% 498.20 1.82% 0.04% 0.03% DARLING INTL INC 279.00 70.18 67.50 19,579.10 18,832.50 -746.60 -3.81% 0.00 0.00% 0.03% 0.02% DATADOG INC 171.00 85.02 104.08 14,538.42 17,797.68 3,259.26 22.42% 0.00 0.00% 0.02% 0.02% DAVITA INC 197.00 65.90 120.43 12,981.73 23,724.71 10,742.98 82.75% 0.00 0.00% 0.03% 0.02%

Report created on: July 01, 2021 Page 18 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US DEERE AND CO 274.00 136.20 352.71 37,317.95 96,642.54 59,324.59 158.97% 986.40 1.02% 0.14% 0.10% DEL TACO RESTAURANTS INC COM 1,841.00 5.85 10.01 10,774.45 18,428.41 7,653.96 71.04% 294.56 1.60% 0.03% 0.02% DELEK US HLDGS INC NEW COM 376.00 36.10 21.62 13,574.20 8,129.12 -5,445.08 -40.11% 0.00 0.00% 0.01% 0.01% DELL TECHNOLOGIES INC CL C 289.00 69.23 99.67 20,008.22 28,804.63 8,796.41 43.96% 0.00 0.00% 0.04% 0.03% DELTA AIR LINES INC DELA NEW 767.00 44.36 43.26 34,021.57 33,180.42 -841.15 -2.47% 0.00 0.00% 0.05% 0.03% DENTSPLY SIRONA INC 375.00 41.36 63.26 15,510.11 23,722.50 8,212.39 52.95% 165.00 0.70% 0.03% 0.02% DEXCOM INC 119.00 154.53 427.00 18,389.38 50,813.00 32,423.62 176.32% 0.00 0.00% 0.07% 0.05% DIGITAL REALTY TRUST INC REIT 331.00 122.13 150.46 40,425.20 49,802.26 9,377.06 23.20% 1,535.84 3.08% 0.07% 0.05% DIGITAL TURBINE INC COM NEW 218.00 86.95 76.03 18,955.10 16,574.54 -2,380.56 -12.56% 0.00 0.00% 0.02% 0.02% DISCOVER FINANCIAL SERVICES 372.00 72.42 118.29 26,940.69 44,003.88 17,063.19 63.34% 654.72 1.49% 0.06% 0.05% DISCOVERY INC CL A 313.00 57.53 30.68 18,005.92 9,602.84 -8,403.08 -46.67% 0.00 0.00% 0.01% 0.01% DISCOVERY INC SER C 426.00 27.41 28.98 11,676.45 12,345.48 669.03 5.73% 0.00 0.00% 0.02% 0.01% DOCUSIGN INC 227.00 109.88 279.57 24,942.01 63,462.39 38,520.38 154.44% 0.00 0.00% 0.09% 0.07% DOLLAR GEN CORP NEW 199.00 112.32 216.39 22,352.26 43,061.61 20,709.35 92.65% 334.32 0.78% 0.06% 0.04% DOLLAR TREE INC 224.00 82.00 99.50 18,367.01 22,288.00 3,920.99 21.35% 0.00 0.00% 0.03% 0.02% DOMINION ENERGY INC 658.00 73.87 73.57 48,609.32 48,409.06 -200.26 -0.41% 1,658.16 3.43% 0.07% 0.05% DOMINO'S PIZZA INC 56.00 291.42 466.49 16,319.56 26,123.44 9,803.88 60.07% 210.56 0.81% 0.04% 0.03% DOORDASH INC CL A 122.00 179.63 178.33 21,915.41 21,756.26 -159.15 -0.73% 0.00 0.00% 0.03% 0.02% DOW INC 788.00 53.32 63.28 42,014.53 49,864.64 7,850.11 18.68% 2,206.40 4.42% 0.07% 0.05% DRAFTKINGS INC CL A 472.00 52.11 52.17 24,593.94 24,624.24 30.30 0.12% 0.00 0.00% 0.03% 0.03% DTE ENERGY CO 261.00 76.69 129.60 20,015.67 33,825.60 13,809.93 69.00% 861.30 2.55% 0.05% 0.03% DUKE ENERGY CORP NEW 531.00 81.38 98.72 43,214.58 52,420.32 9,205.74 21.30% 2,049.66 3.91% 0.07% 0.05% DUKE REALTY CORP NEW REITS 416.00 27.89 47.35 11,602.24 19,697.60 8,095.36 69.77% 424.32 2.15% 0.03% 0.02% DUPONT DE NEMOURS INC 788.00 78.24 77.41 61,656.87 60,999.08 -657.79 -1.07% 945.60 1.55% 0.09% 0.06% DXC TECHNOLOGY CO 193.00 74.10 38.94 14,301.51 7,515.42 -6,786.09 -47.45% 0.00 0.00% 0.01% 0.01% EARTHSTONE ENERGY INC CL A 2,150.00 5.54 11.07 11,914.65 23,800.50 11,885.85 99.76% 0.00 0.00% 0.03% 0.02% EASTERLY GOVT PPTYS INC 933.00 18.79 21.08 17,535.51 19,667.64 2,132.13 12.16% 970.32 4.93% 0.03% 0.02% EASTMAN CHEMICAL CO 198.00 76.25 116.75 15,097.34 23,116.50 8,019.16 53.12% 546.48 2.36% 0.03% 0.02% EBAY INC 812.00 27.47 70.21 22,308.56 57,010.52 34,701.96 155.55% 584.64 1.03% 0.08% 0.06% ECOLAB INC 216.00 155.34 205.97 33,554.32 44,489.52 10,935.20 32.59% 414.72 0.93% 0.06% 0.05% EDISON INTL 382.00 70.56 57.82 26,953.88 22,087.24 -4,866.64 -18.06% 1,012.30 4.58% 0.03% 0.02% EDWARDS LIFESCIENCES CORP 704.00 54.99 103.57 38,716.28 72,913.28 34,197.00 88.33% 0.00 0.00% 0.10% 0.08% ELANCO ANIMAL HEALTH INC 565.00 16.03 34.69 9,054.13 19,599.85 10,545.72 116.47% 0.00 0.00% 0.03% 0.02% ELECTRONIC ARTS 319.00 97.13 143.83 30,985.96 45,881.77 14,895.81 48.07% 216.92 0.47% 0.06% 0.05% EMERSON ELECTRIC CO 472.00 56.35 96.24 26,597.28 45,425.28 18,828.00 70.79% 953.44 2.10% 0.06% 0.05%

Report created on: July 01, 2021 Page 19 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US ENCOMPASS HEALTH CORP 163.00 73.14 78.03 11,922.05 12,718.89 796.84 6.68% 182.56 1.44% 0.02% 0.01% ENPHASE ENERGY INC 147.00 44.92 183.63 6,603.34 26,993.61 20,390.27 308.79% 0.00 0.00% 0.04% 0.03% ENTEGRIS INC 253.00 40.22 122.97 10,174.67 31,111.41 20,936.74 205.77% 80.96 0.26% 0.04% 0.03% ENTERGY CORP NEW 295.00 78.39 99.70 23,125.02 29,411.50 6,286.48 27.18% 1,121.00 3.81% 0.04% 0.03% ENTERPRISE FINANCIAL SERVICES 422.00 27.23 46.39 11,490.38 19,576.58 8,086.20 70.37% 303.84 1.55% 0.03% 0.02% CORP EPAM SYSTEMS INC 72.00 115.64 510.96 8,326.08 36,789.12 28,463.04 341.85% 0.00 0.00% 0.05% 0.04% EQUIFAX INC 158.00 115.43 239.51 18,238.32 37,842.58 19,604.26 107.49% 246.48 0.65% 0.05% 0.04% EQUINIX INC REIT 96.00 474.43 802.60 45,544.94 77,049.60 31,504.66 69.17% 1,102.08 1.43% 0.11% 0.08% EQUITABLE HLDGS INC 600.00 20.44 30.45 12,262.74 18,270.00 6,007.26 48.99% 432.00 2.36% 0.03% 0.02% EQUITRANS MIDSTREAM CORP 571.00 20.93 8.51 11,949.32 4,859.21 -7,090.11 -59.33% 342.60 7.05% 0.01% 0.01% EQUITY COMWLTH REIT 480.00 29.76 26.20 14,283.84 12,576.00 -1,707.84 -11.96% 0.00 0.00% 0.02% 0.01% EQUITY LIFESTYLE PROPERTIES INC 240.00 45.92 74.31 11,020.65 17,834.40 6,813.75 61.83% 348.00 1.95% 0.02% 0.02% REIT EQUITY RESIDENTIAL SBI 481.00 65.46 77.00 31,487.94 37,037.00 5,549.06 17.62% 1,159.21 3.13% 0.05% 0.04% ESSENTIAL UTILS INC 419.00 35.56 45.70 14,898.72 19,148.30 4,249.58 28.52% 420.17 2.19% 0.03% 0.02% ESSEX PROPERTY TRUST INC 68.00 251.96 300.01 17,133.38 20,400.68 3,267.30 19.07% 568.48 2.79% 0.03% 0.02% ETSY INC 185.00 54.22 205.84 10,031.34 38,080.40 28,049.06 279.61% 0.00 0.00% 0.05% 0.04% EVERGY INC 345.00 57.38 60.43 19,797.62 20,848.35 1,050.73 5.31% 738.30 3.54% 0.03% 0.02% EVERSOURCE ENERGY COM 404.00 64.87 80.24 26,205.74 32,416.96 6,211.22 23.70% 973.64 3.00% 0.05% 0.03% EXACT SCIENCES CORP 158.00 61.37 124.31 9,695.72 19,640.98 9,945.26 102.57% 0.00 0.00% 0.03% 0.02% EXELON CORP 890.00 41.51 44.31 36,941.55 39,435.90 2,494.35 6.75% 1,361.70 3.45% 0.06% 0.04% EXPEDIA GROUP INC 117.00 118.48 163.71 13,862.37 19,154.07 5,291.70 38.17% 0.00 0.00% 0.03% 0.02% EXPEDITORS INTL WASH INC 158.00 64.82 126.60 10,242.07 20,002.80 9,760.73 95.30% 183.28 0.92% 0.03% 0.02% EXTRA SPACE STORAGE INC REITS 146.00 76.70 163.82 11,198.20 23,917.72 12,719.52 113.59% 584.00 2.44% 0.03% 0.02% F5 NETWORKS INC 72.00 163.93 186.66 11,802.96 13,439.52 1,636.56 13.87% 0.00 0.00% 0.02% 0.01% FACEBOOK INC CL A 2,375.00 160.61 347.71 381,457.46 825,811.25 444,353.79 116.49% 0.00 0.00% 1.16% 0.85% FACTSET RESH SYSTEMS INC 46.00 214.95 335.61 9,887.70 15,438.06 5,550.36 56.13% 150.88 0.98% 0.02% 0.02% FAIR ISAAC CORP 46.00 199.56 502.68 9,179.75 23,123.28 13,943.53 151.89% 0.00 0.00% 0.03% 0.02% FALCON MINERALS CORP CL A COM 5,579.00 2.35 5.08 13,133.69 28,341.32 15,207.63 115.79% 1,506.33 5.31% 0.04% 0.03% FASTENAL CO 750.00 27.90 52.00 20,928.31 39,000.00 18,071.69 86.35% 840.00 2.15% 0.05% 0.04% FASTLY INC CL A 177.00 76.40 59.60 13,521.92 10,549.20 -2,972.72 -21.98% 0.00 0.00% 0.01% 0.01% FEDERAL RLTY INV TR BI MD 126.00 120.37 117.17 15,167.15 14,763.42 -403.73 -2.66% 534.24 3.62% 0.02% 0.02% FEDEX CORP 254.00 168.52 298.33 42,802.97 75,775.82 32,972.85 77.03% 762.00 1.01% 0.11% 0.08% FIDELITY NATIONAL FINANCIAL IN 355.00 33.13 43.46 11,761.11 15,428.30 3,667.19 31.18% 511.20 3.31% 0.02% 0.02% COM

Report created on: July 01, 2021 Page 20 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US FIDELITY NATL INFORMATION SVCS 608.00 106.18 141.67 64,555.55 86,135.36 21,579.81 33.43% 948.48 1.10% 0.12% 0.09% FIFTH THIRD BANCORP 647.00 25.12 38.23 16,252.58 24,734.81 8,482.23 52.19% 698.76 2.83% 0.03% 0.03% FIRST FINCL BANCORP OHIO 564.00 24.30 23.63 13,704.64 13,327.32 -377.32 -2.75% 518.88 3.89% 0.02% 0.01% MONROE FIRST LONG ISLAND CORP 966.00 21.29 21.23 20,566.14 20,508.18 -57.96 -0.28% 734.16 3.58% 0.03% 0.02% FIRST REP BANK 184.00 84.69 187.17 15,582.04 34,439.28 18,857.24 121.02% 161.92 0.47% 0.05% 0.04% FISERV INC 583.00 75.87 106.89 44,235.00 62,316.87 18,081.87 40.88% 0.00 0.00% 0.09% 0.06% FIVE BELOW INC 104.00 112.39 193.27 11,688.34 20,100.08 8,411.74 71.97% 0.00 0.00% 0.03% 0.02% FLEETCOR TECHNOLOGIES INC 84.00 195.22 256.06 16,398.48 21,509.04 5,110.56 31.16% 0.00 0.00% 0.03% 0.02% FLOWSERVE CORP 311.00 45.71 40.32 14,215.78 12,539.52 -1,676.26 -11.79% 248.80 1.98% 0.02% 0.01% FLUOR CORP NEW 326.00 43.26 17.70 14,104.19 5,770.20 -8,333.99 -59.09% 0.00 0.00% 0.01% 0.01% FMC CORP NEW 196.00 65.36 108.20 12,810.32 21,207.20 8,396.88 65.55% 376.32 1.77% 0.03% 0.02% FORD MOTOR CO COM 4,088.00 8.88 14.86 36,302.49 60,747.68 24,445.19 67.34% 0.00 0.00% 0.09% 0.06% FORTINET INC 188.00 80.41 238.19 15,118.00 44,779.72 29,661.72 196.20% 0.00 0.00% 0.06% 0.05% FORTIVE CORP 340.00 38.21 69.74 12,992.22 23,711.60 10,719.38 82.51% 95.20 0.40% 0.03% 0.02% FOX CORP CL A 331.00 40.77 37.13 13,494.87 12,290.03 -1,204.84 -8.93% 152.26 1.24% 0.02% 0.01% FOX CORP CL B COM 264.00 40.23 35.20 10,619.40 9,292.80 -1,326.60 -12.49% 121.44 1.31% 0.01% 0.01% FRANKLIN ELECTRIC CO 213.00 50.29 80.62 10,712.03 17,172.06 6,460.03 60.31% 149.10 0.87% 0.02% 0.02% FRANKLIN STREET PROPERTIES CORP 1,664.00 7.25 5.26 12,064.30 8,752.64 -3,311.66 -27.45% 599.04 6.84% 0.01% 0.01% REITS FREEPORT-MCMORAN INC 776.00 30.85 37.11 23,939.60 28,797.36 4,857.76 20.29% 232.80 0.81% 0.04% 0.03% GALLAGHER ARTHUR J & CO 268.00 72.55 140.08 19,443.21 37,541.44 18,098.23 93.08% 514.56 1.37% 0.05% 0.04% GAMESTOP CORP NEW (HOLDING 97.00 200.44 214.14 19,442.37 20,771.58 1,329.21 6.84% 0.00 0.00% 0.03% 0.02% CO) CL A GAP INC 459.00 26.50 33.65 12,162.21 15,445.35 3,283.14 26.99% 220.32 1.43% 0.02% 0.02% GARTNER INC 87.00 143.70 242.20 12,501.48 21,071.40 8,569.92 68.55% 0.00 0.00% 0.03% 0.02% GENERAC HLDGS INC 107.00 83.47 415.15 8,931.29 44,421.05 35,489.76 397.36% 0.00 0.00% 0.06% 0.05% GENERAL MOTORS CO 1,276.00 30.93 59.17 39,464.13 75,500.92 36,036.79 91.32% 0.00 0.00% 0.11% 0.08% GENL DYNAMICS CORP 227.00 156.59 188.26 35,545.88 42,735.02 7,189.14 20.22% 1,080.52 2.53% 0.06% 0.04% GENL ELECTRIC CO 9,212.00 10.60 13.46 97,653.18 123,993.52 26,340.34 26.97% 368.48 0.30% 0.17% 0.13% GENL MILLS INC 626.00 45.04 60.93 28,194.16 38,142.18 9,948.02 35.28% 1,277.04 3.35% 0.05% 0.04% GENUINE PARTS CO 135.00 100.35 126.47 13,547.34 17,073.45 3,526.11 26.03% 440.10 2.58% 0.02% 0.02% GILEAD SCIENCES INC 1,476.00 69.76 68.86 102,970.93 101,637.36 -1,333.57 -1.30% 4,191.84 4.12% 0.14% 0.10% GLACIER BANCORP INC NEW 339.00 39.17 55.08 13,279.58 18,672.12 5,392.54 40.61% 420.36 2.25% 0.03% 0.02% GLOBAL PAYMENTS INC 339.00 125.33 187.54 42,487.53 63,576.06 21,088.53 49.63% 264.42 0.42% 0.09% 0.07% GODADDY INC CL A 212.00 70.91 86.96 15,032.43 18,435.52 3,403.09 22.64% 0.00 0.00% 0.03% 0.02%

Report created on: July 01, 2021 Page 21 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US GOLDMAN SACHS GROUP INC 330.00 202.75 379.53 66,908.36 125,244.90 58,336.54 87.19% 1,650.00 1.32% 0.18% 0.13% GOODYEAR TIRE & RUBBER CO 1,361.00 4.56 17.15 6,201.26 23,341.15 17,139.89 276.39% 0.00 0.00% 0.03% 0.02% GRACO INC 250.00 40.13 75.70 10,033.48 18,925.00 8,891.52 88.62% 187.50 0.99% 0.03% 0.02% GRAINGER W W INC 58.00 273.53 438.00 15,864.89 25,404.00 9,539.11 60.13% 375.84 1.48% 0.04% 0.03% GREAT AJAX CORP REIT 1,808.00 8.70 12.98 15,733.38 23,467.84 7,734.46 49.16% 1,374.08 5.86% 0.03% 0.02% GREENBRIER COS INC 211.00 55.62 43.58 11,735.10 9,195.38 -2,539.72 -21.64% 227.88 2.48% 0.01% 0.01% GUARDANT HEALTH INC 144.00 132.75 124.19 19,116.09 17,883.36 -1,232.73 -6.45% 0.00 0.00% 0.03% 0.02% GUIDEWIRE SOFTWARE INC 133.00 87.27 112.72 11,606.59 14,991.76 3,385.17 29.17% 0.00 0.00% 0.02% 0.02% H B FULLER CO 328.00 26.85 63.61 8,806.80 20,864.08 12,057.28 136.91% 219.76 1.05% 0.03% 0.02% HAEMONETICS CORP MASS 114.00 104.95 66.64 11,964.78 7,596.96 -4,367.82 -36.51% 0.00 0.00% 0.01% 0.01% HALLIBURTON CO (HOLDING 1,259.00 11.02 23.12 13,873.18 29,108.08 15,234.90 109.82% 226.62 0.78% 0.04% 0.03% COMPANY) HARTFORD FINCL SERVICES GROUP 362.00 45.26 61.97 16,384.08 22,433.14 6,049.06 36.92% 506.80 2.26% 0.03% 0.02% INC HASBRO INC 234.00 94.18 94.52 22,037.12 22,117.68 80.56 0.37% 636.48 2.88% 0.03% 0.02% HCA HEALTHCARE, INC 306.00 118.41 206.74 36,232.63 63,262.44 27,029.81 74.60% 587.52 0.93% 0.09% 0.07% HEALTH CARE SVCS GROUP INC 281.00 43.11 31.57 12,113.88 8,871.17 -3,242.71 -26.77% 231.12 2.61% 0.01% 0.01% HEALTHCARE REALTY TR INC 502.00 28.14 30.20 14,124.43 15,160.40 1,035.97 7.33% 607.42 4.01% 0.02% 0.02% HEALTHPEAK PPTYS INC 700.00 24.14 33.29 16,897.99 23,303.00 6,405.01 37.90% 840.00 3.60% 0.03% 0.02% HECLA MINING CO (HOLDING CO) 3,141.00 6.04 7.44 18,970.07 23,369.04 4,398.97 23.19% 47.11 0.20% 0.03% 0.02% HEICO CORP NEW 140.00 82.68 139.42 11,575.49 19,518.80 7,943.31 68.62% 25.20 0.13% 0.03% 0.02% HENRY JACK & ASSOC INC 104.00 149.58 163.51 15,556.39 17,005.04 1,448.65 9.31% 191.36 1.13% 0.02% 0.02% HERSHEY CO 164.00 106.95 174.18 17,539.31 28,565.52 11,026.21 62.87% 527.42 1.85% 0.04% 0.03% HEWLETT PACKARD ENTERPRISE CO 1,464.00 15.30 14.58 22,403.74 21,345.12 -1,058.62 -4.73% 702.72 3.29% 0.03% 0.02% HILTON WORLDWIDE HOLDINGS INC 304.00 65.96 120.62 20,051.23 36,668.48 16,617.25 82.87% 0.00 0.00% 0.05% 0.04% HNI CORP 307.00 39.09 43.97 11,999.10 13,498.79 1,499.69 12.50% 380.68 2.82% 0.02% 0.01% HOLLYFRONTIER CORP COM 661.00 43.30 32.90 28,621.78 21,746.90 -6,874.88 -24.02% 925.40 4.26% 0.03% 0.02% HOLOGIC INC 387.00 39.30 66.72 15,207.44 25,820.64 10,613.20 69.79% 0.00 0.00% 0.04% 0.03% HOME DEPOT INC 1,047.00 182.98 318.89 191,583.60 333,877.83 142,294.23 74.27% 6,910.20 2.07% 0.47% 0.34% HONEYWELL INTL INC 685.00 135.34 219.35 92,708.86 150,254.75 57,545.89 62.07% 2,548.20 1.70% 0.21% 0.16% HORMEL FOODS CORP 349.00 42.19 47.75 14,723.58 16,664.75 1,941.17 13.18% 342.02 2.05% 0.02% 0.02% HOST HOTELS & RESORTS INC (REIT) 1,263.00 17.89 17.09 22,591.56 21,584.67 -1,006.89 -4.46% 0.00 0.00% 0.03% 0.02% HOWMET AEROSPACE INC 736.00 21.17 34.47 15,583.98 25,369.92 9,785.94 62.79% 0.00 0.00% 0.04% 0.03% HP INC 1,376.00 20.80 30.19 28,618.22 41,541.44 12,923.22 45.16% 1,066.68 2.57% 0.06% 0.04% HUBBELL INC 113.00 103.78 186.84 11,727.35 21,112.92 9,385.57 80.03% 442.96 2.10% 0.03% 0.02% HUBSPOT INC 44.00 435.62 582.72 19,167.28 25,639.68 6,472.40 33.77% 0.00 0.00% 0.04% 0.03%

Report created on: July 01, 2021 Page 22 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US HUMANA INC 106.00 301.79 442.72 31,989.86 46,928.32 14,938.46 46.70% 296.80 0.63% 0.07% 0.05% HUNT J B TRANS SVCS INC 112.00 107.31 162.95 12,019.18 18,250.40 6,231.22 51.84% 134.40 0.74% 0.03% 0.02% HUNTINGTON BANCSHARES 1,185.00 13.26 14.27 15,709.78 16,909.95 1,200.17 7.64% 711.00 4.20% 0.02% 0.02% HUNTINGTON INGALLS INDS INC 71.00 165.50 210.75 11,750.50 14,963.25 3,212.75 27.34% 323.76 2.16% 0.02% 0.02% HUNTSMAN CORP 565.00 20.30 26.52 11,468.71 14,983.80 3,515.09 30.65% 423.75 2.83% 0.02% 0.02% HYATT HOTELS CORP CL A 230.00 48.73 77.64 11,207.90 17,857.20 6,649.30 59.33% 0.00 0.00% 0.02% 0.02% IAA INC 216.00 33.51 54.54 7,239.13 11,780.64 4,541.51 62.74% 0.00 0.00% 0.02% 0.01% IAC/INTERACTIVECORP 82.00 41.58 154.17 3,409.38 12,641.94 9,232.56 270.80% 0.00 0.00% 0.02% 0.01% IDEX CORP 104.00 128.64 220.05 13,378.10 22,885.20 9,507.10 71.06% 224.64 0.98% 0.03% 0.02% IDEXX LABS 78.00 210.00 631.55 16,379.99 49,260.90 32,880.91 200.74% 0.00 0.00% 0.07% 0.05% ILLINOIS TOOL WORKS INC 223.00 121.82 223.56 27,166.49 49,853.88 22,687.39 83.51% 1,016.88 2.04% 0.07% 0.05% ILLUMINA INC 164.00 288.73 473.21 47,351.40 77,606.44 30,255.04 63.89% 0.00 0.00% 0.11% 0.08% INARI MED INC COM 219.00 96.87 93.28 21,214.81 20,428.32 -786.49 -3.71% 0.00 0.00% 0.03% 0.02% INCYTE CORP 292.00 67.65 84.13 19,753.67 24,565.96 4,812.29 24.36% 0.00 0.00% 0.03% 0.03% INGERSOLL RAND INC 360.00 30.91 48.81 11,126.62 17,571.60 6,444.98 57.92% 0.00 0.00% 0.02% 0.02% INGREDION INC COM 162.00 70.15 90.50 11,364.28 14,661.00 3,296.72 29.01% 414.72 2.83% 0.02% 0.02% INSULET CORP 87.00 136.91 274.51 11,911.17 23,882.37 11,971.20 100.50% 0.00 0.00% 0.03% 0.02% INTEL CORP 4,036.00 45.85 56.14 185,036.99 226,581.04 41,544.05 22.45% 5,610.04 2.48% 0.32% 0.23% INTER PARFUMS INC 163.00 57.15 72.00 9,315.43 11,736.00 2,420.57 25.98% 163.00 1.39% 0.02% 0.01% INTERCONTINENTALEXCHANGE 583.00 74.02 118.70 43,154.48 69,202.10 26,047.62 60.36% 769.56 1.11% 0.10% 0.07% GROUP INTERPUBLIC GROUP OF COS INC 501.00 23.82 32.49 11,931.32 16,277.49 4,346.17 36.43% 541.08 3.32% 0.02% 0.02% INTL BUSINESS MACH 873.00 123.88 146.59 108,147.34 127,973.07 19,825.73 18.33% 5,726.88 4.48% 0.18% 0.13% INTL FLAVORS&FRGRNCS 203.00 120.42 149.40 24,446.25 30,328.20 5,881.95 24.06% 625.24 2.06% 0.04% 0.03% INTL PAPER CO 624.00 45.05 61.31 28,109.26 38,257.44 10,148.18 36.10% 1,279.20 3.34% 0.05% 0.04% INTUIT 248.00 217.79 490.17 54,012.72 121,562.16 67,549.44 125.06% 585.28 0.48% 0.17% 0.13% INTUITIVE SURGICAL INC 114.00 497.10 919.64 56,669.93 104,838.96 48,169.03 85.00% 0.00 0.00% 0.15% 0.11% INVESCO LTD 714.00 21.24 26.73 15,165.29 19,085.22 3,919.93 25.85% 485.52 2.54% 0.03% 0.02% INVESTORS BANCORP INC NEW 1,297.00 10.37 14.26 13,446.26 18,495.22 5,048.96 37.55% 726.32 3.93% 0.03% 0.02% INVITATION HOMES INC REIT 670.00 21.91 37.29 14,678.70 24,984.30 10,305.60 70.21% 455.60 1.82% 0.03% 0.03% IONIS PHARMACEUTICALS INC 201.00 45.94 39.89 9,233.36 8,017.89 -1,215.47 -13.16% 0.00 0.00% 0.01% 0.01% IPG PHOTONICS CORP 76.00 130.82 210.77 9,942.18 16,018.52 6,076.34 61.12% 0.00 0.00% 0.02% 0.02% IQVIA HLDGS INC 201.00 110.84 242.32 22,279.46 48,706.32 26,426.86 118.62% 0.00 0.00% 0.07% 0.05% IRONWOOD PHARMACEUTICALS 880.00 13.02 12.87 11,453.77 11,325.60 -128.17 -1.12% 0.00 0.00% 0.02% 0.01% INC COM CL A ITT INC COM 247.00 47.25 91.59 11,670.03 22,622.73 10,952.70 93.85% 217.36 0.96% 0.03% 0.02%

Report created on: July 01, 2021 Page 23 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US JACOBS ENGINEERING GROUP INC 140.00 74.55 133.42 10,436.78 18,678.80 8,242.02 78.97% 117.60 0.63% 0.03% 0.02% JBG SMITH PPTYS SBI 382.00 37.43 31.51 14,296.62 12,036.82 -2,259.80 -15.81% 343.80 2.86% 0.02% 0.01% JOHNSON & JOHNSON COM 2,436.00 137.85 164.74 335,813.08 401,306.64 65,493.56 19.50% 10,328.64 2.57% 0.56% 0.41% JONES LANG LASALLE INC 117.00 85.17 195.46 9,965.47 22,868.82 12,903.35 129.48% 0.00 0.00% 0.03% 0.02% JPMORGAN CHASE & CO 2,951.00 100.71 155.54 297,183.28 458,998.54 161,815.26 54.45% 10,623.60 2.31% 0.64% 0.47% JUNIPER NETWORKS INC 439.00 28.75 27.35 12,620.11 12,006.65 -613.46 -4.86% 351.20 2.93% 0.02% 0.01% KAMAN CORP COM 393.00 52.07 50.40 20,463.51 19,807.20 -656.31 -3.21% 314.40 1.59% 0.03% 0.02% KANSAS CITY STHN NEW 150.00 102.36 283.37 15,354.75 42,505.50 27,150.75 176.82% 324.00 0.76% 0.06% 0.04% KAR AUCTION SVCS INC 216.00 21.61 17.55 4,666.79 3,790.80 -875.99 -18.77% 0.00 0.00% 0.01% 0.00% KELLOGG CO 237.00 71.91 64.33 17,041.49 15,246.21 -1,795.28 -10.53% 549.84 3.61% 0.02% 0.02% KEURIG DR PEPPER INC 981.00 34.49 35.24 33,834.59 34,570.44 735.85 2.17% 735.75 2.13% 0.05% 0.04% KEYCORP NEW 1,290.00 16.71 20.65 21,552.94 26,638.50 5,085.56 23.60% 954.60 3.58% 0.04% 0.03% KEYSIGHT TECHNOLOGIES INC COM 255.00 59.46 154.41 15,161.59 39,374.55 24,212.96 159.70% 0.00 0.00% 0.06% 0.04% KIMBERLY CLARK CORP 292.00 108.68 133.78 31,734.35 39,063.76 7,329.41 23.10% 1,331.52 3.41% 0.05% 0.04% KINDER MORGAN INC 1,858.00 16.31 18.23 30,303.79 33,871.34 3,567.55 11.77% 2,006.64 5.92% 0.05% 0.03% KIRBY CORPORATION 287.00 41.70 60.64 11,968.10 17,403.68 5,435.58 45.42% 0.00 0.00% 0.02% 0.02% KKR & CO INC CL A 538.00 47.77 59.24 25,700.21 31,871.12 6,170.91 24.01% 312.04 0.98% 0.04% 0.03% KLA CORP 183.00 97.22 324.21 17,791.36 59,330.43 41,539.07 233.48% 658.80 1.11% 0.08% 0.06% KNIGHT-SWIFT TRANSN HLDGS INC 401.00 30.90 45.46 12,388.94 18,229.46 5,840.52 47.14% 160.40 0.88% 0.03% 0.02% CL A KOHLS CORP 166.00 73.68 55.11 12,230.93 9,148.26 -3,082.67 -25.20% 166.00 1.81% 0.01% 0.01% KONTOOR BRANDS INC 50.00 33.70 56.41 1,684.86 2,820.50 1,135.64 67.40% 80.00 2.84% 0.00% 0.00% KORN FERRY 265.00 43.95 72.55 11,646.54 19,225.75 7,579.21 65.08% 127.20 0.66% 0.03% 0.02% KOSMOS ENERGY LTD 6,930.00 1.76 3.46 12,211.35 23,977.80 11,766.45 96.36% 0.00 0.00% 0.03% 0.02% KRAFT HEINZ CO/THE 775.00 45.74 40.78 35,452.21 31,604.50 -3,847.71 -10.85% 1,240.00 3.92% 0.04% 0.03% KROGER COMPANY 836.00 28.19 38.31 23,564.25 32,027.16 8,462.91 35.91% 702.24 2.19% 0.04% 0.03% L BRANDS INC COM 339.00 59.01 72.06 20,004.36 24,428.34 4,423.98 22.12% 203.40 0.83% 0.03% 0.03% L3 HARRIS TECHNOLOGIES INC 195.00 162.43 216.15 31,672.90 42,149.25 10,476.35 33.08% 795.60 1.89% 0.06% 0.04% LABORATORY CORP AMER HLDGS 100.00 157.66 275.85 15,765.56 27,585.00 11,819.44 74.97% 0.00 0.00% 0.04% 0.03% NEW LAM RESEARCH CORP 156.00 149.47 650.70 23,317.62 101,509.20 78,191.58 335.33% 811.20 0.80% 0.14% 0.10% LAMB WESTON HLDGS INC 155.00 79.07 80.66 12,256.05 12,502.30 246.25 2.01% 145.70 1.17% 0.02% 0.01% LANDSTAR SYSTEMS INC 119.00 99.60 158.02 11,852.63 18,804.38 6,951.75 58.65% 99.96 0.53% 0.03% 0.02% LAS VEGAS SANDS CORP 406.00 54.30 52.69 22,044.18 21,392.14 -652.04 -2.96% 0.00 0.00% 0.03% 0.02% LAUDER ESTEE COS CL A 247.00 141.90 318.08 35,049.66 78,565.76 43,516.10 124.16% 523.64 0.67% 0.11% 0.08% LEIDOS HLDGS INC 182.00 64.09 101.10 11,663.60 18,400.20 6,736.60 57.76% 247.52 1.35% 0.03% 0.02%

Report created on: July 01, 2021 Page 24 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US LIBERTY BROADBAND CORP SER C 220.00 109.04 173.66 23,988.89 38,205.20 14,216.31 59.26% 0.00 0.00% 0.05% 0.04% LIBERTY MEDIA CORP-LIBERTY 289.00 47.67 48.21 13,776.34 13,932.69 156.35 1.13% 0.00 0.00% 0.02% 0.01% FORMULA ONE SER C LIBERTY OILFIELD SVCS INC CL A 1,213.00 14.03 14.16 17,014.13 17,176.08 161.95 0.95% 0.00 0.00% 0.02% 0.02% LILLY ELI & CO 823.00 110.90 229.52 91,272.61 188,894.96 97,622.35 106.96% 2,798.20 1.48% 0.26% 0.20% LINCOLN ELEC HOLDINGS NEW 176.00 79.06 131.71 13,914.37 23,180.96 9,266.59 66.60% 359.04 1.55% 0.03% 0.02% LINCOLN NATL CORP IND 260.00 59.41 62.84 15,446.96 16,338.40 891.44 5.77% 436.80 2.67% 0.02% 0.02% LITHIA MOTORS INC CL A 54.00 371.30 343.64 20,050.00 18,556.56 -1,493.44 -7.45% 75.60 0.41% 0.03% 0.02% LIVE NATION ENTERTAINMENT INC 271.00 42.56 87.59 11,535.01 23,736.89 12,201.88 105.78% 0.00 0.00% 0.03% 0.02% LIVENT CORP 183.00 10.88 19.36 1,991.91 3,542.88 1,550.97 77.86% 0.00 0.00% 0.00% 0.00% LKQ CORP NEW 424.00 25.93 49.22 10,993.90 20,869.28 9,875.38 89.83% 0.00 0.00% 0.03% 0.02% LOCKHEED MARTIN CORP 243.00 318.96 378.35 77,508.42 91,939.05 14,430.63 18.62% 2,527.20 2.75% 0.13% 0.09% LOEWS CORP 579.00 45.15 54.65 26,140.23 31,642.35 5,502.12 21.05% 144.75 0.46% 0.04% 0.03% LOWES COMPANIES INC 820.00 95.39 193.97 78,222.85 159,055.40 80,832.55 103.34% 2,624.00 1.65% 0.22% 0.16% LULULEMON ATHLETICA INC 146.00 169.51 364.97 24,749.08 53,285.62 28,536.54 115.30% 0.00 0.00% 0.07% 0.06% LUMEN TECHNOLOGIES INC CL A 1,736.00 17.35 13.59 30,112.64 23,592.24 -6,520.40 -21.65% 1,736.00 7.36% 0.03% 0.02% LYFT INC CL A 328.00 50.68 60.48 16,624.42 19,837.44 3,213.02 19.33% 0.00 0.00% 0.03% 0.02% M & T BANK CORP 144.00 155.48 145.31 22,389.81 20,924.64 -1,465.17 -6.54% 633.60 3.03% 0.03% 0.02% MACATAWA BANK CORP 5,052.00 8.60 8.75 43,428.19 44,205.00 776.81 1.79% 1,616.64 3.66% 0.06% 0.05% MACERICH COMPANY 255.00 44.99 18.25 11,471.89 4,653.75 -6,818.14 -59.43% 153.00 3.29% 0.01% 0.00% MACQUARIE INFRASTRUCTURE 414.00 38.57 38.27 15,968.90 15,843.78 -125.12 -0.78% 0.00 0.00% 0.02% 0.02% CORP MACY'S INC 473.00 32.72 18.96 15,475.24 8,968.08 -6,507.16 -42.05% 0.00 0.00% 0.01% 0.01% MADISON SQUARE GARDEN SPORTS 43.00 199.96 172.57 8,598.16 7,420.51 -1,177.65 -13.70% 0.00 0.00% 0.01% 0.01% CORP CL A MADISON SQUARE GRDN 43.00 75.59 83.97 3,250.49 3,610.71 360.22 11.08% 0.00 0.00% 0.01% 0.00% MAGNOLIA OIL & GAS CORP CL A 3,424.00 5.47 15.63 18,716.63 53,517.12 34,800.49 185.93% 0.00 0.00% 0.07% 0.06% MARATHON PETROLEUM CO 1,009.00 41.03 60.42 41,398.10 60,963.78 19,565.68 47.26% 2,340.88 3.84% 0.09% 0.06% MARKETAXESS HOLDINGS INC 40.00 209.96 463.59 8,398.42 18,543.60 10,145.18 120.80% 105.60 0.57% 0.03% 0.02% MARRIOTT INTL INC NEW CL A 268.00 92.52 136.52 24,796.47 36,587.36 11,790.89 47.55% 0.00 0.00% 0.05% 0.04% MARSH & MCLENNAN COS INC 407.00 83.23 140.68 33,876.41 57,256.76 23,380.35 69.02% 757.02 1.32% 0.08% 0.06% MARTIN MARIETTA MATERIALS INC 94.00 163.78 351.81 15,394.86 33,070.14 17,675.28 114.81% 214.32 0.65% 0.05% 0.03% MARVELL TECHNOLOGY INC 831.00 16.89 58.33 14,033.76 48,472.23 34,438.47 245.40% 199.44 0.41% 0.07% 0.05% MASCO CORP 329.00 30.12 58.91 9,908.59 19,381.39 9,472.80 95.60% 309.26 1.60% 0.03% 0.02% MASIMO CORP 65.00 157.82 242.45 10,257.98 15,759.25 5,501.27 53.63% 0.00 0.00% 0.02% 0.02% MASTERCARD INC CL A 868.00 213.43 365.09 185,257.82 316,898.12 131,640.30 71.06% 1,527.68 0.48% 0.44% 0.33%

Report created on: July 01, 2021 Page 25 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US MATCH GROUP INC 176.00 60.29 161.25 10,610.29 28,380.00 17,769.71 167.48% 0.00 0.00% 0.04% 0.03% MAXIM INTEGRATED PRODS INC 374.00 54.02 105.36 20,203.22 39,404.64 19,201.42 95.04% 0.00 0.00% 0.06% 0.04% MC CORMICK & CO NV 238.00 71.19 88.32 16,942.36 21,020.16 4,077.80 24.07% 323.68 1.54% 0.03% 0.02% MCDONALDS CORP 628.00 172.22 230.99 108,153.79 145,061.72 36,907.93 34.13% 3,240.48 2.23% 0.20% 0.15% MCKESSON CORP 216.00 122.52 191.24 26,464.00 41,307.84 14,843.84 56.09% 362.88 0.88% 0.06% 0.04% MDU RESOURCES GROUP INC 468.00 26.38 31.34 12,344.06 14,667.12 2,323.06 18.82% 397.80 2.71% 0.02% 0.02% MERCK & CO INC COM 2,485.00 68.09 77.77 169,192.48 193,258.45 24,065.97 14.22% 6,461.00 3.34% 0.27% 0.20% METLIFE INC 690.00 36.58 59.85 25,237.70 41,296.50 16,058.80 63.63% 1,324.80 3.21% 0.06% 0.04% METTLER-TOLEDO INTL 28.00 718.41 1,385.34 20,115.55 38,789.52 18,673.97 92.83% 0.00 0.00% 0.05% 0.04% MGM RESORTS INTL 629.00 24.41 42.65 15,353.83 26,826.85 11,473.02 74.72% 6.29 0.02% 0.04% 0.03% MICROCHIP TECHNOLOGY INC 245.00 62.62 149.74 15,341.63 36,686.30 21,344.67 139.13% 404.74 1.10% 0.05% 0.04% MICRON TECHNOLOGY INC 1,186.00 37.01 84.98 43,893.05 100,786.28 56,893.23 129.62% 0.00 0.00% 0.14% 0.10% MICROSOFT CORP 7,297.00 118.71 270.90 866,194.14 1,976,757.30 1,110,563.16 128.21% 16,345.28 0.83% 2.77% 2.04% MICROSTRATEGY INC NEW CL A 20.00 1,005.88 664.50 20,117.60 13,290.00 -6,827.60 -33.94% 0.00 0.00% 0.02% 0.01% MID AMER APARTMENT 100.00 99.74 168.42 9,974.24 16,842.00 6,867.76 68.85% 410.00 2.43% 0.02% 0.02% COMMUNITIES INC MIDDLEBY CORP DELA 106.00 111.85 173.26 11,856.31 18,365.56 6,509.25 54.90% 0.00 0.00% 0.03% 0.02% MODERNA INC 340.00 14.36 234.98 4,882.94 79,893.20 75,010.26 1,536.17% 0.00 0.00% 0.11% 0.08% MOLINA HEALTHCARE INC 91.00 130.98 253.06 11,919.18 23,028.46 11,109.28 93.21% 0.00 0.00% 0.03% 0.02% MOLSON COORS BEVERAGE CO CL 208.00 59.92 53.69 12,463.15 11,167.52 -1,295.63 -10.40% 0.00 0.00% 0.02% 0.01% B MONDELEZ INTL INC 1,501.00 42.14 62.44 63,250.86 93,722.44 30,471.58 48.18% 1,891.26 2.02% 0.13% 0.10% MONGODB INC 68.00 275.96 361.52 18,765.27 24,583.36 5,818.09 31.00% 0.00 0.00% 0.03% 0.03% MONOLITHIC POWER SYSTEMS INC 92.00 183.19 373.45 16,853.09 34,357.40 17,504.31 103.86% 220.80 0.64% 0.05% 0.04% MONSTER BEVERAGE CORP NEW 432.00 52.59 91.35 22,719.38 39,463.20 16,743.82 73.70% 0.00 0.00% 0.06% 0.04% COM MOODYS CORP 137.00 163.63 362.37 22,417.52 49,644.69 27,227.17 121.45% 339.76 0.68% 0.07% 0.05% MORGAN STANLEY 1,618.00 42.85 91.69 69,330.44 148,354.42 79,023.98 113.98% 2,265.20 1.53% 0.21% 0.15% MOSAIC CO 497.00 29.69 31.91 14,755.88 15,859.27 1,103.39 7.48% 149.10 0.94% 0.02% 0.02% MOTOROLA SOLUTIONS INC 175.00 125.68 216.85 21,994.52 37,948.75 15,954.23 72.54% 497.00 1.31% 0.05% 0.04% MSCI INC 104.00 152.13 533.08 15,821.51 55,440.32 39,618.81 250.41% 324.48 0.59% 0.08% 0.06% NASDAQ INC 187.00 81.43 175.80 15,228.23 32,874.60 17,646.37 115.88% 403.92 1.23% 0.05% 0.03% NATL INSTRUMENTS CORP 407.00 22.11 42.28 8,996.74 17,207.96 8,211.22 91.27% 439.56 2.55% 0.02% 0.02% NEKTAR THERAPEUTICS SYSTEMS 726.00 27.31 17.16 19,828.69 12,458.16 -7,370.53 -37.17% 0.00 0.00% 0.02% 0.01% INC NETAPP INC 343.00 74.08 81.82 25,410.95 28,064.26 2,653.31 10.44% 686.00 2.44% 0.04% 0.03%

Report created on: July 01, 2021 Page 26 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US NETFLIX INC 419.00 325.39 528.21 136,340.05 221,319.99 84,979.94 62.33% 0.00 0.00% 0.31% 0.23% NEUROCRINE BIOSCIENCES INC NEW 201.00 97.18 97.32 19,532.80 19,561.32 28.52 0.15% 0.00 0.00% 0.03% 0.02% NEW NEW JERSEY RESOURCES CRP 263.00 47.07 39.57 12,378.65 10,406.91 -1,971.74 -15.93% 349.79 3.36% 0.01% 0.01% NEWELL BRANDS INC 737.00 16.07 27.47 11,841.23 20,245.39 8,404.16 70.97% 678.04 3.35% 0.03% 0.02% NEWMONT CORP 800.00 34.11 63.38 27,284.97 50,704.00 23,419.03 85.83% 1,760.00 3.47% 0.07% 0.05% NEWS CORP NEW CL A 914.00 12.90 25.77 11,793.53 23,553.78 11,760.25 99.72% 182.80 0.78% 0.03% 0.02% NEWS CORP NEW CL B 920.00 13.13 24.35 12,077.58 22,402.00 10,324.42 85.48% 184.00 0.82% 0.03% 0.02% NEXTERA ENERGY INC COM 1,908.00 47.06 73.28 89,789.75 139,818.24 50,028.49 55.72% 2,938.32 2.10% 0.20% 0.14% NIKE INC CL B 1,222.00 74.51 154.49 91,051.05 188,786.78 97,735.73 107.34% 1,344.20 0.71% 0.26% 0.19% NISOURCE INC 438.00 26.19 24.50 11,471.18 10,731.00 -740.18 -6.45% 385.44 3.59% 0.02% 0.01% NORDSON CORP 103.00 114.71 219.51 11,814.68 22,609.53 10,794.85 91.37% 160.68 0.71% 0.03% 0.02% NORDSTROM INC 201.00 60.48 36.57 12,156.46 7,350.57 -4,805.89 -39.53% 0.00 0.00% 0.01% 0.01% NORFOLK STHN CORP 89.00 167.52 265.41 14,909.28 23,621.49 8,712.21 58.43% 343.54 1.45% 0.03% 0.02% NORTHERN OIL & GAS, INC 1,448.00 20.48 20.77 29,652.72 30,074.96 422.24 1.42% 173.76 0.58% 0.04% 0.03% NORTHROP GRUMMAN CORP 154.00 297.94 363.43 45,883.09 55,968.22 10,085.13 21.98% 967.12 1.73% 0.08% 0.06% NORTHWEST BANCSHARES INC MD 854.00 15.64 13.64 13,359.46 11,648.56 -1,710.90 -12.81% 683.20 5.87% 0.02% 0.01% COM NORTONLIFELOCK INC 949.00 19.69 27.22 18,687.79 25,831.78 7,143.99 38.23% 474.50 1.84% 0.04% 0.03% NOVAVAX INC 68.00 299.69 212.31 20,378.92 14,437.08 -5,941.84 -29.16% 0.00 0.00% 0.02% 0.01% NRG ENERGY INC NEW 482.00 36.16 40.30 17,428.92 19,424.60 1,995.68 11.45% 626.60 3.23% 0.03% 0.02% NTHN TRUST CORP 256.00 88.81 115.62 22,736.64 29,598.72 6,862.08 30.18% 716.80 2.42% 0.04% 0.03% NUANCE COMMUNICATIONS INC 459.00 41.95 54.44 19,252.76 24,987.96 5,735.20 29.79% 0.00 0.00% 0.03% 0.03% NVIDIA CORP 567.00 208.47 800.10 118,203.62 453,656.70 335,453.08 283.79% 362.88 0.08% 0.64% 0.47% NVR INC 6.00 2,121.40 4,973.30 12,728.40 29,839.80 17,111.40 134.43% 0.00 0.00% 0.04% 0.03% O REILLY AUTOMOTIVE INC 82.00 332.94 566.21 27,301.12 46,429.22 19,128.10 70.06% 0.00 0.00% 0.06% 0.05% O-I GLASS INC 698.00 16.65 16.33 11,621.28 11,398.34 -222.94 -1.92% 0.00 0.00% 0.02% 0.01% OCCIDENTAL PETROLEUM CRP 1,187.00 32.89 31.27 39,037.34 37,117.49 -1,919.85 -4.92% 47.48 0.13% 0.05% 0.04% OGE ENERGY CORP 401.00 37.69 33.65 15,112.81 13,493.65 -1,619.16 -10.71% 645.61 4.78% 0.02% 0.01% OKTA INC 103.00 105.71 244.68 10,888.35 25,202.04 14,313.69 131.46% 0.00 0.00% 0.04% 0.03% OLD DOMINION FREIGHT LINES INC 156.00 83.35 253.80 13,003.11 39,592.80 26,589.69 204.49% 124.80 0.32% 0.06% 0.04% OLD NATL BANCORP EVANSVL IND 797.00 16.81 17.61 13,395.82 14,035.17 639.35 4.77% 446.32 3.18% 0.02% 0.01% OLD REPUBLIC INTL CORP 886.00 13.74 24.91 12,173.64 22,070.26 9,896.62 81.30% 779.68 3.53% 0.03% 0.02% OLLIE'S BARGAIN OUTLET HOLDI 136.00 89.23 84.13 12,134.89 11,441.68 -693.21 -5.71% 0.00 0.00% 0.02% 0.01% OMNICOM GROUP INC 220.00 73.53 79.99 16,176.01 17,597.80 1,421.79 8.79% 616.00 3.50% 0.02% 0.02% ON SEMICONDUCTOR CORP 951.00 12.92 38.28 12,282.55 36,404.28 24,121.73 196.39% 0.00 0.00% 0.05% 0.04%

Report created on: July 01, 2021 Page 27 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US ONEOK INC NEW 805.00 44.34 55.64 35,694.16 44,790.20 9,096.04 25.48% 3,010.70 6.72% 0.06% 0.05% ORACLE CORP 1,732.00 47.01 77.84 81,424.42 134,818.88 53,394.46 65.58% 2,216.96 1.64% 0.19% 0.14% ORGANON & CO 248.00 34.08 30.26 8,453.02 7,504.48 -948.54 -11.22% 0.00 0.00% 0.01% 0.01% OSHKOSH CORP 153.00 54.33 124.64 8,311.80 19,069.92 10,758.12 129.43% 201.96 1.06% 0.03% 0.02% OTIS WORLDWIDE CORP 435.00 58.62 81.77 25,499.11 35,569.95 10,070.84 39.49% 417.60 1.17% 0.05% 0.04% OTTER TAIL CORP 302.00 46.11 48.81 13,924.04 14,740.62 816.58 5.86% 471.12 3.20% 0.02% 0.02% OVERSTOCK COM INC DEL 192.00 59.74 92.20 11,470.08 17,702.40 6,232.32 54.34% 0.00 0.00% 0.02% 0.02% OWENS CORNING NEW 194.00 43.93 97.90 8,523.14 18,992.60 10,469.46 122.84% 201.76 1.06% 0.03% 0.02% PACCAR INC 360.00 55.71 89.25 20,056.56 32,130.00 12,073.44 60.20% 489.60 1.52% 0.04% 0.03% PACIFIC BIOSCIENCES OF CALIF 423.00 52.05 34.97 22,016.81 14,792.31 -7,224.50 -32.81% 0.00 0.00% 0.02% 0.02% PACKAGING CORP OF AMERICA 115.00 84.20 135.42 9,682.54 15,573.30 5,890.76 60.84% 460.00 2.95% 0.02% 0.02% PALANTIR TECHNOLOGIES INC CL A 1,442.00 26.97 26.36 38,889.30 38,011.12 -878.18 -2.26% 0.00 0.00% 0.05% 0.04% PALO ALTO NETWORKS INC 121.00 180.12 371.05 21,795.00 44,897.05 23,102.05 106.00% 0.00 0.00% 0.06% 0.05% PARAMOUNT GROUP INC REIT 1,345.00 14.11 10.07 18,981.19 13,544.15 -5,437.04 -28.64% 376.60 2.78% 0.02% 0.01% PARKER HANNIFIN CORP 171.00 148.57 307.11 25,405.57 52,515.81 27,110.24 106.71% 704.52 1.34% 0.07% 0.05% PATTERSON-UTI ENERGY INC 1,991.00 10.79 9.94 21,477.91 19,790.54 -1,687.37 -7.86% 159.28 0.80% 0.03% 0.02% PAYCHEX INC 372.00 71.75 107.30 26,692.82 39,915.60 13,222.78 49.54% 982.08 2.46% 0.06% 0.04% PAYCOM SOFTWARE INC 83.00 125.43 363.47 10,410.69 30,168.01 19,757.32 189.78% 0.00 0.00% 0.04% 0.03% PAYPAL HOLDINGS INC 1,202.00 94.60 291.48 113,710.93 350,358.96 236,648.03 208.11% 0.00 0.00% 0.49% 0.36% PBF ENERGY INC CL A 761.00 27.60 15.30 21,000.57 11,643.30 -9,357.27 -44.56% 0.00 0.00% 0.02% 0.01% PELOTON INTERACTIVE INC 260.00 146.52 124.02 38,095.20 32,245.20 -5,850.00 -15.36% 0.00 0.00% 0.05% 0.03% PENN NATL GAMING INC 289.00 30.34 76.49 8,768.26 22,105.61 13,337.35 152.11% 0.00 0.00% 0.03% 0.02% PENN VA CORP NEW 884.00 25.40 23.61 22,450.68 20,871.24 -1,579.44 -7.04% 0.00 0.00% 0.03% 0.02% PEOPLE'S UNITED FINANCIAL INC 937.00 15.15 17.14 14,193.58 16,060.18 1,866.60 13.15% 684.01 4.26% 0.02% 0.02% PEPSICO INC 1,206.00 115.38 148.17 139,153.47 178,693.02 39,539.55 28.41% 5,185.80 2.90% 0.25% 0.18% PERKINELMER INC 164.00 83.20 154.41 13,644.46 25,323.24 11,678.78 85.59% 45.92 0.18% 0.04% 0.03% PFIZER INC 5,421.00 39.05 39.16 211,710.96 212,286.36 575.40 0.27% 8,456.76 3.98% 0.30% 0.22% PG & E CORP (HOLDING COMPANY) 1,020.00 32.05 10.17 32,687.65 10,373.40 -22,314.25 -68.27% 0.00 0.00% 0.01% 0.01% PHILIP MORRIS INTL INC 1,530.00 84.91 99.11 129,915.72 151,638.30 21,722.58 16.72% 7,344.00 4.84% 0.21% 0.16% PHILLIPS 66 731.00 86.59 85.82 63,293.80 62,734.42 -559.38 -0.88% 2,631.60 4.19% 0.09% 0.06% PINNACLE WEST CAP CORP 174.00 69.45 81.97 12,083.55 14,262.78 2,179.23 18.03% 577.68 4.05% 0.02% 0.01% PINTEREST INC CL A 506.00 34.49 78.95 17,453.96 39,948.70 22,494.74 128.88% 0.00 0.00% 0.06% 0.04% PLUG POWER INC COM NEW 665.00 47.12 34.19 31,337.75 22,736.35 -8,601.40 -27.45% 0.00 0.00% 0.03% 0.02% PNC FINANCIAL SERVICES GROUP 452.00 113.99 190.76 51,522.95 86,223.52 34,700.57 67.35% 2,079.20 2.41% 0.12% 0.09% POOL CORP 62.00 186.06 458.66 11,536.03 28,436.92 16,900.89 146.51% 198.40 0.70% 0.04% 0.03%

Report created on: July 01, 2021 Page 28 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US PORTLAND GENL ELEC CO NEW 312.00 46.85 46.08 14,615.86 14,376.96 -238.90 -1.63% 536.64 3.73% 0.02% 0.01% POST HLDGS INC 153.00 76.39 108.47 11,686.91 16,595.91 4,909.00 42.00% 0.00 0.00% 0.02% 0.02% PPG INDUSTRIES INC 239.00 98.61 169.77 23,568.13 40,575.03 17,006.90 72.16% 516.24 1.27% 0.06% 0.04% PPL CORP 1,046.00 27.92 27.97 29,205.21 29,256.62 51.41 0.18% 1,736.36 5.93% 0.04% 0.03% PREFERRED BK LOS ANGELES CA 356.00 32.98 63.27 11,740.67 22,524.12 10,783.45 91.85% 541.12 2.40% 0.03% 0.02% COM NEW PRICE T ROWE GROUP INC 285.00 97.35 197.97 27,746.12 56,421.45 28,675.33 103.35% 1,231.20 2.18% 0.08% 0.06% PRINCIPAL FINANCIAL GROUP INC 444.00 52.28 63.19 23,212.17 28,056.36 4,844.19 20.87% 1,083.36 3.86% 0.04% 0.03% PROCTER & GAMBLE CO 2,405.00 100.45 134.93 241,577.42 324,506.65 82,929.23 34.33% 8,367.48 2.58% 0.45% 0.34% PROGRESSIVE CORP OHIO 699.00 71.72 98.21 50,134.85 68,648.79 18,513.94 36.93% 279.60 0.41% 0.10% 0.07% PROLOGIS INC COM 716.00 67.74 119.53 48,501.67 85,583.48 37,081.81 76.45% 1,804.32 2.11% 0.12% 0.09% PROOFPOINT INC 101.00 103.51 173.76 10,454.30 17,549.76 7,095.46 67.87% 0.00 0.00% 0.02% 0.02% PROSPERITY BANCSHARES INC 191.00 61.11 71.80 11,672.93 13,713.80 2,040.87 17.48% 374.36 2.73% 0.02% 0.01% PRUDENTIAL FINANCIAL INC 631.00 91.31 102.47 57,615.95 64,658.57 7,042.62 12.22% 2,902.60 4.49% 0.09% 0.07% PS BUSINESS PARKS INC CA 74.00 131.95 148.08 9,764.30 10,957.92 1,193.62 12.22% 310.80 2.84% 0.02% 0.01% PTC INC COM 171.00 86.07 141.26 14,718.21 24,155.46 9,437.25 64.12% 0.00 0.00% 0.03% 0.02% PUBLIC SERVICE ENTERPRSE GROUP 606.00 56.91 59.74 34,487.99 36,202.44 1,714.45 4.97% 1,236.24 3.41% 0.05% 0.04% INC PUBLIC STORAGE REIT 145.00 201.58 300.69 29,228.38 43,600.05 14,371.67 49.17% 1,160.00 2.66% 0.06% 0.05% PULTE GROUP INC 477.00 22.30 54.57 10,636.09 26,029.89 15,393.80 144.73% 267.12 1.03% 0.04% 0.03% PVH CORP COM 101.00 120.34 107.59 12,154.58 10,866.59 -1,287.99 -10.60% 0.00 0.00% 0.02% 0.01% QORVO INC 168.00 69.73 195.65 11,715.28 32,869.20 21,153.92 180.57% 0.00 0.00% 0.05% 0.03% QUALCOMM INC 1,108.00 68.21 142.93 75,582.06 158,366.44 82,784.38 109.53% 3,013.76 1.90% 0.22% 0.16% QUEST DIAGNOSTICS INC 136.00 92.34 131.97 12,558.42 17,947.92 5,389.50 42.92% 337.28 1.88% 0.03% 0.02% QUIDEL CORP 75.00 216.85 128.12 16,263.38 9,609.00 -6,654.38 -40.92% 0.00 0.00% 0.01% 0.01% QURATE RETAIL INC SER A 541.00 14.68 13.09 7,944.03 7,081.69 -862.34 -10.86% 0.00 0.00% 0.01% 0.01% RALPH LAUREN CORP CL A 95.00 125.77 117.81 11,948.15 11,191.95 -756.20 -6.33% 261.25 2.33% 0.02% 0.01% RAYMOND JAMES FINANCIAL CORP 188.00 79.30 129.90 14,907.95 24,421.20 9,513.25 63.81% 293.28 1.20% 0.03% 0.03% RAYTHEON TECHNOLOGIES CORP 1,402.00 64.64 85.31 90,627.75 119,604.62 28,976.87 31.97% 2,860.08 2.39% 0.17% 0.12% REALTY INCOME CORP MD SBI 286.00 58.64 66.74 16,772.29 19,087.64 2,315.35 13.80% 808.24 4.23% 0.03% 0.02% REGENCY CENTERS CORP 313.00 38.09 64.07 11,920.61 20,053.91 8,133.30 68.23% 744.94 3.71% 0.03% 0.02% REGENERON PHARMACEUTICLS INC 105.00 382.48 558.54 40,160.14 58,646.70 18,486.56 46.03% 0.00 0.00% 0.08% 0.06% REGIONS FINANCIAL CORP 1,560.00 15.61 20.18 24,346.76 31,480.80 7,134.04 29.30% 967.20 3.07% 0.04% 0.03% REINSURANCE GROUP AMER INC 163.00 64.69 114.00 10,543.66 18,582.00 8,038.34 76.24% 456.40 2.46% 0.03% 0.02% NEW RELIANCE STEEL & ALUMINUM CO 151.00 76.97 150.90 11,622.29 22,785.90 11,163.61 96.05% 415.25 1.82% 0.03% 0.02%

Report created on: July 01, 2021 Page 29 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US REPLIGEN CORP 123.00 94.96 199.62 11,679.90 24,553.26 12,873.36 110.22% 0.00 0.00% 0.03% 0.03% REPLIMUNE GROUP INC 350.00 43.19 38.42 15,117.52 13,447.00 -1,670.52 -11.05% 0.00 0.00% 0.02% 0.01% RESIDEO TECHNOLOGIES INC 511.00 15.53 30.00 7,934.42 15,330.00 7,395.58 93.21% 0.00 0.00% 0.02% 0.02% RESMED INC 180.00 106.01 246.52 19,082.25 44,373.60 25,291.35 132.54% 280.80 0.63% 0.06% 0.05% RESOURCES CONNECTION INC 1,972.00 13.30 14.36 26,236.28 28,317.92 2,081.64 7.93% 1,104.32 3.90% 0.04% 0.03% REVANCE THERAPEUTICS INC 638.00 16.35 29.64 10,431.43 18,910.32 8,478.89 81.28% 0.00 0.00% 0.03% 0.02% REX AMERN RESOURCES CORP 191.00 70.05 90.18 13,380.10 17,224.38 3,844.28 28.73% 0.00 0.00% 0.02% 0.02% RINGCENTRAL INC CL A 69.00 154.86 290.58 10,685.20 20,050.02 9,364.82 87.64% 0.00 0.00% 0.03% 0.02% ROBERT HALF INTL INC 189.00 59.19 88.97 11,186.89 16,815.33 5,628.44 50.31% 287.28 1.71% 0.02% 0.02% ROCKET PHARMACEUTICALS INC 320.00 60.66 44.29 19,410.46 14,172.80 -5,237.66 -26.98% 0.00 0.00% 0.02% 0.01% ROCKWELL AUTOMATION INC NEW 135.00 177.64 286.02 23,981.24 38,612.70 14,631.46 61.01% 577.80 1.50% 0.05% 0.04% ROKU INC 103.00 130.97 459.25 13,489.40 47,302.75 33,813.35 250.67% 0.00 0.00% 0.07% 0.05% ROPER TECHNOLOGIES INC 95.00 270.95 470.20 25,740.23 44,669.00 18,928.77 73.54% 213.75 0.48% 0.06% 0.05% ROSS STORES INC 317.00 96.64 124.00 30,634.85 39,308.00 8,673.15 28.31% 361.38 0.92% 0.06% 0.04% ROYAL GOLD INC 222.00 77.61 114.10 17,229.33 25,330.20 8,100.87 47.02% 266.40 1.05% 0.04% 0.03% RPC INC 951.00 12.13 4.95 11,530.88 4,707.45 -6,823.43 -59.18% 0.00 0.00% 0.01% 0.00% S&P GLOBAL INC 237.00 195.89 410.45 46,426.75 97,276.65 50,849.90 109.53% 729.96 0.75% 0.14% 0.10% SAGE THERAPEUTICS INC 169.00 89.94 56.81 15,200.42 9,600.89 -5,599.53 -36.84% 0.00 0.00% 0.01% 0.01% SALESFORCE.COM INC 936.00 136.89 244.27 128,125.53 228,636.72 100,511.19 78.45% 0.00 0.00% 0.32% 0.24% SAREPTA THERAPEUTICS INC COM 222.00 94.31 77.74 20,937.81 17,258.28 -3,679.53 -17.57% 0.00 0.00% 0.02% 0.02% SBA COMMUNICATIONS CORP NEW 109.00 154.58 318.70 16,849.24 34,738.30 17,889.06 106.17% 252.88 0.73% 0.05% 0.04% REIT SCHEIN HENRY INC 194.00 63.17 74.19 12,255.72 14,392.86 2,137.14 17.44% 0.00 0.00% 0.02% 0.01% SCHLUMBERGER LTD NETHERLANDS 2,096.00 23.06 32.01 48,336.84 67,092.96 18,756.12 38.80% 1,048.00 1.56% 0.09% 0.07% ANTILLES SCHWAB CHARLES CORP NEW 1,625.00 43.67 72.81 70,960.03 118,316.25 47,356.22 66.74% 1,170.00 0.99% 0.17% 0.12% SEAGEN INC 138.00 64.64 157.88 8,919.89 21,787.44 12,867.55 144.26% 0.00 0.00% 0.03% 0.02% SEI INVESTMENTS CO 230.00 51.82 61.97 11,918.58 14,253.10 2,334.52 19.59% 170.20 1.19% 0.02% 0.01% SELECT ENERGY SVCS INC CL A 1,982.00 6.86 6.04 13,586.61 11,971.28 -1,615.33 -11.89% 0.00 0.00% 0.02% 0.01% SEMPRA ENERGY 286.00 112.58 132.48 32,198.87 37,889.28 5,690.41 17.67% 1,258.40 3.32% 0.05% 0.04% SERES THERAPEUTICS INC 715.00 30.07 23.85 21,496.48 17,052.75 -4,443.73 -20.67% 0.00 0.00% 0.02% 0.02% SERITAGE GROWTH PROPERTIES REIT 309.00 37.70 18.40 11,648.34 5,685.60 -5,962.74 -51.19% 0.00 0.00% 0.01% 0.01% CL A SBI SERVICENOW INC 209.00 204.71 549.55 42,783.43 114,855.95 72,072.52 168.46% 0.00 0.00% 0.16% 0.12% SERVISFIRST BANCSHARES INC 387.00 28.89 67.98 11,179.31 26,308.26 15,128.95 135.33% 309.60 1.18% 0.04% 0.03% SHERWIN WILLIAMS CO 198.00 146.39 272.45 28,984.89 53,945.10 24,960.21 86.11% 435.60 0.81% 0.08% 0.06%

Report created on: July 01, 2021 Page 30 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US SIGNATURE BANK NEW YORK N Y 91.00 213.95 245.65 19,469.00 22,354.15 2,885.15 14.82% 203.84 0.91% 0.03% 0.02% SIMON PPTY GROUP INC SBI 376.00 142.61 130.48 53,622.43 49,060.48 -4,561.95 -8.51% 2,105.60 4.29% 0.07% 0.05% SIMPSON MANUFACTURING CO INC 176.00 57.76 110.44 10,165.32 19,437.44 9,272.12 91.21% 176.00 0.91% 0.03% 0.02% DELA SIRIUS XM HLDGS INC COM 2,036.00 5.74 6.54 11,686.64 13,315.44 1,628.80 13.94% 119.24 0.90% 0.02% 0.01% SKYWORKS SOLUTIONS INC 194.00 80.75 191.75 15,666.06 37,199.50 21,533.44 137.45% 388.00 1.04% 0.05% 0.04% SL GREEN REALTY CORP 132.00 93.85 80.00 12,388.59 10,560.00 -1,828.59 -14.76% 480.43 4.55% 0.01% 0.01% SLACK TECHNOLOGIES INC CL A 473.00 32.73 44.30 15,481.29 20,953.90 5,472.61 35.35% 0.00 0.00% 0.03% 0.02% SMITH A O CORP 271.00 44.80 72.06 12,141.99 19,528.26 7,386.27 60.83% 281.84 1.44% 0.03% 0.02% SMUCKER J M CO NEW 148.00 107.59 129.57 15,922.73 19,176.36 3,253.63 20.43% 532.80 2.78% 0.03% 0.02% SNAP ON INC 81.00 148.95 223.43 12,064.94 18,097.83 6,032.89 50.00% 398.52 2.20% 0.03% 0.02% SNOWFLAKE INC CL A 130.00 251.68 241.80 32,718.50 31,434.00 -1,284.50 -3.93% 0.00 0.00% 0.04% 0.03% SOLARIS OILFIELD INFRASTRUCTUR 1,395.00 13.33 9.74 18,602.19 13,587.30 -5,014.89 -26.96% 585.90 4.31% 0.02% 0.01% CL A SOUTHERN CO 772.00 55.14 60.51 42,569.30 46,713.72 4,144.42 9.74% 2,038.08 4.36% 0.07% 0.05% SOUTHERN COPPER CORP 3,567.00 34.26 64.32 122,212.15 229,429.44 107,217.29 87.73% 9,987.60 4.35% 0.32% 0.24% SOUTHWEST AIRLINES CO 641.00 51.72 53.09 33,154.76 34,030.69 875.93 2.64% 0.00 0.00% 0.05% 0.04% SPERO THERAPEUTICS INC 1,468.00 15.43 13.96 22,647.13 20,493.28 -2,153.85 -9.51% 0.00 0.00% 0.03% 0.02% SPIRIT AEROSYSTEMS HOLDINGS INC 148.00 81.36 47.19 12,041.49 6,984.12 -5,057.37 -42.00% 5.92 0.08% 0.01% 0.01% CL A SPLUNK INC 205.00 99.52 144.58 20,401.96 29,638.90 9,236.94 45.27% 0.00 0.00% 0.04% 0.03% SQUARE INC CL A 415.00 83.18 243.80 34,518.55 101,177.00 66,658.45 193.11% 0.00 0.00% 0.14% 0.10% SS&C TECHNOLOGIES HLDGS INC 300.00 50.17 72.06 15,051.48 21,618.00 6,566.52 43.63% 192.00 0.89% 0.03% 0.02% COM STAG INDL INC SBI 463.00 26.02 37.43 12,046.62 17,330.09 5,283.47 43.86% 671.35 3.87% 0.02% 0.02% STANLEY BLACK & DECKER INC 192.00 114.66 204.99 22,013.82 39,358.08 17,344.26 78.79% 537.60 1.37% 0.06% 0.04% COM STARBUCKS CORP 1,140.00 58.53 111.81 66,726.88 127,463.40 60,736.52 91.02% 2,052.00 1.61% 0.18% 0.13% STARWOOD PPTY TR INC 681.00 21.25 26.17 14,468.25 17,821.77 3,353.52 23.18% 1,307.52 7.34% 0.02% 0.02% STATE STREET CORP 399.00 67.96 82.28 27,116.20 32,829.72 5,713.52 21.07% 829.92 2.53% 0.05% 0.03% STEEL DYNAMICS INC 514.00 41.41 59.60 21,286.13 30,634.40 9,348.27 43.92% 534.56 1.74% 0.04% 0.03% STRYKER CORP 341.00 166.73 259.73 56,853.50 88,567.93 31,714.43 55.78% 859.32 0.97% 0.12% 0.09% SUN COMMUNITIES INC 87.00 105.34 171.40 9,164.97 14,911.80 5,746.83 62.70% 288.84 1.94% 0.02% 0.02% SUNRUN INC 489.00 53.74 55.78 26,279.50 27,276.42 996.92 3.79% 0.00 0.00% 0.04% 0.03% SUNSTONE HOTEL INVESTORS INC 836.00 14.07 12.42 11,760.68 10,383.12 -1,377.56 -11.71% 0.00 0.00% 0.01% 0.01% NEW REIT SVB FINANCIAL GROUP 70.00 297.68 556.43 20,837.85 38,950.10 18,112.25 86.92% 0.00 0.00% 0.05% 0.04%

Report created on: July 01, 2021 Page 31 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US SYNCHRONY FINL 679.00 28.93 48.52 19,641.57 32,945.08 13,303.51 67.73% 597.52 1.81% 0.05% 0.03% SYNOPSYS INC 174.00 89.40 275.79 15,555.55 47,987.46 32,431.91 208.49% 0.00 0.00% 0.07% 0.05% SYSCO CORP 573.00 62.20 77.75 35,641.25 44,550.75 8,909.50 25.00% 1,077.24 2.42% 0.06% 0.05% T-MOBILE US INC COM 583.00 84.60 144.83 49,321.79 84,435.89 35,114.10 71.19% 0.00 0.00% 0.12% 0.09% TAKE-TWO INTERACTIVE SOFTWRE 135.00 113.49 177.02 15,320.53 23,897.70 8,577.17 55.98% 0.00 0.00% 0.03% 0.02% TALOS ENERGY INC 1,256.00 12.05 15.64 15,141.08 19,643.84 4,502.76 29.74% 0.00 0.00% 0.03% 0.02% TAPESTRY INC 545.00 42.01 43.48 22,893.02 23,696.60 803.58 3.51% 0.00 0.00% 0.03% 0.02% TARGA RESOURCES INVESTMENTS 837.00 10.21 44.45 8,543.64 37,204.65 28,661.01 335.47% 334.80 0.90% 0.05% 0.04% TARGET CORP 510.00 87.05 241.74 44,395.25 123,287.40 78,892.15 177.70% 1,836.00 1.49% 0.17% 0.13% TAYLOR MORRISON HOME CORP CL 915.00 19.78 26.42 18,094.77 24,174.30 6,079.53 33.60% 0.00 0.00% 0.03% 0.02% A TELADOC HEALTH INC 127.00 139.18 166.29 17,675.67 21,118.83 3,443.16 19.48% 0.00 0.00% 0.03% 0.02% TELEDYNE TECHNOLOGIES INC 54.00 278.18 418.83 15,021.89 22,616.82 7,594.93 50.56% 0.00 0.00% 0.03% 0.02% TELEFLEX INC 51.00 237.01 401.79 12,087.52 20,491.29 8,403.77 69.52% 69.36 0.34% 0.03% 0.02% TERADYNE INC 285.00 52.65 133.96 15,003.92 38,178.60 23,174.68 154.46% 114.00 0.30% 0.05% 0.04% TESLA INC 767.00 104.51 679.70 80,159.96 521,329.90 441,169.94 550.36% 0.00 0.00% 0.73% 0.54% TEXAS INSTRUMENTS 942.00 116.35 192.30 109,605.07 181,146.60 71,541.53 65.27% 3,843.36 2.12% 0.25% 0.19% TEXAS PAC LAND CORP 13.00 1,578.48 1,599.74 20,520.20 20,796.62 276.42 1.35% 143.00 0.69% 0.03% 0.02% TEXTRON INC 249.00 53.48 68.77 13,315.65 17,123.73 3,808.08 28.60% 19.92 0.12% 0.02% 0.02% THE TRADE DESK INC CL A 620.00 19.20 77.36 11,902.76 47,963.20 36,060.44 302.96% 0.00 0.00% 0.07% 0.05% THERMO FISHER SCIENTIFIC INC 382.00 245.90 504.47 93,932.21 192,707.54 98,775.33 105.16% 397.28 0.21% 0.27% 0.20% TJX COS INC NEW 1,373.00 50.70 67.42 69,611.26 92,567.66 22,956.40 32.98% 1,427.92 1.54% 0.13% 0.10% TOLL BROTHERS INC 472.00 29.15 57.81 13,758.33 27,286.32 13,527.99 98.33% 320.96 1.18% 0.04% 0.03% TORO CO 187.00 54.65 109.88 10,218.78 20,547.56 10,328.78 101.08% 196.35 0.96% 0.03% 0.02% TOWNEBANK PORTSMOUTH VA 531.00 18.35 30.42 9,741.67 16,153.02 6,411.35 65.81% 424.80 2.63% 0.02% 0.02% TRACTOR SUPPLY COMPANY 138.00 85.37 186.06 11,781.18 25,676.28 13,895.10 117.94% 287.04 1.12% 0.04% 0.03% TRANSDIGM GROUP INC 50.00 302.25 647.29 15,112.51 32,364.50 17,251.99 114.16% 0.00 0.00% 0.05% 0.03% TRANSUNION 240.00 65.08 109.81 15,619.01 26,354.40 10,735.39 68.73% 91.20 0.35% 0.04% 0.03% TRAVELERS COS INC/THE 243.00 122.84 149.71 29,849.88 36,379.53 6,529.65 21.87% 855.36 2.35% 0.05% 0.04% TRIMBLE INC COM 312.00 37.10 81.83 11,573.86 25,530.96 13,957.10 120.59% 0.00 0.00% 0.04% 0.03% TRINITY INDUSTRIES INC 338.00 24.24 26.89 8,193.76 9,088.82 895.06 10.92% 283.92 3.12% 0.01% 0.01% TRUIST FINL CORP 1,374.00 46.00 55.50 63,200.30 76,257.00 13,056.70 20.66% 2,473.20 3.24% 0.11% 0.08% TRUSTMARK CORP 457.00 28.87 30.80 13,194.78 14,075.60 880.82 6.68% 420.44 2.99% 0.02% 0.01% TWILIO INC CL A 162.00 156.83 394.16 25,406.95 63,853.92 38,446.97 151.32% 0.00 0.00% 0.09% 0.07% TWITTER INC 864.00 30.57 68.81 26,415.33 59,451.84 33,036.51 125.07% 0.00 0.00% 0.08% 0.06%

Report created on: July 01, 2021 Page 32 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US TYLER TECHNOLOGIES INC 58.00 259.51 452.37 15,051.82 26,237.46 11,185.64 74.31% 0.00 0.00% 0.04% 0.03% TYSON FOODS INC CL A 342.00 64.62 73.76 22,100.77 25,225.92 3,125.15 14.14% 608.76 2.41% 0.04% 0.03% UBER TECHNOLOGIES INC 1,623.00 29.78 50.12 48,340.06 81,344.76 33,004.70 68.28% 0.00 0.00% 0.11% 0.08% UDR INC REITS 598.00 39.36 48.98 23,535.87 29,290.04 5,754.17 24.45% 867.10 2.96% 0.04% 0.03% UGI CORP NEW 415.00 55.67 46.31 23,104.50 19,218.65 -3,885.85 -16.82% 554.02 2.88% 0.03% 0.02% ULTA BEAUTY, INC 60.00 269.47 345.77 16,168.19 20,746.20 4,578.01 28.31% 0.00 0.00% 0.03% 0.02% ULTRAGENYX PHARMACEUTICAL 129.00 75.92 95.35 9,793.68 12,300.15 2,506.47 25.59% 0.00 0.00% 0.02% 0.01% INC UMB FINANCIAL CORP 224.00 61.07 93.06 13,679.93 20,845.44 7,165.51 52.38% 286.72 1.38% 0.03% 0.02% UNION PACIFIC CORP 592.00 137.75 219.93 81,548.31 130,198.56 48,650.25 59.66% 2,533.76 1.95% 0.18% 0.13% UNITED AIRLINES HLDGS INC 467.00 52.10 52.29 24,331.16 24,419.43 88.27 0.36% 0.00 0.00% 0.03% 0.03% UNITED PARCEL SERVICE INC CL B 704.00 109.67 207.97 77,207.86 146,410.88 69,203.02 89.63% 2,872.32 1.96% 0.20% 0.15% UNITEDHEALTH GROUP INC 924.00 255.48 400.44 236,066.84 370,006.56 133,939.72 56.74% 5,359.20 1.45% 0.52% 0.38% UNITY SOFTWARE INC 188.00 111.18 109.83 20,901.16 20,648.04 -253.12 -1.21% 0.00 0.00% 0.03% 0.02% UNIVERSAL HEALTH SVCS INC CL B 100.00 123.20 146.43 12,320.28 14,643.00 2,322.72 18.85% 80.00 0.55% 0.02% 0.02% UNTD RENTALS INC 106.00 108.93 319.01 11,546.33 33,815.06 22,268.73 192.86% 0.00 0.00% 0.05% 0.03% UPWORK INC 365.00 57.22 58.29 20,884.86 21,275.85 390.99 1.87% 0.00 0.00% 0.03% 0.02% US BANCORP DEL (NEW) 1,374.00 48.60 56.97 66,778.09 78,276.78 11,498.69 17.22% 2,308.32 2.95% 0.11% 0.08% US FOODS HLDG CORP 407.00 30.05 38.36 12,229.05 15,612.52 3,383.47 27.67% 0.00 0.00% 0.02% 0.02% VAIL RESORTS INC 63.00 236.59 316.52 14,905.05 19,940.76 5,035.71 33.79% 0.00 0.00% 0.03% 0.02% VALERO ENERGY CORP NEW 745.00 74.54 78.08 55,533.11 58,169.60 2,636.49 4.75% 2,920.40 5.02% 0.08% 0.06% VALLEY NATL BANCORP 1,276.00 9.39 13.43 11,982.12 17,136.68 5,154.56 43.02% 561.44 3.28% 0.02% 0.02% VEEVA SYSTEMS INC CL A 174.00 86.55 310.95 15,060.45 54,105.30 39,044.85 259.25% 0.00 0.00% 0.08% 0.06% VENTAS INC 453.00 55.15 57.10 24,982.87 25,866.30 883.43 3.54% 815.40 3.15% 0.04% 0.03% VERISIGN INC 116.00 135.68 227.69 15,739.44 26,412.04 10,672.60 67.81% 0.00 0.00% 0.04% 0.03% VERISK ANALYTICS INC 179.00 114.85 174.72 20,558.49 31,274.88 10,716.39 52.13% 207.64 0.66% 0.04% 0.03% VERIZON COMMUNICATIONS INC 3,852.00 56.43 56.03 217,365.43 215,827.56 -1,537.87 -0.71% 9,668.52 4.48% 0.30% 0.22% VERTEX PHARMACEUTICAL INC 290.00 177.68 201.63 51,528.12 58,472.70 6,944.58 13.48% 0.00 0.00% 0.08% 0.06% VF CORP 443.00 74.64 82.04 33,063.98 36,343.72 3,279.74 9.92% 868.28 2.39% 0.05% 0.04% VIACOMCBS INC CL B 743.00 50.34 45.20 37,405.81 33,583.60 -3,822.21 -10.22% 713.28 2.12% 0.05% 0.03% VIATRIS INC 1,378.00 15.73 14.29 21,670.58 19,691.62 -1,978.96 -9.13% 606.32 3.08% 0.03% 0.02% VICI PROPERTIES INC REIT 959.00 10.74 31.02 10,294.87 29,748.18 19,453.31 188.96% 1,265.88 4.26% 0.04% 0.03% VIMEO INC 133.00 11.90 49.00 1,582.71 6,517.00 4,934.29 311.76% 0.00 0.00% 0.01% 0.01% VINE ENERGY INC CL A 1,454.00 15.89 15.59 23,105.08 22,667.86 -437.22 -1.89% 0.00 0.00% 0.03% 0.02% VISA INC CL A 1,536.00 144.16 233.82 221,425.79 359,147.52 137,721.73 62.20% 1,966.08 0.55% 0.50% 0.37%

Report created on: July 01, 2021 Page 33 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US VONTIER CORP COM 136.00 16.55 32.58 2,250.31 4,430.88 2,180.57 96.90% 13.60 0.31% 0.01% 0.01% VORNADO REALTY TRUST 235.00 67.18 46.67 15,787.63 10,967.45 -4,820.18 -30.53% 498.20 4.54% 0.02% 0.01% VOYA FINL INC COM 288.00 42.47 61.50 12,230.12 17,712.00 5,481.88 44.82% 190.08 1.07% 0.02% 0.02% VULCAN MATERIALS CO NEW 197.00 91.23 174.07 17,971.74 34,291.79 16,320.05 90.81% 291.56 0.85% 0.05% 0.04% (HOLDING COMPANY) W P CAREY INC REIT 249.00 50.32 74.62 12,528.44 18,580.38 6,051.94 48.31% 1,045.80 5.63% 0.03% 0.02% W&T OFFSHORE INC 7,411.00 2.59 4.85 19,194.95 35,943.35 16,748.40 87.25% 0.00 0.00% 0.05% 0.04% WABTEC INC 209.00 88.87 82.30 18,573.53 17,200.70 -1,372.83 -7.39% 100.32 0.58% 0.02% 0.02% WALGREENS BOOTS ALLIANCE INC 884.00 72.61 52.61 64,189.11 46,507.24 -17,681.87 -27.55% 1,653.08 3.55% 0.07% 0.05% WALMART INC 1,559.00 104.40 141.02 162,756.57 219,850.18 57,093.61 35.08% 3,429.80 1.56% 0.31% 0.23% WALT DISNEY CO (HOLDING CO) 1,720.00 105.29 175.77 181,094.66 302,324.40 121,229.74 66.94% 0.00 0.00% 0.42% 0.31% DISNEY COM WASTE MGMT INC NEW 345.00 109.84 140.11 37,894.92 48,337.95 10,443.03 27.56% 793.50 1.64% 0.07% 0.05% WATERS CORP 89.00 177.70 345.61 15,815.30 30,759.29 14,943.99 94.49% 0.00 0.00% 0.04% 0.03% WATSCO INC 112.00 192.71 286.64 21,583.24 32,103.68 10,520.44 48.74% 873.60 2.72% 0.04% 0.03% WAYFAIR INC CL A 89.00 93.80 315.71 8,348.21 28,098.19 19,749.98 236.58% 0.00 0.00% 0.04% 0.03% WEC ENERGY GROUP INC COM 380.00 71.78 88.95 27,275.56 33,801.00 6,525.44 23.92% 1,029.80 3.05% 0.05% 0.03% WEINGARTEN REALTY INVESTORS 513.00 27.12 32.07 13,911.43 16,451.91 2,540.48 18.26% 471.96 2.87% 0.02% 0.02% REIT WELLS FARGO & CO NEW 3,326.00 46.07 45.29 153,234.12 150,634.54 -2,599.58 -1.70% 1,330.40 0.88% 0.21% 0.16% WELLTOWER INC REIT 423.00 65.74 83.10 27,809.80 35,151.30 7,341.50 26.40% 1,032.12 2.94% 0.05% 0.04% WERNER ENTERPRISES INC 357.00 32.70 44.52 11,673.11 15,893.64 4,220.53 36.16% 171.36 1.08% 0.02% 0.02% WEST PHARMACEUTICAL SERVICES 102.00 112.62 359.10 11,487.22 36,628.20 25,140.98 218.86% 69.36 0.19% 0.05% 0.04% INC WESTERN UNION CO 497.00 20.59 22.97 10,230.89 11,416.09 1,185.20 11.58% 467.18 4.09% 0.02% 0.01% WESTROCK CO 361.00 40.32 53.22 14,554.73 19,212.42 4,657.69 32.00% 346.56 1.80% 0.03% 0.02% WEX INC 66.00 178.21 193.90 11,761.73 12,797.40 1,035.67 8.81% 0.00 0.00% 0.02% 0.01% WEYERHAEUSER CO 757.00 34.72 34.42 26,283.04 26,055.94 -227.10 -0.86% 514.76 1.98% 0.04% 0.03% WHIRLPOOL CORP 110.00 105.58 218.02 11,613.88 23,982.20 12,368.32 106.50% 616.00 2.57% 0.03% 0.02% WHITESTONE REIT 3,457.00 8.47 8.25 29,278.72 28,520.25 -758.47 -2.59% 1,486.50 5.21% 0.04% 0.03% WILLIAMS COS INC (DEL) 2,158.00 20.83 26.55 44,942.33 57,294.90 12,352.57 27.49% 3,539.12 6.18% 0.08% 0.06% WILLIAMS SONOMA INC 117.00 170.76 159.65 19,978.92 18,679.05 -1,299.87 -6.51% 276.12 1.48% 0.03% 0.02% WOODWARD INC 164.00 73.12 122.88 11,992.47 20,152.32 8,159.85 68.04% 106.60 0.53% 0.03% 0.02% WORKDAY INC CL A 196.00 134.74 238.74 26,408.13 46,793.04 20,384.91 77.19% 0.00 0.00% 0.07% 0.05% WORLD FUEL SERVICES CORP 302.00 26.93 31.73 8,133.94 9,582.46 1,448.52 17.81% 144.96 1.51% 0.01% 0.01% WORTHINGTON INDUST INC 417.00 21.86 61.18 9,115.79 25,512.06 16,396.27 179.87% 467.04 1.83% 0.04% 0.03%

Report created on: July 01, 2021 Page 34 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio US WSTN DIGITAL CORP 300.00 53.26 71.17 15,977.07 21,351.00 5,373.93 33.64% 0.00 0.00% 0.03% 0.02% WYNN RESORTS LTD 118.00 101.20 122.30 11,941.82 14,431.40 2,489.58 20.85% 0.00 0.00% 0.02% 0.01% XCEL ENERGY INC 688.00 50.31 65.88 34,611.77 45,325.44 10,713.67 30.95% 1,259.04 2.78% 0.06% 0.05% XENCOR INC 322.00 31.43 34.49 10,121.07 11,105.78 984.71 9.73% 0.00 0.00% 0.02% 0.01% XILINX INC 229.00 70.56 144.64 16,158.61 33,122.56 16,963.95 104.98% 0.00 0.00% 0.05% 0.03% XPO LOGISTICS INC 171.00 86.94 139.89 14,867.17 23,921.19 9,054.02 60.90% 0.00 0.00% 0.03% 0.02% XYLEM INC 232.00 67.06 119.96 15,556.92 27,830.72 12,273.80 78.90% 259.84 0.93% 0.04% 0.03% YUM CHINA HLDGS INC 5,196.00 52.23 66.25 271,398.57 344,235.00 72,836.43 26.84% 2,494.08 0.72% 0.48% 0.36% YUM! BRANDS INC 380.00 79.57 115.03 30,237.22 43,711.40 13,474.18 44.56% 760.00 1.74% 0.06% 0.05% ZEBRA TECHNOLOGIES CORP CL A 63.00 162.39 529.49 10,230.56 33,357.87 23,127.31 226.06% 0.00 0.00% 0.05% 0.03% ZENDESK INC 204.00 56.19 144.34 11,463.51 29,445.36 17,981.85 156.86% 0.00 0.00% 0.04% 0.03% ZILLOW GROUP INC 161.00 171.76 122.22 27,652.83 19,677.42 -7,975.41 -28.84% 0.00 0.00% 0.03% 0.02% ZIMMER BIOMET HOLDINGS INC 222.00 122.30 160.82 27,149.80 35,702.04 8,552.24 31.50% 213.12 0.60% 0.05% 0.04% ZIONS BANCORP NA 322.00 45.96 52.86 14,798.22 17,020.92 2,222.70 15.02% 437.92 2.57% 0.02% 0.02% ZOETIS INC 437.00 90.82 186.36 39,690.11 81,439.32 41,749.21 105.19% 437.00 0.54% 0.11% 0.08% ZOOM VIDEO COMMUNICATIONS 200.00 272.22 387.03 54,444.07 77,406.00 22,961.93 42.18% 0.00 0.00% 0.11% 0.08% INC CL A ZSCALER INC 87.00 222.67 216.06 19,372.60 18,797.22 -575.38 -2.97% 0.00 0.00% 0.03% 0.02% ZYNGA INC 1,745.00 6.43 10.63 11,211.63 18,549.35 7,337.72 65.45% 0.00 0.00% 0.03% 0.02% Total US $26,303,891.06 $42,162,338.46 $15,858,447.40 60.29% $533,329.12 1.26% 59.02% 43.55%

International ADECCO GROUP AG UNSPONSORED 9,537.00 24.85 33.98 237,026.56 324,067.26 87,040.70 36.72% 7,907.09 2.44% 0.45% 0.33% ADR ADIDAS AG SPON ADR 1,348.00 104.04 186.78 140,243.61 251,779.44 111,535.83 79.53% 0.00 0.00% 0.35% 0.26% AENA S A UNSP ADR 16,684.00 17.73 16.52 295,836.06 275,619.68 -20,216.38 -6.83% 0.00 0.00% 0.39% 0.28% AIA GROUP LTD SPON ADR 10,064.00 33.62 49.73 338,392.20 500,482.72 162,090.52 47.90% 11,044.62 2.21% 0.70% 0.52% AIR LIQUIDE ADR FRANCE ADR 15,672.00 28.91 35.14 453,010.34 550,714.08 97,703.74 21.57% 8,033.61 1.46% 0.77% 0.57% AIRBUS SE UNSPONSORED ADR 19,595.00 22.03 32.20 431,762.72 630,959.00 199,196.28 46.14% 0.00 0.00% 0.88% 0.65% ALIBABA GROUP HLDG LTD SPON 3,479.00 194.36 226.78 676,185.27 788,967.60 112,782.35 16.68% 0.00 0.00% 1.10% 0.81% ADR ALKERMES PLC 301.00 39.79 24.52 11,976.97 7,380.52 -4,596.45 -38.38% 0.00 0.00% 0.01% 0.01% ALLEGION PLC 110.00 85.95 139.30 9,454.50 15,323.00 5,868.50 62.07% 158.40 1.03% 0.02% 0.02% AMADEUS IT GROUP UNSPONSORED 4,208.00 70.29 70.65 295,764.89 297,295.20 1,530.31 0.52% 0.00 0.00% 0.42% 0.31% ADR AMCOR PLC 1,736.00 11.57 11.46 20,081.01 19,894.56 -186.45 -0.93% 811.58 4.08% 0.03% 0.02%

Report created on: July 01, 2021 Page 35 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio International AMDOCS LTD GBP 237.00 50.07 77.36 11,866.59 18,334.32 6,467.73 54.50% 341.28 1.86% 0.03% 0.02% AON PLC CL A 171.00 147.16 238.76 25,164.98 40,827.96 15,662.98 62.24% 348.84 0.85% 0.06% 0.04% APTIV PLC 337.00 65.52 157.33 22,081.35 53,020.21 30,938.86 140.11% 0.00 0.00% 0.07% 0.05% ARCH CAPITAL GROUP LTD 640.00 26.03 38.94 16,658.33 24,921.60 8,263.27 49.60% 0.00 0.00% 0.03% 0.03% (BERMUDA) ASML HLDG NV SPON ADR 1,051.00 190.08 690.84 199,775.20 726,072.84 526,297.64 263.44% 2,917.17 0.40% 1.02% 0.75% ASTRAZENECA PLC SPON ADR 7,986.00 47.21 59.90 377,052.76 478,361.40 101,308.64 26.87% 10,940.82 2.29% 0.67% 0.49% ATLASSIAN CORP PLC CL A 167.00 68.04 256.86 11,362.95 42,895.62 31,532.67 277.50% 0.00 0.00% 0.06% 0.04% AXALTA COATING SYS LTD 485.00 24.14 30.49 11,706.54 14,787.65 3,081.11 26.32% 0.00 0.00% 0.02% 0.02% BAE SYSTEMS PLC SPON ADR 10,340.00 27.04 29.27 279,644.49 302,651.80 23,007.31 8.23% 20,246.86 6.69% 0.42% 0.31% BANCO SANTANDER S.A SPON ADR 85,650.00 3.52 3.91 301,832.56 334,891.50 33,058.94 10.95% 0.00 0.00% 0.47% 0.35% BROOKFIELD RENEWABLE COR CAD 483.00 14.26 41.94 6,889.20 20,257.02 13,367.82 194.04% 586.85 2.90% 0.03% 0.02% BUNGE LIMITED 181.00 65.95 78.15 11,936.93 14,145.15 2,208.22 18.50% 380.10 2.69% 0.02% 0.01% CAMECO CORP CANADA CAD 9,826.00 9.32 19.18 91,552.07 188,462.68 96,910.61 105.85% 619.39 0.33% 0.26% 0.19% CANADIAN PAC RAILWAY LTD CAD 3,221.00 38.93 76.91 125,404.93 247,727.11 122,322.18 97.54% 1,927.77 0.78% 0.35% 0.26% CAPGEMINI S E UNSPONSORED ADR 9,808.00 19.38 38.41 190,058.25 376,725.28 186,667.03 98.22% 3,382.85 0.90% 0.53% 0.39% CAPRI HLDGS LTD 350.00 53.90 57.19 18,864.41 20,016.50 1,152.09 6.11% 0.00 0.00% 0.03% 0.02% CARLSBERG AS SPON ADR 9,104.00 22.22 37.44 202,293.33 340,853.76 138,560.43 68.49% 4,341.48 1.27% 0.48% 0.35% CHR HANSEN HLDG SPON ADR 7,873.00 21.82 22.67 171,816.68 178,441.55 6,624.87 3.86% 0.00 0.00% 0.25% 0.18% CHUBB LTD CHF 469.00 123.75 158.94 58,039.06 74,542.86 16,503.80 28.44% 1,500.80 2.01% 0.10% 0.08% COMPAGNIE DE SAINT-GOBAIN ADR 22,877.00 4.55 13.14 104,099.52 300,603.78 196,504.26 188.77% 0.00 0.00% 0.42% 0.31% COMPASS GROUP PLC SPON ADR 13,433.00 21.75 21.43 292,227.24 287,882.62 -4,344.62 -1.49% 0.00 0.00% 0.40% 0.30% CREDIT SUISSE GROUP SPON ADR 33,933.00 11.34 10.49 384,877.84 355,957.17 -28,920.67 -7.51% 3,515.49 0.99% 0.50% 0.37% CSL LTD SPON ADR 1,415.00 73.33 106.35 103,762.71 150,485.25 46,722.54 45.03% 1,351.33 0.90% 0.21% 0.16% CYBER-ARK SOFTWARE LTD ILS 1,438.00 86.43 130.27 124,293.09 187,328.26 63,035.17 50.71% 0.00 0.00% 0.26% 0.19% DANONE SPON ADR 21,423.00 14.31 14.07 306,525.98 301,400.19 -5,125.79 -1.67% 14,903.37 4.94% 0.42% 0.31% DBS GROUP HLDGS LTD. SPON ADR 6,010.00 68.82 89.14 413,605.69 535,731.40 122,125.71 29.53% 22,269.98 4.16% 0.75% 0.55% DEUTSCHE POST AG SPON ADR 5,371.00 37.49 68.15 201,384.73 366,006.80 164,622.07 81.75% 11,695.22 3.20% 0.51% 0.38% DIAGEO PLC NEW GB SPON ADR 1,230.00 130.19 191.69 160,137.14 235,778.70 75,641.56 47.24% 4,559.58 1.93% 0.33% 0.24% EATON CORP PLC 509.00 67.50 148.18 34,359.74 75,423.62 41,063.88 119.51% 1,547.36 2.05% 0.11% 0.08% ELASTIC NV EUR 144.00 147.43 145.76 21,229.91 20,989.44 -240.47 -1.13% 0.00 0.00% 0.03% 0.02% ENEL SPA ADR 29,591.00 6.90 9.27 204,118.80 274,308.57 70,189.77 34.39% 7,394.60 2.70% 0.38% 0.28% ENERGY FUELS INC CAD 3,075.00 2.79 6.05 8,590.63 18,603.75 10,013.12 116.56% 0.00 0.00% 0.03% 0.02% ENSTAR GROUP LTD ORD 78.00 125.00 238.92 9,750.03 18,635.76 8,885.73 91.14% 0.00 0.00% 0.03% 0.02% ENTAIN PLC ADR 23,945.00 17.91 24.00 428,927.44 574,680.00 145,752.56 33.98% 0.00 0.00% 0.80% 0.59%

Report created on: July 01, 2021 Page 36 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio International ERICSSON SEK 10 NEW 2002 ADR 27,548.00 8.68 12.58 239,065.03 346,553.84 107,488.81 44.96% 3,609.06 1.04% 0.49% 0.36% ESSILORLUXOTTICA ADR 2,034.00 65.10 92.45 132,403.87 188,033.13 55,629.26 42.01% 2,089.01 1.11% 0.26% 0.19% EVEREST RE GROUP LTD BERMUDA 58.00 206.38 252.01 11,970.04 14,616.58 2,646.54 22.11% 359.60 2.46% 0.02% 0.02% FANUC CORP ADR 10,816.00 15.89 23.97 171,814.88 259,259.52 87,444.64 50.89% 2,096.83 0.81% 0.36% 0.27% FERRARI N V EUR 1,090.00 199.25 206.05 217,180.24 224,594.50 7,414.26 3.41% 1,131.20 0.50% 0.31% 0.23% FRANKS INTL N V EUR 1,723.00 6.52 3.03 11,226.72 5,220.69 -6,006.03 -53.50% 0.00 0.00% 0.01% 0.01% FRESENIUS MEDICAL CARE AG & CO 8,182.00 37.56 41.57 307,296.25 340,125.74 32,829.49 10.68% 8,762.86 2.58% 0.48% 0.35% KGAA SPON ADR GARMIN LTD SHS CHF 248.00 74.88 144.64 18,570.16 35,870.72 17,300.56 93.16% 664.64 1.85% 0.05% 0.04% GENMAB A/S SPON ADR 4,279.00 21.29 40.83 91,117.76 174,711.57 83,593.81 91.74% 0.00 0.00% 0.24% 0.18% GENPACT LTD 461.00 24.54 45.43 11,312.94 20,943.23 9,630.29 85.13% 198.23 0.95% 0.03% 0.02% GOLAR LNG LTD 1,555.00 7.19 13.25 11,186.83 20,603.75 9,416.92 84.18% 0.00 0.00% 0.03% 0.02% GRIFOLS S A CL B SPON ADR 13,379.00 17.98 17.35 240,573.67 232,125.65 -8,448.02 -3.51% 6,466.47 2.79% 0.32% 0.24% HDFC BANK LTD ADR REPSTG 3 ORD 5,731.00 51.02 73.12 292,375.90 419,050.72 126,674.82 43.33% 1,229.21 0.29% 0.59% 0.43% SHS HITACHI LTD ADR NEW JAPAN 2,945.00 65.07 114.54 191,622.16 337,320.30 145,698.14 76.03% 4,764.88 1.41% 0.47% 0.35% HORIZON THERAPEUTICS PLC 236.00 82.40 93.64 19,446.40 22,099.04 2,652.64 13.64% 0.00 0.00% 0.03% 0.02% IHS MARKIT LTD 386.00 51.53 112.66 19,890.36 43,486.76 23,596.40 118.63% 308.80 0.71% 0.06% 0.04% INFOSYS LTD SPON ADR 10,111.00 17.17 21.19 173,644.29 214,252.09 40,607.80 23.39% 3,063.89 1.43% 0.30% 0.22% ITAU UNIBANCO HLDG SA ADR 85,768.00 4.65 6.01 398,937.01 515,465.68 116,528.67 29.21% 8,728.95 1.69% 0.72% 0.53% JAZZ PHARMACEUTICALS PLC 76.00 154.01 177.64 11,704.76 13,500.64 1,795.88 15.34% 0.00 0.00% 0.02% 0.01% JOHNSON CTLS INTL PLC 888.00 31.67 68.63 28,126.42 60,943.44 32,817.02 116.68% 959.04 1.57% 0.09% 0.06% JULIUS BAER GROUP LTD ADR 25,174.00 8.01 13.01 201,657.88 327,513.74 125,855.86 62.41% 3,405.01 1.04% 0.46% 0.34% KBC GROUP NV ADR 8,400.00 33.84 38.20 284,295.18 320,838.00 36,542.82 12.85% 1,388.47 0.43% 0.45% 0.33% KERRY GROUP PLC SPON ADR 1,402.00 116.95 140.88 163,967.97 197,506.75 33,538.78 20.45% 1,961.36 0.99% 0.28% 0.20% KION GROUP AG UN SPONSORED 10,633.00 15.40 26.67 163,789.25 283,603.38 119,814.13 73.15% 902.97 0.32% 0.40% 0.29% ADR KOMATSU LTD SPON ADR NEW 15,072.00 26.82 24.80 404,227.85 373,785.60 -30,442.25 -7.53% 6,080.63 1.63% 0.52% 0.39% KONINKLIJKE PHILIPS NV SPON ADR 6,188.00 50.04 49.70 309,648.60 307,543.60 -2,105.00 -0.68% 5,438.76 1.77% 0.43% 0.32% LIVANOVA PLC GBP 106.00 111.63 84.11 11,833.08 8,915.66 -2,917.42 -24.65% 0.00 0.00% 0.01% 0.01% LONDON STK EXCHANGE 19,511.00 23.30 28.00 454,550.04 546,308.00 91,757.96 20.19% 4,419.12 0.81% 0.76% 0.56% UNSPONSORED ADR LVMH MOET HENNESSY LOUIS ADR 1,603.00 61.78 157.80 99,035.19 252,953.40 153,918.21 155.42% 2,495.51 0.99% 0.35% 0.26% LYONDELLBASELL INDUSTRIES N V 386.00 87.06 102.87 33,605.12 39,707.82 6,102.70 18.16% 1,744.72 4.39% 0.06% 0.04% SHS - A - CL A EUR MACQUARIE GROUP LTD 1,875.00 76.40 117.43 143,248.40 220,181.25 76,932.85 53.71% 6,725.77 3.05% 0.31% 0.23% UNSPONSORED ADR

Report created on: July 01, 2021 Page 37 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio International MANULIFE FINANCIAL CORP CAD 16,348.00 13.38 19.70 218,758.64 322,055.60 103,296.96 47.22% 14,788.59 4.59% 0.45% 0.33% MEDTRONIC PLC 1,416.00 90.77 124.13 128,528.12 175,768.08 47,239.96 36.75% 3,568.32 2.03% 0.25% 0.18% MERCK KGAA SPON ADR 9,228.00 25.20 38.39 232,503.49 354,262.92 121,759.43 52.37% 3,915.19 1.11% 0.50% 0.37% MURATA MFG CO LTD ADR 26,496.00 17.72 19.12 469,528.59 506,603.52 37,074.93 7.90% 4,349.64 0.86% 0.71% 0.52% NESTLE S A SPONSORED ADR 1,570.00 86.51 124.74 135,823.99 195,841.80 60,017.81 44.19% 4,048.10 2.07% 0.27% 0.20% REPSTG REG SHS SWITZ ADR NIDEC CORP ADR 7,337.00 16.70 28.90 122,491.44 212,039.30 89,547.86 73.11% 851.38 0.40% 0.30% 0.22% NIELSEN HOLDINGS PLC $0.28 GBP 576.00 25.83 24.67 14,877.04 14,209.92 -667.12 -4.48% 138.24 0.97% 0.02% 0.01% NORDEA BK ABP SPON ADR 27,840.00 7.49 11.12 208,556.89 309,580.80 101,023.91 48.44% 1,247.12 0.40% 0.43% 0.32% NORWEGIAN CRUISE LINE HLDGS 481.00 36.03 29.41 17,332.37 14,146.21 -3,186.16 -18.38% 0.00 0.00% 0.02% 0.01% LTD NOVARTIS AG SPON ADR 2,872.00 79.20 91.24 227,471.19 262,041.28 34,570.09 15.20% 5,972.03 2.28% 0.37% 0.27% NOVOCURE LTD 167.00 61.35 221.82 10,245.35 37,043.94 26,798.59 261.57% 0.00 0.00% 0.05% 0.04% NVENT ELEC PLC 532.00 21.73 31.24 11,562.70 16,619.68 5,056.98 43.74% 372.40 2.24% 0.02% 0.02% NXP SEMICONDUCTORS N V COM 1,493.00 71.38 205.72 106,577.61 307,139.96 200,562.35 188.18% 3,359.25 1.09% 0.43% 0.32% EUR PAGSEGURO DIGITAL LTD CL A 5,891.00 31.12 55.92 183,342.83 329,424.72 146,081.89 79.68% 0.00 0.00% 0.46% 0.34% PERNOD RICARD SA ADR 11,120.00 30.49 44.50 339,031.81 494,840.00 155,808.19 45.96% 5,366.36 1.08% 0.69% 0.51% PERRIGO CO PLC EUR 169.00 70.41 45.85 11,898.82 7,748.65 -4,150.17 -34.88% 162.24 2.09% 0.01% 0.01% PING AN INSURANCE (GROUP) CO 20,131.00 19.74 19.63 397,382.35 395,151.40 -2,230.95 -0.56% 17,428.09 4.41% 0.55% 0.41% OF CHINA LTD REPSTG 20 H SHS SPON PROSUS N V SPON ADR 18,977.00 15.84 19.60 300,529.56 371,949.20 71,419.64 23.76% 407.25 0.11% 0.52% 0.38% PRUDENTIAL PLC ADR UNITED 10,278.00 31.40 38.10 322,746.01 391,591.80 68,845.79 21.33% 3,309.52 0.85% 0.55% 0.40% KINGDOM QIAGEN NV EUR 346.00 33.64 48.38 11,638.47 16,739.48 5,101.01 43.83% 0.00 0.00% 0.02% 0.02% RECKITT BENCKISER PLC SPON ADR 14,353.00 16.19 17.90 232,348.85 256,918.70 24,569.85 10.57% 6,221.30 2.42% 0.36% 0.27% ROCHE HLDG LTD SPONS ADR 5,966.00 32.24 46.99 192,347.54 280,342.34 87,994.80 45.75% 4,613.84 1.65% 0.39% 0.29% SWITZ ADR ROYAL CARIBBEAN CRUISES LTD 266.00 80.91 85.28 21,522.02 22,684.48 1,162.46 5.40% 0.00 0.00% 0.03% 0.02% LIBERIA ORD ROYALTY PHARMA PLC SHS CL A 526.00 42.77 40.99 22,494.86 21,560.74 -934.12 -4.15% 357.68 1.66% 0.03% 0.02% RYANAIR HOLDINGS PLC SPON ADR 2,030.00 107.15 108.21 217,516.47 219,666.30 2,149.83 0.99% 0.00 0.00% 0.31% 0.23% SANDS CHINA LTD UNSPONSORED 7,148.00 42.49 42.08 303,729.58 300,787.84 -2,941.74 -0.97% 0.00 0.00% 0.42% 0.31% ADR SAP SE SPON ADR 4,777.00 111.65 140.46 533,353.35 670,977.42 137,624.07 25.80% 13,759.09 2.05% 0.94% 0.69% SENSATA TECHNOLOGIES HLDG PLC 260.00 41.91 57.97 10,897.74 15,072.20 4,174.46 38.31% 0.00 0.00% 0.02% 0.02% EUR

Report created on: July 01, 2021 Page 38 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) Purchase Price on price ($) / 06/30/2021 Unrealized Unrealized Est. annual Current % of % of Equity Quantity Avg Price ($) Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) Equity Portfolio International SEVEN & I HLDGS CO LTD ADR 12,883.00 19.55 23.82 251,902.87 306,873.06 54,970.19 21.82% 4,192.80 1.37% 0.43% 0.32% SFL CORP LTD 1,111.00 12.08 7.65 13,417.77 8,499.15 -4,918.62 -36.66% 666.60 7.84% 0.01% 0.04% SHISEIDO CO LTD SPONS ADR 2,224.00 56.72 73.81 126,147.59 164,153.44 38,005.85 30.13% 635.22 0.39% 0.23% 0.17% JAPAN SIEMENS A G SPON ADR 9,834.00 62.71 79.64 616,655.38 783,169.93 166,514.55 27.00% 15,252.53 1.95% 1.10% 0.81% SMITH & NEPHEW PLC NEW SPON 7,448.00 33.45 43.44 249,154.26 323,541.12 74,386.86 29.86% 5,437.04 1.68% 0.45% 0.33% ADR SONY GROUP CORP SPONSORED 2,956.00 65.05 97.22 192,286.85 287,382.32 95,095.47 49.46% 1,144.68 0.40% 0.40% 0.30% ADR SPOTIFY TECHNOLOGY SA EUR 131.00 121.34 275.59 15,895.06 36,102.29 20,207.23 127.13% 0.00 0.00% 0.05% 0.04% STERIS PLC 86.00 119.93 206.30 10,313.67 17,741.80 7,428.13 72.02% 137.60 0.78% 0.02% 0.02% STONECO LTD CL A 309.00 63.70 67.06 19,681.94 20,721.54 1,039.60 5.28% 0.00 0.00% 0.03% 0.02% SYMRISE AG ADR 5,075.00 23.46 34.87 119,076.05 176,950.03 57,873.98 48.60% 1,843.26 1.04% 0.25% 0.18% TAIWAN SEMICONDUCTOR MFG CO 5,530.00 45.45 120.16 251,333.80 664,484.80 413,151.00 164.38% 8,009.22 1.21% 0.93% 0.69% LTD ADR TAL ED GROUP ADR 7,230.00 35.61 25.23 257,480.93 182,412.90 -75,068.03 -29.15% 0.00 0.00% 0.26% 0.19% TENCENT HLDGS LTD ADR 6,019.00 41.46 75.30 249,529.64 453,230.70 203,701.06 81.63% 1,092.32 0.24% 0.63% 0.47% TORAY IND ADR JAPAN ADR 22,017.00 11.87 13.29 261,257.26 292,605.93 31,348.67 12.00% 2,317.88 0.79% 0.41% 0.30% TOYOTA MOTOR CORP NEW JAPAN 1,602.00 142.00 174.84 227,476.90 280,093.68 52,616.78 23.13% 6,357.33 2.27% 0.39% 0.29% SPON ADR TRANE TECHNOLOGIES PLC 291.00 72.20 184.14 21,010.80 53,584.74 32,573.94 155.03% 686.76 1.28% 0.08% 0.06% TREASURY WINE ESTATES LTD SPON 39,392.00 7.62 8.82 300,075.08 347,437.44 47,362.36 15.78% 5,911.08 1.70% 0.49% 0.36% ADR UCB SA ADR 4,722.00 61.61 52.28 290,913.32 246,842.55 -44,070.77 -15.15% 2,284.50 0.93% 0.35% 0.25% VIPSHOP HLDGS LTD SPON ADR 11,784.00 28.35 20.08 334,099.15 236,622.72 -97,476.43 -29.18% 0.00 0.00% 0.33% 0.24% WAL MART DE MEXICO SAB DE CV 9,543.00 25.60 32.74 244,332.70 312,437.82 68,105.12 27.87% 7,481.71 2.39% 0.44% 0.32% CL V SPON ADR WILLIS TOWERS WATSON PUB LTD 110.00 144.91 230.02 15,940.42 25,302.20 9,361.78 58.73% 312.40 1.23% 0.04% 0.03% CO WIX COM LTD ILS 71.00 305.00 290.28 21,654.70 20,609.88 -1,044.82 -4.82% 0.00 0.00% 0.03% 0.02% ZURICH INS GROUP LTD SPON ADR 6,880.00 38.05 40.25 261,803.31 276,920.00 15,116.69 5.77% 12,516.49 4.52% 0.39% 0.29% Total International $22,067,426.61 $29,272,398.29 $7,204,971.68 32.65% $392,236.50 1.34% 40.98% 30.23%

Total Equity $48,371,317.67 $71,434,736.75 $23,063,419.08 47.68% $925,565.62 1.30% 100.00% 73.78%

Report created on: July 01, 2021 Page 39 of 45

Consolidated report prepared for University of Hawaii

Portfolio holdings - as of June 30, 2021 (continued) % of Unrealized Unrealized Est. annual Current asset % of Cost basis ($) Market value ($) gain/loss ($) gain/loss (%) income ($) yield (%) class Portfolio Total Portfolio $72,178,024.08 $96,822,089.63 $24,644,065.55 34.14% $1,544,241.04 1.59% 100% 100% Total accrued interest (included in market values): $143,708.72

Report created on: July 01, 2021 Page 40 of 45

Consolidated report prepared for University of Hawaii

Additional information about your portfolio as of June 30, 2021 Benchmark composition

Consolidated

Blended Index Start - Current: 39% Barclays Agg Bond; 26% MSCI EAFE-NR; 1% US Treasury Bill - 3 Mos; 34% Russell 3000 Blended Index 2 Start - 03/19/2020: 60% MSCI World; 40% Barclays Agg Bond 03/19/2020 - Current: 30% Barclays Agg Bond; 5% MSCI Emerging Markets-NR; 15% MSCI EAFE-NR; 5% Russell 2000; 5% Russell Mid Cap; 40% S&P 500

Account JX XX521

Blended Index Start - 10/23/2018: 100% Russell 3000 10/23/2018 - Current: 100% Russell 3000 Blended Index 2 Start - Current: 60% MSCI World; 40% Barclays Agg Bond Blended Index 3 Start - Current: 10% US Treasury Bill - 3 Mos; 24% S&P 500; 12% Russell 2000; 12% Russell Mid Cap; 12% MSCI EAFE-NR; 30% Barclays Agg Bond

Account JX XX519

Blended Index Start - 10/17/2018: 100% Barclays Agg Bond 10/17/2018 - Current: 100% Barclays Agg Bond Blended Index 2 Start - Current: 60% MSCI World; 40% Barclays Agg Bond Blended Index 3 Start - Current: 10% US Treasury Bill - 3 Mos; 24% S&P 500; 12% Russell 2000; 12% Russell Mid Cap; 12% MSCI EAFE-NR; 30% Barclays Agg Bond

Account JX XX523

Blended Index Start - 10/24/2018: 100% MSCI EAFE-NR 10/24/2018 - Current: 100% MSCI EAFE-NR Blended Index 2 Start - Current: 60% MSCI World; 40% Barclays Agg Bond Blended Index 3 Start - Current: 10% US Treasury Bill - 3 Mos; 24% S&P 500; 12% Russell 2000; 12% Russell Mid Cap; 12% MSCI EAFE-NR; 30% Barclays Agg Bond

Report created on: July 01, 2021 Page 41 of 45

Consolidated report prepared for University of Hawaii

Additional information about your portfolio - as of June 30, 2021 (continued)

Account JX XX522

Blended Index Start - 10/24/2018: 100% MSCI EAFE-NR 10/24/2018 - Current: 100% MSCI EAFE-NR Blended Index 2 Start - Current: 60% MSCI World; 40% Barclays Agg Bond Blended Index 3 Start - Current: 10% US Treasury Bill - 3 Mos; 24% S&P 500; 12% Russell 2000; 12% Russell Mid Cap; 12% MSCI EAFE-NR; 30% Barclays Agg Bond

Account JX XX443

Blended Index Start - 03/03/2014: 60% MSCI World; 40% Barclays Agg Bond 03/03/2014 - 10/23/2018: 60% MSCI World; 40% Barclays Agg Bond 10/23/2018 - Current: 60% MSCI World; 40% Barclays Agg Bond Blended Index 2 Start - Current: 60% MSCI World; 40% Barclays Agg Bond Blended Index 3 Start - 03/19/2020: 60% MSCI World; 40% Barclays Agg Bond 03/19/2020 - Current: 30% Barclays Agg Bond; 5% MSCI Emerging Markets-NR; 15% MSCI EAFE-NR; 5% Russell 2000; 5% Russell Mid Cap; 40% S&P 500

Report created on: July 01, 2021 Page 42 of 45

Disclosures applicable to accounts at UBS Financial Services Inc. Important information about this report

This section contains important disclosures regarding the vary substantially from the individual account applies to all performance for all assets on or after results. Indices are not actively managed and investors information and valuations presented here. All performance reflected in the performance reports 09/30/2010, Advisory assets on or after 12/31/2010, cannot invest directly in the indices. Market index data information presented is subject to change at any time provided to you as part of those programs. For fee- SWP/AAP sleeves on or after 04/30/2018 as well as all maybe subject to review and revision. Further, there is and is provided only as of the date indicated. The based programs, fees are charged on the market value Asset Class and Security level returns. no guarantee that an investor's account will meet or information in this report is for informational purposes of eligible assets in the accounts and assessed quarterly exceed the stated benchmark. Index performance only and should not be relied upon as the basis of an in advance, prorated according to the number of Money-weighted returns: Money-weighted return information has been obtained from third parties investment or liquidation decision. UBS FS account calendar days in the billing period. When shown on a (MWR) is a measure of the rate of return for an asset or deemed to be reliable. We have not independently statements and official tax documents are the only report, the risk profile and return objectives describe portfolio of assets. It is calculated by finding the daily verified this information, nor do we make any official record of your accounts and are not replaced, your overall goals for these accounts. For each account Internal Rate of Return (IRR) for the period and then representations or warranties to the accuracy or amended or superseded by any of the information you maintain, you choose one return objective and a compounding this return by the number of days in the completeness of this information. presented in these reports. You should not rely on this primary risk profile. If you have questions regarding period being measured. The MWR incorporates the size information in making purchase or sell decisions, for tax these objectives or wish to change them, please contact and timing of cash flows, so it is an effective measure of Blended Index - For Advisory accounts, Blended Index is purposes or otherwise. your Financial Advisor to update your account records. returns on a portfolio. designed to reflect the asset categories in which your account is invested. For Brokerage accounts, you have UBS FS offers a number of investment advisory programs Performance: This report presents account activity and Annualized Performance: All performance periods the option to select any benchmark from the list. to clients, acting in our capacity as an investment performance depending on which inception type you've greater than one year are calculated (unless otherwise adviser, including fee-based financial planning, chosen. The two options are: (1) All Assets (Since stated) on an annualized basis, which represents the For certain products, the blended index represents the discretionary account management, non-discretionary Performance Start): This presents performance for all return on an investment multiplied or divided to give a investment style corresponding to your client target investment advisory programs, and advice on the assets since the earliest possible date; (2) Advisory Assets comparable one year return. allocation. If you change your client target allocation, selection of investment managers and mutual funds (Advisory Strategy Start) for individual advisory accounts: your blended index will change in step with your change offered through our investment advisory programs. This presents Advisory level performance since the Latest Cumulative Performance: A cumulative return is the to your client target allocation. When we act as your investment adviser, we will have a Strategy Start date; If an account that has never been aggregate amount that an investment has gained or lost written agreement with you expressly acknowledging managed is included in the consolidated report, the total over time, independent of the period of time involved. Blended Index 2 - 8 - are optional indices selected by you our investment advisory relationship with you and performance of that unmanaged account will be which may consist of a blend of indexes. For advisory describing our obligations to you. At the beginning of included since inception. Net of Fees and Gross of Fees Performance: accounts, these indices are for informational purposes our advisory relationship, we will give you our Form ADV Performance is presented on a "net of fees" and "gross only. Depending on the selection, the benchmark brochure(s) for the program(s) you selected that provides Time-weighted Returns for accounts / SWP/AAP of fees" basis, where indicated. Net returns do not selected may not be an appropriate basis for comparison detailed information about, among other things, the sleeves (Monthly periods): The report displays a time reflect Program and wrap fees prior to 10/31/10 for of your portfolio based on it's holdings. advisory services we provide, our fees, our personnel, weighted rate of return (TWR) that is calculated using accounts that are billed separately via invoice through a our other business activities and financial industry the Modified Dietz Method. This calculation uses the separate account billing arrangement. Gross returns do Custom Time Periods: If represented on this report, the affiliations and conflicts between our interests and your beginning and ending portfolio values for the month not reflect the deduction of fees, commissions or other performance start date and the performance end date interests. and weighs each contribution/withdrawal based upon charges. The payment of actual fees and expenses will have been selected by your Financial Advisor in order to the day the cash flow occurred. Periods greater than one reduce a client's return. The compound effect of such provide performance and account activity information In our attempt to provide you with the highest quality month are calculated by linking the monthly returns. The fees and expenses should be considered when reviewing for your account for the specified period of time only. As information available, we have compiled this report TWR gives equal weighting to every return regardless of returns. For example, the net effect of the deduction of a result, only a portion of your account's activity and using data obtained from recognized statistical sources amount of money invested, so it is an effective measure fees on annualized performance, including the performance information is presented in the and authorities in the financial industry. While we for returns on a fee based account. All periods shown compounded effect over time, is determined by the performance report, and, therefore, presents a distorted believe this information to be reliable, we cannot make which are greater than 12 months are annualized. This relative size of the fee and the account's investment representation of your account's activity and any representations regarding its accuracy or applies to all performance for all assets before performance. It should also be noted that where gross performance. completeness. Please keep this guide as your Advisory 09/30/2010, Advisory assets before 12/31/2010 and returns are compared to an index, the index Review. SWP sleeves before 04/30/2018. performance also does not reflect any transaction costs, Net Deposits/Withdrawals: When shown on a report, which would lower the performance results. Market this information represents the net value of all cash and Please keep in mind that most investment objectives are Time-weighted Returns for accounts / SWP/AAP index data maybe subject to review and revision. securities contributions and withdrawals, program fees long term. Although it is important to evaluate your sleeves (Daily periods): The report displays a time (including wrap fees) and other fees added to or portfolio's performance over multiple time periods, we weighted rate of return (TWR) that is calculated by Benchmark/Major Indices: The past performance of an subtracted from your accounts from the first day to the believe the greatest emphasis should be placed on the dividing the portfolio's daily gain/loss by the previous index is not a guarantee of future results. Any last day of the period. When fees are shown separately, longer period returns. day's closing market value plus the net value of cash benchmark is shown for informational purposes only net deposits / withdrawals does not include program flows that occurred during the day, if it was positive. The and relates to historical performance of market indices fees (including wrap fees). When investment return is Please review the report content carefully and contact TWR gives equal weighting to every return regardless of and not the performance of actual investments. displayed net deposits / withdrawals does not include your Financial Advisor with any questions. amount of money invested, so it is an effective measure Although most portfolios use indices as benchmarks, program fees (including wrap fees). For security for returns on a fee based account. Periods greater than portfolios are actively managed and generally are not contributions and withdrawals, securities are calculated one day are calculated by linking the daily returns. All restricted to investing only in securities in the index. As a using the end of day UBS FS price on the day securities Client Accounts: This report may include all assets in periods shown which are greater than 12 months are result, your portfolio holdings and performance may vary are delivered in or out of the accounts. Wrap fees will be the accounts listed and may include eligible and annualized. For reports generated prior to 01/26/2018, substantially from the index. Each index reflects an included in this calculation except when paid via an ineligible assets in a fee-based program. Since ineligible the performance calculations used the account's end of unmanaged universe of securities without any deduction invoice or through a separate accounts billing assets are not considered fee-based program assets, the day value on the performance inception (listed in the for advisory fees or other expenses that would reduce arrangement. When shown on Client summary and/or inclusion of such securities will distort the actual report under the column "ITD") and all cash flows were actual returns, as well as the reinvestment of all income Portfolio review report, program fees (including wrap performance of your accounts and does not reflect the posted at end of day. As a result of the change, the and dividends. An actual investment in the securities fees) may not be included in net deposits/withdrawals. performance of your accounts in the fee-based program. overall rate of return (TWR) and beginning market value included in the index would require an investor to incur PACE Program fees paid from sources other than your As a result, the performance reflected in this report can displayed can vary from prior generated reports. This transaction costs, which would lower the performance PACE account are treated as a contribution. A PACE

Report created on: July 01, 2021 Page 43 of 45

Disclosures applicable to accounts at UBS Financial Services Inc. (continued)

Program Fee rebate that is not reinvested is treated as a reviewing performance reports that use the inception than UBS FS. As a result this information may not be Separately Managed Accounts and Pooled withdrawal. date of the account because reports with longer time accurate and is provided for informational purposes Investment Vehicles (such as mutual funds, closed end frames are usually more helpful when evaluating only. Clients should not rely on this information in funds and exchanged traded funds): The asset Deposits: When shown on a report, this information investment programs and strategies. Performance making purchase or sell decisions, for tax purposes or classification displayed is based on firm's proprietary represents the net value of all cash and securities reports may include accounts with inception dates that otherwise. See your monthly statement for additional methodology for classifying assets. Please note that the contributions added to your accounts from the first day precede the new Performance Start Date and will show information. asset classification assigned to rolled up strategies may to the last day of the period. On Client Summary Report performance and activity information from the earliest include individual investments that provide exposure to and/or Portfolio Review Report, this may exclude the available inception date. Pricing: All securities are priced using the closing price other asset classes. For example, an International Opening balance. For security contributions, securities The change in Performance Start Date may be the result reported on the last business day preceding the date of Developed Markets strategy may include exposure to are calculated using the end of day UBS FS price on the of a performance gap due to a zero-balance that this report. Every reasonable attempt has been made to Emerging Markets, and a US Large Cap strategy may day securities are delivered in or out of the accounts. prevents the calculation of continuous returns from the accurately price securities; however, we make no include exposure to Mid Cap and Small Cap, etc. inception of the account. The Performance Start Date warranty with respect to any security's price. Please refer Withdrawals: When shown on a report, this may also change if an account has failed one of our to the back of the first page of your UBS FS account Mutual Fund Asset Allocation: If the option to information represents the net value of all cash and performance data integrity tests. In such instances, the statement for important information regarding the unbundle balanced mutual funds is selected and if a securities withdrawals subtracted from your accounts account will be labeled as 'Review Required' and pricing used for certain types of securities, the sources of fund's holdings data is available, mutual funds will be from the first day to the last day of the period. On Client performance prior to that failure will be restricted. pricing data and other qualifications concerning the classified by the asset class, subclass, and style summary and/or portfolio review report Withdrawals Finally, the Performance Start Date will change if you pricing of securities. To determine the value of securities breakdown of their underlying holdings. Where a may not include program fees (including wrap fees). For have explicitly requested a performance restart. Please in your account, we generally rely on third party mutual fund or ETF contains equity holdings from security withdrawals, securities are calculated using the contact your Financial Advisor for additional details quotation services. If a price is unavailable or believed to multiple equity sectors, this report will proportionately end of day UBS FS price on the day securities are regarding your new Performance Start Date. be unreliable, we may determine the price in good faith allocate the underlying holdings of the fund to those delivered in or out of the accounts. and may use other sources such as the last recorded sectors measured as a percentage of the total fund's Closed Account Performance: Accounts that have transaction. When securities are held at another asset value as of the date shown. Dividends/Interest: Dividend and interest earned, been closed may be included in the consolidated custodian or if you hold illiquid or restricted securities for when shown on a report, does not reflect your account's performance report. When closed accounts are included which there is no published price, we will generally rely This information is supplied by Morningstar, Inc. on a tax status or reporting requirements. Use only official tax in the consolidated report, the performance report will on the value provided by the custodian or issuer of that daily basis to UBS FS based on data supplied by the fund reporting documents (i.e. 1099) for tax reporting only include information for the time period the account security. which may not be current. Mutual funds change their purposes. The classification of private investment was active during the consolidated performance portfolio holdings on a regular (often daily) basis. distributions can only be determined by referring to the reporting time period. Cash: Cash on deposit at UBS Bank USA is protected by Accordingly, any analysis that includes mutual funds may official year-end tax-reporting document provided by the the Federal Deposit Insurance Corporation (FDIC) up to not accurately reflect the current composition of these issuer. Portfolio: For purposes of this report "portfolio" is $250,000 in principal and accrued interest per depositor funds. If a fund's underlying holding data is not defined as all of the accounts presented on the cover for each ownership type. Deposits made in an available, it will be classified based on its corresponding Change in Accrued Interest: When shown on a report, page or the header of this report and does not individual's own name, joint name, or individual overall Morningstar classification. All data is as of the this information represents the difference between the necessarily include all of the client's accounts held at retirement account are each held in a separate type of date indicated in the report. accrued interest at the beginning of the period from the UBS FS or elsewhere. ownership. Such deposits are not guaranteed by UBS FS. accrued interest at the end of the period. More information is available upon request. All pooled investment vehicles (such as mutual funds, Percentage: Portfolio (in the "% Portfolio / Total" closed end mutual funds, and exchange traded funds) Change in Value: Represents the change in value of the column) includes all holdings held in the account(s) Margin: The quantity value may indicate that all or part incorporate internal management and operation portfolio during the reporting period, excluding selected when this report was generated. Broad asset of this position is held on margin or held in the short expenses, which are reflected in the performance additions/withdrawals, dividend and interest income class (in the "% broad asset class" column) includes all account. When an account holds a debit balance, this returns. Please see relevant fund prospectus for more earned and accrued interest. Change in Value may holdings held in that broad asset class in the account(s) debit balance is incorporated into the account's total information. Please note, performance for mutual funds include programs fees (including wrap fees) and other selected when this report was generated. market value and deducted from the total value. When is inclusive of multiple share classes. fees. calculating the percent of portfolio on each security, the Tax lots: This report displays security tax lots as either percentage will be impacted by the total market value of Ineligible Assets: We require that you hold and Fees: Fees represented in this report include program one line item (i.e., lumped tax lots) or as separate tax lot the account. Therefore, if the account's market value is purchase only eligible managed assets in your advisory and wrap fees. Program and wrap fees prior to October level information. If you choose to display security tax reduced by a debit value of a holding the percent of accounts. 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Report created on: July 01, 2021 Page 44 of 45

Disclosures applicable to accounts at UBS Financial Services Inc. (continued)

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Report created on: July 01, 2021 Page 45 of 45 MARKET INSIGHTS

Guide to the Markets®

U.S. |4Q 2021 | As of June 30, 2021 Inflation GTM – U.S. |

CPI and core CPI % change vs. prior year, seasonally adjusted 15% 50-yr. avg. Apr. 2021 May 2021 Recession Headline CPI 3.9% 4.2% 4.9% Core CPI 3.8% 3.0% 3.8% 12% Food CPI 3.9% 2.4% 2.2% Energy CPI 4.4% 25.0% 27.8% Headline PCE deflator 3.4% 3.6% 3.9% Economy 9% Core PCE deflator 3.3% 3.1% 3.4%

6%

3%

0%

-3% '71 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21

Source: BLS, FactSet, J.P. Morgan Asset Management. CPI used is CPI-U and values shown are % change vs. one year ago. Core CPI is defined as CPI excluding food and energy prices. The Personal Consumption Expenditure (PCE) deflator employs an evolving chain-weighted basket of consumer expenditures instead of the fixed- weight basket used in CPI calculations. Guide to the Markets – U.S. Data are as of June 30, 2021.

2 27 The Fed and interest rates GTM – U.S. |

Federal funds rate expectations FOMC and market expectations for the federal funds rate 7% FOMC June 2021 forecasts Federal funds rate Percent FOMC year-end estimates Long 2021 2022 2023 6% Market expectations as of June 30, 2021 run* FOMC long-run projection* Change in real GDP, 4Q to 4Q 7.0 3.3 2.4 1.8 Unemployment rate, 4Q 4.5 3.8 3.5 4.0 5% PCE inflation, 4Q to 4Q 3.4 2.1 2.2 2.0

4% Fixed income Fixed

3% 2.50%

2%

0.84% 1% 0.24%0.63% 0.08% 0.13% 0% '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 Long run

Source: Bloomberg, FactSet, Federal Reserve, J.P. Morgan Asset Management. Market expectations are based off of the USD Overnight Index Forward Swap rates. *Long-run projections are the rates of growth, unemployment and inflation to which a policymaker expects the economy to converge over the next five to six years in absence of further shocks and under appropriate monetary policy. Forecasts are not a reliable indicator of future performance. Forecasts, projections and other forward-looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections or other forward-looking statements, actual events, results or performance may differ materially from those reflected or contemplated. 3 Guide to the Markets – U.S. Data are as of June 30, 2021. Interest rates and inflation GTM – U.S. |

Nominal and real 10-year Treasury yields Fixed income Fixed

Source: BLS, FactSet, Federal Reserve, J.P. Morgan Asset Management. Real 10-year Treasury yields are calculated as the daily Treasury yield less year-over-year core CPI inflation for that month except for June and May 2021 where real yields are calculated by subtracting out May 2021 year-over-year core inflation. Guide to the Markets – U.S. Data are as of June 30, 2021.

4 S&P 500 valuation measures GTM – U.S. |

S&P 500 Index: Forward P/E ratio 26x Valuation 25-year Std. dev. Over- measure Description Latest avg.* /under-Valued P/E Forw ard P/E 21.53x 16.71x 1.46 24x CA PE Shiller's P/E 37.75 27.68 1.62 Jun. 30, 2021: Div. Yield Dividend yield 1.44% 2.02% 1.77 Equities 21.53x P/B Price to book 4.19 3.02 1.57 22x P/CF Price to cash flow 16.07 10.95 2.43 EY Spread EY minus Baa yield 1.28% 0.09% -0.60 +1 Std. dev.: 20.00x 20x

18x 25-year average: 16.71x

16x

14x

-1 Std. dev.: 13.41x 12x

10x

8x '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20

Source: FactSet, FRB, Robert Shiller, Standard & Poor’s, Thomson Reuters, J.P. Morgan Asset Management. Price-to-earnings is price divided by consensus analyst estimates of earnings per share for the next 12 months as provided by IBES since June 1996, and J.P. Morgan Asset Management for 6/30/21. Current next 12-months consensus earnings estimates are $200. Average P/E and standard deviations are calculated using 25 years of IBES history. Shiller’s P/E uses trailing 10-years of inflation-adjusted earnings as reported by companies. Dividend yield is calculated as the next 12-months consensus dividend divided by most recent price. Price-to-book ratio is the price divided by book value per share. Price-to-cash flow is price divided by NTM cash flow. EY minus Baa yield is the forward earnings yield (consensus analyst estimates of EPS over the next 12 months divided by price) minus the Moody’s Baa seasoned corporate bond yield. Std. dev. over-/under-valued is calculated 5 using the average and standard deviation over 25 years for each measure. Guide to the Markets – U.S. Data are as of June 30, 2021. Corporate profits and sources of total return GTM – U.S. |

S&P 500 earnings per share Percent change in S&P 500, earnings and valuations Index annual operating earnings Year-to-date, indexed to 100 $225 125

Consensus analyst estimates Share of return Year-to-date

Equities $200 Earnings growth 19.7% Earnings recessions 120 Multiple expansion -5.3% S&P 500 price return 14.4% $175

115 $150

110 $125

$100 105

$75 100 $50

95 $25

$0 90 '88 '91 '94 '97 '00 '03 '06 '09 '12 '15 '18 '21 Jan '21 Feb '21 Mar '21 Apr '21 May '21 Jun '21 Source: FactSet, Compustat, Standard & Poor’s, J.P. Morgan Asset Management. Historical EPS levels are based on annual operating earnings per share. Earnings estimates are based on estimates from Standard & Poor’s and FactSet Market Aggregates. Past performance is not indicative of future returns. Guide to the Markets – U.S. Data are as of June 30, 2021.

6 International valuations and dividend yields GTM – U.S. |

International: Price-to-earnings discount vs. U.S. International: Difference in dividend yields vs. U.S. MSCI AC World ex-U.S. vs. S&P 500 Indices, next 12 months MSCI AC World ex-U.S. minus S&P 500 Indices, next 12 months

10% 2.0%

5% 1.8%

Jun. 30, 2021: 1.6% 1.3% 0%

1.4% +1 Std. dev.: 1.3% -5% +1 Std. dev.: -6.0%

1.2% Average: 1.1% -10% 1.0%

-15% Average: -12.8% International 0.8% -1 Std. dev.: 0.9%

-20% -1 Std. dev.: -19.6% 0.6%

-25% 0.4% Jun. 30, 2021: -27.3% -30% 0.2% '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21

Source: FactSet, MSCI, Standard & Poor's, J.P. Morgan Asset Management. Guide to the Markets – U.S. Data are as of June 30, 2021.

7 J.P. Morgan Asset Management – Index definitions GTM – U.S. |

All indexes are unmanaged and an individual cannot invest directly in an index. Index returns do not Fixed income: include fees or expenses. The Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon US Equities: Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated The Dow Jones Industrial Average is a price-weighted average of 30 actively traded blue-chip U.S. stocks. investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non convertible. The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Bloomberg Barclays Global High Yield Index is a multi-currency flagship measure of the global high yield debt market. The index represents the union of the US High Yield, the Pan-European High Yield, and The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index Emerging Markets (EM) Hard Currency High Yield Indices. The high yield and emerging markets sub- that is designed to measure the equity market performance of developed markets, excluding the US & Canada. components are mutually exclusive. Until January 1, 2011, the index also included CMBS high yield securities. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to The Bloomberg Barclays Municipal Index: consists of a broad selection of investment- grade general measure equity market performance in the global emerging markets. obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure representative of the tax-exempt bond market. developed market equity performance in Europe. The Bloomberg Barclays US Dollar Floating Rate Note (FRN) Index provides a measure of the U.S. dollar The MSCI Pacific Index is a free float-adjusted market capitalization index that is designed to measure equity denominated floating rate note market. market performance in the Pacific region. The Bloomberg Barclays US Corporate Investment Grade Index is an unmanaged index consisting of The Russell 1000 Index® measures the performance of the 1,000 largest companies in the Russell 3000. publicly issued US Corporate and specified foreign debentures and secured notes that are rated investment The Russell 1000 Growth Index® measures the performance of those Russell 1000 companies with higher grade (Baa3/BBB or higher) by at least two ratings agencies, have at least one year to final maturity and have price-to-book ratios and higher forecasted growth values. at least $250 million par amount outstanding. To qualify, bonds must be SEC-registered. The Russell 1000 Value Index® measures the performance of those Russell 1000 companies with lower The Bloomberg Barclays US High Yield Index covers the universe of fixed rate, non-investment grade debt. price-to-book ratios and lower forecasted growth values. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of The Russell 2000 Index® measures the performance of the 2,000 smallest companies in the Russell 3000 Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and Index. global bonds (SEC registered) of issuers in non-EMG countries are included. The Russell 2000 Growth Index® measures the performance of those Russell 2000 companies with higher The Bloomberg Barclays US Mortgage Backed Securities Index is an unmanaged index that measures the price-to-book ratios and higher forecasted growth values. performance of investment grade fixed-rate mortgage backed pass-through securities of GNMA, FNMA and The Russell 2000 Value Index® measures the performance of those Russell 2000 companies with lower FHLMC. price-to-book ratios and lower forecasted growth values. The Bloomberg Barclays US TIPS Index consists of Inflation-Protection securities issued by the U.S. The Russell 3000 Index® measures the performance of the 3,000 largest U.S. companies based on total Treasury. market capitalization. The J.P. Morgan Emerging Market Bond Global Index (EMBI) includes U.S. dollar denominated Brady The Russell Midcap Index® measures the performance of the 800 smallest companies in the Russell 1000 bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign Index. entities. The Russell Midcap Growth Index ® measures the performance of those Russell Midcap companies with The J.P. Morgan Domestic High Yield Index is designed to mirror the investable universe of the U.S. dollar higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell domestic high yield corporate debt market. 1000 Growth index. The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI Broad Diversified) The Russell Midcap Value Index ® measures the performance of those Russell Midcap companies with lower is an expansion of the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI). The CEMBI is a price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 market capitalization weighted index consisting of U.S. dollar denominated emerging market corporate bonds. Value index. The J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) tracks total The S&P 500 Index is widely regarded as the best single gauge of the U.S. equities market. The index returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi- includes a representative sample of 500 leading companies in leading industries of the U.S. economy. The sovereign entities: Brady bonds, loans, Eurobonds. The index limits the exposure of some of the larger S&P 500 Index focuses on the large-cap segment of the market; however, since it includes a significant portion countries. of the total value of the market, it also represents the market. The J.P. Morgan GBI EM Global Diversified tracks the performance of local currency debt issued by emerging market governments, whose debt is accessible by most of the international investor base. The U.S. Treasury Index is a component of the U.S. Government index.

8 J.P. Morgan Asset Management – Index definitions & disclosures GTM – U.S. |

Other asset classes: Investments in emerging markets can be more volatile. The normal risks of investing in foreign countries are heightened when investing in emerging markets. In addition, the small size of securities markets and the low The Alerian MLP Index is a composite of the 50 most prominent energy Master Limited Partnerships (MLPs) trading volume may lead to a lack of liquidity, which leads to increased volatility. Also, emerging markets may that provides investors with an unbiased, comprehensive benchmark for the asset class. not provide adequate legal protection for private or foreign investment or private property. The Bloomberg Commodity Index and related sub-indices are composed of futures contracts on physical The price of equity securities may rise, or fall because of changes in the broad market or changes in a commodities and represents twenty two separate commodities traded on U.S. exchanges, with the exception of company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from aluminum, nickel, and zinc factors affecting individual companies, sectors or industries, or the securities market as a whole, such as The Cambridge Associates U.S. Global Buyout and Growth Index® is based on data compiled from 1,768 changes in economic or political conditions. Equity securities are subject to “stock market risk” meaning that global (U.S. & ex – U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed stock prices in general may decline over short or extended periods of time. between 1986 and 2013. Equity market neutral strategies employ sophisticated quantitative techniques of analyzing price data to The CS/Tremont Hedge Fund Index is compiled by Credit Suisse Tremont Index, LLC. It is an asset-weighted ascertain information about future price movement and relationships between securities, select securities for hedge fund index and includes only funds, as opposed to separate accounts. The Index uses the Credit purchase and sale. Equity Market Neutral Strategies typically maintain characteristic net equity market Suisse/Tremont database, which tracks over 4500 funds, and consists only of funds with a minimum of US$50 exposure no greater than 10% long or short. million under management, a 12-month track record, and audited financial statements. It is calculated and Global macro strategies trade a broad range of strategies in which the investment process is predicated on rebalanced on a monthly basis, and shown net of all performance fees and expenses. It is the exclusive movements in underlying economic variables and the impact these have on equity, fixed income, hard property of Credit Suisse Tremont Index, LLC. currency and commodity markets. The HFRI Monthly Indices (HFRI) are equally weighted performance indexes, utilized by numerous hedge International investing involves a greater degree of risk and increased volatility. Changes in currency fund managers as a benchmark for their own hedge funds. The HFRI are broken down into 4 main strategies, exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower each with multiple sub strategies. All single-manager HFRI Index constituents are included in the HFRI Fund returns. Some overseas markets may not be as politically and economically stable as the United States and Weighted Composite, which accounts for over 2200 funds listed on the internal HFR Database. other nations. The NAREIT EQUITY REIT Index is designed to provide the most comprehensive assessment of overall There is no guarantee that the use of long and short positions will succeed in limiting an investor's industry performance, and includes all tax-qualified real estate investment trusts (REITs) that are listed on the exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Using long NYSE, the American Stock Exchange or the NASDAQ National Market List. and short selling strategies may have higher portfolio turnover rates. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain The NFI-ODCE, short for NCREIF Fund Index - Open End Diversified Core Equity, is an index of investment short sale positions. returns reporting on both a historical and current basis the results of 33 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. The NFI-ODCE Merger arbitrage strategies which employ an investment process primarily focused on opportunities in Index is capitalization-weighted and is reported gross of fees. Measurement is time-weighted. equity and equity related instruments of companies which are currently engaged in a corporate transaction. Mid-capitalization investing typically carries more risk than investing in well-established "blue-chip" Definitions: companies. Historically, mid-cap companies' stock has experienced a greater degree of market volatility than Investing in alternative assets involves higher risks than traditional investments and is suitable only for the average stock. sophisticated investors. Alternative investments involve greater risks than traditional investments and should Price to forward earnings is a measure of the price-to-earnings ratio (P/E) using forecasted earnings. Price not be deemed a complete investment program. They are not tax efficient and an investor should consult with to book value compares a stock's market value to its book value. Price to cash flow is a measure of the his/her tax advisor prior to investing. Alternative investments have higher fees than traditional investments and market's expectations of a firm's future financial health. Price to dividends is the ratio of the price of a share they may also be highly leveraged and engage in speculative investment techniques, which can magnify the on a stock exchange to the dividends per share paid in the previous year, used as a measure of a company's potential for investment loss or gain. The value of the investment may fall as well as rise and investors may get potential as an investment. back less than they invested. Real estate investments may be subject to a higher degree of market risk because of concentration in a Bonds are subject to interest rate risks. Bond prices generally fall when interest rates rise. specific industry, sector or geographical sector. Real estate investments may be subject to risks including, but Investments in commodities may have greater volatility than investments in traditional securities, particularly if not limited to, declines in the value of real estate, risks related to general and economic conditions, changes the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by in the value of the underlying property owned by the trust and defaults by borrower. changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting Relative Value Strategies maintain positions in which the investment thesis is predicated on realization of a a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and valuation discrepancy in the relationship between multiple securities. international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss. Small-capitalization investing typically carries more risk than investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' Derivatives may be riskier than other types of investments because they may be more sensitive to changes in stock has experienced a greater degree of market volatility than the average stock. economic or market conditions than other types of investments and could result in losses that significantly exceed the original investment. The use of derivatives may not be successful, resulting in investment losses, and the cost of such strategies may reduce investment returns. Distressed Restructuring Strategies employ an investment process focused on corporate fixed income instruments, primarily on corporate credit instruments of companies trading at significant discounts to their value at issuance or obliged (par value) at maturity as a result of either formal bankruptcy proceeding or financial market perception of near term proceedings. 9 J.P. Morgan Asset Management – Risks & disclosures GTM – U.S. |

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Prepared by: Stephanie Aliaga, Jordan K. Jackson, David M. Lebovitz, John C. Manley, Meera Pandit, Gabriela D. Santos, Olivia C. Schubert, Nimish Vyas and David P. Kelly.

Unless otherwise stated, all data are as of June 30, 2021 or most recently available.

Guide to the Markets – U.S.

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