Opening Remark / Introduction - University of West Florida · submitted for potential Board of...

Opening Remark / Introduction

UWF Foundation, Inc. Board of Directors Meeting

UWF Alumni Conference Room (Building 12/150) June 17, 2019

3:30 p.m. – 5:00 p.m.

Agenda

Opening Remark/ Introduction Gail Dorsey, BOD Chair Call to Order / Agenda Roll Call / Quorum / Approval of Minutes* Richard Peterson, BOD Secretary

Information Reports

University Update Martha Saunders, UWF President

Advancement Report Howard Reddy, VP for Advancement Student Presentation Angel Patane, 2019-20 Lead Student Ambassador Alumni Report Brett Barrow, Alumni Assoc. President

CFO Report Dan Lucas, Foundation CFO

Committee/Officers Reports Executive Committee Gail Dorsey, BOD Chair Actions of the Executive Committee Investment Committee Jason Crawford, BOD Vice Chair

Quarterly Performance Report (ACG) Earnings and Expenses Comparison Other Investment Assets Actions of the Investment Committee*

*Amend Endowment Allocations and Administrative Fees Policy to 1.75% * Increase Ranges for Cash Allocation 0 – 10%

Audit Budget Committee David Hightower, BOD Treasurer Budget & Financial Reports – Housing & Foundation Neil McMillion and Dr. Jim Hurd Annual Foundation Operating, Non-Endowed, and Housing Budgets * Nominating Committee Trip Maygarden

Slate of Directors* Resolutions and Recognition Gail Dorsey, BOD Chair

Doug Dobson, Richard Peterson, Brett Barrow

Other Business Board Engagement Assessment Gail Dorsey, BOD Chair Board Pictures Closing Remarks from Chair Gail Dorsey, BOD Chair Adjourn *Indicates possible action item for the Board

UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING

Alumni Conference Room March 13, 2019 @ 3:30 p.m. – 5:00 p.m.

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Present Members: Gail Dorsey (Chair), Connie Bookman (via conference call), Rick Byars, Jason Crawford, Dee Dee Davis, Doug Dobson, Megan Fry, John Gormley, David Hightower (via conference call), James Hosman, Kathie Jeffcoat, Zenani Johnson, Trip Maygarden, Richard Peterson, Bill Rone, Chris Roney, Martha Saunders, Sherry Schneider, Gordon Sprague, Bruce Vredenburg, and Todd Zaborski Staff: Howard Reddy, Daniel Lucas, E. Jan Butts, Missy Grace, Geri Battist, Claire Stewart, Robin Zimmern, and Lisa Mrahi Guests: Dr. Jim Hurd, Neil McMillion, Lauren Loeffler, Lindsey Walk, Janice Gilley, Nick Norris (student) Call to Order: Gail Dorsey called the meeting to order at 3:30 p.m. and welcomed everyone. Roll Call and Approval of the Minutes: Staff verified that a quorum had been established. The Board reviewed the minutes of the meeting held on December 3, 2018. Gail Dorsey made a motion to approve the minutes as submitted. Bill Rone seconded the motion with all members voting to approve the motion. Information Reports: University Update: Dr. Saunders presented the report on the University:

• The second annual Argos Suit Up! Event took place on February 17, 2019 at JCPenney’s and was very successful. Three hundred eighty-five students benefited from gift cards awarded, combined with a special 40% discount on professional attire for students and alumni.

• The University’s Department of Theatre presented the Disney musical “The Little Mermaid” at the CFPA which was hugely successful. Additional shows were added to accommodate the demand for tickets to the sold out performances.

• UWF on the Emerald Coast continues to improve and expand. Two new programs are being added: Communication and Computer Science.

• UWF became the first University in North America to host Parkrun, a 5K that takes place every Saturday morning at 7:30 a.m. year-round. Participants can walk or run the outside course, and it is free and open to the public.

• The College of Business Executive Mentor Program at the University of West Florida hosted another successful women’s conference titled “Women in Leadership - Designing Your Future” on March 1, 2019. The sold-out event focused on communication skills, leadership styles, and the success stories of prominent female leaders.

UWF Foundation, Inc. Board of Directors Meeting Minutes from March 13, 2019

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• UWF will celebrate Founders Week again this year from April 13-18, 2019. The week will be full of events that honor UWF’s heritage and sense of community. Highlighted events Include a Scavenger Hunt and Founders Week Day of Service, culminating with UWF Day of Giving on April 18, 2019.

• Dr. Saunders was pleased to announce that John “Vito” Hite has joined the University as Associate Vice President and Chief Audit Executive.

• UWF is delighted to host the annual National Conference on Undergraduate Research (NCUR) in 2022, an important event providing opportunities for young scholars to expand learning beyond the classroom with counterparts from across the country.

• UWF Day at The Capitol is taking place on March 19, 2019. Various events and legislative meetings will take place at the Florida State Capitol Complex in Tallahassee on this day.

Advancement Report: Mr. Reddy shared highlights from the Division of University Advancement providing an update on the gifts, pledges, and planned gifts, which totaled $7,511,156 as of March 11, 2019. Additionally, he highlighted several of the major gifts received since the last board meeting. An Estate Planning Breakfast was held on March 11, 2019. The event was well-attended by many of the area’s top estate planning attorneys. Founders week events are scheduled the week of April 13, 2019 with UWF Day of Giving scheduled for Thursday, April 18, which is an excellent time for Board members to make their donation if they haven’t already done so. Student Presentation: Sophomore Nick Norris, an Argos Suit Up! gift card recipient, presented his inspiring story to the Board, sharing the many obstacles he has overcome in his life to get to college. He stated that having professional clothing has boosted his confidence level as well has his successes, and without the gift card he would not have been in a position to prioritize the purchase of professional wear at this time. He is focused on getting his degree, growing professionally and making an impact. Alumni Report: Missy Grace reported that the UWF Alumni Association was very active during the quarter with engaging events such as The Little Mermaid: Lunch and a Show, as well as “Live Like a Booster Day”, both of which were sold out events. An E-newsletter titled Argos Adulting launched in January and is geared to alumni under age 30, and Connection Magazine will be mailed in April. Planning is underway for the second annual Day of Giving, April 18, 2019, where there will be plenty of community coverage and social media exposure. Missy also stated that the Senior Class Medallion program is going well with several students making donations for medallions prior to commencement.


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CFO’s Report: Dan Lucas presented the CFO’s Report. It was noted that the accounting standard has changed from FASB to GASB due to recent legislation, and preparations for these changes are underway, as well as meetings with auditors. Dan was pleased to advise that a recent audit of UWF License Fees by the State of Florida was favorable. It was also noted that FY 2019-20 budgets are currently being prepared and must be approved by the BOT. He also noted that thanking donors efficiently and properly is a very important step, therefore processes are being reviewed for areas of enhancement and improvement. Reports of Board Officers & Committees: Executive Committee: Gail Dorsey noted that a copy of the minutes was sent to each Board member. It was reported that two motions made by the Investment Committee were approved by the Executive Committee during the past quarter and would be brought to a vote today by the full Board. She then deferred to Jason Crawford, Chair of the Investment Committee. Investment Committee: Jason Crawford presented an overview of The Foundation’s investment objectives and a review of asset allocation targets both old and new, making the motion to change to the asset allocation guidelines for alternative assets and MLP’s. Rick Byars seconded the motion, and the motion carried with all voting in favor. Jason reported that based upon a recommendation from the investment advisor, the committee recommends an investment in Portfolio Advisors Private Equity Fund X. Mr. Crawford made a motion to invest $5,000,000 in this fund and James Hosman seconded. The motion carried with all voting in favor. It was noted that the committee approved the liquidation of William Blair Institutional International Growth to swap positions with an investment in WCM Focused International Growth. The proposed liquidation and purchase is within the approved asset allocation guidelines for international equities. The Foundation hosted its second Investment Manager Breakfast on February 21, 2019, at the Pensacola Yacht Club. Portfolio Advisors presented with an overview of private equity and credit markets. Approximately 59 people including staff attended the event. Several guest participants have reached out to BOD members to thank them for the opportunity. Board members may submit the names of potential guest attendees for future events. Audit/Budget Committee: Gail Dorsey provided an overview stating that Housing’s revenues remain flat. Enhancements have been made to the marketing campaign and the number of applications appear to be increasing. The recent construction of many new apartment complexes surrounding UWF have been to our detriment, however new marketing coupled with major interior renovations and new furnishings should help boost occupancy next year.


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Housing maintains required debt service ratios and has significant cash reserves. The budget model for next fiscal year will reflect a realistic forecast of occupancy. Grant Committee: Doug Dobson provided an overview of the last grant committee meeting in which 51 applicants were reviewed for study abroad scholarships. The top 10 ranking students (plus 4 alternates) were selected to each receive a $2000 grant for a summer study abroad experience. Proposed destinations include: Ireland, Scotland, Germany, France, Indonesia, London, Paris, Berlin, and Prague. Applicant ranking is determined by a scoring matrix detailing academic goals, financial need and merit. Nominating Committee: Gordon Sprague noted that the names of seven candidates have been submitted for potential Board of Director membership. Staff is currently collecting a resume or bio from each nominee and vetting will begin at the next committee meeting. In June 2019, three members are eligible for re-appointment and two member terms will expire. Recognitions: Gail Dorsey presented Zenani Johnson, SGA Representative with an award to recognize her participation on the Foundation Board over the past year. Zenani was recently named Student Body President for 2019-20 and will move up to SGA Representative on the BOT level next year. Other Business: Gail Dorsey brought to the attention of the Board the current calendar of events and happenings and encouraged members to attend events as schedules permit. Adjournment: Chair Dorsey thanked the Board members and staff for their participation in the meeting. There being no further business, the meeting was adjourned at 4:47 pm. Minutes recorded by Lisa Mrahi on March 13, 2019

Information Reports

Executive Committee Reports

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UWF FOUNDATION, INC. EXECUTIVE COMMITTEE MEETING

FPAN Building, 2nd floor, Classroom May 16, 2019, 3:30 p.m. – 5:00 p.m.

Present: Members: Chair Gail Dorsey, Dr. Martha Saunders, Dave Cleveland, Jason Crawford, Gordon Sprague, and David Hightower. Staff: Howard Reddy, Dan Lucas, E. Jan Butts, Claire Stewart and Lisa Mrahi Call to Order: Chair Dorsey called the meeting to order at 3:35 p.m. Staff confirmed attendance and that a quorum was present. Minutes: The committee members reviewed the minutes of the meeting held on February 21, 2019. Jason Crawford made a motion to accept the minutes as presented. Dave Cleveland seconded the motion, and the motion carried with all voting in favor. University Update: Dr. Saunders provided a university update and reported that currently summer enrollment is up almost 10% and that fall enrollment is expected to be up as well. It was noted that performance-based funding data will be announced in June at the Board of Governors Meeting. After being ranked in the top three for the past two years, it is anticipated that UWF will maintain its status as one of the highest performing public universities in the state. In addition, Florida has been named the top university system in the country for the third year in a row. The Legislature has adjourned and the Governor has not signed the budgets yet; he has fourteen days to review and either accept or veto requests. Numerous policy changes have been made regarding the spending of PICO and Carry Forward funds. Some will be beneficial to UWF as more carryforward money will be made available for building repairs. Many of UWF’s sports teams continue to excel on both regional and national levels, including the number two-ranked Women’s Softball team which is heading to the NCAA Championships later this month. The success of UWF’s athletics programs can be attributed to the dedication of the athletes and loyal coaches as well as the outstanding leadership of Athletic Director Dave Scott and the culture he has created on campus. Dr. Saunders concluded by mentioning that Howard Reddy is chairing the search for the new College of Business Dean. The College is very attractive to applicants. Much has been accomplished but there is more work to be done and room to grow. Advancement Report: Howard Reddy presented University Advancement highlights. During this fiscal year, total gifts of $8,122,456 have been received including new pledges and planned gifts. A list of major donations received since March was reviewed with an overview of current KPI results for gift and donor types as well as alumni giving. The return of “Phone-A-Thon” (a student-led calling campaign) this spring yielded $33,735 in donations from alumni. This represents a 63% increase in alumni participation. The second annual Day of Giving was a huge success whereby $130,000 was raised in twenty-four hours. The number of gifts received that day (1132) surpassed the goal of 1000 gifts. Donors giving $30 or more on Day of Giving received a special

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edition pair of UWF socks as a “thank you”. The promotion went over very well; gifts made in the $30 - $50 range increased by 351%, which is attributed to the excitement over the socks. Howard is very proud of the team effort and the leadership of Annual Giving Officer, Kathleen Norwood. The event was well documented throughout the day on social media and is quickly becoming a treasured UWF tradition. Stewardship events and donor receptions remain focused efforts. CFO Report: Dan Lucas advised that the annual IRS Form 990 has been filed and that an electronic copy has been sent out to all Board members for review. Any feedback or questions regarding the filing of this document can be directed to Dan. Auditors from Saltmarsh Cleveland and Gund attended the Audit / Budget Committee meeting today and confirmed that the transition from FASB to GASB is well underway. The Committee engaged the Auditors in a vibrant conversation and appreciated their time during this annual visit. It was noted that the Moody’s annual surveillance call took place on May 8, 2019 and consisted of a robust discussion about Housing boosting occupancy rates. Committee Reports: Investment Committee: A discussion about investment allocations and liquidity brought forth the need for a policy range change to allow more cash to be held in the portfolio. James Hosman made the motion to change this policy range from 0 – 5% to 0 – 10%. It was seconded by Dave Cleveland, and the motion carried with all voting in favor. The Endowment Allocations and Administrative Fees Policy was reviewed. Dan Lucas led the review and suggested keeping the percentage for the operating budget at 1.75% as opposed to reducing it to 1.50%, thus allowing for more room in the operating budget for staff development and retention. Howard Reddy added that the role of the Major Gift Officer is to cultivate the relationships that bring the big donors our way, and we must make salaries competitive in order to retain and motivate staff. Kathie Jeffcoat made the motion to freeze the budget rate at 1.75% and Bruce Vredenburg seconded the motion. The motion carried with all members in favor. Jason Crawford advised that the annual Due Diligence Report is complete and that investments are on track. A recent NACUBO study indicated that UWF’s investment allocations are in the top 20% percentile compared with peer institutions. The Foundation hosted an Investment Management Breakfast prior to the committee meetings on May 16th at Skopelos New World with approximately 40 attendees, the event was very well received and will be continued in the next fiscal year. Audit/Budget Committee: Allison Jones and Molly Murphy from Saltmarsh, Cleaveland & Gund made their annual visit to the committee to discuss the status of the upcoming audit. Once all investment portfolio statements are in for the quarter, audit procedures will begin the first week of June and year-end audit procedures will begin in August. Once their reports are complete, they will be available to answer any questions that may manifest due to the move from FASB to GASB.

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Dan Lucas discussed the Housing Budget to Actual report and noted that although revenues were down approximately 7% overall expenditures had a budget savings of $502,270 as of March 31, 2019. An increase in budget revenue is projected for 2019-20 setting it at $9,660,407. Dan estimates that approximately $800,000 will go back into reserves next year. Neil McMillion stated that off-campus housing competition as well as the ongoing rebound from former metrics goals still add to challenges of bringing occupancy numbers up. Housing has been working closely with Enrollment and Student Affairs as well as the Financial Aid office to come up with new ideas to boost housing occupancy rates. It is important to capture as much of the FTIC (First Time in College) population as possible, and there is a 10-20% increase anticipated for next year with 33% of these students coming from outside of the tri-county area. There is a 40% increase in out-of-state registrations so far for next year and Transfer student enrollment is also on the rise. With this in mind, more financial aid leveraging options will be implemented in order to make living on campus more affordable and attainable. The Argo 30 Guarantee, Merit Scholarships and Equity Packaging are among the tools being implemented to bolster housing numbers. Robust marketing and outreach efforts as well as enhanced Living Learning Communities (LLCs) are also helping to increase contracts. It is anticipated that Housing will meet and/or exceed its goal of 1425 students on campus for 2019-2020. Bill Rone made a motion to approve the Housing Operating Budget for 2019-20 as presented. The motion was seconded by John Gormley, and the motion carried with all members voting in favor, moving it on to the Full Board. After Dan Lucas reviewed the Summary of Proposed Foundation Operating Budget for 2019-20 with the committee, John Gormley made a motion to approve the Budget, which was seconded by David Peaden. The motion carried with all members voting in favor. Nominating Committee: The committee discussed the three (3) current Foundation Board vacancies that will exist as of July 1, 2019, noting that Doug Dobson (Presidential appointment) and Richard Peterson (Alumni appointment) will each complete their second term on June 30, 2019. The resignation of Board member Jill Thomas on April 19, 2019 created a third vacancy, which is also a Presidential appointment. Gordon Sprague asked the committee to review the resumes of the four (4) nominees under consideration. The committee proceeded to anonymously rank the nominees. The results were revealed and Kathie Jeffcoat made the motion to vote on moving the ranked nominees forward for further consideration. Trip Maygarden seconded the motion, and the motion carried. It was noted that there has been an inactive member and the Board could potentially have a fourth vacancy (Board appointment) on July 1, 2019, in which case a fourth nominee has already been vetted and is in place.

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Other business: Mrs. Dorsey brought to the attention of the committee the current calendar of events and happenings and encouraged members to attend events as schedules permit. There being no further business, the meeting was adjourned at 4:30 pm. Minutes recorded by Lisa Mrahi May 16, 2019

Investment Committee

Reports

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University of West Florida Foundation

First Quarter 2019

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Table of Contents ______________________________________________________________________________________

SECTION 1 University of West Florida Foundation SECTION 2 University of West Florida Planned Giving SECTION 3 Private Markets Allocation SECTION 4 Private Markets Cash Flows SECTION 5 NACUBO Study of Endowments FY 2018 Summary

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ACG Market ReviewFirst Quarter 2019

Global Highlights:• Economy – GDP appears to be slowing across the developed economies. Earnings growth slowing across multiple economic sectors.

• Equities – Despite slowing economy, market rebounds from last year’s sell‐off with a strong rally in the first quarter of 2019.

• Fixed Income – Credit spreads tightened and yields were flat as the market and investor adjusted to a slower pace of rate hikes due to Federal Reserve’s “data dependent” stance.

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ACG Market Review First Quarter 2019

For institutional client use only – not for distribution

Economy

Q4 2018 GDP growth figures printed in‐line with expectations at +2.2%. For the calendar year 2018, the US economy grew at +2.9%; its highest rate since 2015. Early estimates for Q1 2019 GDP were flat due to the government shutdown, but recent reports of stronger consumer, private investment, and construction data pushed that estimate higher to +2%.

During Q1 2019 the US economy added 186,000 jobs on average, despite recent volatile jobs reports. Wages grew at a nominal rate of +3.4% while unemployment remains at a historically low of +3.8%. In addition to the positive wage & employment figures, Core CPI (Inflation) printed at +2.1%, just above the Fed’s target of +2%.

The most significant economic event in the quarter was the Fed’s change to a more accommodative/dovish policy. Powell’s Fed was previously viewed as hawkish given the frequency at which it hiked rates. The Fed cited issues in U.S. growth, the substantial drawdown in financial markets and light inflation for their recent change of tone.

The U.S. manufacturing sector continued its downward trend since the fall of ‘18 with an ISM reading of 54.6, though this reading still reflects a growing economy. Oil gained +30.0% during the quarter as tightened supply from OPEC, sanctions on Iranian/Venezuelan exports, and resilient demand drove prices upward.

Markets

After price‐to‐earnings multiples moved from extended to undervalued during the volatile fourth quarter, equity valuations have settled into a range very close to long‐term averages.

The S&P 500 posted a first quarter gain of +13.65%, reversing the sell‐off experienced in Q4 2018. Information Technology and Real Estate sectors led the way during the quarter as each sector posted a positive gain. Information Technology and Real Estate returned +19.89% and +17.53% respectively, as growth and momentum, factors both sectors had long benefitted from, rallied. Healthcare was the worst performing sector of the quarter with a gain of +6.59%. Small Cap stocks finished the quarter up +14.58%.

Both international and emerging markets also fared well during the quarter. International developed equity markets, as measured by the MSCI EAFE (net) Index, posted returns of +9.98% for the quarter. Emerging market equities, as measured by the MSCI EM (net) index, posted returns of +9.91%.

US bond markets, as measured by the Bloomberg Barclays US Aggregate Index, posted returns of +2.94% for the quarter. US Bond markets benefitted from the Fed ‘pausing’ interest rate hikes. Fixed income spreads have also moved closer to long‐term averages. Both investment grade bond and high yield bonds tightened considerably after Q4’s sell‐off.

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Will the Pattern Continue? Q1 2019 was the S&P 500’s best quarter this decade. The rebound is best seen in the context of quarters following a strong sell‐off (defined as a quarter when the market was down 10% or more). In the vast majority of these instances, the market was positive in the subsequent quarters and year. In all but one of the years in which the S&P 500 posted positive returns in all three months of the first quarter (as it did in Q1 2019), the return over the next 9 months was positive. Yield Curves & Dot Plots 10‐year Treasury yields fell after the Federal Reserve’s policy announcement was more dovish than expected. As a result, on March 22, the yield on the 10‐year Treasury bond fell slightly below that of the 3‐month bill sounding alarm bells that the Yield Curve had “inverted”. Yield‐curve inversions are an uncommon event in which short‐term interest rates exceed longer‐term rates – which many economists cite as a reliable predictor of a looming U.S. recession. While the risk of recession exists, and the inversion of the U.S. yield curve likely signals we are moving to a later stage in the economic cycle, it is worth noting that even the best forecasters do not have a good track record of predicting recessions with any reasonable lead time. The likely path of interest rates also changed considerably during the first quarter. The Fed’s dovish comments caused the

probability of “no change” to rates to spike in December and following the March FOMC meeting, Federal‐funds futures put the odds of a hike at 0% and the odds of a rate cut at 40%. Though, its important to note that a pause in rate hikes, or even a potential rate cut does not guarantee an economic downturn. Slowdown ≠ Recession While most Leading and Coincident Economic Indicators remain strong / fair, the trend in many of these indicators has recently declined. One such example is the slowing growth rate in US GDP. Many economists are now expecting a slowdown in Q1 US GDP growth. The Atlanta Federal Reserve’s real‐time tracker is now predicting annual growth close to +1%. Despite the slowdown, we have seen this pattern before. In each of the last 3 years, personal consumption and GDP started out at a slow pace during Q1 and then improved during the remainder of the calendar year. Because of the economic slowdown, expectations for quarterly earnings for each quarter of 2019 have been reduced. On the bright side, however, analysts forecast a return to solid year‐over‐year growth in 2020

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Risks The BBB rated bond market now represents roughly 50% of the total market capitalization of investment grade (IG) bonds, with about $1trn of debt sitting one notch above high yield. Gross leverage, which has been a reliable indicator of creditworthiness over time, continues to tick up. We are now seeing BBB rated bond leverage at all‐time highs when interest coverage ratios are near post‐crisis lows. The equity sell‐off in the fourth quarter coupled with the government shutdown finally put a dent in consumer sentiment. Sentiment has, however, bounced back after resolution to the government shutdown and the market rebound in Q1. While still early, year‐to‐date tax refunds for 2018 have been running significantly below the past few years as a result of the new tax laws. It remains to be seen if this has a flow‐through effect on consumer spending

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Returns include dividends; 3-year, 5-year and 10-year returns are annualized. Indices are unmanaged. You cannot invest directly into an index. Past performance is not indicative of future results

Market Index Review – March 2019

Source: Morningstar, ACG

Market Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years International Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsS&P 500 1.94 13.65 13.65 9.50 13.51 10.91 15.92 MSCI Emerging Markets 0.84 9.93 9.93 -7.41 10.68 3.68 8.94Dow Jones Industrial Average 0.17 11.81 11.81 10.08 16.37 12.21 15.97 MSCI Europe 0.61 10.84 10.84 -3.72 6.56 1.04 8.95NASDAQ Composite TR 2.70 16.81 16.81 10.63 17.97 14.29 18.93 MSCI Pacific 0.69 8.53 8.53 -3.86 8.82 4.96 9.12MSCI EAFE 0.63 9.98 9.98 -3.71 7.27 2.33 8.96 MSCI ACWI ex USA 0.60 10.31 10.31 -4.22 8.09 2.57 8.85Russell 2000 -2.09 14.58 14.58 2.05 12.92 7.05 15.36 MSCI EAFE Small Cap 0.16 10.65 10.65 -9.36 7.50 4.47 12.76Dow Jones U.S. Total Stock Market 1.44 14.04 14.04 8.66 13.45 10.29 16.01 MSCI Frontier Markets 1.21 6.87 6.87 -15.00 6.88 0.57 7.49

Russell Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Bond Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsRussell 1000 1.74 14.00 14.00 9.30 13.52 10.63 16.05 FTSE T-Bill 3 Months 0.21 0.60 0.60 2.11 1.17 0.72 0.41Russell 1000 Growth 2.85 16.10 16.10 12.75 16.53 13.50 17.52 BBgBarc US Municipal TR 1.58 2.90 2.90 5.38 2.71 3.73 4.72Russell 1000 Value 0.64 11.93 11.93 5.67 10.45 7.72 14.52 BBgBarc US Aggregate TR 1.92 2.94 2.94 4.48 2.03 2.74 3.77Russell MidCap 0.86 16.54 16.54 6.47 11.81 8.81 16.88 BBgBarc US Govt/Credit TR 2.12 3.26 3.26 4.48 2.12 2.78 3.92Russell MidCap Growth 1.35 19.62 19.62 11.51 15.05 10.89 17.60 BBgBarc US Govt/Credit Int TR 1.35 2.32 2.32 4.24 1.66 2.12 3.14Russell MidCap Value 0.50 14.37 14.37 2.89 9.50 7.22 16.39 BBgBarc US Corporate High Yield TR 0.94 7.26 7.26 5.93 8.56 4.68 11.26Russell 2000 Growth -1.35 17.14 17.14 3.85 14.87 8.41 16.52 BBgBarc Global Aggregate TR 1.25 2.20 2.20 -0.39 1.49 1.04 3.05Russell 2000 Value -2.88 11.93 11.93 0.17 10.86 5.59 14.12 FTSE WGBI 1.27 1.74 1.74 -1.57 0.95 0.59 2.20

Sector Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 Years Other Indices MTD QTD YTD 1 Year 3 Years 5 Years 10 YearsS&P 500 Materials 1.23 10.30 10.30 -0.43 9.48 5.30 12.39 HFRI FOF: Diversified Index 0.95 4.49 4.49 0.98 3.74 2.19 3.54S&P 500 Consumer Discretionary 4.11 15.73 15.73 13.19 14.41 13.58 21.11 HFRI FOF: Conservative Index 1.13 3.95 3.95 2.48 3.74 2.24 3.43S&P 500 Consumer Staples 4.09 12.01 12.01 10.49 5.15 8.59 13.48 HFRI FOF: Strategic Index 1.87 6.76 6.76 -0.77 5.00 2.44 4.04S&P 500 Energy 2.11 16.43 16.43 1.32 4.94 -2.80 6.39 Wilshire Liquid Alternative TR USD 0.59 2.90 2.90 -0.57 1.96 0.64 2.73S&P 500 Financials -2.61 8.56 8.56 -4.67 14.27 9.39 15.70 FTSE EPRA/NAREIT Global TR USD 4.08 14.98 14.98 12.36 7.53 7.50 14.60S&P 500 Health Care 0.49 6.59 6.59 14.89 12.57 11.81 16.62 Alerian MLP TR USD 3.43 16.82 16.82 15.11 5.69 -4.73 10.12S&P 500 Industrials -1.14 17.20 17.20 3.23 11.67 9.34 17.20 Bloomberg Commodity Index TR USD -0.18 6.32 6.32 -5.25 2.22 -8.92 -2.56S&P 500 Information Technology 4.83 19.86 19.86 15.44 22.56 18.63 20.02S&P 500 Real Estate 4.92 17.53 17.53 21.00 -- -- --S&P 500 Communication Services 2.43 13.98 13.98 7.75 1.40 5.20 9.73S&P 500 Utilities 2.89 10.84 10.84 19.33 9.19 10.89 12.88

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Source: Hedgeye, ACG

Q1 2019: Despite Headlines, The Market Rallies

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Source: Bespoke Investment Group, Dow Jones, ACGNote: Past Results are no guarantee of future returns

Equities Follow Historical Pattern Which Bodes Well for 2019

• Q1 2019 was the S&P 500’s best quarter thisdecade. The rebound is best seen in the contextof quarters following a strong sell-off (defined as aquarter when the market was down 10% or more).In the vast majority of these instances, the marketwas positive in the subsequent quarters and year

• In all but one of the years in which the S&P 500posted positive returns in all three months of thefirst quarter (as it did in Q1 2019), the return overthe next 9 months was positive

S&P 500 Returns After A Down 10% Quarter (Post World War 2)

12/31/2018 ‐13.97 13.64 ? ?12/31/2018 ‐13.97 13.64 ? ?17.8%

1.3%9.5%

11.6%14.8%

23.0%3.3%

11.2%-15.3%

1.4%7.8%8.2%

10.1%1.6%

7.0%7.3%

10.0%33.6%

18.2%

2013201220061998199619951993199119871986198319751972197119671964196119541950

S&P 500 Returns for last 9 months of the year(Post WW2, Years in which Jan, Feb and Mar were all positive)

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Source: Bespoke Investment Group, Gavekal Research, ACG

The Fed Changes Their Tune and the Yield Curve Inverts

• The likely path of interest rates changedconsiderably in Q1. After the Fed’s dovishcomments caused the probability of “nochange” to rate to spike in December, theMarch meeting caused the odds of anotherincrease to move to zero and the odds oneor more cuts to increase substantially

• 10-year Treasury yields fell after the FederalReserve’s policy announcement was moredovish than expected. As a result, the 10year vs. 3 month Treasury yield curveinverted in late March.

Probabilities of Rate Moves(Fed Funds Changes before Jan 2020)

U.S. Yield Curve(March 2019 vs. 1 Year ago)

10

Source: Bloomberg, Citigroup, Bespoke Investment Group, ACG

Signs of a Potential Economic Slowdown

• While the Citi Economic Surprise Index for the U.S.was the strongest region across the globe earlier inthe year, in the last two months the index hasdeclined and reached levels more in line with otherregions. Emerging Markets is the one area that hasshowed recent strength

Citigroup Economic Surprise Index(By Region)

• Although most Leading and Coincident EconomicIndicators in the U.S. remain in the fair to strongcategory, the trend in many of these indicators hasrecently declined

Leading & Coincident Economic Indicators(USA)

11

How Much Emphasis to Place on a Sluggish Q1?

US Real GDP & Personal Consumption Expenditures(Quarterly, Annual % Change)

US Q1 2019 GDP Estimates(Atlanta Federal Reserve)

• …In each of the last 3 years, personal consumptionand GDP started out at a slow pace during Q1 andthen improved during the remainder of the calendaryear

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Personal Consumption Expenditures ("PCE") Real GDP

• Many economists are now expecting a slowdown inQ1 U.S. GDP growth. The Atlanta FederalReserve’s real-time tracker is now predicting annualgrowth close to 1%. Despite the slowdown, wehave seen this pattern before…

Source: Atlanta Federal Reserve, Bureau of Economic Analysis, ACG

12

Source: AllianceBernstein, ACG

• As a result of the economic slowdown, earningsrevisions moved down across all regions andmost sectors

• On the bright side, however, analysts forecast areturn to solid year-over-year growth in 2020

Weakening Earnings Outlook Leads to Uncertainty

• During the first three months of the year, globalstocks rose or fell more by at least 1% on eightseparate days

• Given the amount of uncertainty in globalmarkets, investors should be prepared forhigher levels of volatility going forward

MSCI World Earnings Per Share(Next 12 Months)

MSCI World Volatility(Number of Days with Returns + or – 1%)

13

Valuations No Longer At Extremes

Source: Yardeni Research, Morningstar, Thomson Financial, FactSet, ACGNote: Spread measured vs. U.S. Treasury Bond

• After price-to-earnings multiples moved fromextended to undervalued during the volatile fourthquarter, equity valuations have settled into a rangevery closer to long-term averages of 16.2x

108

305

182

533

122

399

Investment Grade High Yield

2018 Peak 2018 Low March 2019

Price-to-Earnings Ratios(Based on Forward Earnings)

• Fixed income spreads have also moved closer tolong-term averages. Both investment grade bondand high yield bonds tightened considerably afterQ4’s sell-off

Fixed Income Spreads(Investment Grade and High Yield)

18.5

15.113.213.6

12.010.2

16.5

13.212.0

USA Europe Emerging Markets

2018 Peak 2018 Low March 2019

14

Source: Tortoise Advisors, ACGNote: EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization

Risks: BBB Credit

• While total investment-grade corporate debtdoubled in the last decade, the total amount ofBBB rated bonds has tripled. Today, roughly$3 trillion, or nearly 50% of all corporate debt,is rated BBB

• Gross leverage, which has been a reliableindicator of creditworthiness over time, continuesto tick up. BBB rated bond leverage is at all-timehighs and interest coverage ratios are near theirlows following the 2008 Global Financial Crisis

BBB Rated Corporate Bonds(As a % of Investment Grade Index)

Gross Leverage(Debt / EBITDA* Multiple)

$ Tr

illion

15

Source: Bespoke Investment Group, U.S. Treasury, Moody’s, ACG

Risks: Weakening Consumer

• The equity sell-off in the fourth quarter coupledwith the government shutdown finally put a dentin consumer sentiment. Sentiment has, however,bounced back after resolution to the governmentshutdown and the market rebound in Q1

Consumer Sentiment Indexes

• While still early, year-to-date tax refunds for 2018have been running significantly below the pastfew years as a result of the new tax laws. Itremains to be seen if this has a flow-througheffect on consumer spending

Income Tax Refunds($ Billions, YTD per year)

16

DISCLOSURE

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

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

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

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

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

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

17

INDEX DEFINITIONS

Asset class and reference benchmarks:

ASSET CLASS BENCHMARK

U.S. Equity S&P 500 TR

International Developed Equity MSCI EAFE NR

Emerging Market Equity MSCI EM NR

U.S. Fixed Income Bloomberg Barclays U.S. Aggregate Bond TR

Cash & Cash Alternatives Citi Treasury Bill 3 Mon USD

Alerian MLP: The Alerian MLP Index is the leading gauge of large- and mid-cap energy Master Limited Partnerships (MLPs). The float-adjusted, capitalization- weighted index, which includes 50 prominent companies and captures approximately 75% of available market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX). Bloomberg Barclay 10-Year U.S. Treasuries: Measures the performance of U.S. Treasury securities that have a remaining maturity of 10 years.

Bloomberg Barclays U.S. Aggregate Index: Represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment- grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Bloomberg Barclays Global Aggregate ex-U.S. Dollar Bond Index: Tracks an international basket of bonds that currently contains 65% government, 14% corporate, 13% agency and 8% mortgage-related bonds. Bloomberg Barclays High Yield: Covers the universe of fixed-rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC-registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures and 144-As are also included.

Bloomberg Barclays U.S. Corporate High Yield: Composed of fixed-rate, publicly issued, non-investment grade debt. The Dow Jones Industrial Average is an unmanaged index of 30 widely held securities.

Dow Jones U.S. Total Stock Market Index, which comprises all U.S. equity securities with readily available prices. FTSE 3-Month Treasury-Bill Index: This is an unmanaged index of three-month Treasury bills. FTSE EPRA/NAREIT Global Real Estate Index: Designed to represent general trends in eligible listed real estate stocks worldwide. Relevant real estate activities are defined as the ownership, trading and development of income producing real estate.

18

INDEX DEFINITIONS

Gross Domestic Product (GDP) is the annual market value of all goods and services produced domestically by the US. HFRI Fund of Funds Conservative: FOFs classified as 'Conservative' exhibit one or more of the following characteristics: seeks consistent returns by primarily investing in funds that generally engage in more 'conservative' strategies such as Equity Market Neutral, Fixed Income Arbitrage, and Convertible Arbitrage; exhibits a lower historical annual standard deviation than the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Conservative Index shows generally consistent performance regardless of market conditions. HFRI Fund of Funds Diversified: FOFs classified as 'Diversified' exhibit one or more of the following characteristics: invests in a variety of strategies among multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index; demonstrates generally close performance and returns distribution correlation to the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minimal loss in down markets while achieving superior returns in up markets. HFRI Fund of Funds Strategic: FOFs classified as 'Strategic' exhibit one or more of the following characteristics: seeks superior returns by primarily investing in funds that generally engage in more opportunistic strategies such as Emerging Markets, Sector specific, and Equity Hedge; exhibits a greater dispersion of returns and higher volatility compared to the HFRI Fund of Funds Composite Index. A fund in the HFRI FOF Strategic Index tends to outperform the HFRI Fund of Fund Composite Index in up markets and underperform the index in down markets. MSCI All Country World Index Ex-U.S Index.: A market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. It includes both developed and emerging markets. MSCI EAFE Index (Europe, Australasia, Far East): A free-float adjusted market capitalization index that is designed to measure developed market equity performance, excluding the United States and Canada. The EAFE consists of the country indices of 21 developed nations. MSCI EAFE Growth Index: Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those securities classified by MSCI as most representing the growth style. MSCI EAFE Small-Cap Index: An unmanaged, market-weighted index of small companies in developed markets, excluding the U.S. and Canada. MSCI EAFE Value: Represents approximately 50% of the free-float adjusted market capitalization of the MSCI EAFE index, and consists of those securities classified by MSCI as most representing the value style. MSCI Emerging Markets Index: Designed to measure equity market performance in 25 emerging market indexes. The three largest industries are materials, energy and banks. The NASDAQ Composite Index is an unmanaged index of all stocks traded on the NASDAQ over-the-counter market. Price Earnings Ratio (P/E) is the price of the stock divided by its earnings per share.

19

INDEX DEFINITIONS

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

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

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

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

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

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

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

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

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

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

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

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

20

University of West Florida Foundation Performance Summary

March 2019 We started the quarter with a market value of $83,544,173 and we ended the quarter with a value of $90,878,801. Total earnings for the quarter were $7,338,679. For the quarter, the Foundation returned 8.72% versus 9.19% for a balanced index that reflects the underlying asset allocation of the total fund. The underperformance for the quarter was attributable to our Small Cap Equity Managers, Dodge & Cox International, DFA Emerging Markets, and Ironwood. Large Cap Equity: Eagle Capital slightly underperformed for the quarter (13.47% vs. 13.65%) while the Vanguard 500 Index performed in line. We recommend maintaining “caution status” and monitoring for improved performance. Small Cap Equity: Our small cap managers underperformed versus the Russell 2000 for the quarter. Conestoga returned 12.87% and Fuller & Thaler returned 11.91% while the Russell 2000 returned 14.58%. International Equity: Our international managers underperformed versus their benchmarks for the quarter. William Blair was replaced by WCM Focused International Growth during the quarter and Dodge & Cox returned 9.78% while the MSCI ACWI ex US returned 10.31%. T. Rowe Price International Small Cap fund outperformed for the quarter returning 12.04% versus 10.26% for the MSCI ACWI ex US Small Cap Index. Emerging Markets Equity: DFA Emerging Markets underperformed the MSCI Emerging Markets Index for the quarter (8.61% vs. 9.93%). Master Limited Partnerships: Tortoise, our MLP manager, outperformed the Alerian Index for the quarter (21.25% vs. 16.82%). Fixed Income: Our fixed income manager, Barrow Hanley, outperformed the Barclays Aggregate Index for the quarter (3.17% vs. 2.94%). Templeton Global Bond fund outperformed for the quarter (1.98% vs. 1.74%). Chartwell Short Duration High Yield strategy outperformed this quarter returning 3.58% vs. 2.12%. Alternatives: For the quarter, Ironwood underperformed versus their respective benchmark returning 2.62% vs. 3.58%.

21

Prepared by The Atlanta Consulting Group

University of West Florida

FoundationAs of March 31, 2019 Fiscal Year End: June

Summary of Cash FlowsFirst Quarter Year-To-Date Fiscal Year-To-

Date One Year Three Years Five Years Ten Years Inception 3/31/99

_

Beginning Market Value $83,544,173 $83,544,173 $91,690,303 $91,237,360 $75,645,437 $70,122,496 $41,088,047 $53,608,325Net Cash Flow -$4,051 -$4,051 -$1,978,841 -$2,982,313 -$6,535,219 -$1,516,474 -$8,821,570 -$26,365,585Net Investment Change $7,338,679 $7,338,679 $1,167,339 $2,623,754 $21,768,583 $22,272,779 $58,612,324 $63,636,061Income $197,984 $197,984 $1,949,259 $2,204,254 $4,969,891 $7,830,992 $12,940,467 $30,998,862Ending Market Value $90,878,801 $90,878,801 $90,878,801 $90,878,801 $90,878,801 $90,878,801 $90,878,801 $90,878,801

_

CurrentBalance

CurrentAllocation Policy Policy Range

_

US Stock Large $20,456,984 22.51% 22.50% 20.00% - 30.00%US Stock Small $9,390,602 10.33% 10.00% 7.50% - 15.00%International $12,645,034 13.91% 15.00% 10.00% - 20.00%International Small Stocks $5,924,081 6.52% 7.50% 2.50% - 10.00%International Emerging Stocks $5,489,275 6.04% 5.00% 2.50% - 7.50%Fixed $11,122,082 12.24% 15.00% 10.00% - 25.00%MLP $4,472,928 4.92% 5.00% 0.00% - 10.00%Fund of Funds $8,795,123 9.68% 10.00% 0.00% - 15.00%Real Estate $3,183,296 3.50% 5.00% 0.00% - 15.00%Private Equity $2,660,742 2.93% 3.00% 0.00% - 5.00%Private Debt $540,277 0.59% 2.00% 0.00% - 5.00%Cash/Short Term Fixed Income $6,198,375 6.82% 0.00% 0.00% - 5.00%Total $90,878,801 100.00% 100.00%

XXXXX

22

_

US Stock Large $20,456,984 22.51% 22.50% 20.00% - 30.00% 0.01% YesEagle Capital Management $10,016,353 11.02%Vanguard 500 Index Admiral $10,440,631 11.49%

US Stock Small $9,390,602 10.33% 10.00% 7.50% - 15.00% 0.33% YesConestoga Small Cap Investors $4,822,608 5.31%Fuller & Thaler Behav Sm-Cp Eq Inst $4,567,993 5.03%

International $12,645,034 13.91% 15.00% 10.00% - 20.00% -1.09% YesDodge & Cox International Stock $6,280,697 6.91%WCM Focused International Growth Instl $6,364,337 7.00%

International Small Stocks $5,924,081 6.52% 7.50% 2.50% - 10.00% -0.98% YesT. Rowe Price International Discovery $5,924,081 6.52%

International Emerging Stocks $5,489,275 6.04% 5.00% 2.50% - 7.50% 1.04% YesDFA Emerging Markets Core Equity I $5,489,275 6.04%

Fixed $11,122,082 12.24% 15.00% 10.00% - 25.00% -2.76% YesBarrow Hanley $5,519,345 6.07%Templeton Global Bond Fund $2,755,932 3.03%Chartwell Short Duration High Yield $2,846,805 3.13%

MLP $4,472,928 4.92% 5.00% 0.00% - 10.00% -0.08% YesTortoise MLP & Pipeline Instl $4,472,928 4.92%

Fund of Funds $8,795,123 9.68% 10.00% 0.00% - 15.00% -0.32% YesIronwood International Ltd. $8,795,123 9.68%

Real Estate $3,183,296 3.50% 5.00% 0.00% - 15.00% -1.50% YesHarbert US RE Fund IV LP $47,723 0.05%Harbert US RE Fund V LP $1,299,266 1.43%Harbert US RE Fund VI LP $1,836,307 2.02%

Private Equity $2,660,742 2.93% 3.00% 0.00% - 5.00% -0.07% YesPortfolio Advisors PE Offshore V $318,967 0.35%Portfolio Advisors PE VII $715,597 0.79%Portfolio Advisors Secondary Fund III, L.P. $975,394 1.07%StepStone Pioneer Capital III, L.P. $650,784 0.72%

Private Debt $540,277 0.59% 2.00% 0.00% - 5.00% -1.41% YesPortfolio Advisors Direct Credit II $540,277 0.59%

Cash/Short Term Fixed Income $6,198,375 6.82% 0.00% 0.00% - 5.00% 6.82% NoPIMCO Short-Term Instl $6,141,772 6.76%Cash $14,242 0.02%Archstone Offshore Fund $42,361 0.05%

Total $90,878,801 100.00% 100.00%XXXXX



FoundationAs of March 31, 2019 Current

BalanceCurrent

Allocation Policy Policy Range Difference Within IPSRange?

Outside Cash ReservesTotal with Outside Cash with Outside Cash Reserves

$94,557,623$3,678,822

23

Manager Status Market Value($)

% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Foundation 90,878,801 100.00 0.82 8.72 8.72 1.13 2.75 6.83 8.88 5.30 9.46 5.00 Mar-99Balanced Index 0.95 9.19 9.19 1.38 3.09 6.13 8.16 5.12 9.09 4.89 Mar-99CPI+4% 0.33 1.60 1.60 3.31 5.34 5.89 6.08 5.41 5.80 6.23 Mar-99US Stock Large 20,456,984 22.51

Eagle Capital Management Caution 2Q16 10,016,353 11.02 1.06 13.47 13.47 4.13 7.40 11.37 14.42 10.30 -- 13.51 Oct-12S&P 500 1.94 13.65 13.65 5.86 9.50 11.72 13.51 10.91 15.92 13.27 Oct-12

Vanguard 500 Index Admiral 10,440,631 11.49 1.95 13.65 13.65 5.83 9.46 11.68 13.47 10.87 -- 13.27 Sep-12S&P 500 1.94 13.65 13.65 5.86 9.50 11.72 13.51 10.91 15.92 13.29 Sep-12

US Stock Small 9,390,602 10.33Conestoga Small Cap Investors 4,822,608 5.31 -0.99 12.87 12.87 1.10 11.12 18.41 19.90 11.49 -- 11.49 Apr-14

Russell 2000 -2.09 14.58 14.58 -5.29 2.05 6.81 12.92 7.05 15.36 6.77 Apr-14Fuller & Thaler Behav Sm-Cp Eq Inst 4,567,993 5.03 -1.64 11.91 11.91 -5.83 0.07 -- -- -- -- -1.84 Mar-18

Russell 2000 -2.09 14.58 14.58 -5.29 2.05 6.81 12.92 7.05 15.36 -1.32 Mar-18International 12,645,034 13.91

Dodge & Cox International Stock Caution 4Q17 6,280,697 6.91 -0.81 9.78 9.78 -3.03 -8.00 1.04 7.86 0.85 10.28 1.89 Dec-07MSCI ACWI ex USA 0.60 10.31 10.31 -1.64 -4.22 5.65 8.09 2.57 8.85 1.14 Dec-07

WCM Focused International Growth Instl 6,364,337 7.00 -- -- -- -- -- -- -- -- -- 2.79 Mar-19MSCI ACWI ex USA 0.60 10.31 10.31 -1.64 -4.22 5.65 8.09 2.57 8.85 1.33 Mar-19

International Small Stocks 5,924,081 6.52T. Rowe Price International Discovery 5,924,081 6.52 1.09 12.04 12.04 -9.33 -9.66 7.86 -- -- -- 9.34 Sep-16

MSCI ACWI ex US Small Cap 0.15 10.26 10.26 -7.07 -9.49 4.48 7.01 3.26 11.86 6.51 Sep-16International Emerging Stocks 5,489,275 6.04

DFA Emerging Markets Core Equity I Caution 3Q17 5,489,275 6.04 1.05 8.61 8.61 0.44 -9.48 5.15 9.61 3.29 -- 4.82 Dec-11MSCI Emerging Markets 0.84 9.93 9.93 0.60 -7.41 7.55 10.68 3.68 8.94 4.64 Dec-11

Fixed 11,122,082 12.24 0.70 2.98 2.98 4.43 3.75 -- -- -- -- 2.19 Apr-17BBgBarc US Aggregate TR 1.92 2.94 2.94 4.65 4.48 2.83 2.03 2.74 3.77 2.54 Apr-17Barrow Hanley 5,519,345 6.07 1.87 3.17 3.17 4.48 4.30 2.89 2.23 2.68 3.99 4.01 Apr-03

BBgBarc US Aggregate TR 1.92 2.94 2.94 4.65 4.48 2.83 2.03 2.74 3.77 3.95 Apr-03Templeton Global Bond Fund 2,755,932 3.03 -1.52 1.98 1.98 4.75 2.06 -- -- -- -- 1.07 Apr-17

FTSE WGBI TR 1.27 1.74 1.74 1.85 -1.57 3.34 0.95 0.59 2.20 2.78 Apr-17Chartwell Short Duration High Yield 2,846,805 3.13 0.65 3.58 3.58 4.02 4.35 -- -- -- -- 2.80 May-17

ICE BofAML US Corp and High Yield 1-3Yr 0.75 2.12 2.12 3.46 4.06 2.62 2.89 2.27 4.44 2.66 May-17




24

Manager Status Market Value($)

% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

MLP 4,472,928 4.92 Tortoise MLP & Pipeline Instl 4,472,928 4.92 4.62 21.25 21.25 1.68 15.11 -0.29 10.71 -- -- -0.61 Apr-14

Alerian MLP TR USD 3.43 16.82 16.82 2.96 15.11 -4.08 5.69 -4.73 10.12 -5.21 Apr-14Fund of Funds 8,795,123 9.68

Ironwood International Ltd. 8,795,123 9.68 0.43 2.62 2.62 1.11 2.87 4.41 5.55 3.86 6.82 4.32 Mar-05HFRI FOF: Conservative Index 0.77 3.58 3.58 1.02 2.12 2.78 3.62 2.17 3.40 2.33 Mar-05

Real Estate 3,183,296 3.50 Harbert US RE Fund IV LP 47,723 0.05 0.00 0.00 0.00 21.73 9.36 26.81 19.07 26.34 22.02 20.78 Dec-08

FTSE NAREIT All Equity REIT 4.45 17.17 17.17 10.62 20.02 8.96 7.71 9.92 18.76 13.91 Dec-08Harbert US RE Fund V LP 1,299,266 1.43 0.00 0.00 0.00 2.92 3.52 9.78 10.47 12.47 -- 12.58 Nov-13

FTSE NAREIT All Equity REIT 4.45 17.17 17.17 10.62 20.02 8.96 7.71 9.92 18.76 9.71 Nov-13Harbert US RE Fund VI LP 1,836,307 2.02 0.00 0.00 0.00 9.20 11.09 -- -- -- -- 12.40 Nov-17

FTSE NAREIT All Equity REIT 4.45 17.17 17.17 10.62 20.02 8.96 7.71 9.92 18.76 10.14 Nov-17Private Equity 2,660,742 2.93

Portfolio Advisors PE Offshore V 318,967 0.35 0.00 0.00 0.00 10.97 18.82 15.37 11.85 9.87 10.45 8.25 Dec-08Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 3.79 9.35 12.67 14.20 11.16 14.33 13.58 Dec-08

Portfolio Advisors PE VII 715,597 0.79 0.00 0.00 0.00 13.72 26.95 20.06 15.32 12.05 -- 13.12 Apr-13Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 3.79 9.35 12.67 14.20 11.16 14.33 12.43 Apr-13

Portfolio Advisors Secondary Fund III, L.P. 975,394 1.07 0.00 0.00 0.00 13.50 27.99 -- -- -- -- 36.65 Aug-17Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 3.79 9.35 12.67 14.20 11.16 14.33 12.14 Aug-17

StepStone Pioneer Capital III, L.P. 650,784 0.72 0.00 0.00 0.00 3.92 9.77 12.66 9.51 11.36 -- 15.86 Dec-09Cambridge Assoc. U.S. PE Index 0.00 0.00 0.00 3.79 9.35 12.67 14.20 11.16 14.33 14.26 Dec-09

Private Debt 540,277 0.59 Portfolio Advisors Direct Credit II 540,277 0.59 0.00 0.00 0.00 14.57 16.71 14.59 -- -- -- 12.20 Oct-16

BBgBarc US Aggregate TR 1.92 2.94 2.94 4.65 4.48 2.83 2.03 2.74 3.77 1.76 Oct-16Cash/Short Term Fixed Income 6,198,375 6.82

PIMCO Short-Term Instl 6,141,772 6.76 0.14 1.06 1.06 1.52 2.31 2.19 2.65 -- -- 2.53 Jan-16FTSE T-Bill 3 Months TR 0.21 0.60 0.60 1.67 2.11 1.59 1.17 0.72 0.41 1.12 Jan-16

Cash 14,242 0.02 Archstone Offshore Fund 42,361 0.05

XXXXX

- Balanced Index = Weighted Average of S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI ACWI ex US Small Cap / MSCI Emerging Markets / Alerian MLP TR USD / HFRI FOF: Conservative Index / BBgBarc US Aggregate TR / FTSE WGBI TR / ICEBofAML US Corp and High Yield 1-3 Yr / FTSE NAREIT All Equity REIT / Cambridge Assoc. U.S. PE Index / BBgBarc US Aggregate TR / FTSE T-Bill 3 Months TR / FTSE T-Bill 1 Month TR / 0% Annual Return- CPI+4% = Consumer Price Index+0.00327 100- Cambridge Assoc. U.S. PE Index = Cambridge Assoc. U.S. Private Equity Index




25

RISK RETURN STATISTICS1 Year

Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 5.96 6.26Minimum Return -5.55 -5.73Annualized Return 2.75 3.09Total Return 2.75 3.09Annualized Excess ReturnOver Risk Free 0.61 0.95

Annualized Excess Return -0.34 0.00 RISK SUMMARY STATISTICSBeta 0.96 1.00Upside Deviation 6.21 6.34Downside Deviation 10.30 10.19 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 10.45 10.85

Alpha -0.02 0.00Sharpe Ratio 0.06 0.09Excess Return Over Market/ Risk -0.03 0.00

Tracking Error 1.03 0.00Information Ratio -0.33 -- CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 1.00 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills

RISK RETURN STATISTICS3 Years


Annualized Excess Return 0.72 0.00 RISK SUMMARY STATISTICSBeta 0.96 1.00Upside Deviation 4.06 4.09Downside Deviation 7.89 7.78 RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 7.02 7.25

Alpha 0.08 0.00Sharpe Ratio 1.09 0.96Excess Return Over Market/ Risk 0.10 0.00

Tracking Error 1.11 0.00Information Ratio 0.64 -- CORRELATION STATISTICSR-Squared 0.98 1.00Correlation 0.99 1.00 Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills


FoundationAs of March 31, 2019

Prepared by The Atlanta Consulting Group26






RISK RETURN STATISTICSSince Inception











28




29




30



Cash Flows from InceptionQuarterEnding

BeginningMarket Value Net Cash Flow Fees Income Net Investment

ChangeEnding

Market Value_

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




QuarterEnding


ChangeEnding

Market Value_

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




QuarterEnding


ChangeEnding

Market Value_

Dec-14 $71,504,536 -$22,845 -$27,895 $1,102,090 $749,766 $72,231,457Mar-15 $72,231,457 -$28,279 -$27,496 $139,418 $1,578,684 $73,781,862Jun-15 $73,781,862 $324,851 -$28,452 $176,783 $156,312 $74,263,025Sep-15 $74,263,025 -$12,826 -$27,644 $180,454 -$5,115,727 $69,134,472Dec-15 $69,134,472 $84,429 -$28,653 $708,198 $1,392,509 $70,611,410Mar-16 $70,611,410 $4,924,041 -$28,909 $159,866 $109,986 $75,645,437Jun-16 $75,645,437 -$140,258 -$29,517 $210,119 $1,697,746 $77,202,925Sep-16 $77,202,925 -$514,301 -$30,494 $173,911 $3,397,085 $80,085,709Dec-16 $80,085,709 -$681,182 -$31,704 $554,397 $1,012,120 $80,416,647Mar-17 $80,416,647 $119,141 -$32,584 $164,409 $3,767,164 $84,302,952Jun-17 $84,302,952 $1,190,909 -$33,371 $237,005 $2,458,418 $87,952,279Sep-17 $87,952,279 -$167,740 $0 $205,111 $3,691,890 $91,476,429Dec-17 $91,476,429 -$1,896,654 -$26,870 $1,067,475 $3,277,624 $92,857,399Mar-18 $92,857,399 -$1,462,821 -$31,969 $153,210 -$157,218 $91,237,360Jun-18 $91,237,360 -$1,003,472 -$30,938 $254,995 $1,456,415 $91,690,303Sep-18 $91,690,303 -$1,166,512 -$31,649 $233,604 $2,604,960 $93,128,750Dec-18 $93,128,750 -$808,277 -$29,521 $1,517,670 -$8,776,299 $83,544,173Mar-19 $83,544,173 -$4,051 -$25,883 $197,984 $7,338,679 $90,878,801

XXXXX


Universe Name: Large Cap MStar MF# of Observations: 975 (3/31/2019)

QTD(%) Rank YTD

(%) RankFiscal

YTD(%)

Rank 1 Yr(%) Rank 3 Yrs

(%) Rank 5 Yrs(%) Rank 10 Yrs

(%) Rank

_

Eagle Capital Management 13.47 49 13.47 49 4.13 59 7.40 57 14.42 26 10.30 39 -- --S&P 500 13.65 43 13.65 43 5.86 31 9.50 32 13.51 33 10.91 27 15.92 31

Over/Under -0.18 -0.18 -1.73 -2.10 0.91 -0.61

2018(%)

2017(%)

2016(%)

2015(%)

2014(%)

2013(%)

2012(%)

2011(%)

2010(%)

2009(%)

_

Eagle Capital Management -5.24 22.66 10.10 1.75 12.28 35.80 -- -- -- --S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46

Over/Under -0.86 0.83 -1.86 0.37 -1.41 3.41 XXXXX



Eagle Capital ManagementAs of March 31, 2019

Since Inception Statistics Summary

Anlzd Std Dev Anlzd Alpha Beta Up Mkt Cap RatioAnlzd

Down Mkt CapRatio Anlzd Sharpe Ratio Tracking Error Info Ratio

_

Eagle Capital Management 11.86% -0.56% 1.06 105.17% 107.12% 1.09 3.38% 0.06 S&P 500 10.78% 0.00% 1.00 100.00% 100.00% 1.19 0.00% --

34


Best PerformersWeight % Return %

_

FIRST DATA CL.A (FDC) 0.37% 55.35%GENERAL ELECTRIC (GE) 2.16% 37.43%GCI LIBERTY A (GLIBA) 2.33% 35.11%NOBLE ENERGY (NBL) 0.00% 32.53%LIBERTY BROADBAND SR.A (LBRDA) 2.21% 27.61%FACEBOOK CLASS A (FB) 2.79% 27.16%DISH NETWORK 'A' (DISH) 1.64% 26.91%CHARTER COMMS.CL.A (CHTR) 1.84% 21.74%CITIGROUP (C) 5.88% 20.36%FISERV (FISV) 0.82% 20.13%Total 20.04%

_

CharacteristicsPortfolio S&P 500

Number of Holdings 37 505Weighted Avg. Market Cap. ($B) 195.53 211.45Median Market Cap. ($B) 41.73 21.17Price To Earnings 17.79 20.23Price To Book 2.88 3.48Price To Sales 1.76 2.09Return on Equity (%) 15.37 26.28Yield (%) 1.08 2.00Beta 1.07 1.00R-Squared 0.92 1.00

Worst PerformersWeight % Return %

_

LIBERTY TRIP ADVI.HDG. SR.A (LTRPA) 0.28% -10.70%TRIPADVISOR 'A' (TRIP) 1.60% -4.62%BERKSHIRE HATHAWAY 'B' (BRK.B) 6.34% -1.61%UNITEDHEALTH GROUP (UNH) 3.92% -0.37%WALT DISNEY (DIS) 0.06% 1.26%ANADARKO PETROLEUM (APC) 0.56% 4.45%WABTEC (WAB) 0.04% 5.11%WELLS FARGO & CO (WFC) 4.78% 5.83%MOHAWK INDUSTRIES (MHK) 2.07% 7.86%BARCLAYS ADR 1:4 (BCS) 1.31% 8.67%Total 20.95%

_

Sector Portfolio S&P 500

INDUSTRY SECTOR DISTRIBUTION (% Equity)Energy 0.56 5.43Materials 1.06 2.64Industrials 4.17 9.48Consumer Discretionary 15.77 10.16Consumer Staples 0.00 7.33Health Care 3.92 14.58Financials 28.75 12.70Information Technology 13.58 21.21Communication Services 29.72 10.03Utilities 0.00 3.33Real Estate 0.00 3.09

Performance By Sectors

1/1/2019 - 3/31/2019

GICS Sector PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD Return

IndexUSD Return

ExcessReturn

AllocationEffect

(Local)

SelectionEffect

(Local)Total

Contrib._

Energy 1.51% 5.32% -3.81% 15.38% 16.45% -1.06% -0.11% -0.04% 0.00%Materials 1.14% 2.73% -1.59% 20.12% 10.28% 9.85% 0.05% 0.11% 0.07%Industrials 2.44% 9.20% -6.76% 25.30% 17.21% 8.09% -0.24% 0.19% 0.28%Consumer Discretionary 17.83% 9.94% 7.88% 14.97% 15.72% -0.75% 0.18% -0.14% 0.24%Consumer Staples 0.00% 7.41% -7.41% -- 12.01% -- 0.12% 0.00% 0.00%Health Care 5.79% 15.54% -9.75% -0.37% 6.57% -6.94% 0.71% -0.39% -0.79%Financials 29.37% 13.31% 16.06% 9.92% 8.53% 1.39% -0.81% 0.42% -1.07%Information Technology 4.84% 20.12% -15.28% 19.32% 19.86% -0.53% -0.87% -0.11% 0.27%Communication Services 37.07% 10.12% 26.95% 15.93% 14.08% 1.85% 0.13% 0.68% 0.85%Utilities 0.00% 3.34% -3.34% -- 11.36% -- 0.08% 0.00% 0.00%Real Estate 0.00% 2.96% -2.96% -- 17.57% -- -0.11% 0.00% 0.00%Total 13.51% 13.66% -0.15% -0.88% 0.72% -0.15%

XXXXX


Eagle Capital ManagementAs of March 31, 2019

35


Vanguard 500 Index AdmiralAs of March 31, 2019



Top Holdings as of 3/31/19MICROSOFT CORP 3.81%APPLE INC 3.59%AMAZON.COM INC 3.10%FACEBOOK INC A 1.68%BERKSHIRE HATHAWAY INC B 1.59%JOHNSON & JOHNSON 1.57%ALPHABET INC CLASS C 1.52%ALPHABET INC A 1.49%EXXON MOBIL CORP 1.44%JPMORGAN CHASE & CO 1.40%

Sector Allocation as of 3/31/19BASIC MATERIALS 2.40%COMMUNICATION SERVICES 3.57%CONSUMER CYCLICAL 11.90%CONSUMER DEFENSIVE 7.77%ENERGY 5.43%FINANCIAL SERVICES 15.39%HEALTHCARE 14.51%INDUSTRIALS 10.23%REAL ESTATE 2.50%TECHNOLOGY 22.95%UTILITIES 3.33%

Fund Information as of 3/31/19Fund Name VANGUARD 500 INDEX

ADMIRALTicker VFIAXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.04%Fund Assets ($mm) 261,713.02Share Class Inception Date 11/13/2000Manager Tenure 3

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Vanguard 500 Index -4.43 21.79 11.93 1.36 13.64 32.33 15.96 2.08 15.05 26.62S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46

Over/Under -0.05 -0.04 -0.03 -0.02 -0.05 -0.06 -0.04 -0.03 -0.01 0.16XXXXX

5 Years Statistics Summary

Anlzd StdDev

AnlzdAlpha Beta Up Mkt Cap

Ratio AnlzdDown MktCap Ratio

AnlzdSharpeRatio

TrackingError Info Ratio

_

Vanguard 500 Index 11.19% -0.04% 1.00 99.86% 100.07% 0.91 0.01% -3.08 S&P 500 11.19% 0.00% 1.00 100.00% 100.00% 0.91 0.00% --

QTD(%) Rank YTD

(%) Rank 1 Yr(%) Rank 3 Yrs


(%) Rank_

Vanguard 500 Index 13.65 43 13.65 43 9.46 32 13.47 34 10.87 28 15.90 31S&P 500 13.65 43 13.65 43 9.50 32 13.51 33 10.91 27 15.92 31

Over/Under 0.00 0.00 -0.04 -0.04 -0.04 -0.02 XXXXX

Description:The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widelyrecognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attemptsto replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.

36


Conestoga Small Cap InvestorsAs of March 31, 2019

Universe Name: Small Cap MStar MF# of Observations: 535 (3/31/2019)


Top Holdings as of 2/28/19EXPONENT INC 3.56%OMNICELL INC 3.49%THE DESCARTES SYSTEMS GROUP INC 3.20%MESA LABORATORIES INC 2.81%PROS HOLDINGS INC 2.79%FOX FACTORY HOLDING CORP 2.78%SIMPSON MANUFACTURING CO INC 2.67%MGP INGREDIENTS INC 2.64%REPLIGEN CORP 2.62%BOTTOMLINE TECHNOLOGIES INC 2.59%


Fund Information as of 2/28/19Fund Name CONESTOGA SMALL CAP

INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 874.93Share Class Inception Date 10/1/2002Manager Tenure 17

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Conestoga Small Cap 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17

Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Conestoga Small Cap 16.25% 5.44% 0.92 104.22% 84.09% 0.69 6.69% 0.73 Russell 2000 16.15% 0.00% 1.00 100.00% 100.00% 0.39 0.00% --

QTD(%) Rank YTD



(%) Rank_

Conestoga Small Cap 12.87 68 12.87 68 11.12 14 19.89 9 11.93 4 17.41 17Russell 2000 14.58 46 14.58 46 2.05 46 12.92 37 7.05 45 15.36 56

Over/Under -1.71 -1.71 9.07 6.97 4.88 2.05 XXXXX

Description:The investment seeks long-term growth of capital. Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equitysecurities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks,rights and warrants.

37


Fuller & Thaler Behav Sm-CpAs of March 31, 2019



Top Holdings as of 2/28/19JABIL INC 3.61%LANDSTAR SYSTEM INC 3.47%BRUKER CORP 3.22%FULTON FINANCIAL CORP 3.17%MURPHY USA INC 3.09%HELEN OF TROY LTD 2.99%FIRST CITIZENS BANCSHARES INC (DE) CLASS A 2.97%HANCOCK WHITNEY CORP 2.74%COMFORT SYSTEMS USA INC 2.60%BLUCORA INC 2.28%


Fund Information as of 2/28/19Fund Name FULLER & THALER

BEHAVIORAL SM-CP EQ INSTTicker FTHSXMorningstar Category Small BlendBenchmark Russell 2000Expense Ratio 0.85%Fund Assets ($mm) 1,055.03Share Class Inception Date 9/8/2011Manager Tenure 8

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Fuller & Thaler Behav Sm-Cp -13.17 17.35 29.82 -3.48 11.00 36.12 20.22 -- -- --Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17

Over/Under -2.16 2.70 8.51 0.93 6.10 -2.70 3.87 XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Fuller & Thaler Behav Sm-Cp 14.26% 3.68% 0.81 81.20% 71.57% 0.61 6.49% 0.36 Russell 2000 16.15% 0.00% 1.00 100.00% 100.00% 0.39 0.00% --

QTD(%) Rank YTD



(%) Rank_

Fuller & Thaler Behav Sm-Cp 11.91 81 11.91 81 0.07 58 13.05 36 9.39 18 -- --Russell 2000 14.58 46 14.58 46 2.05 46 12.92 37 7.05 45 15.36 56

Over/Under -2.67 -2.67 -1.98 0.13 2.34 XXXXX

Description:The investment seeks long-term capital appreciation. The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in common stocks of small capitalizationcompanies based in the U.S. The fund managers consider a company to be based in the U.S. if it is publicly traded in the U.S. and itsatisfies one or more of the following additional criteria: it is incorporated in the U.S., it is headquartered in the U.S., its reported assetsare primarily located in the U.S., or it derives the majority of its revenue from the U.S.

38

Universe Name: Foreign Large Blend MStar MF# of Observations: 197 (3/31/2019)


WCM Focused Intl GrowthAs of March 31, 2019

Top Holdings as of 1/31/19CSL LTD 4.55%CANADIAN PACIFIC RAILWAY LTD 4.21%TENCENT HOLDINGS LTD 3.96%ACCENTURE PLC CLASS A 3.95%SHOPIFY INC A 3.95%EXPERIAN PLC 3.92%ESSILORLUXOTTICA 3.86%KEYENCE CORP 3.75%AIA GROUP LTD 3.68%LVMH MOET HENNESSY LOUIS VUITTON SE 3.68%


Fund Information as of 1/31/19

Fund NameWCM FOCUSEDINTERNATIONAL GROWTHINSTL

Ticker WCMIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 1.06%Fund Assets ($mm) 6,278.22Share Class Inception Date 5/31/2011Manager Tenure 8

QTD(%) Rank YTD



(%) Rank_

WCM Focused Intl Growth 12.84 8 12.84 8 2.77 2 11.26 3 7.61 1 -- --MSCI ACWI ex USA 10.31 47 10.31 47 -4.22 29 8.09 20 2.57 37 8.85 49

Over/Under 2.53 2.53 6.99 3.17 5.04XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

WCM Focused Intl Growth -7.30 31.24 0.67 5.79 -0.30 21.72 12.47 -- -- --MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45

Over/Under 6.90 4.05 -3.83 11.45 3.57 6.43 -4.36XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

WCM Focused Intl Growth 11.57% 5.47% 0.83 91.86% 63.89% 0.60 6.14% 0.82 MSCI ACWI ex USA 12.01% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --


Description:The investment seeks long-term capital appreciation. The fund normally invests at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depository receipts ofnon-U.S. domiciled companies located in developed countries and in emerging and frontier market countries. The fund's investmentsin equity securities may include common stocks and depository receipts. It generally invests in securities of companies located indifferent regions and in at least three different countries.

39



Dodge & Cox International StockAs of March 31, 2019

Top Holdings as of 3/31/19NASPERS LTD CLASS N 3.14%ICICI BANK LTD 2.88%ROCHE HOLDING AG DIVIDEND RIGHT CERT. 2.86%SANOFI SA 2.82%BNP PARIBAS 2.60%UBS GROUP AG 2.55%MITSUBISHI ELECTRIC CORP 2.50%BAYER AG 2.41%JOHNSON CONTROLS INTERNATIONAL PLC 2.41%UNICREDIT SPA 2.40%


Fund Information as of 3/31/19Fund Name DODGE & COX

INTERNATIONAL STOCKTicker DODFXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 0.63%Fund Assets ($mm) 51,091.89Share Class Inception Date 5/1/2001Manager Tenure 18

QTD(%) Rank YTD



(%) Rank_

Dodge & Cox International 9.78 77 9.78 77 -8.00 82 7.87 23 0.85 89 10.25 11MSCI ACWI ex USA 10.31 47 10.31 47 -4.22 29 8.09 20 2.57 37 8.85 49

Over/Under -0.53 -0.53 -3.78 -0.22 -1.72 1.40 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Dodge & Cox International -17.98 23.94 8.26 -11.35 0.08 26.31 21.03 -15.97 13.69 47.46MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45

Over/Under -3.78 -3.25 3.76 -5.69 3.95 11.02 4.20 -2.26 2.54 6.01XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Dodge & Cox International 14.03% -1.99% 1.10 107.13% 114.90% 0.01 4.78% -0.36 MSCI ACWI ex USA 12.01% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --

XXXXX


Description:The investment seeks long-term growth of principal and income. Under normal circumstances, the fund will invest at least 80% of its total assets in equity securities of non-U.S. companies, includingcommon stocks, depositary receipts evidencing ownership of common stocks, preferred stocks, securities convertible into commonstocks, and securities that carry the right to buy common stocks. The fund typically invests in medium-to-large well-establishedcompanies based on standards of the applicable market.

40

Universe Name: Foreign Small/Mid Blend Mstar MF# of Observations: 31 (3/31/2019)


T. Rowe Price International DiscoveryAs of March 31, 2019

Top Holdings as of 3/31/19SHOPIFY INC A 1.45%MERCADOLIBRE INC 1.41%AMPLIFON 1.32%ASCENTIAL 1.20%AMBU 1.16%TAKEAWAY.COM HOLDING BV 1.13%OCADO GROUP PLC 1.10%ABCAM PLC 1.03%MAIL.RU GROUP LTD GDR 0.99%FISHER & PAYKEL HEALTHCARE CORP LTD 0.97%


Fund Information as of 3/31/19Fund Name T. ROWE PRICE

INTERNATIONAL DISCOVERYTicker PRIDXMorningstar Category Foreign Small/Mid GrowthBenchmark MSCI ACWI ex US Small CapExpense Ratio 1.20%Fund Assets ($mm) 4,469.13Share Class Inception Date 12/30/1988Manager Tenure 20

QTD(%) Rank YTD



(%) Rank_

T. Rowe Price International 12.04 26 12.04 26 -9.66 23 9.71 7 6.72 4 14.56 1MSCI ACWI ex US Small Cap 10.26 61 10.26 61 -9.49 23 7.01 45 3.26 44 11.86 62

Over/Under 1.78 1.78 -0.17 2.70 3.46 2.70 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

T. Rowe Price International -17.47 39.01 0.95 9.88 -0.43 24.37 26.00 -14.08 20.47 55.69MSCI ACWI ex US Small Cap -18.20 31.65 3.91 2.60 -4.03 19.73 18.52 -18.50 25.21 62.91

Over/Under 0.73 7.36 -2.96 7.28 3.60 4.64 7.48 4.42 -4.74 -7.22XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

T. Rowe Price International 11.48% 3.79% 0.90 95.88% 75.69% 0.52 3.86% 0.90 MSCI ACWI ex US Small Cap 12.13% 0.00% 1.00 100.00% 100.00% 0.21 0.00% --


Description:The investment seeks long-term growth of capital through investments primarily in the common stocks of rapidly growing, small- tomedium-sized companies outside the U.S. The managers expect to primarily invest outside the U.S. and to diversify broadly across a variety of industries in developed andemerging market countries throughout the world. Normally, at least 80% of the fund's net assets (including any borrowings forinvestment purposes) will be invested in non-U.S. stocks.

41

Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 242 (3/31/2019)


DFA Emerging Markets Core Equity IAs of March 31, 2019

Top Holdings as of 2/28/19SAMSUNG ELECTRONICS CO LTD 3.73%TENCENT HOLDINGS LTD 1.65%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 1.50%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1.13%ALIBABA GROUP HOLDING LTD ADR 0.99%VALE SA 0.86%SK HYNIX INC 0.76%CHINA CONSTRUCTION BANK CORP CLASS H 0.72%PING AN INSURANCE (GROUP) CO. OF CHINA LTD CLASS H 0.67%RELIANCE INDUSTRIES LTD 0.60%


Fund Information as of 2/28/19Fund Name DFA EMERGING MARKETS

CORE EQUITY ITicker DFCEXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 0.52%Fund Assets ($mm) 28,084.34Share Class Inception Date 4/5/2005Manager Tenure 9

QTD(%) Rank YTD



(%) Rank_

DFA Emerging Markets Core 8.61 78 8.61 78 -9.48 48 9.60 54 3.44 47 9.85 39MSCI Emerging Markets 9.93 64 9.93 64 -7.41 29 10.68 36 3.68 40 8.94 62

Over/Under -1.32 -1.32 -2.07 -1.08 -0.24 0.91 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

DFA Emerging Markets Core -15.25 36.55 12.35 -14.86 -0.91 -2.64 20.49 -20.65 23.62 83.58MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51

Over/Under -0.67 -0.73 1.16 0.06 1.28 -0.04 2.27 -2.23 4.74 5.07XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

DFA Emerging Markets Core 14.78% -0.08% 0.96 96.98% 98.60% 0.19 2.51% -0.10 MSCI Emerging Markets 15.25% 0.00% 1.00 100.00% 100.00% 0.20 0.00% --


Description:The investment seeks long-term capital appreciation. The Portfolio purchases a broad and diverse group of securities associated with emerging markets, which may include frontiermarkets (emerging market countries in an earlier stage of development), authorized for investment by Dimensional Fund AdvisorsLP's (the "Advisor") Investment Committee ("Approved Markets"), with a greater emphasis on small capitalization, value, and highprofitability companies.

42


FixedAs of March 31, 2019

Universe Name: Intermediate-Term Bond MStar MF# of Observations: 283 (3/31/2019)


QTD(%) Rank YTD



(%) Rank_

Fixed 2.98 64 2.98 64 3.75 81 -- -- -- -- -- --BBgBarc US Aggregate TR 2.94 69 2.94 69 4.48 32 2.03 77 2.74 50 3.77 84

Over/Under 0.04 0.04 -0.73XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Fixed 0.17 -- -- -- -- -- -- -- -- --BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93

Over/Under 0.16


Anlzd StdDev



AnlzdSharpeRatio


_

Fixed 1.80% 1.46% 0.29 43.17% 5.42% 0.33 2.58% -0.14 BBgBarc US Aggregate TR 2.83% 0.00% 1.00 100.00% 100.00% 0.33 0.00% --

Name Market Value % of PortfolioFixed $11,122,082 100.00%

Barrow Hanley $5,519,345 49.63%Templeton Global Bond Fund $2,755,932 24.78%Chartwell Short Duration High Yield $2,846,805 25.60%

Total $11,122,082 100.00%

Composite BBgBarc AggCurrent Yield 4.00 2.93Average Duration 2.94 6.07Average Maturity 4.96 13.00

AAA 38.95 72.45AA 3.26 3.42A 10.62 10.55BBB 18.61 13.57BB 24.10 0.00B 4.30 0.00Below B 0.00 0.00Not Rated 0.16 0.01*Statistics for Barrow Hanley as of 12/31/2018

Fixed Income Characteristics as of 3/31/2019

Credit Quality as of 3/31/2019

43




Barrow HanleyAs of March 31, 2019

QTD(%) Rank YTD

(%) RankFiscal

YTD(%)

Rank 1 Yr(%) Rank 3 Yrs


(%) Rank

_

Barrow Hanley 3.17 53 3.17 53 4.48 54 4.30 48 2.23 68 2.68 60 3.99 81BBgBarc US AggregateTR 2.94 69 2.94 69 4.65 36 4.48 32 2.03 77 2.74 50 3.77 84

Over/Under 0.23 0.23 -0.17 -0.18 0.20 -0.06 0.22

2018(%)

2017(%)

2016(%)

2015(%)

2014(%)

2013(%)

2012(%)

2011(%)

2010(%)

2009(%)

_

Barrow Hanley -0.55 4.03 3.20 0.45 5.02 -1.48 5.56 7.10 6.36 8.17BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93

Over/Under -0.56 0.49 0.55 -0.10 -0.95 0.54 1.35 -0.74 -0.18 2.24




_

Barrow Hanley 3.48% 0.05% 1.00 101.20% 100.41% 0.81 0.81% 0.08 BBgBarc US Aggregate TR 3.36% 0.00% 1.00 100.00% 100.00% 0.82 0.00% --

44


Templeton Global Bond FundAs of March 31, 2019

Universe Name: World Bond MStar MF# of Observations: 82 (3/31/2019)

Fund Information as of 12/31/18Fund Name TEMPLETON GLOBAL BOND

ADVTicker TGBAXMorningstar Category World BondBenchmark FTSE WGBI TRExpense Ratio 0.71%Fund Assets ($mm) 18,580.65Share Class Inception Date 1/2/1997Manager Tenure 17

Fixed Income Sectors as of 12/31/18GOVERNMENT 62.21%MUNICIPAL 0.00%CORPORATE 0.45%SECURITIZED 0.00%CASH & EQUIVALENTS 37.35%DERIVATIVE 0.00%

Fund Characteristics as of 12/31/18Sharpe Ratio (3 Year) 0.41Average Duration -1.60Average Coupon 8.66%Average Effective Maturity 2.71R-Squared (3 Year) 0.05Alpha (3 Year) 0.36%Beta (3 Year) -0.24

Credit Quality as of 12/31/18AAA 15.92%AA 6.33%A 16.73%BBB 33.80%BB 16.88%B 9.68%Below B 0.00%Not Rated 0.66%


Description:The investment seeks current income with capital appreciation and growth of income. Under normal market conditions, the fund invests at least 80% of its net assets in "bonds." Bonds include debt obligations of anymaturity, such as bonds, notes, bills and debentures. It invests predominantly in bonds issued by governments, government-relatedentities and government agencies located around the world. The fund may invest up to 25% of its total assets in bonds that are ratedbelow investment grade or, if unrated determined by the investment manager to be of comparable quality. It is non-diversified.

QTD(%) Rank YTD



(%) Rank_

Templeton Global Bond Fund 1.98 83 1.98 83 2.06 45 4.18 13 1.88 39 5.63 30FTSE WGBI TR 1.74 89 1.74 89 -1.57 67 0.95 84 0.59 77 2.20 87

Over/Under 0.24 0.24 3.63 3.23 1.29 3.43 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Templeton Global Bond Fund 1.44 2.62 6.61 -4.03 1.84 2.41 16.15 -2.21 13.00 19.21FTSE WGBI TR -0.84 7.49 1.60 -3.57 -0.48 -4.00 1.65 6.35 5.17 2.55

Over/Under 2.28 -4.87 5.01 -0.46 2.32 6.41 14.50 -8.56 7.83 16.66


Anlzd StdDev



AnlzdSharpeRatio


_

Templeton Global Bond Fund 6.13% 1.99% -0.19 -6.60% -38.56% 0.19 8.74% 0.15 FTSE WGBI TR 5.30% 0.00% 1.00 100.00% 100.00% -0.02 0.00% --

45


Chartwell Short Dur High YieldAs of March 31, 2019

Universe Name: High Yield Bond MStar MF# of Observations: 197 (3/31/2019)

Fund Information as of 1/31/19Fund Name CHARTWELL SHORT

DURATION HIGH YIELDTicker CWFIXMorningstar Category High Yield Bond

Benchmark ICE BofAML US Corp and HighYield 1-3 Yr

Expense Ratio 0.50%Fund Assets ($mm) 79.74Share Class Inception Date 7/15/2014Manager Tenure 5

QTD(%) Rank YTD



(%) Rank_

Chartwell Short Dur High Yield 3.58 93 3.58 93 4.35 63 4.49 96 -- -- -- --ICE BofAML US Corp andHigh Yield 1-3 Yr 2.12 97 2.12 97 4.06 70 2.89 99 2.27 99 4.44 99

Over/Under 1.46 1.46 0.29 1.60 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Chartwell Short Dur High Yield 0.36 3.39 7.62 -2.64 -- -- -- -- -- --ICE BofAML US Corp and High Yield 1-3Yr 1.64 2.38 3.91 0.76 1.17 2.36 5.21 2.02 6.10 19.37

Over/Under -1.28 1.01 3.71 -3.40


Anlzd StdDev



AnlzdSharpeRatio


_

Chartwell Short Dur High Yield 1.91% 0.24% 1.47 154.46% 143.38% 1.76 1.38% 1.15 ICE BofAML US Corp and HighYield 1-3 Yr 0.95% 0.00% 1.00 100.00% 100.00% 1.87 0.00% --

XXXXX


Fund Characteristics as of 1/31/19Sharpe Ratio (3 Year) 1.75Average Duration 1.63Average Coupon 5.22%Average Effective Maturity 1.85R-Squared (3 Year) 0.65Alpha (3 Year) -0.01%Beta (3 Year) 1.70



Description:The investment seeks income and long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in highyield debt securities. High yield debt securities, also referred to as "junk" bonds, are securities rated below the Baa/BBB categories atthe time of purchase or, if unrated, determined to be of comparable credit quality by the fund's advisor. It may invest up to 20% of itsassets in U.S. dollar denominated securities of issuers based outside of the U.S.

46


Tortoise MLP & Pipeline InstlAs of March 31, 2019

Universe Name: Energy Limited Partnership Mstar MF# of Observations: 37 (3/31/2019)


Top Holdings as of 3/31/19WILLIAMS COMPANIES INC 9.37%KINDER MORGAN INC CLASS P 9.02%ONEOK INC 8.40%CHENIERE ENERGY INC 7.70%TRANSCANADA CORP 6.41%TARGA RESOURCES CORP 5.26%PLAINS GP HOLDINGS LP CLASS A 4.93%ENERGY TRANSFER LP 4.69%PEMBINA PIPELINE CORP 4.67%ENBRIDGE INC 4.54%


Fund Information as of 3/31/19Fund Name TORTOISE MLP & PIPELINE

INSTLTicker TORIXMorningstar Category Energy Limited PartnershipBenchmark Alerian MLP TR USDExpense Ratio 0.96%Fund Assets ($mm) 3,784.74Share Class Inception Date 5/31/2011Manager Tenure 6

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Tortoise MLP & Pipeline Instl -15.14 -1.03 42.12 -35.80 11.66 28.60 9.58 -- -- --Alerian MLP TR USD -12.42 -6.52 18.31 -32.59 4.80 27.58 4.80 13.88 35.85 76.41

Over/Under -2.72 5.49 23.81 -3.21 6.86 1.02 4.78 50% Alerian/50% ML High Yield -7.04 0.39 18.24 -19.41 3.84 17.33 10.20 9.15 25.24 67.15

XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Tortoise MLP & Pipeline Instl 19.52% 3.86% 0.90 97.80% 87.42% -0.06 8.03% 0.54 Alerian MLP TR USD 19.91% 0.00% 1.00 100.00% 100.00% -0.27 0.00% --

QTD(%) Rank YTD



(%) Rank_

Tortoise MLP & Pipeline Instl 21.25 14 21.25 14 15.11 45 10.71 13 -0.39 5 -- --Alerian MLP TR USD 16.82 83 16.82 83 15.11 45 5.69 68 -4.73 80 10.12 --

Over/Under 4.43 4.43 0.00 5.02 4.34

Description:The investment seeks total return. The fund normally invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in securities of MLPsand pipeline companies. The advisor intends to focus its investments primarily in equity securities of MLPs and pipeline companies thatown and operate a network of energy infrastructure asset systems that transport, store, distribute, gather and/or process crude oil, refinedpetroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. It is non-diversified.

47



Fund of FundsAs of March 31, 2019

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

_

Fund of Funds 2.62 2.62 1.11 2.80 5.27 2.64 5.86HFRI Fund of Funds Composite Index 4.59 4.59 -0.35 0.11 3.92 2.19 3.54

Over/Under -1.97 -1.97 1.46 2.69 1.35 0.45 2.32S&P 500 13.65 13.65 5.86 9.50 13.51 10.91 15.92

XXXXX

2018(%)

2017(%)

2016(%)

2015(%)

2014(%)

2013(%)

2012(%)

2011(%)

2010(%)

2009(%)

_

Fund of Funds 0.93 6.59 1.83 -1.58 4.02 13.55 9.22 -1.81 7.97 --HFRI Fund of Funds Composite Index -4.03 7.77 0.51 -0.27 3.36 8.96 4.79 -5.72 5.70 11.47

Over/Under 4.96 -1.18 1.32 -1.31 0.66 4.59 4.43 3.91 2.27 S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46




_

Fund of Funds 4.02% 2.62% 0.91 116.38% 73.41% 1.36 1.78% 1.30 HFRI Fund of Funds Composite Index 3.97% 0.00% 1.00 100.00% 100.00% 0.80 0.00% --

48



Ironwood International Ltd.As of March 31, 2019

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

_

Ironwood International Ltd. 2.62 2.62 1.11 2.87 5.55 3.86 6.82HFRI FOF: Conservative Index 3.58 3.58 1.02 2.12 3.62 2.17 3.40

Over/Under -0.96 -0.96 0.09 0.75 1.93 1.69 3.42XXXXX

2018(%)

2017(%)

2016(%)

2015(%)

2014(%)

2013(%)

2012(%)

2011(%)

2010(%)

2009(%)

_

Ironwood International Ltd. 1.32 6.91 2.30 1.84 7.03 11.72 10.01 1.80 9.15 16.99HFRI FOF: Conservative Index -0.86 4.12 1.89 0.37 3.14 7.70 4.22 -3.55 5.07 9.65

Over/Under 2.18 2.79 0.41 1.47 3.89 4.02 5.79 5.35 4.08 7.34XXXXX




_

Ironwood International Ltd. 5.49% 1.27% 1.31 139.93% 109.46% 0.57 2.23% 0.90 HFRI FOF: Conservative Index 3.94% 0.00% 1.00 100.00% 100.00% 0.29 0.00% --

49

Ironwood Monthly Commentary January 2019

GENERAL COMMENTARY1

U.S. equity markets rallied in January, driven by the U.S. Federal Reserve pivoting to a more patient tone regarding future policy changes, and by easing trade tensions between the U.S. and China. The rebound in equities provided respite for investors after sharp losses in Q4 2018, and a reversal in flows helped the S&P 500 generate its best January return since 1987. In domestic credit markets, both high-yield and investment-grade bonds traded up during the month amid several positive developments, including better-than-expected corporate earnings, rising oil prices, and softening expectations for future interest rate increases. Outside of the U.S., Eurozone equities rallied in January as risk-on sentiment and trade-related optimism overshadowed data confirming continued economic weakness in the region. Notably, equities in Italy outperformed in January after the country approved a budget that included fiscal reforms; the rally occurred despite news that Italy’s economy contracted in Q4, pushing the country into a recession. In emerging markets, risk assets generated positive returns in January, led by a roughly 17.5% rally in both Brazilian and Turkish equities. Equity markets in China also generated double-digit gains for the month, bolstered by stimulative measures announced by the People’s Bank of China. The decision dampened near-term concerns around the country’s economic slowdown, as the stimulus will inject roughly RMB 800 billion into the Chinese economy.

For the month, the S&P 500 returned +8.0% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +1.1% and +4.5%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished +5.5%, +6.4%, and +7.2%, respectively.

PORTFOLIO REVIEW2

Ironwood’s performance was positive in January. All four of Ironwood's underlying sectors were positive and performance was diversified across managers and strategies. The best-performing sectors included event driven, where a number of hard catalysts and company-specific events helped drive positive attribution, and distressed & credit securities, where every manager within the sector generated a positive return. Our year-end letter, which was recently distributed, provides greater detail on how the portfolio is currently positioned. If you would like a copy of this letter, please contact Ironwood Investor Relations ([email protected]).

Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +3.5% to +0.2%. Market neutral fundamental long/short equity, which made money across numerous industry sectors; fixed income arbitrage, driven by gains across rates and foreign exchange trading; and systematic strategies were the largest contributors of positive attribution. Relative value energy and macro trading were also positive for the month.

Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +2.7% to +1.3%. The sector’s multi-manager platforms and single-strategy equity managers generated positive performance in January. Leading industry

50

mailto:[email protected]

sectors during the month included consumer, healthcare, and technology. Statistical arbitrage and primary strategies also contributed positive performance.

Ironwood’s event driven sector was positive for the month and the range of returns for managers within the sector was +4.2% to +1.5%. At the underlying position level, notable contributors in January included Caesars, which traded up after activist investor Carl Icahn disclosed a stake in the casino operator; Penn National Gaming, which announced a $200 million share repurchase program; and eBay, which rallied after introducing a quarterly dividend and increasing its share buyback plans, following activist pressure from one of Ironwood’s core managers.

Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +4.8% to +0.5%. At the underlying position level, notable contributors in January included Codere S.A., which traded up on news that the company is considering an IPO or capital increase, and Albertsons, which completed the sale and leaseback of five of its distribution centers for an aggregate purchase price of approximately $660 million.

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

51

Ironwood Partners L.P.Monthly Performance and Allocation Summary

January 2019

JAN QTD YTD Fund ($ millions)1.72% 1.72% 1.72%1.70% 1.70% 1.70%1.71% 1.71% 1.71% Ironwood Partners L.P. 1,0671.51% 1.51% 1.51% Ironwood Insurance Fund 378.01% 8.01% 8.01% Ironwood Inst. Multi-Strategy Fund LLC 2,3691.06% 1.06% 1.06% Ironwood Capital Management $3,473

Sector BreakdownPercentage Performance Gross Attribution

Sector Allocation JAN QTD YTD JAN QTD YTDRelative Value 43.50% 1.53% 1.53% 1.53% 0.63% 0.63% 0.63%Market Neutral & Low Net Equity 22.16% 1.70% 1.70% 1.70% 0.36% 0.36% 0.36%Event Driven 20.51% 2.79% 2.79% 2.79% 0.54% 0.54% 0.54%Distressed & Credit Securities 13.83% 2.35% 2.35% 2.35% 0.31% 0.31% 0.31%

100.00% 1.72% 1.72% 1.72%

Strategy and Geographic Allocations

Percentage Inception:Allocation Fund Registration: 3(c)(7)

12.4% Eligibility: Qualified Purchasers 9.8% ERISA Eligible: Yes 9.7% Minimum Investment: $1,000,000 9.6% Contributions: Monthly 8.4% Liquidity: Semi-annual on investment ann. with 95 days notice 7.2% Lock-up: One year 6.8% Tax Reporting: Schedule K-1 6.0% Advisory Fees: 1.20% 5.7% Performance Fees: None 5.1%

Ironwood Partners L.P.

Performance Overview Assets Under Management 2/1/2019

Fund

Top 10 Holdings as of 2/1/2019 Fund Structure and TermsJanuary 1, 1996

Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overallinvestment experience that underperforms or outperforms that reflected herein.

Ironwood International Ltd.Ironwood Institutional Ltd.

HFRI FOF: Conservative IndexS&P 500Barclays Aggregate Bond Index

FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by theinformation included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or anyother fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior tomaking any investment decision. See definitions and additional disclosures attached.

ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated asa percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.

Citadel Investment GroupMillennium ManagementElliott Capital AdvisorsHG Vora CapitalD.E. Shaw & Co.Silver Point Capital ManagementTwo Sigma Management

Certain Expenses:

Suvretta CapitalCerberus AssociatesHolocene Advisors 0.25% annual expense reimbursement

Risk Arbitrage2.6% Statistical

Arbitrage7.4%

Event Equities6.9%

Fundamental Market Neutral

Equities31.9%

Fixed Income & Interest Rates

12.7%

Structured Credit8.4%

Distressed Situations

10.5%

Event Credit5.5%

Convertible Bond Arbitrage

1.1%

Private Securities3.5%

Portfolio Protection

1.9%

Other7.6%

United States73.3%

Asia6.8%

Europe17.8%

Emerging Markets

2.1%

52

Sector Definitions

Strategy Definitions

Distressed & Credit Securities: Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financialdistress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing ofrecoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while otherinvestors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities,structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yieldand related credit markets.Event Driven: Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect oncorporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of thestock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiringcompany. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of thetransaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between thevalue of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies andopportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations.Market Neutral & Low Net Equity: Market neutral and low net equity strategies involve the purchase of a stock or basket of stocks that is relativelyunderpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, thedetermination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complexstatistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). Ironwood will utilize equity managers thattarget well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value ofstocks they are long.Relative Value: Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relativevalue strategies capture these inefficiencies by utilizing a combination of assets including bonds, stocks, swaps, options, exchange traded funds,currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities ofthe same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervaluedsenior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategiesinclude fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy and quantitative strategies.

Convertible Bond Arbitrage: Involves purchasing a convertible bond and selling short a varying percentage (“delta hedge”) of the stock into whichthe bond is convertible. In the event that the price of the stock rises, the increase in value of the bond’s conversion option is anticipated to more thanoffset the loss in the short stock position. In the event that the price of the stock falls, the gain on the short stock position should more than offset theloss on the bond, because the value of the bond is anticipated not to fall below the price investors are willing to pay for the non-convertible debt of theissuer. Ironwood’s managers invest in the entire range of convertible bonds from “deep-in-the-money” bonds to “busted” bonds. Managers set uppositions with hedges against numerous other factors including, but not limited to, interest rates, implied volatility, and credit risk.Distressed Situations: Involves the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities maybe attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers mayobtain voting rights or control blocks and actively participate in the bankruptcy/reorganization process, while others may remain passive investors.Event Credit: Exploits inefficiencies in credit securities (i.e. loans, bonds, CDS, etc.) derived from activities such as legal situations, covenantamendments, activist strategies, and corporate activity. Managers will initiate investments when they identify a defined catalyst or event that mayimpact the price of the security.Event Equities: Involves the purchase and/or sale of securities involved in corporate events such as restructurings, asset sales, proxy contests, andliquidations. Managers will generally enter these types of investments when they identify a specific theme or catalyst that may affect the price of anindividual stock or situation.Fixed Income & Interest Rates: Strategies that deploy capital in the developed fixed income and interest-rate markets, focusing on liquid productsincluding nominal and inflation-protected government bonds, interest-rate swaps, futures, and options. The strategies are primarily concentrated indeveloped markets, and combine macroeconomic analysis, quantitative modeling, and portfolio construction techniques.Fundamental Market Neutral Equities: Involves the purchase of a stock, or basket of stocks, that is relatively underpriced and selling short a stock,or basket of stocks, that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock isoverpriced/underpriced can be made through fundamental analysis or by complex statistical models that examine numerous factors that affect the priceof a stock. Ironwood favors long/short managers who use a “dollar balanced” approach, i.e., they are short approximately the same dollar value ofstocks that they are long.Portfolio Protection: A variety of strategies and positions intended to protect a manager’s portfolio against unusual market movements and tail riskevents. These “protection trades” are intended to help protect trading strategies that should not otherwise be affected (i.e., are already hedged) but cancome under pressure from market liquidations, abnormal volatility, and general macro risks. Protection strategies can include, but are not limited to,the use of options, futures, indices, exchange traded funds, credit default swaps, and certain individual corporate and sovereign securities.Private Securities: Involves an investment made in a company outside of the public markets. Managers will generally enter these types ofinvestments when they discover a theme that cannot adequately be captured through public market investments. Managers may either make a passiveinvestment or take a more active role in the management of the target company.Risk Arbitrage: Seeks to profit from the spread between the current and projected values of securities involved in a corporate event. The mostcommon form of this strategy is merger arbitrage, which involves the purchase of the stock of a target company involved in a potential merger and, inthe case of a stock-for-stock offer, the short sale of the stock of the acquiring company (positions may be reversed if the manager feels the acquisitionmay not close). The target’s stock typically trades at a discount to the offer price due to the uncertainty of the completion of the transaction. Thisstrategy is largely dependent upon the manager’s ability to correctly analyze the outcome and completion date of a proposed transaction. Otherexamples of risk arbitrage trades include spin-offs, multi-share capital arbitrage, and tender offers.

53

Strategy Definitions Continued

Additional Disclosures

Index Definitions

FOR QUALIFIED PURCHASERS ONLY, NOT FOR DISTRIBUTION TO THE PUBLIC.

Returns of underlying managers cited are net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable toIronwood Capital Management as well as other expenses.

Before investing in the Fund, potential investors should review the detailed explanation of risks as well as other information in the Fund's Explanatoryor Informational Memorandum (the "PPM"). Read the PPM carefully prior to investing.

Interests in the fund are available only to persons willing and able to bear the economic risks of their investment for an indefinite period of time.Alternative investments (e.g., hedge funds or private equity investments) are complex instruments and may carry a very high degree of risk. Suchrisks include, among other things: (i) loss of all or a substantial portion of the investment due to the extensive use of short sales, derivatives and debtcapital, (ii) incentives to make investments that are riskier or more speculative due to performance based compensation, (iii) lack of liquidity as theremay be no secondary market for hedge fund and private equity interests and none is expected to develop, (iv) volatility of returns, (v) restrictions ontransfer, (vi) potential lack of diversification and resulting higher risk due to concentration, (vii) higher fees and expenses associated that may offsetprofits, (viii) no requirement to provide periodic pricing or valuation information to investors, (ix) complex tax structures and delays in distributingimportant tax information, and (x) fewer regulatory requirements than registered funds. Hedge funds and private equity investments are intended onlyfor investors who understand and accept the associated risks. This product may further include investments in emerging markets. Emerging marketsare located in countries that possess one or more of the following characteristics: A certain degree of political instability, relatively unpredictablefinancial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging marketsinvestments usually result in higher risks such as political risks, economical risks, credit risks, exchange rate risks, market liquidity risks, legal risks,settlement risks, market risks, shareholder risk and creditor risk. Investors should be aware that the value of investments can fall as well as rise andinvolve a high degree of risk. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange ratemovements cannot be ruled out. There is a possibility that investors will not recover the full amount they initially invested.

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

Statistical Arbitrage: Systematic trading strategies intended to exploit short- and long-term pricing inefficiencies between securities. Managers relyon mathematical models to identify the temporal convergence and/or divergence of price movements of a pair or basket of stocks. These highlytechnical strategies typically involve large numbers of securities, short holding periods, and substantial computational and trading activity.Structured Credit: Strategies that invest primarily in residential and commercial mortgage-backed securities (RMBS and CMBS), other non-mortgage related asset-backed securities (ABS), collateralized debt obligations, structured notes, and other structured products. The most commonstrategies involve long and short positions in RMBS, CMBS, ABS, and related derivatives and indices.Other: Certain other non-core strategies such as, but not limited to, energy trading, global rates, real estate, global macro, and reinsurance.

54

Ironwood Monthly Commentary February 2019

GENERAL COMMENTARY1

U.S. equity markets extended year-to-date gains in February, buoyed by a combination of factors including progress on trade negotiations, affirmation of the Federal Reserve’s more dovish stance, and positive corporate earnings surprises. The renewed optimism helped the S&P 500 record its strongest start to a calendar year since 1991, and the index ended February less than 5% off its record-high close. In corporate credit markets, high-yield bonds provided gains during the month as strong capital inflows pushed prices higher despite a rise in default activity. Investment grade bond prices were range bound during the month as supply remained robust and investors favored riskier assets; overall, investment grade bond performance was roughly flat in February. Outside of the U.S., European equity markets delivered positive performance in February. The region’s political landscape and weakening economic momentum remain concerns over the long-term, but news that the European Central Bank may provide assistance to banks through new liquidity instruments created demand for risk assets. In emerging markets, performance was mixed in February, but indices advanced overall. Asia contributed positively to EM performance during the month, supported by the implementation of fiscal and monetary stimulus in China, a weakening U.S. dollar, and positive trade momentum after the U.S. extended its deadline for increasing tariffs on Chinese imports. Outside of Asia, inflation concerns contributed to a pullback in prices across several countries, notably Turkey, where annual inflation has climbed above 20%.

For the month, the S&P 500 returned +3.2% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished -0.1% and +1.7%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished +4.4%, +2.3%, and +1.1%, respectively.

PORTFOLIO REVIEW2

Ironwood’s performance was positive in February. The best-performing sectors included relative value, where a variety of sub-strategies contributed to performance, and distressed & credit securities, where a number of hard catalysts and company-specific events helped drive positive attribution.

Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +2.4% to +0.2%. Market neutral fundamental long/short equity, which made money across numerous industry sectors; fixed income arbitrage, driven by gains across rates, inflation, and volatility trading; and systematic strategies were the largest contributors of positive attribution. Relative value energy, driven by gains in natural gas trading, was also a positive contributor in February.

Ironwood’s market neutral & low net equity sector was positive for the month and the range of returns for managers within the sector was +1.7% to -0.9%. The sector’s single-strategy equity managers were profitable in February, while our multi-manager platforms were mixed and modest detractors overall. Leading industry sectors during the month included technology and industrials.

55

Statistical arbitrage and primary strategies generated flat-to-positive performance during the month. Ironwood’s event driven sector was roughly flat for the month and the range of returns for managers within the sector was +1.0% to -1.0%. At the underlying position level, notable detractors in February included Peabody Energy, which traded down after the company released disappointing earnings results and signaled a slowdown in its metallurgical coal business unit, and The Stars Group, where growing regulatory uncertainty around online gaming contributed to a decline in share price. Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +1.5% to -0.5%. At the underlying position level, notable contributors in February included Puerto Rican bonds, which traded up after a federal judge approved the commonwealth’s $18 billion debt restructuring, and Cumulus Media, which rallied after selling six radio stations to Educational Media Foundation for roughly $103 million. Please contact Ironwood Investor Relations ([email protected]) with any questions.

56

Ironwood Partners L.P.Monthly Performance and Allocation Summary

February 2019

FEB QTD YTD Fund ($ millions)0.50% 2.22% 2.22%0.48% 2.19% 2.19%0.47% 2.18% 2.18% Ironwood Partners L.P. 1,0990.80% 2.63% 2.63% Ironwood Insurance Fund 383.21% 11.48% 11.48% Ironwood Inst. Multi-Strategy Fund LLC 2,407-0.06% 1.00% 1.00% Ironwood Capital Management $3,544

Sector BreakdownPercentage Performance Gross Attribution

Sector Allocation FEB QTD YTD FEB QTD YTDRelative Value 43.70% 1.06% 2.61% 2.61% 0.44% 1.08% 1.08%Market Neutral & Low Net Equity 22.10% 0.51% 2.22% 2.22% 0.11% 0.47% 0.47%Event Driven 20.40% -0.04% 2.75% 2.75% -0.01% 0.53% 0.53%Distressed & Credit Securities 13.80% 0.63% 3.00% 3.00% 0.08% 0.39% 0.39%

100.00% 0.50% 2.22% 2.22%

Strategy and Geographic Allocations

Percentage Inception:Allocation Fund Registration: 3(c)(7)

12.2% Eligibility: Qualified Purchasers 9.6% ERISA Eligible: Yes 9.4% Minimum Investment: $1,000,000 9.3% Contributions: Monthly 8.3% Liquidity: Semi-annual on investment ann. with 95 days notice 7.1% Lock-up: One year 6.6% Tax Reporting: Schedule K-1 5.9% Advisory Fees: 1.20% 5.4% Performance Fees: None 4.9%

Ironwood Partners L.P.

Performance Overview Assets Under Management 3/1/2019

Fund

Top 10 Holdings as of 3/1/2019 Fund Structure and TermsJanuary 1, 1996

Return information shown is that of the Fund. Return information is unaudited and subject to change. Performance shown is net of all fees and expenses,including a 1.20% annual management fee and a 0.25% annual expense reimbursement. Sector performance information shown is net of fees payable to theunderlying managers, but gross of fees and the expense reimbursement payable to Ironwood Capital Management as well as other expenses. Pastperformance is not indicative of future results. Depending on an investor's investment date, holding period, and other factors, an investor may have an overallinvestment experience that underperforms or outperforms that reflected herein.

Ironwood International Ltd.Ironwood Institutional Ltd.

HFRI FOF: Conservative IndexS&P 500Barclays Aggregate Bond Index

FOR USE WITH QUALIFIED PURCHASERS ONLY.Investing in securities involves risk, including loss of the principal amount invested. The information in this presentation is qualified in its entirety by theinformation included in the current private placement memorandum ("PPM") of the Fund. This is not an offer for sale of any interest in the Fund or anyother fund managed by Ironwood Capital Management. Any offer will be made only by means of a PPM, which should be reviewed thoroughly prior tomaking any investment decision. See definitions and additional disclosures attached.

ALLOCATIONS ARE SUBJECT TO CHANGE AT IRONWOOD'S DISCRETION. Not for Public Distribution. Strategy and Geographic Allocations are calculated asa percent of the Fund’s portfolio. Top 10 Holdings are calculated as a percent of the Fund’s NAV.

Citadel Investment GroupMillennium ManagementHG Vora CapitalElliott Capital AdvisorsD.E. Shaw & Co.Silver Point Capital ManagementTwo Sigma Management

Certain Expenses:

Suvretta CapitalCerberus AssociatesHolocene Advisors 0.25% annual expense reimbursement

Risk Arbitrage2.8% Statistical

Arbitrage7.2%

Event Equities6.6%

Fundamental Market Neutral

Equities32.0%

Fixed Income & Interest Rates

13.1%

Structured Credit7.8%

Distressed Situations

11.1%

Event Credit5.8%

Convertible Bond Arbitrage

1.1%

Private Securities3.5%

Portfolio Protection

1.5%

Other7.5%

United States72.3%

Asia6.7%

Europe17.9%

Emerging Markets

3.1%

57

Sector Definitions

Strategy Definitions

Distressed & Credit Securities: Distressed strategies involve the purchase or short sale of debt or equity securities of issuers experiencing financialdistress. These securities may be attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing ofrecoveries. Managers may obtain voting rights or control blocks and actively participate in the bankruptcy or reorganization process while otherinvestors may remain passive investors. Examples of distressed securities trades include bankruptcies, liquidations, post-restructured equities,structured credit, and balance sheet restructurings. Credit strategies involve a variety of strategies intended to exploit inefficiencies in the high-yieldand related credit markets.Event Driven: Event-driven strategies involve the assessment of how, when, and if specific transactions will be completed and the effect oncorporations and financial assets. A common event-driven strategy is merger arbitrage (also called risk arbitrage). This involves the purchase of thestock of a target company involved in a potential merger and, in the case of a stock-for-stock offer, the short sale of the stock of the acquiringcompany. The target company’s stock would typically trade at a discount to the offer price due to the uncertainty of the completion of thetransaction. The positions may be reversed if the manager feels the acquisition may not close. This strategy aims to capture the spread between thevalue of the security at the close of the transaction and its discounted value at the time of purchase. Other examples of event-driven strategies andopportunities include corporate restructurings, spin-offs, operational turnarounds, activism, asset sales, and liquidations.Market Neutral & Low Net Equity: Market neutral and low net equity strategies involve the purchase of a stock or basket of stocks that is relativelyunderpriced as well as selling short a stock or basket of stocks that is relatively overpriced. Depending on the manager’s investment strategy, thedetermination of whether a stock is overpriced or underpriced can be made through fundamental analysis (a fundamental strategy) or by complexstatistical models that examine numerous factors that affect the price of a stock (a quantitative strategy). Ironwood will utilize equity managers thattarget well-hedged and low net exposures and/or use a balanced approach to investing, i.e., they are short approximately the same dollar value ofstocks they are long.Relative Value: Relative value strategies attempt to capture pricing anomalies between assets that for all economic purposes are identical. Relativevalue strategies capture these inefficiencies by utilizing a combination of assets including bonds, stocks, swaps, options, exchange traded funds,currencies, futures, etc. One such strategy is capital structure arbitrage which involves the purchase and short sale of different classes of securities ofthe same issuer where there is a relative mispricing between two classes of securities. An example of this strategy is the purchase of undervaluedsenior secured debt and the short sale of overvalued subordinated unsecured debt or common equity. Other examples of relative value strategiesinclude fixed income arbitrage, relative value interest rates, convertible bond arbitrage, relative value energy and quantitative strategies.

Convertible Bond Arbitrage: Involves purchasing a convertible bond and selling short a varying percentage (“delta hedge”) of the stock into whichthe bond is convertible. In the event that the price of the stock rises, the increase in value of the bond’s conversion option is anticipated to more thanoffset the loss in the short stock position. In the event that the price of the stock falls, the gain on the short stock position should more than offset theloss on the bond, because the value of the bond is anticipated not to fall below the price investors are willing to pay for the non-convertible debt of theissuer. Ironwood’s managers invest in the entire range of convertible bonds from “deep-in-the-money” bonds to “busted” bonds. Managers set uppositions with hedges against numerous other factors including, but not limited to, interest rates, implied volatility, and credit risk.Distressed Situations: Involves the purchase or short sale of debt or equity securities of issuers experiencing financial distress. These securities maybe attractive because of the market’s inaccurate assessment of the issuer’s future potential or the values and timing of recoveries. Managers mayobtain voting rights or control blocks and actively participate in the bankruptcy/reorganization process, while others may remain passive investors.Event Credit: Exploits inefficiencies in credit securities (i.e. loans, bonds, CDS, etc.) derived from activities such as legal situations, covenantamendments, activist strategies, and corporate activity. Managers will initiate investments when they identify a defined catalyst or event that mayimpact the price of the security.Event Equities: Involves the purchase and/or sale of securities involved in corporate events such as restructurings, asset sales, proxy contests, andliquidations. Managers will generally enter these types of investments when they identify a specific theme or catalyst that may affect the price of anindividual stock or situation.Fixed Income & Interest Rates: Strategies that deploy capital in the developed fixed income and interest-rate markets, focusing on liquid productsincluding nominal and inflation-protected government bonds, interest-rate swaps, futures, and options. The strategies are primarily concentrated indeveloped markets, and combine macroeconomic analysis, quantitative modeling, and portfolio construction techniques.Fundamental Market Neutral Equities: Involves the purchase of a stock, or basket of stocks, that is relatively underpriced and selling short a stock,or basket of stocks, that is relatively overpriced. Depending on the manager’s investment strategy, the determination of whether a stock isoverpriced/underpriced can be made through fundamental analysis or by complex statistical models that examine numerous factors that affect the priceof a stock. Ironwood favors long/short managers who use a “dollar balanced” approach, i.e., they are short approximately the same dollar value ofstocks that they are long.Portfolio Protection: A variety of strategies and positions intended to protect a manager’s portfolio against unusual market movements and tail riskevents. These “protection trades” are intended to help protect trading strategies that should not otherwise be affected (i.e., are already hedged) but cancome under pressure from market liquidations, abnormal volatility, and general macro risks. Protection strategies can include, but are not limited to,the use of options, futures, indices, exchange traded funds, credit default swaps, and certain individual corporate and sovereign securities.Private Securities: Involves an investment made in a company outside of the public markets. Managers will generally enter these types ofinvestments when they discover a theme that cannot adequately be captured through public market investments. Managers may either make a passiveinvestment or take a more active role in the management of the target company.Risk Arbitrage: Seeks to profit from the spread between the current and projected values of securities involved in a corporate event. The mostcommon form of this strategy is merger arbitrage, which involves the purchase of the stock of a target company involved in a potential merger and, inthe case of a stock-for-stock offer, the short sale of the stock of the acquiring company (positions may be reversed if the manager feels the acquisitionmay not close). The target’s stock typically trades at a discount to the offer price due to the uncertainty of the completion of the transaction. Thisstrategy is largely dependent upon the manager’s ability to correctly analyze the outcome and completion date of a proposed transaction. Otherexamples of risk arbitrage trades include spin-offs, multi-share capital arbitrage, and tender offers.

58

Strategy Definitions Continued

Additional Disclosures

Index Definitions

FOR QUALIFIED PURCHASERS ONLY, NOT FOR DISTRIBUTION TO THE PUBLIC.

Returns of underlying managers cited are net of fees payable to the underlying managers, but gross of fees and the expense reimbursement payable toIronwood Capital Management as well as other expenses.

Before investing in the Fund, potential investors should review the detailed explanation of risks as well as other information in the Fund's Explanatoryor Informational Memorandum (the "PPM"). Read the PPM carefully prior to investing.

Interests in the fund are available only to persons willing and able to bear the economic risks of their investment for an indefinite period of time.Alternative investments (e.g., hedge funds or private equity investments) are complex instruments and may carry a very high degree of risk. Suchrisks include, among other things: (i) loss of all or a substantial portion of the investment due to the extensive use of short sales, derivatives and debtcapital, (ii) incentives to make investments that are riskier or more speculative due to performance based compensation, (iii) lack of liquidity as theremay be no secondary market for hedge fund and private equity interests and none is expected to develop, (iv) volatility of returns, (v) restrictions ontransfer, (vi) potential lack of diversification and resulting higher risk due to concentration, (vii) higher fees and expenses associated that may offsetprofits, (viii) no requirement to provide periodic pricing or valuation information to investors, (ix) complex tax structures and delays in distributingimportant tax information, and (x) fewer regulatory requirements than registered funds. Hedge funds and private equity investments are intended onlyfor investors who understand and accept the associated risks. This product may further include investments in emerging markets. Emerging marketsare located in countries that possess one or more of the following characteristics: A certain degree of political instability, relatively unpredictablefinancial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging marketsinvestments usually result in higher risks such as political risks, economical risks, credit risks, exchange rate risks, market liquidity risks, legal risks,settlement risks, market risks, shareholder risk and creditor risk. Investors should be aware that the value of investments can fall as well as rise andinvolve a high degree of risk. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange ratemovements cannot be ruled out. There is a possibility that investors will not recover the full amount they initially invested.

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

Statistical Arbitrage: Systematic trading strategies intended to exploit short- and long-term pricing inefficiencies between securities. Managers relyon mathematical models to identify the temporal convergence and/or divergence of price movements of a pair or basket of stocks. These highlytechnical strategies typically involve large numbers of securities, short holding periods, and substantial computational and trading activity.Structured Credit: Strategies that invest primarily in residential and commercial mortgage-backed securities (RMBS and CMBS), other non-mortgage related asset-backed securities (ABS), collateralized debt obligations, structured notes, and other structured products. The most commonstrategies involve long and short positions in RMBS, CMBS, ABS, and related derivatives and indices.Other: Certain other non-core strategies such as, but not limited to, energy trading, global rates, real estate, global macro, and reinsurance.

59



Harbert US RE Fund IV LPAs of March 31, 2019

Cash Flow and Market Value SummaryLast 2 Years

MonthEnding

BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment

ChangeEnding

Market Value_

Apr-17 $146,138.00 $0.00 $0.00 $0.00 $0.00 $146,138.00May-17 $146,138.00 $0.00 $0.00 $0.00 $0.00 $146,138.00Jun-17 $146,138.00 $0.00 -$82,354.00 -$82,354.00 $17,703.00 $81,487.00Jul-17 $81,486.47 $0.00 $0.00 $0.00 $0.00 $81,486.47Aug-17 $81,486.47 $0.00 $0.00 $0.00 $0.00 $81,486.47Sep-17 $81,486.47 $0.00 $0.00 $0.00 $5,934.44 $87,420.91Oct-17 $87,420.91 $0.00 $0.00 $0.00 $0.00 $87,420.91Nov-17 $87,420.91 $0.00 $0.00 $0.00 $0.00 $87,420.91Dec-17 $87,420.91 $0.00 $0.00 $0.00 -$5,445.34 $81,975.57Jan-18 $81,975.57 $0.00 -$48,435.18 -$48,435.18 $0.00 $33,540.39Feb-18 $33,540.39 $0.00 $0.00 $0.00 $0.00 $33,540.39Mar-18 $33,540.39 $0.00 $0.00 $0.00 $10,096.95 $43,637.34Apr-18 $43,637.34 $0.00 $0.00 $0.00 $0.00 $43,637.34May-18 $43,637.34 $0.00 $0.00 $0.00 $0.00 $43,637.34Jun-18 $43,637.34 $0.00 $0.00 $0.00 -$4,433.18 $39,204.16Jul-18 $39,204.16 $0.00 $0.00 $0.00 $0.00 $39,204.16Aug-18 $39,204.16 $0.00 $0.00 $0.00 $0.00 $39,204.16Sep-18 $39,204.16 $0.00 $0.00 $0.00 $13,134.12 $52,338.28Oct-18 $52,338.28 $0.00 $0.00 $0.00 $0.00 $52,338.28Nov-18 $52,338.28 $0.00 $0.00 $0.00 $0.00 $52,338.28Dec-18 $52,338.28 $0.00 $0.00 $0.00 -$4,615.24 $47,723.04Jan-19 $47,723.04 $0.00 $0.00 $0.00 $0.00 $47,723.04Feb-19 $47,723.04 $0.00 $0.00 $0.00 $0.00 $47,723.04Mar-19 $47,723.04 $0.00 $0.00 $0.00 $0.00 $47,723.04

XXXXX

60



Harbert US RE Fund V LPAs of March 31, 2019


MonthEnding


ChangeEnding

Market Value_

Apr-17 $1,651,324.00 $0.00 $0.00 $0.00 $0.00 $1,651,324.00May-17 $1,651,324.00 $0.00 $0.00 $0.00 $0.00 $1,651,324.00Jun-17 $1,651,324.00 $0.00 -$130,215.00 -$130,215.00 $74,619.00 $1,595,728.00Jul-17 $1,595,727.77 $0.00 $0.00 $0.00 $0.00 $1,595,727.77Aug-17 $1,595,727.77 $0.00 $0.00 $0.00 $0.00 $1,595,727.77Sep-17 $1,595,727.76 $0.00 $0.00 $0.00 $75,476.26 $1,671,204.02Oct-17 $1,671,204.02 $0.00 -$22,111.94 -$22,111.94 $0.00 $1,649,092.08Nov-17 $1,649,092.08 $0.00 $0.00 $0.00 $0.00 $1,649,092.08Dec-17 $1,649,092.08 $0.00 -$115,473.45 -$115,473.45 $56,863.63 $1,590,482.26Jan-18 $1,590,482.26 $0.00 $0.00 $0.00 $0.00 $1,590,482.26Feb-18 $1,590,482.26 $0.00 $0.00 $0.00 $0.00 $1,590,482.26Mar-18 $1,590,482.26 $0.00 $0.00 $0.00 $42,326.05 $1,632,808.31Apr-18 $1,632,808.31 $0.00 -$137,339.30 -$137,339.30 $0.00 $1,495,469.01May-18 $1,495,469.01 $0.00 $0.00 $0.00 $0.00 $1,495,469.01Jun-18 $1,495,469.01 $0.00 $0.00 $0.00 $8,689.09 $1,504,158.10Jul-18 $1,504,158.10 $0.00 $0.00 $0.00 $0.00 $1,504,158.10Aug-18 $1,504,158.10 $0.00 -$130,411.28 -$130,411.28 $0.00 $1,373,746.82Sep-18 $1,373,746.82 $0.00 $0.00 $0.00 $52,347.46 $1,426,094.28Oct-18 $1,426,094.28 $0.00 $0.00 $0.00 $0.00 $1,426,094.28Nov-18 $1,426,094.28 $0.00 $0.00 $0.00 $0.00 $1,426,094.28Dec-18 $1,426,094.28 $0.00 -$75,966.79 -$75,966.79 -$11,551.49 $1,338,576.00Jan-19 $1,338,576.00 $0.00 $0.00 $0.00 $0.00 $1,338,576.00Feb-19 $1,338,576.00 $0.00 -$39,310.11 -$39,310.11 $0.00 $1,299,265.89Mar-19 $1,299,265.89 $0.00 $0.00 $0.00 $0.01 $1,299,265.90

XXXXX

61



Harbert US RE Fund VI LPAs of March 31, 2019


MonthEnding


ChangeEnding

Market Value_

Nov-17 $0.00 $1,212,722.16 $0.00 $1,212,722.16 $0.00 $1,212,722.16Dec-17 $1,212,722.16 $212,365.43 $0.00 $212,365.43 $27,407.92 $1,452,495.51Jan-18 $1,452,495.51 $0.00 $0.00 $0.00 $0.00 $1,452,495.51Feb-18 $1,452,495.51 $122,708.84 $0.00 $122,708.84 $0.00 $1,575,204.35Mar-18 $1,575,204.35 $0.00 $0.00 $0.00 $59,803.74 $1,635,008.09Apr-18 $1,635,008.09 $0.00 $0.00 $0.00 $0.00 $1,635,008.09May-18 $1,635,008.09 $0.00 $0.00 $0.00 $0.00 $1,635,008.09Jun-18 $1,635,008.09 $0.00 $0.00 $0.00 $28,404.11 $1,663,412.20Jul-18 $1,663,412.20 $128,016.67 $0.00 $128,016.67 $0.00 $1,791,428.87Aug-18 $1,791,428.87 $0.00 $0.00 $0.00 $0.00 $1,791,428.87Sep-18 $1,791,428.87 $0.00 $0.00 $0.00 $99,311.82 $1,890,740.69Oct-18 $1,890,740.69 $0.00 $0.00 $0.00 $0.00 $1,890,740.69Nov-18 $1,890,740.69 $0.00 $0.00 $0.00 $0.00 $1,890,740.69Dec-18 $1,890,740.69 $0.00 -$83,666.18 -$83,666.18 $64,238.12 $1,871,312.63Jan-19 $1,871,312.63 $0.00 $0.00 $0.00 $0.00 $1,871,312.63Feb-19 $1,871,312.63 $0.00 -$35,005.29 -$35,005.29 $0.00 $1,836,307.34Mar-19 $1,836,307.34 $0.00 $0.00 $0.00 $0.00 $1,836,307.34

XXXXX

62



Portfolio Advisors PE Offshore VAs of March 31, 2019


MonthEnding


ChangeEnding

Market Value_

Apr-17 $498,346.00 $0.00 -$13,311.00 -$13,311.00 $0.00 $485,035.00May-17 $485,035.00 $0.00 $0.00 $0.00 $0.00 $485,035.00Jun-17 $485,035.00 $0.00 -$27,586.00 -$27,586.00 $18,528.00 $475,977.00Jul-17 $475,977.00 $0.00 $0.00 $0.00 $0.00 $475,977.00Aug-17 $475,977.00 $0.00 -$16,832.00 -$16,832.00 $0.00 $459,145.00Sep-17 $459,145.00 $0.00 -$11,397.00 -$11,397.00 $19,646.00 $467,394.00Oct-17 $467,394.00 $0.00 -$18,182.00 -$18,182.00 $0.00 $449,212.00Nov-17 $449,212.00 $0.00 $0.00 $0.00 $0.00 $449,212.00Dec-17 $449,212.00 $0.00 -$19,870.00 -$19,870.00 $35,784.00 $465,126.00Jan-18 $465,126.00 $0.00 $0.00 $0.00 $0.00 $465,126.00Feb-18 $465,126.00 $0.00 -$28,302.00 -$28,302.00 $0.00 $436,824.00Mar-18 $436,824.00 $0.00 -$12,160.00 -$12,160.00 -$19,976.00 $404,688.00Apr-18 $404,688.00 $0.00 $0.00 $0.00 $0.00 $404,688.00May-18 $404,688.00 $0.00 $0.00 $0.00 $0.00 $404,688.00Jun-18 $404,688.00 $0.00 -$33,551.00 -$33,551.00 $26,239.00 $397,376.00Jul-18 $397,376.00 $0.00 $0.00 $0.00 $0.00 $397,376.00Aug-18 $397,376.00 $0.00 -$36,173.00 -$36,173.00 $0.00 $361,203.00Sep-18 $361,203.00 $0.00 -$7,690.00 -$7,690.00 $25,504.00 $379,017.00Oct-18 $379,017.00 $0.00 -$17,187.00 -$17,187.00 $0.00 $361,830.00Nov-18 $361,830.00 $0.00 -$9,186.00 -$9,186.00 $0.00 $352,644.00Dec-18 $352,644.00 $0.00 -$9,874.00 -$9,874.00 $12,480.00 $355,250.00Jan-19 $355,250.00 $0.00 $0.00 $0.00 $0.00 $355,250.00Feb-19 $355,250.00 $0.00 $0.00 $0.00 $0.00 $355,250.00Mar-19 $355,250.00 $0.00 -$36,283.00 -$36,283.00 $0.00 $318,967.00

XXXXX

63



Portfolio Advisors PE VIIAs of March 31, 2019


MonthEnding


ChangeEnding

Market Value_

Apr-17 $705,260.00 $0.00 -$9,925.00 -$9,925.00 $0.00 $695,335.00May-17 $695,335.00 $0.00 $0.00 $0.00 $0.00 $695,335.00Jun-17 $695,335.00 $0.00 -$10,063.00 -$10,063.00 $29,793.00 $715,065.00Jul-17 $715,065.00 $0.00 -$8,153.00 -$8,153.00 $0.00 $706,912.00Aug-17 $706,912.00 $0.00 $0.00 $0.00 $0.00 $706,912.00Sep-17 $706,912.00 $0.00 $0.00 $0.00 $37,392.00 $744,304.00Oct-17 $744,304.00 $0.00 -$32,840.00 -$32,840.00 $0.00 $711,464.00Nov-17 $711,464.00 $0.00 $0.00 $0.00 $0.00 $711,464.00Dec-17 $711,464.00 $0.00 -$13,000.00 -$13,000.00 $73,162.00 $771,626.00Jan-18 $771,626.00 $0.00 $0.00 $0.00 $0.00 $771,626.00Feb-18 $771,626.00 $0.00 $0.00 $0.00 $0.00 $771,626.00Mar-18 $771,626.00 $0.00 -$27,915.00 -$27,915.00 -$47,590.00 $696,121.00Apr-18 $696,121.00 $0.00 -$18,224.00 -$18,224.00 $0.00 $677,897.00May-18 $677,897.00 $0.00 $0.00 $0.00 $0.00 $677,897.00Jun-18 $677,897.00 $0.00 -$16,667.00 -$16,667.00 $76,923.00 $738,153.00Jul-18 $738,153.00 $0.00 $0.00 $0.00 $0.00 $738,153.00Aug-18 $738,153.00 $0.00 -$10,625.00 -$10,625.00 $0.00 $727,528.00Sep-18 $727,528.00 $0.00 -$16,678.00 -$16,678.00 $46,170.00 $757,020.00Oct-18 $757,020.00 $0.00 -$33,778.00 -$33,778.00 $0.00 $723,242.00Nov-18 $723,242.00 $0.00 $0.00 $0.00 $0.00 $723,242.00Dec-18 $723,242.00 $0.00 -$33,023.00 -$33,023.00 $47,296.00 $737,515.00Jan-19 $737,515.00 $0.00 $0.00 $0.00 $0.00 $737,515.00Feb-19 $737,515.00 $0.00 -$21,918.00 -$21,918.00 $0.00 $715,597.00Mar-19 $715,597.00 $0.00 $0.00 $0.00 $0.00 $715,597.00

XXXXX

64



Portfolio Advisors Secondary Fund III, L.P.As of March 31, 2019


MonthEnding


ChangeEnding

Market Value_

Aug-17 $0.00 $245,749.00 $0.00 $245,749.00 $0.00 $245,749.00Sep-17 $245,749.00 $0.00 $0.00 $0.00 $109,238.00 $354,987.00Oct-17 $354,987.00 $0.00 $0.00 $0.00 $0.00 $354,987.00Nov-17 $354,987.00 $0.00 $0.00 $0.00 $0.00 $354,987.00Dec-17 $354,987.00 $119,448.00 -$138,196.00 -$18,748.00 -$12,770.00 $323,469.00Jan-18 $323,469.00 $0.00 $0.00 $0.00 $0.00 $323,469.00Feb-18 $323,469.00 $0.00 $0.00 $0.00 $0.00 $323,469.00Mar-18 $323,469.00 $82,909.00 $0.00 $82,909.00 -$21,193.00 $385,185.00Apr-18 $385,185.00 $0.00 $0.00 $0.00 $0.00 $385,185.00May-18 $385,185.00 $0.00 $0.00 $0.00 $0.00 $385,185.00Jun-18 $385,185.00 $0.00 $0.00 $0.00 $49,184.00 $434,369.00Jul-18 $434,369.00 $0.00 $0.00 $0.00 $0.00 $434,369.00Aug-18 $434,369.00 $0.00 $0.00 $0.00 $0.00 $434,369.00Sep-18 $434,369.00 $171,613.00 $0.00 $171,613.00 $43,428.00 $649,410.00Oct-18 $649,410.00 $0.00 $0.00 $0.00 $0.00 $649,410.00Nov-18 $649,410.00 $0.00 $0.00 $0.00 $0.00 $649,410.00Dec-18 $649,410.00 $183,184.00 $0.00 $183,184.00 $49,202.00 $881,796.00Jan-19 $881,796.00 $0.00 $0.00 $0.00 $0.00 $881,796.00Feb-19 $881,796.00 $0.00 $0.00 $0.00 $0.00 $881,796.00Mar-19 $881,796.00 $93,598.00 $0.00 $93,598.00 $0.00 $975,394.00

XXXXX

65



StepStone Pioneer Capital III, L.P.As of March 31, 2019


MonthEnding


ChangeEnding

Market Value_

Apr-17 $959,895.00 $0.00 $0.00 $0.00 $0.00 $959,895.00May-17 $959,895.00 $0.00 $0.00 $0.00 $0.00 $959,895.00Jun-17 $959,895.00 $0.00 -$27,893.00 -$27,893.00 $16,852.00 $948,854.00Jul-17 $948,854.00 $0.00 $0.00 $0.00 $0.00 $948,854.00Aug-17 $948,854.00 $0.00 $0.00 $0.00 $0.00 $948,854.00Sep-17 $948,854.00 $0.00 $0.00 $0.00 $22,519.00 $971,373.00Oct-17 $971,373.00 $0.00 $0.00 $0.00 $0.00 $971,373.00Nov-17 $971,373.00 $0.00 -$61,327.00 -$61,327.00 $0.00 $910,046.00Dec-17 $910,046.00 $0.00 -$48,235.00 -$48,235.00 $29,694.00 $891,505.00Jan-18 $891,505.00 $0.00 $0.00 $0.00 $0.00 $891,505.00Feb-18 $891,505.00 $0.00 $0.00 $0.00 $0.00 $891,505.00Mar-18 $891,505.00 $0.00 $0.00 $0.00 $66,096.00 $957,601.00Apr-18 $957,601.00 $0.00 $0.00 $0.00 $0.00 $957,601.00May-18 $957,601.00 $0.00 -$24,814.00 -$24,814.00 $0.00 $932,787.00Jun-18 $932,787.00 $0.00 $0.00 $0.00 $52,523.00 $985,310.00Jul-18 $985,310.00 $0.00 $0.00 $0.00 $0.00 $985,310.00Aug-18 $985,310.00 $0.00 -$130,246.00 -$130,246.00 $0.00 $855,064.00Sep-18 $855,064.00 $0.00 -$124,263.00 -$124,263.00 $33,039.00 $763,840.00Oct-18 $763,840.00 $0.00 $0.00 $0.00 $0.00 $763,840.00Nov-18 $763,840.00 $0.00 $0.00 $0.00 $0.00 $763,840.00Dec-18 $763,840.00 $0.00 -$113,056.00 -$113,056.00 $0.00 $650,784.00Jan-19 $650,784.00 $0.00 $0.00 $0.00 $0.00 $650,784.00Feb-19 $650,784.00 $0.00 $0.00 $0.00 $0.00 $650,784.00Mar-19 $650,784.00 $0.00 $0.00 $0.00 $0.00 $650,784.00

XXXXX

66



Portfolio Advisors Direct Credit IIAs of March 31, 2019


MonthEnding


ChangeEnding

Market Value_

Apr-17 $416,666.00 $0.00 $0.00 $0.00 $0.00 $416,666.00May-17 $416,666.00 $0.00 -$157,744.00 -$157,744.00 $12,099.00 $271,021.00Jun-17 $271,021.00 $0.00 $0.00 $0.00 $0.00 $271,021.00Jul-17 $268,831.00 $0.00 -$9,726.00 -$9,726.00 $0.00 $259,105.00Aug-17 $259,105.00 $73,769.00 -$41,150.00 $32,619.00 $0.00 $291,724.00Sep-17 $291,724.00 $0.00 $0.00 $0.00 $6,019.00 $297,743.00Oct-17 $297,743.00 $33,675.00 -$5,226.00 $28,449.00 $0.00 $326,192.00Nov-17 $326,192.00 $0.00 $0.00 $0.00 $0.00 $326,192.00Dec-17 $326,192.00 $0.00 -$36,592.00 -$36,592.00 $8,429.00 $298,029.00Jan-18 $298,029.00 $0.00 -$4,765.00 -$4,765.00 $0.00 $293,264.00Feb-18 $293,264.00 $0.00 $0.00 $0.00 $0.00 $293,264.00Mar-18 $293,264.00 $0.00 $0.00 $0.00 $9,393.00 $302,657.00Apr-18 $302,657.00 $48,855.00 -$9,001.00 $39,854.00 $0.00 $342,511.00May-18 $342,511.00 $60,517.00 $0.00 $60,517.00 $0.00 $403,028.00Jun-18 $403,028.00 $0.00 -$38,422.00 -$38,422.00 $6,811.00 $371,417.00Jul-18 $371,417.00 $0.00 -$10,033.00 -$10,033.00 $0.00 $361,384.00Aug-18 $361,384.00 $0.00 $0.00 $0.00 $0.00 $361,384.00Sep-18 $361,384.00 $0.00 $0.00 $0.00 $52,657.00 $414,041.00Oct-18 $414,041.00 $36,200.00 -$10,888.00 $25,312.00 $0.00 $439,353.00Nov-18 $439,353.00 $14,518.00 $0.00 $14,518.00 $0.00 $453,871.00Dec-18 $453,871.00 $18,872.00 $0.00 $18,872.00 $0.00 $472,743.00Jan-19 $472,743.00 $0.00 -$19,467.00 -$19,467.00 $0.00 $453,276.00Feb-19 $453,276.00 $0.00 $0.00 $0.00 $0.00 $453,276.00Mar-19 $453,276.00 $87,001.00 $0.00 $87,001.00 $0.00 $540,277.00

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67


PIMCO Short-Term InstlAs of March 31, 2019

Universe Name: Ultrashort Bond MStar MF# of Observations: 71 (3/31/2019)

Fund Information as of 12/31/18Fund Name PIMCO SHORT-TERM INSTLTicker PTSHXMorningstar Category Ultrashort BondBenchmark FTSE T-Bill 3 Months TRExpense Ratio 0.57%Fund Assets ($mm) 11,589.82Share Class Inception Date 10/7/1987Manager Tenure 8

QTD(%) Rank YTD



(%) Rank_

PIMCO Short-Term Instl 1.06 38 1.06 38 2.31 73 2.63 15 1.87 12 2.29 35FTSE T-Bill 3 Months TR 0.60 98 0.60 98 2.11 88 1.17 96 0.72 97 0.41 96

Over/Under 0.46 0.46 0.20 1.46 1.15 1.88

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

PIMCO Short-Term Instl 1.51 2.43 2.57 1.37 0.97 0.84 3.44 0.35 1.93 9.44FTSE T-Bill 3 Months TR 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 0.17

Over/Under -0.35 1.59 2.30 1.34 0.94 0.79 3.37 0.27 1.80 9.27


Anlzd StdDev



AnlzdSharpeRatio


_

PIMCO Short-Term Instl 0.94% 1.63% 0.33 259.24% -- 1.25 0.95% 1.20 FTSE T-Bill 3 Months TR 0.23% 0.00% 1.00 100.00% -- 0.13 0.00% --


Fund Characteristics as of 12/31/18Sharpe Ratio (3 Year) 1.33Average Duration 0.17Average Coupon 4.04%Average Effective Maturity 0.99R-Squared (3 Year) 0.03Alpha (3 Year) 0.24%Beta (3 Year) -0.79



Description:The investment seeks maximum current income, consistent with preservation of capital and daily liquidity. The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities,which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed IncomeInstruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

68

Investment Expense AnalysisAs Of 3/31/19

Name Market Value % of Portfolio Expense Ratio Estimated Expense Median ExpenseRatio

Difference Fund v.Median Universe

Eagle Capital Management $10,016,353 11.0% 0.87% $87,142 0.74% 0.13% Large Cap MStar MFVanguard 500 Index Admiral $10,440,631 11.5% 0.04% $4,176 0.74% -0.70% Large Cap MStar MFConestoga Small Cap Investors $4,822,608 5.3% 1.10% $53,049 0.99% 0.11% Small Cap MStar MFFuller & Thaler Behav Sm-Cp Eq Inst $4,567,993 5.0% 0.85% $38,828 0.99% -0.14% Small Cap MStar MFDodge & Cox International Stock $6,280,697 6.9% 0.63% $39,568 0.85% -0.22% Foreign Large Blend MStar MFWCM Focused International Growth Instl $6,364,337 7.0% 1.06% $67,462 0.85% 0.22% Foreign Large Blend MStar MFT. Rowe Price International Discovery $5,924,081 6.5% 1.20% $71,089 1.15% 0.05% Foreign Small/Mid Blend Mstar MFDFA Emerging Markets Core Equity I $5,489,275 6.0% 0.52% $28,544 1.16% -0.64% Diversified Emerging Mkts MStar MFBarrow Hanley $5,519,345 6.1% 0.38% $20,698 0.49% -0.12% Intermediate-Term Bond MStar MFTempleton Global Bond Fund $2,755,932 3.0% 0.71% $19,567 0.69% 0.02% World Bond MStar MFChartwell Short Duration High Yield $2,846,805 3.1% 0.49% $13,949 0.73% -0.24% High Yield Bond MStar MFTortoise MLP & Pipeline Instl $4,472,928 4.9% 0.96% $42,940 1.26% -0.30% Energy Limited Partnership Mstar MFIronwood International Ltd. $8,795,123 9.7% 1.00% $87,951Harbert US RE Fund IV LP $47,723 0.1% 1.50% $716Harbert US RE Fund V LP $1,299,266 1.4% 1.50% $19,489Harbert US RE Fund VI LP $1,836,307 2.0% 1.50% $27,545Portfolio Advisors PE Offshore V $318,967 0.4% 0.88% $2,791Portfolio Advisors PE VII $715,597 0.8% 0.88% $6,261Portfolio Advisors Secondary Fund III, L.P. $975,394 1.1% 0.85% $8,291StepStone Pioneer Capital III, L.P. $650,784 0.7% 1.00% $6,508Portfolio Advisors Direct Credit II $540,277 0.6% 1.50% $8,104PIMCO Short-Term Instl $6,141,772 6.8% 0.57% $35,008 0.37% 0.20% Ultrashort Bond MStar MFCash $14,242 0.0%Archstone Offshore Fund $42,361 0.0%Total $90,878,801 100.0% 0.76% $689,677

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69



Planned GivingAs of March 31, 2019 Fiscal Year End: June

Summary of Cash Flows First Quarter Year-To-Date Fiscal Year-To-

Date One Year Three Years Five Years Ten Years Inception 7/31/08

_

Beginning Market Value $2,783,305 $2,783,305 $3,047,152 $3,064,932 $104,615 $158,472 $110,704 $125,597Net Cash Flow -$51,572 -$51,572 -$155,177 -$207,059 $2,361,340 $2,301,721 $2,263,571 $2,273,493Net Investment Change $226,192 $226,192 $65,949 $100,051 $491,969 $497,731 $583,649 $558,834Income $6,938 $6,938 $106,792 $115,223 $264,337 $274,257 $304,017 $308,781Ending Market Value $2,957,924 $2,957,924 $2,957,924 $2,957,924 $2,957,924 $2,957,924 $2,957,924 $2,957,924

_

Asset AllocationCurrent

BalanceCurrent

Allocation_

US Stock Large $815,764 27.6%Alger Capital Appreciation Instl I $260,405 8.8%Diamond Hill Large Cap A $271,230 9.2%Schwab® S&P 500 Index $284,128 9.6%

US Stock Small $200,898 6.8%Conestoga Small Cap Investors $118,438 4.0%American Beacon Small Cp Val Inv $82,461 2.8%

International $302,531 10.2%American Beacon Intl Equity Inv $144,264 4.9%Artisan International Investor $158,267 5.4%

International Emerging Stocks $112,382 3.8%Harding Loevner Emerging Markets Advisor $112,382 3.8%

US Fixed Income $1,009,613 34.1%JPMorgan Strategic Income Opports A $220,632 7.5%Virtus Seix Total Return Bond I $280,054 9.5%Schwab U.S. Aggregate Bond Index Fund $285,652 9.7%Western Asset Intermediate Bond $223,275 7.5%

Alternative Investments $452,697 15.3%JHancock Global Absolute Ret Strats A $216,791 7.3%DWS RREEF Real Assets S $235,906 8.0%

Cash $64,038 2.2%Cash $64,038 2.2%

Total $2,957,924 100.0%XXXXX

70

Market Value($)

% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

Inception(%)

InceptionDate

_

Planned Giving 2,957,924 100.00 1.22 8.15 8.15 2.37 3.52 5.69 5.66 4.11 5.63 Jul-08Balanced Index 1.19 7.89 7.89 2.55 3.44 5.75 6.20 4.55 5.90 Jul-08US Stock Large 815,764 27.58

Alger Capital Appreciation Instl I 260,405 8.80 2.26 15.54 15.54 4.36 11.37 16.28 16.07 -- 11.69 Nov-14Russell 1000 Growth 2.85 16.10 16.10 6.61 12.75 16.92 16.53 13.50 12.78 Nov-14

Diamond Hill Large Cap A 271,230 9.17 0.98 13.06 13.06 5.03 5.98 7.23 11.60 -- 8.03 Nov-14Russell 1000 Value 0.64 11.93 11.93 4.45 5.67 6.31 10.45 7.72 6.70 Nov-14

Schwab® S&P 500 Index 284,128 9.61 1.94 13.63 13.63 5.83 9.45 11.68 13.62 11.03 12.99 Dec-09S&P 500 1.94 13.65 13.65 5.86 9.50 11.72 13.51 10.91 12.96 Dec-09

US Stock Small 200,898 6.79 Conestoga Small Cap Investors 118,438 4.00 -0.99 12.87 12.87 1.10 11.12 18.41 19.92 11.90 15.07 Dec-09

Russell 2000 -2.09 14.58 14.58 -5.29 2.05 6.81 12.92 7.05 12.16 Dec-09American Beacon Small Cp Val Inv 82,461 2.79 -4.13 12.16 12.16 -9.43 -3.65 0.61 8.18 -- 4.53 Jun-14

Russell 2000 -2.09 14.58 14.58 -5.29 2.05 6.81 12.92 7.05 7.19 Jun-14International 302,531 10.23

American Beacon Intl Equity Inv 144,264 4.88 -0.63 9.56 9.56 -5.29 -6.87 3.09 6.14 0.90 4.28 Dec-09MSCI ACWI ex USA 0.60 10.31 10.31 -1.64 -4.22 5.65 8.09 2.57 4.42 Dec-09

Artisan International Investor 158,267 5.35 1.01 10.32 10.32 0.66 -1.96 8.73 6.93 2.67 5.82 Dec-09MSCI ACWI ex USA 0.60 10.31 10.31 -1.64 -4.22 5.65 8.09 2.57 4.42 Dec-09

International Emerging Stocks 112,382 3.80 Harding Loevner Emerging Markets Advisor 112,382 3.80 1.73 14.54 14.54 -2.64 -10.10 6.15 10.35 3.79 4.91 Dec-09

MSCI Emerging Markets 0.84 9.93 9.93 0.60 -7.41 7.55 10.68 3.68 3.32 Dec-09US Fixed Income 1,009,613 34.13

JPMorgan Strategic Income Opports A 220,632 7.46 0.24 2.05 2.05 1.55 2.27 -- -- -- 2.07 Nov-17BBgBarc US Universal TR 1.81 3.32 3.32 4.81 4.53 3.01 2.65 3.00 2.36 Nov-17

Virtus Seix Total Return Bond I 280,054 9.47 1.78 2.47 2.47 3.90 3.81 1.84 1.68 2.33 3.35 Dec-09BBgBarc US Aggregate TR 1.92 2.94 2.94 4.65 4.48 2.83 2.03 2.74 3.33 Dec-09

Schwab U.S. Aggregate Bond Index Fund 285,652 9.66 1.88 2.90 2.90 4.52 4.39 -- -- -- 2.48 Apr-17BBgBarc US Aggregate TR 1.92 2.94 2.94 4.65 4.48 2.83 2.03 2.74 2.57 Apr-17

Western Asset Intermediate Bond 223,275 7.55 1.36 2.98 2.98 4.44 4.26 2.98 -- -- 3.39 Mar-17BBgBarc US Govt/Credit Int TR 1.35 2.32 2.32 4.24 4.24 2.28 1.66 2.12 2.67 Mar-17




71

Market Value($)

% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

Inception(%)

InceptionDate

_

Alternative Investments 452,697 15.30 JHancock Global Absolute Ret Strats A 216,791 7.33 1.98 4.35 4.35 2.69 0.39 0.83 0.91 0.89 0.92 Mar-14

HFRI FOF: Diversified Index 0.75 4.26 4.26 0.05 0.75 2.83 3.67 2.15 2.01 Mar-14DWS RREEF Real Assets S 235,906 7.98 2.78 12.78 12.78 5.30 9.72 6.39 6.08 -- 2.64 Nov-14

Morningstar Mod Tgt Risk TR USD 1.27 8.68 8.68 3.84 4.42 6.73 8.05 5.40 5.66 Nov-14Cash 64,038 2.16

Cash 64,038 2.16 XXXXX

- Balanced Index = Weighted Average of Russell 1000 Growth / Russell 1000 Value / S&P 500 / Russell 2000 / MSCI ACWI ex USA / MSCI Emerging Markets / BBgBarc US Universal TR / BBgBarc US Aggregate TR / BBgBarc US Govt/Credit Int TR / HFRIFOF: Diversified Index / Morningstar Mod Tgt Risk TR USD / FTSE T-Bill 1 Month TR




72

RISK RETURN STATISTICS1 Year

Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 5.02 4.89Minimum Return -4.82 -4.82Annualized Return 3.52 3.44Total Return 3.52 3.44Annualized Excess ReturnOver Risk Free 1.37 1.30










Planned GivingAs of March 31, 2019







RISK RETURN STATISTICSSince Inception








University of West Florida - Planned Giving

Alger Capital Appreciation Instl IAs of March 31, 2019

Universe Name: Large Growth MStar MF# of Observations: 325 (3/31/2019)


Top Holdings as of 1/31/19AMAZON.COM INC 9.49%MICROSOFT CORP 8.58%ALPHABET INC CLASS C 5.80%VISA INC CLASS A 4.82%UNITEDHEALTH GROUP INC 4.21%ADOBE INC 3.90%SALESFORCE.COM INC 3.58%FACEBOOK INC A 3.16%ALTABA INC 2.66%BOSTON SCIENTIFIC CORP 2.59%


Fund Information as of 1/31/19Fund Name ALGER CAPITAL

APPRECIATION INSTL ITicker ALARXMorningstar Category Large GrowthBenchmark Russell 1000 GrowthExpense Ratio 1.14%Fund Assets ($mm) 2,113.96Share Class Inception Date 11/8/1993Manager Tenure 15

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Alger Capital Appreciation -0.87 31.02 0.46 6.23 13.30 34.81 18.11 -1.03 13.48 49.12Russell 1000 Growth -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71 37.21

Over/Under 0.64 0.81 -6.62 0.56 0.25 1.33 2.85 -3.67 -3.23 11.91


Anlzd StdDev



AnlzdSharpeRatio


_

Alger Capital Appreciation 13.07% -1.50% 1.03 100.57% 108.18% 0.90 3.15% -0.33 Russell 1000 Growth 12.28% 0.00% 1.00 100.00% 100.00% 1.04 0.00% --

QTD(%) Rank YTD



(%) Rank_

Alger Capital Appreciation 15.54 63 15.54 63 11.37 56 15.88 45 12.46 46 17.27 26Russell 1000 Growth 16.10 48 16.10 48 12.75 36 16.53 36 13.50 23 17.52 21

Over/Under -0.56 -0.56 -1.38 -0.65 -1.04 -0.25 XXXXX

Description:The investment seeks long-term capital appreciation. The fund normally invests at least 85% of its net assets, plus any borrowings for investment purposes, in equity securities of companiesof any market capitalization that the adviser believes demonstrate promising growth potential.

75


Diamond Hill Large Cap AAs of March 31, 2019

Universe Name: Large Value MStar MF# of Observations: 301 (3/31/2019)


Top Holdings as of 3/31/19ABBOTT LABORATORIES 4.64%CITIGROUP INC 4.36%ALPHABET INC A 3.52%BERKSHIRE HATHAWAY INC B 3.22%METLIFE INC 3.06%UNITED TECHNOLOGIES CORP 2.96%TJX COMPANIES INC 2.95%PFIZER INC 2.89%PHILIP MORRIS INTERNATIONAL INC 2.80%MICROSOFT CORP 2.76%


Fund Information as of 3/31/19Fund Name DIAMOND HILL LARGE CAP ATicker DHLAXMorningstar Category Large ValueBenchmark Russell 1000 ValueExpense Ratio 0.96%Fund Assets ($mm) 1,144.91Share Class Inception Date 6/29/2001Manager Tenure 16

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Diamond Hill Large Cap A -9.88 19.95 14.26 -1.10 10.42 36.33 12.29 2.35 9.29 30.21Russell 1000 Value -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69

Over/Under -1.61 6.29 -3.08 2.73 -3.03 3.80 -5.22 1.96 -6.22 10.52


Anlzd StdDev



AnlzdSharpeRatio


_

Diamond Hill Large Cap A 12.28% 0.10% 1.08 107.93% 104.45% 0.63 2.82% 0.26 Russell 1000 Value 11.08% 0.00% 1.00 100.00% 100.00% 0.63 0.00% --

QTD(%) Rank YTD



(%) Rank_

Diamond Hill Large Cap A 13.06 15 13.06 15 5.98 35 11.38 22 8.46 23 14.47 34Russell 1000 Value 11.93 34 11.93 34 5.67 37 10.45 50 7.72 43 14.52 31

Over/Under 1.13 1.13 0.31 0.93 0.74 -0.05 XXXXX

Description:The investment seeks to provide long-term capital appreciation. The fund normally invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviserbelieves are undervalued. Large cap companies are defined as companies with market capitalizations at the time of purchase of $5 billionor greater, or in the range of those market capitalizations of companies included in the Russell 1000 Index at the time of purchase. TheAdviser focuses on estimating a company's value independent of its current stock price.

76


Schwab® S&P 500 IndexAs of March 31, 2019



Top Holdings as of 3/31/19MICROSOFT CORP 3.81%APPLE INC 3.58%AMAZON.COM INC 3.09%FACEBOOK INC A 1.67%BERKSHIRE HATHAWAY INC B 1.64%JOHNSON & JOHNSON 1.56%ALPHABET INC CLASS C 1.52%ALPHABET INC A 1.48%EXXON MOBIL CORP 1.44%JPMORGAN CHASE & CO 1.39%


Fund Information as of 3/31/19Fund Name SCHWAB® S&P 500 INDEXTicker SWPPXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.02%Fund Assets ($mm) 36,989.27Share Class Inception Date 5/19/1997Manager Tenure 6

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Schwab® S&P 500 Index -4.42 21.79 11.82 1.29 13.57 32.27 15.91 2.07 14.97 26.25S&P 500 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46

Over/Under -0.04 -0.04 -0.14 -0.09 -0.12 -0.12 -0.09 -0.04 -0.09 -0.21XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Schwab® S&P 500 Index 11.17% -0.07% 1.00 99.59% 100.02% 0.91 0.05% -1.61 S&P 500 11.19% 0.00% 1.00 100.00% 100.00% 0.91 0.00% --

QTD(%) Rank YTD



(%) Rank_

Schwab® S&P 500 Index 13.63 44 13.63 44 9.45 32 13.45 35 10.82 29 15.81 34S&P 500 13.65 43 13.65 43 9.50 32 13.51 33 10.91 27 15.92 31

Over/Under -0.02 -0.02 -0.05 -0.06 -0.09 -0.11 XXXXX

Description:The investment seeks to track the total return of the S&P 500® Index. The fund generally invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in thesestocks; typically, the actual percentage is considerably higher. It generally will seek to replicate the performance of the index by giving thesame weight to a given stock as the index does.

77


Conestoga Small Cap InvestorsAs of March 31, 2019



Top Holdings as of 2/28/19EXPONENT INC 3.56%OMNICELL INC 3.49%THE DESCARTES SYSTEMS GROUP INC 3.20%MESA LABORATORIES INC 2.81%PROS HOLDINGS INC 2.79%FOX FACTORY HOLDING CORP 2.78%SIMPSON MANUFACTURING CO INC 2.67%MGP INGREDIENTS INC 2.64%REPLIGEN CORP 2.62%BOTTOMLINE TECHNOLOGIES INC 2.59%


Fund Information as of 2/28/19Fund Name CONESTOGA SMALL CAP

INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 874.93Share Class Inception Date 10/1/2002Manager Tenure 17

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Conestoga Small Cap Investors 0.61 28.44 14.06 8.03 -8.05 49.26 11.00 4.55 23.99 29.09Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17

Over/Under 11.62 13.79 -7.25 12.44 -12.95 10.44 -5.35 8.73 -2.86 1.92XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Conestoga Small Cap Investors 16.25% 5.44% 0.92 104.22% 84.09% 0.69 6.69% 0.73 Russell 2000 16.15% 0.00% 1.00 100.00% 100.00% 0.39 0.00% --

QTD(%) Rank YTD



(%) Rank_

Conestoga Small Cap Investors 12.87 68 12.87 68 11.12 14 19.89 9 11.93 4 17.41 17Russell 2000 14.58 46 14.58 46 2.05 46 12.92 37 7.05 45 15.36 56

Over/Under -1.71 -1.71 9.07 6.97 4.88 2.05

Description:The investment seeks long-term growth of capital. Under normal market circumstances, the fund invests at least 80% of its net assets in equity securities of small-cap companies. Equitysecurities include American depositary receipts ("ADRs"), convertible securities, foreign and domestic common and preferred stocks,rights and warrants.

78


American Beacon Small Cp Val InvAs of March 31, 2019



Top Holdings as of 2/28/19E-MINI RUSS 2000 MAR19 XCME 20190315 4.70%PORTLAND GENERAL ELECTRIC CO 1.11%AMERICAN AXLE & MFG HOLDINGS INC 0.96%DIODES INC 0.89%BROOKS AUTOMATION INC 0.83%AVNET INC 0.82%TEXAS CAPITAL BANCSHARES INC 0.82%SERITAGE GROWTH PROPERTIES CLASS A 0.80%ASSOCIATED BANC-CORP 0.79%ENSTAR GROUP LTD 0.78%


Fund Information as of 2/28/19Fund Name AMERICAN BEACON SMALL

CP VAL INVTicker AVPAXMorningstar Category Small ValueBenchmark Russell 2000Expense Ratio 1.14%Fund Assets ($mm) 491.02Share Class Inception Date 2/26/1999Manager Tenure 20

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

American Beacon Small Cp Val -15.89 8.34 26.36 -5.35 4.31 39.63 16.08 -4.41 25.67 34.94Russell 2000 -11.01 14.65 21.31 -4.41 4.90 38.82 16.35 -4.18 26.85 27.17

Over/Under -4.88 -6.31 5.05 -0.94 -0.59 0.81 -0.27 -0.23 -1.18 7.77


Anlzd StdDev



AnlzdSharpeRatio


_

American Beacon Small Cp Val 16.09% -2.22% 0.97 89.04% 99.80% 0.25 3.33% -0.72 Russell 2000 16.15% 0.00% 1.00 100.00% 100.00% 0.39 0.00% --

QTD(%) Rank YTD



(%) Rank_

American Beacon Small Cp Val 12.16 76 12.16 76 -3.65 84 8.05 83 4.66 79 14.71 67Russell 2000 14.58 46 14.58 46 2.05 46 12.92 37 7.05 45 15.36 56

Over/Under -2.42 -2.42 -5.70 -4.87 -2.39 -0.65 XXXXX

Description:The investment seeks long-term capital appreciation and current income. Under normal circumstances, at least 80% of the fund's net assets (plus the amount of any borrowings for investment purposes) areinvested in equity securities of small market capitalization U.S. companies. These companies have market capitalizations of $5 billion orless at the time of investment. The fund's investments may include common stocks, real estate investment trusts ("REITs"), AmericanDepositary Receipts ("ADRs") and U.S. dollar-denominated foreign stocks traded on U.S. exchanges (collectively, "stocks").

79



American Beacon Intl Equity InvAs of March 31, 2019

Top Holdings as of 2/28/19NOVARTIS AG 2.60%PRUDENTIAL PLC 2.32%VOLKSWAGEN AG PARTICIPATING PREFERRED 2.00%TAKEDA PHARMACEUTICAL CO LTD 1.82%SAMSUNG ELECTRONICS CO LTD 1.78%BP PLC 1.72%ROYAL DUTCH SHELL PLC B 1.66%SAP SE 1.59%UNICREDIT SPA 1.54%BNP PARIBAS 1.51%


Fund Information as of 2/28/19Fund Name AMERICAN BEACON

INTERNATIONAL EQ INVTicker AAIPXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 1.07%Fund Assets ($mm) 241.97Share Class Inception Date 8/1/1994Manager Tenure 25

QTD(%) Rank YTD



(%) Rank_

American Beacon Intl Equity Inv 9.56 81 9.56 81 -6.87 68 5.46 83 0.56 92 8.42 69MSCI ACWI ex USA 10.31 47 10.31 47 -4.22 29 8.09 20 2.57 37 8.85 49

Over/Under -0.75 -0.75 -2.65 -2.63 -2.01 -0.43 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

American Beacon Intl Equity Inv -16.64 24.40 -0.09 -2.08 -7.35 24.06 21.16 -11.90 6.42 29.39MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45

Over/Under -2.44 -2.79 -4.59 3.58 -3.48 8.77 4.33 1.81 -4.73 -12.06XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

American Beacon Intl Equity Inv 11.76% -1.85% 0.94 87.60% 100.41% -0.01 3.47% -0.58 MSCI ACWI ex USA 12.01% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --


Description:The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in commonstocks and securities convertible into common stocks (collectively, "stocks") of issuers based in at least three different countrieslocated outside the United States. It primarily invests in countries comprising the Morgan Stanley Capital International® EuropeAustralasia and Far East Index ("MSCI EAFE Index"). The MSCI EAFE Index is comprised of equity securities of companies fromvarious industrial sectors whose primary trading markets are located outside the United States.

80



Artisan International InvestorAs of March 31, 2019

Top Holdings as of 3/31/19LINDE PLC 6.55%DEUTSCHE BOERSE AG 5.80%WIRECARD AG 4.22%AIRBUS SE 4.08%NESTLE SA 3.98%AIA GROUP LTD 3.64%DEUTSCHE POST AG 3.44%MEDTRONIC PLC 3.43%AON PLC 3.10%ING GROEP NV 2.92%


Fund Information as of 3/31/19Fund Name ARTISAN INTERNATIONAL

INVESTORTicker ARTIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 1.18%Fund Assets ($mm) 3,915.46Share Class Inception Date 12/28/1995Manager Tenure 23

QTD(%) Rank YTD



(%) Rank_

Artisan International Investor 10.32 47 10.32 47 -1.96 9 6.49 62 2.45 43 10.24 11MSCI ACWI ex USA 10.31 47 10.31 47 -4.22 29 8.09 20 2.57 37 8.85 49

Over/Under 0.01 0.01 2.26 -1.60 -0.12 1.39 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Artisan International Investor -10.86 31.02 -9.66 -3.85 -0.97 25.18 25.39 -7.26 5.91 39.77MSCI ACWI ex USA -14.20 27.19 4.50 -5.66 -3.87 15.29 16.83 -13.71 11.15 41.45

Over/Under 3.34 3.83 -14.16 1.81 2.90 9.89 8.56 6.45 -5.24 -1.68XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Artisan International Investor 11.84% 0.17% 0.89 90.69% 92.57% 0.15 5.28% -0.02 MSCI ACWI ex USA 12.01% 0.00% 1.00 100.00% 100.00% 0.16 0.00% --


Description:The investment seeks maximum long-term capital growth. The fund invests primarily in developed markets but also may invest up to 35% of the fund's total assets at market value at the timeof purchase in emerging and less developed markets. Under normal market conditions, it is substantially fully invested in commonstocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non-U.S. companies.

81

Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 242 (3/31/2019)


Harding Loevner Emerging Markets AdvisorAs of March 31, 2019

Top Holdings as of 12/31/18TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 4.68%TENCENT HOLDINGS LTD 4.20%SAMSUNG ELECTRONICS CO LTD GDR 3.68%ALIBABA GROUP HOLDING LTD ADR 3.08%PJSC LUKOIL ADR 2.61%NOVATEK PJSC GDR 2.56%AIA GROUP LTD 2.52%HOUSING DEVELOPMENT FINANCE CORP LTD 2.52%SBERBANK OF RUSSIA PJSC ADR 2.30%ENN ENERGY HOLDINGS LTD 2.14%


Fund Information as of 12/31/18

Fund NameHARDING LOEVNEREMERGING MARKETSADVISOR

Ticker HLEMXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 1.42%Fund Assets ($mm) 3,331.25Share Class Inception Date 11/9/1998Manager Tenure 20

QTD(%) Rank YTD



(%) Rank_

Harding Loevner Emerging 14.54 11 14.54 11 -10.10 57 10.19 42 3.76 38 10.15 30MSCI Emerging Markets 9.93 64 9.93 64 -7.41 29 10.68 36 3.68 40 8.94 62

Over/Under 4.61 4.61 -2.69 -0.49 0.08 1.21 XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Harding Loevner Emerging -18.72 35.22 13.20 -13.55 -1.66 4.18 22.73 -17.52 20.98 63.46MSCI Emerging Markets -14.58 37.28 11.19 -14.92 -2.19 -2.60 18.22 -18.42 18.88 78.51

Over/Under -4.14 -2.06 2.01 1.37 0.53 6.78 4.51 0.90 2.10 -15.05XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Harding Loevner Emerging 14.66% 0.38% 0.92 92.58% 93.63% 0.21 4.35% 0.02 MSCI Emerging Markets 15.25% 0.00% 1.00 100.00% 100.00% 0.20 0.00% --


Description:The investment seeks long-term capital appreciation through investments in equity securities of companies based in emergingmarkets. The Portfolio invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, andinvestment companies. It invests at least 65% of its total assets in common stocks, preferred stocks, rights and warrants issued bycompanies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts),and investment companies that invest in the types of securities in which the Portfolio would normally invest.

82


JPMorgan Strategic Income Opports AAs of March 31, 2019

Universe Name: Nontraditional Bond MStar MF# of Observations: 96 (3/31/2019)

Fund Information as of 2/28/19Fund Name JPMORGAN STRATEGIC

INCOME OPPORTS ATicker JSOAXMorningstar Category Nontraditional BondBenchmark BBgBarc US Universal TRExpense Ratio 1.04%Fund Assets ($mm) 1,071.58Share Class Inception Date 10/10/2008Manager Tenure 10

QTD(%) Rank YTD



(%) Rank_

JPMorgan Strategic IncomeOpports A 2.05 75 2.05 75 2.27 56 4.43 44 2.19 64 4.57 65

BBgBarc US Universal TR 3.32 34 3.32 34 4.53 14 2.65 73 3.00 32 4.36 68Over/Under -1.27 -1.27 -2.26 1.78 -0.81 0.21

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

JPMorgan Strategic Income Opports A 0.43 3.08 8.92 -2.37 -0.14 2.78 7.82 -0.28 5.06 18.68BBgBarc US Universal TR -0.26 4.09 3.91 0.43 5.56 -1.35 5.53 7.40 7.16 8.60

Over/Under 0.69 -1.01 5.01 -2.80 -5.70 4.13 2.29 -7.68 -2.10 10.08


Anlzd StdDev



AnlzdSharpeRatio


_

JPMorgan Strategic IncomeOpports A 2.27% 1.74% 0.15 44.47% 11.82% 0.66 3.22% -0.25

BBgBarc US Universal TR 2.72% 0.00% 1.00 100.00% 100.00% 0.85 0.00% --


Fund Characteristics as of 2/28/19Sharpe Ratio (3 Year) 1.82Average Duration 0.57Average Coupon 4.54%Average Effective Maturity 4.67R-Squared (3 Year) 0.08Alpha (3 Year) 0.36%Beta (3 Year) 0.23



Description:The investment seeks high total return. The fund has an absolute return orientation which means that it is not managed relative to an index. It has flexibility to allocate itsassets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectorsincluding cash and short-term investments. Although the fund may invest up to 100% of its total assets in securities that are ratedbelow investment grade or the unrated equivalent, it will generally invest at least 25% of its total assets in securities that, at the timeof purchase, are rated investment grade or better or the unrated equivalent.

83


Virtus Seix Total Return BondAs of March 31, 2019


Fund Information as of 3/31/19Fund Name VIRTUS SEIX TOTAL RETURN

BOND ITicker SAMFXMorningstar Category Intermediate-Term BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.46%Fund Assets ($mm) 303.31Share Class Inception Date 12/30/1997Manager Tenure 17

QTD(%) Rank YTD



(%) Rank_

Virtus Seix Total Return Bond 2.47 84 2.47 84 3.81 76 1.74 92 2.38 83 3.82 82BBgBarc US Aggregate TR 2.94 69 2.94 69 4.48 32 2.03 77 2.74 50 3.77 84

Over/Under -0.47 -0.47 -0.67 -0.29 -0.36 0.05

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Virtus Seix Total Return Bond -0.32 2.67 3.09 0.19 6.38 -3.04 4.96 9.79 6.49 7.22BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93

Over/Under -0.33 -0.87 0.44 -0.36 0.41 -1.02 0.75 1.95 -0.05 1.29


Anlzd StdDev



AnlzdSharpeRatio


_

Virtus Seix Total Return Bond 2.97% -0.40% 1.01 94.02% 101.90% 0.57 0.69% -0.53 BBgBarc US Aggregate TR 2.86% 0.00% 1.00 100.00% 100.00% 0.72 0.00% --


Fund Characteristics as of 3/31/19Sharpe Ratio (3 Year) 0.20Average Duration 5.99Average Coupon 3.10%Average Effective Maturity 9.39R-Squared (3 Year) 0.94Alpha (3 Year) -0.02%Beta (3 Year) 0.98



Description:The investment seeks to maximize long term total return through a combination of current income and capital appreciation, consistentwith capital preservation. The fund invests in various types of income-producing debt securities including mortgage- and asset-backed securities, governmentand agency obligations, corporate obligations and floating rate loans. It normally invests at least 80% of its net assets (plus anyborrowings for investment purposes) in fixed income securities. The fund may invest up to 20% of its net assets in below investmentgrade, high yield debt obligations.

84


Schwab U.S. Aggregate Bond Index FundAs of March 31, 2019


Fund Information as of 3/31/19Fund Name SCHWAB US AGGREGATE

BOND INDEXTicker SWAGXMorningstar Category Intermediate-Term BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.04%Fund Assets ($mm) 2,472.40Share Class Inception Date 2/23/2017Manager Tenure 2

QTD(%) Rank YTD



(%) Rank_

Schwab U.S. Aggregate Bond 2.90 72 2.90 72 4.39 41 -- -- -- -- -- --BBgBarc US Aggregate TR 2.94 69 2.94 69 4.48 32 2.03 77 2.74 50 3.77 84

Over/Under -0.04 -0.04 -0.09

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Schwab U.S. Aggregate Bond -0.12 -- -- -- -- -- -- -- -- --BBgBarc US Aggregate TR 0.01 3.54 2.65 0.55 5.97 -2.02 4.21 7.84 6.54 5.93

Over/Under -0.13

Fund Inception Statistics Summary

Anlzd StdDev



AnlzdSharpeRatio


_

Schwab U.S. Aggregate Bond 2.72% -0.08% 0.99 97.80% 99.96% 0.39 0.17% -0.64 BBgBarc US Aggregate TR 2.75% 0.00% 1.00 100.00% 100.00% 0.43 0.00% --


Fund Characteristics as of 3/31/19Sharpe Ratio (3 Year) Average Duration 5.69Average Coupon 3.26%Average Effective Maturity 7.98R-Squared (3 Year) Alpha (3 Year) Beta (3 Year)



Description:The investment seeks to track as closely as possible, before fees and expenses, the total return of an index composed of the totalU.S. investment grade bond market. The fund generally invests at least 90% of its net assets (including, for this purpose, any borrowings for investment purposes) insecurities included in the Bloomberg Barclays U.S. Aggregate Bond Index. The index is a broad-based benchmark measuring theperformance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds,mortgage pass-through securities, commercial MBS, and ABS that are publicly available for sale in the United States.

85


Western Asset Intermediate BondAs of March 31, 2019


Fund Information as of 3/31/19Fund Name WESTERN ASSET

INTERMEDIATE BOND ITicker WATIXMorningstar Category Intermediate-Term BondBenchmark BBgBarc US Govt/Credit Int TRExpense Ratio 0.52%Fund Assets ($mm) 569.64Share Class Inception Date 7/1/1994Manager Tenure 10

QTD(%) Rank YTD



(%) Rank_

Western Asset Interm Bond 2.98 64 2.98 64 4.26 51 2.64 44 2.86 41 5.22 38BBgBarc US Govt/Credit IntTR 2.32 89 2.32 89 4.24 53 1.66 94 2.12 90 3.14 95

Over/Under 0.66 0.66 0.02 0.98 0.74 2.08

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Western Asset Interm Bond 0.20 4.02 3.15 1.50 3.88 -0.78 7.10 5.35 8.76 17.24BBgBarc US Govt/Credit Int TR 0.88 2.14 2.08 1.07 3.13 -0.86 3.89 5.80 5.89 5.24

Over/Under -0.68 1.88 1.07 0.43 0.75 0.08 3.21 -0.45 2.87 12.00


Anlzd StdDev



AnlzdSharpeRatio


_

Western Asset Interm Bond 2.16% 0.80% 0.97 112.30% 86.23% 1.01 0.69% 1.08 BBgBarc US Govt/Credit IntTR 2.10% 0.00% 1.00 100.00% 100.00% 0.68 0.00% --

XXXXX


Fund Characteristics as of 3/31/19Sharpe Ratio (3 Year) 0.68Average Duration 3.97Average Coupon 3.44%Average Effective Maturity 7.60R-Squared (3 Year) 0.92Alpha (3 Year) 0.08%Beta (3 Year) 1.00



Description:The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least80% of its net assets in debt and fixed income securities. Although it may invest in debt and fixed income securities of any maturity,under normal market conditions the target dollar-weighted average effective duration for the fund, as estimated by the fund'ssubadviser, is expected to range within 20% of the duration of its benchmark.

86


JHancock Global Absolute Ret Strats AAs of March 31, 2019

Universe Name: Multialternative MStar MF# of Observations: 114 (3/31/2019)


Top Holdings as of 2/28/192 YEAR US TREASURY NOTE FUTURE JUNE19 10.70%MINI MSCI EM MK FUT MAR19 5.34%H-SHARES INDEX FUTURE MAR19 2.84%NASDAQ 100 EMINI FT MAR19 2.78%SECRETARIA TESOURO NACIONAL 0% 2.62%BRAZIL (FEDERATIVE REPUBLIC) 0% 2.10%MEXICO (UNITED MEXICAN STATES) 10% 1.90%MEXICO (UNITED MEXICAN STATES) 8% 1.53%UNITED STATES TREASURY BONDS 2.12% 1.33%UNITED STATES TREASURY BONDS 1% 1.06%


Fund Information as of 2/28/19Fund Name JHANCOCK GLOBAL

ABSOLUTE RET STRATS ATicker JHAAXMorningstar Category MultialternativeBenchmark HFRI FOF: Diversified IndexExpense Ratio 1.64%Fund Assets ($mm) 67.12Share Class Inception Date 12/19/2011Manager Tenure

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

JHancock Global Absolute Ret -5.36 3.37 -2.79 1.41 3.63 4.42 7.53 -- -- --HFRI FOF: Diversified Index -3.30 6.87 0.45 -0.17 3.41 9.04 4.81 -5.01 5.48 11.46

Over/Under -2.06 -3.50 -3.24 1.58 0.22 -4.62 2.72


Anlzd StdDev



AnlzdSharpeRatio


_

JHancock Global Absolute Ret 3.74% -0.65% 0.72 60.98% 74.58% 0.05 2.95% -0.42 HFRI FOF: Diversified Index 3.47% 0.00% 1.00 100.00% 100.00% 0.42 0.00% --

QTD(%) Rank YTD



(%) Rank_

JHancock Global Absolute Ret 4.35 46 4.35 46 0.39 55 0.92 74 0.90 69 -- --HFRI FOF: Diversified Index 4.26 48 4.26 48 0.75 48 3.67 30 2.15 37 3.52 84

Over/Under 0.09 0.09 -0.36 -2.75 -1.25 XXXXX

Description:The investment seeks long term total return. The fund may use an extensive range of investment strategies and invest in a wide spectrum of equity and fixed-income securities, aswell as derivative instruments, in pursuing its investment objective. It may invest in equity and fixed-income securities of companies andgovernment and supranational entities around the world, including in emerging markets. Under normal market conditions, at least 40% ofthe value of the fund's net assets will be invested in or exposed to obligations of issuers or obligors located outside of the United States.

87


DWS RREEF Real Assets SAs of March 31, 2019

Universe Name: Multialternative MStar MF# of Observations: 114 (3/31/2019)


Top Holdings as of 2/28/19CAYMAN REAL ASSETS FUND LTD. 8.17%AMERICAN TOWER CORP 2.65%CROWN CASTLE INTERNATIONAL CORP 2.37%UNITED STATES TREASURY NOTES 1.38% 1.98%CHENIERE ENERGY INC 1.67%UNITED STATES TREASURY NOTES 1% 1.59%TRANSCANADA CORP 1.57%SEVERN TRENT PLC 1.55%UNITED STATES TREASURY NOTES 0.12% 1.47%HONG KONG AND CHINA GAS CO LTD 1.44%


Fund Information as of 2/28/19Fund Name DWS RREEF REAL ASSETS STicker AAASXMorningstar Category World Allocation

Benchmark Morningstar Mod Tgt Risk TRUSD

Expense Ratio 1.07%Fund Assets ($mm) 247.86Share Class Inception Date 7/30/2007Manager Tenure 4

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

DWS RREEF Real Assets -5.17 14.83 4.20 -9.66 3.32 0.91 9.52 -3.09 12.45 25.81Morningstar Mod Tgt Risk TR USD -4.76 14.66 8.57 -1.79 4.89 14.31 12.04 0.59 12.33 21.77

Over/Under -0.41 0.17 -4.37 -7.87 -1.57 -13.40 -2.52 -3.68 0.12 4.04


Anlzd StdDev



AnlzdSharpeRatio


_

DWS RREEF Real Assets 7.75% -2.09% 0.96 84.66% 107.59% 0.31 4.41% -0.52 Morningstar Mod Tgt Risk TRUSD 6.66% 0.00% 1.00 100.00% 100.00% 0.71 0.00% --

QTD(%) Rank YTD



(%) Rank_

DWS RREEF Real Assets 12.78 1 12.78 1 9.72 1 7.23 8 3.09 22 6.58 43Morningstar Mod Tgt Risk TRUSD 8.68 5 8.68 5 4.42 15 8.05 6 5.40 3 9.55 1

Over/Under 4.10 4.10 5.30 -0.82 -2.31 -2.97

Description:The investment seeks total return in excess of inflation through capital growth and current income. The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in a combination ofinvestments that the Advisor believes offer exposure to "real assets." It generally invests between 25% and 75% of fund assets insecurities of foreign issuers, including up to 10% of fund assets in issuers located in countries with new or emerging markets.

88




Universe Name: InvestorForce Trust Funds Balanced NetAUM Band All# of Observations: 33 (3/31/2019)Median/Average/Total Member MV: 22.4 M / 48.0 M / 1,582.4 M

89

Annual Return 1 Year 5 Year 10 Year

-10% $2,539,124 $1,099,250 -$64,790

-6% $2,643,248 $1,423,876 $254,226

0% $2,811,235 $2,072,635 $1,149,385

6% $2,986,883 $2,945,141 $2,877,235

10% $3,104,036 $3,656,162 $4,719,545

* Return assumptions are based off quarterly annuity payments and investment returns. Return assumptions do not include any new or terminated gifts over the timeperiod.

Portfolio Snapshot as of 4/16/2019University of W Florida Foundation - Univ of W Fl CGA Seg Res

35.1%

14.3%

33.6%

15.1%

2.0%0%

10%

20%

30%

40%

50%

60%

DomesticEquities

InternationalEquities

Fixed Income Alternative Cash &Equivalents

IPS Monitor

Actual Target Lower Limit Upper Limit

14

Total Number of Active CGAs

Total Gift Amount

Market Value

New Gift(s) Total (1 Year) Terminated Gift(s) Total (1 Year)

Average Gift Amount

Unique Donors

Annual Annuity

6

$3,160,000 $225,714

$0

$2,995,885 $184,650

$0

$1,853,389 $185,339

$0

$2,995,885

$0K $500K $1000K $1500K $2000K $2500K $3000K $3500K

Portfolio

FL

Reserve Requirement

Reserve Required Surplus Market Value

$0K

$500K

$1000K

$1500K

$2000K

$2500K

$3000K

<75 75-80 80-85 85-90 90-95 95+0

1

2

3

Donor Age & Gift Amount

Unique Donors Market Value

0 01

21 1 1 1

0 00

2

4

6

8

10

12

14

16

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Active CGA History

State Reserve Requirements and Healthcheck

CGA Breakdown

Charitable Gift Annuity Summary

90

Asset CategoryCurrent

ValueCurrentPercent

StrategicTarget

AllocationPercent

VarianceDomestic Equities $1,041,893 33.4% 35.0% (1.6%)International Equities $424,392 13.6% 15.0% (1.4%)Fixed Income $1,109,173 35.5% 32.0% 3.5%Alternative $469,366 15.0% 13.0% 2.0%Cash & Equivalents $75,879 2.4% 5.0% (2.6%)Total $3,120,703 100.0% 100.0%

Account Name Account Type12/31/18

Value Contributions WithdrawalsNet

Investment Gain3/31/19

ValueUniversity of West Florida Seg Res CGA $2,783,305 $0 ($51,572) $226,192 $2,957,924University of West Florida - Zimmers NIM CRUT $116,655 $0 ($1,494) $5,392 $120,553University of West Florida - Hugh Garnett NIM CRUT $40,597 $0 ($263) $1,892 $42,226University of West Florida $2,940,556 $0 ($53,329) $233,476 $3,120,703

Aggregated Account Summary

University of West Florida As of March 31, 2019

Performance quoted is past performance and is no guarantee of future results.Not a statement; please confirm all values against your custodial account statement.

Securities offered through M Holdings Securities, Inc., a Registered Broker/Dealer, Member FINRA/SIPC Investment Advisory Services offered through Cornerstone Advisors Asset Management, LLC

Cornerstone Advisors Asset Management, LLC is independently owned and operated.

Cornerstone Advisors Asset Management, LLC(610) 694-0900 • www.cornerstone-companies.com74 West Broad Street, Suite 340, Bethlehem, PA 18018 91

* Since data availability date of 1/1/10

Asset Category Current Market ValueCurrent

Allocation

StrategicTarget

AllocationPercent

VarianceDomestic Equities $1,016,662 34.4% 35.0% (0.6%)International Equities $414,913 14.0% 15.0% (1.0%)Fixed Income $1,009,613 34.1% 32.0% 2.1%Alternative $452,697 15.3% 13.0% 2.3%Cash & Equivalents $64,038 2.2% 5.0% (2.8%)Total $2,957,924 100.0% 100.0%

Asset Allocation

University of West Florida Seg Res As of March 31, 2019





Description WeightBeginning Market

Value Deposits/ Purchases OutflowsIncome/Change in

Market Value Ending Market ValueDomestic Equities

Alger Capital Appreciation Instl I 8.8% $225,385 $0 $0 $35,020 $260,405American Beacon Small Cp Val Inv 2.8% $73,519 $0 $0 $8,942 $82,461Conestoga Small Cap Investors 4.0% $104,937 $0 $0 $13,501 $118,438Diamond Hill Large Cap A 9.2% $239,894 $0 $0 $31,336 $271,230Schwab® S&P 500 Index 9.6% $250,057 $0 $0 $34,072 $284,128

Domestic Equities Total 34.4% $893,792 $0 $0 $122,870 $1,016,662

International EquitiesAmerican Beacon Intl Equity Inv 4.9% $131,672 $0 $0 $12,592 $144,264Artisan International Investor 5.4% $143,466 $0 $0 $14,801 $158,267Harding Loevner Emerging Markets Advisor 3.8% $98,114 $0 $0 $14,269 $112,382

International Equities Total 14.0% $373,252 $0 $0 $41,662 $414,913

Fixed IncomeJPMorgan Strategic Income Opps A 7.5% $217,747 $0 ($1,580) $4,466 $220,632Schwab U.S. Aggregate Bond Index Fund 9.7% $279,648 $0 ($2,093) $8,097 $285,652Virtus Seix Total Return Bond I 9.5% $274,918 $0 ($1,626) $6,762 $280,054Western Asset Intermediate Bond I 7.5% $218,358 $0 ($1,558) $6,474 $223,275

Fixed Income Total 34.1% $990,671 $0 ($6,856) $25,799 $1,009,613

AlternativeDeutsche Real Assets Fd 8.0% $209,168 $0 $0 $26,738 $235,906JHancock Global Absolute Ret Strats A 7.3% $207,750 $0 $0 $9,042 $216,791

Alternative Total 15.3% $416,918 $0 $0 $35,779 $452,697

Cash & EquivalentsCash 2.2% $108,672 $6,856 ($51,572) - $64,038

Total 100.0% $2,783,305 $0 ($51,572) $226,192 $2,957,924

From December 31, 2018 to March 31, 2019

Quarterly Cashflow






Description Weight Ending Market Value Quarter to Date Net ReturnLarge Cap ValueDiamond Hill Large Cap A (DHLAX) 9.2% $271,230 13.1%

Large Cap Value Total 9.2% $271,230 13.1%Russell 1000 Value 11.9%

Large Cap CoreSchwab® S&P 500 Index (SWPPX) 9.6% $284,128 13.6%

Large Cap Core Total 9.6% $284,128 13.6%S&P 500 Composite 13.6%

Large Cap GrowthAlger Capital Appreciation Instl I (ALARX) 8.8% $260,405 15.5%

Large Cap Growth Total 8.8% $260,405 15.5%Russell 1000 Growth 16.1%

Small Cap ValueAmerican Beacon Small Cp Val Inv (AVPAX) 2.8% $82,461 12.2%

Small Cap Value Total 2.8% $82,461 12.2%Russell 2000 Value 11.9%

Small Cap GrowthConestoga Small Cap Investors (CCASX) 4.0% $118,438 12.9%

Small Cap Growth Total 4.0% $118,438 12.9%Russell 2000 Growth 17.2%

Intl Core PlusArtisan International Investor (ARTIX) 5.4% $158,267 10.3%

Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnIntl Core PlusIntl Core Plus Total 5.4% $158,267 10.3%

MSCI All Country World Index X - US Net 10.3%

Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 4.9% $144,264 9.6%

Intl Large Cap Value Total 4.9% $144,264 9.6%MSCI EAFE Value Net 7.9%

Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 3.8% $112,382 14.5%

Emerging Markets Total 3.8% $112,382 14.5%MSCI EM (Emerging Markets) Net 9.9%

Unconstrained Fixed IncomeJPMorgan Strategic Income Opps A (JSOAX) 7.5% $220,632 2.1%

Unconstrained Fixed Income Total 7.5% $220,632 2.1%Bloomberg Barclays US Aggregate 2.9%

Core BondSchwab U.S. Aggregate Bond Index Fund (SWAGX) 9.7% $285,652 2.9%Virtus Seix Total Return Bond I (SAMFX) 9.5% $280,054 2.5%Western Asset Intermediate Bond I (WATIX) 7.5% $223,275 3.0%

Core Bond Total 26.7% $788,981 2.8%Bloomberg Barclays US Aggregate 2.9%

Liquid Real AssetsDeutsche Real Assets Fd (AAASX) 8.0% $235,906 12.8%

Liquid Real Assets Total 8.0% $235,906 12.8%HFRX Global Hedge Fund Index 2.6%

Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnAbsolute ReturnJHancock Global Absolute Ret Strats A (JHAAX) 7.3% $216,791 4.4%

Absolute Return Total 7.3% $216,791 4.4%HFRX Global Hedge Fund Index 2.6%

Total 100.0% $2,957,924 8.2%Allocation Weighted Benchmark 7.2%

Manager Performance






Benchmark:

Total ReturnBeginning Market

Value Net FlowChange in Market

ValueEnding Market

ValueBlended

BenchmarkHistorical Quarterly PerformanceFirst Quarter 2019 8.2% $2,783,305 ($51,572) $226,192 $2,957,924 7.8%Fourth Quarter 2018 (7.8%) $3,074,009 ($51,806) ($238,898) $2,783,305 (7.0%)Third Quarter 2018 2.6% $3,047,152 ($51,799) $78,656 $3,074,009 2.4%Second Quarter 2018 1.1% $3,064,932 ($51,882) $34,102 $3,047,152 1.1%First Quarter 2018 (0.7%) $3,136,764 ($51,859) ($19,974) $3,064,932 (1.0%)Fourth Quarter 2017 2.9% $3,098,928 ($51,783) $89,620 $3,136,764 3.1%Third Quarter 2017 2.9% $2,984,179 $29,375 $85,373 $3,098,928 3.1%Second Quarter 2017 2.7% $2,956,193 ($50,579) $78,565 $2,984,179 2.5%First Quarter 2017 3.5% $2,904,629 ($50,535) $102,099 $2,956,193 3.5%Fourth Quarter 2016 0.1% $2,951,388 ($50,612) $3,853 $2,904,629 0.6%Third Quarter 2016 1.6% $2,964,576 ($58,733) $45,545 $2,951,388 3.2%Second Quarter 2016 (0.9%) $104,615 $2,879,044 ($19,083) $2,964,576 1.8%

Historical Quarterly PerformanceTotal

$2,387,260 $466,050

Historical Annual Performance for Last 3 Years2019 * 8.2% $2,783,305 ($51,572) $226,192 $2,957,924 * 7.8%2018 (5.0%) $3,136,764 ($207,346) ($146,114) $2,783,305 (4.6%)2017 12.5% $2,904,629 ($123,522) $355,657 $3,136,764 12.8%2016 1.5% $113,970 $2,759,634 $31,025 $2,904,629 6.8%

Historical Annual Performance forLast 3 Years Total

$2,377,195 $466,760

Inception to Date (Annualized)12/31/2009 - 03/31/2019 6.0% 6.5%

Historical Performance






Benchmark:



ValueEnding Market

ValueBlended

BenchmarkInception to Date (Cumulative)12/31/2009 - 03/31/2019 71.4% 78.3%

* Partial period return









Allocation

StrategicTarget

AllocationPercent

VarianceDomestic Equities $17,263 14.3% 14.0% 0.3%International Equities $7,149 5.9% 6.0% (0.1%)Fixed Income $73,635 61.1% 65.0% (3.9%)Alternative $11,842 9.8% 10.0% (0.2%)Cash & Equivalents $10,664 8.8% 5.0% 3.8%Total $120,553 100.0% 100.0%

Asset Allocation

University of West Florida - Zimmers As of March 31, 2019








Schwab Small Cap Index 2.7% $2,873 $0 $0 $419 $3,293Schwab® S&P 500 Index 11.6% $17,122 $0 ($5,167) $2,015 $13,970

Domestic Equities Total 14.3% $19,995 $0 ($5,167) $2,435 $17,263

International EquitiesAmerican Beacon Intl Equity Inv 2.0% $2,250 $0 $0 $215 $2,465Artisan International Investor 2.1% $2,582 $0 ($326) $254 $2,510Harding Loevner Emerging Markets Advisor 1.8% $1,168 $801 $0 $204 $2,174

International Equities Total 5.9% $6,000 $801 ($326) $674 $7,149

Fixed IncomeJPMorgan Strategic Income Opps A 6.7% $13,396 $0 ($5,524) $225 $8,097Virtus Seix Total Return Bond I 54.4% $60,202 $4,141 ($372) $1,566 $65,537

Fixed Income Total 61.1% $73,598 $4,141 ($5,896) $1,791 $73,635

AlternativeBlackrock Systematic 9.8% $0 $11,500 $0 $298 $11,798Eaton Vance Glbl Macr Abs Ret A 0.0% $13,521 $0 ($13,616) $140 $45

Alternative Total 9.8% $13,521 $11,500 ($13,616) $438 $11,842

Cash & EquivalentsCash 2.1% $3,540 $25,024 ($25,986) - $2,580Payden Ltd Maturity Fund 6.7% $0 $8,050 ($19) $53 $8,084

Cash & Equivalents Total 8.8% $3,540 $25,005 ($17,936) $53 $10,664

Total 100.0% $116,655 $0 ($1,494) $5,392 $120,553


Quarterly Cashflow






Description Weight Ending Market Value Quarter to Date Net ReturnLarge Cap CoreSchwab® S&P 500 Index (SWPPX) 11.6% $13,970 13.6%


Small Cap BroadSchwab Small Cap Index (SWSSX) 2.7% $3,293 14.6%

Small Cap Broad Total 2.7% $3,293 14.6%Russell 2000 14.6%

Intl Core PlusArtisan International Investor (ARTIX) 2.1% $2,510 10.3%

Intl Core Plus Total 2.1% $2,510 10.3%MSCI All Country World Index X - US Net 10.3%

Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 2.0% $2,465 9.6%

Intl Large Cap Value Total 2.0% $2,465 9.6%MSCI EAFE Value Net 7.9%

Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.8% $2,174 14.0%

Emerging Markets Total 1.8% $2,174 14.0%MSCI EM (Emerging Markets) Net 9.9%


Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnUnconstrained Fixed IncomeUnconstrained Fixed Income Total 6.7% $8,097 2.1%

Bloomberg Barclays US Aggregate 2.9%

Core BondVirtus Seix Total Return Bond I (SAMFX) 54.4% $65,537 2.4%


GTAAEaton Vance Glbl Macr Abs Ret A (EAGMX) 0.0% $45 1.9%

GTAA Total 0.0% $45 1.9%HFRX Global Hedge Fund Index 2.6%

Total 100.0% $120,553 4.7%Allocation Weighted Benchmark 4.8%

Manager Performance






Benchmark:



ValueEnding Market

ValueBlended

BenchmarkHistorical Quarterly PerformanceFirst Quarter 2019 4.7% $116,655 ($1,494) $5,392 $120,553 4.8%Fourth Quarter 2018 (3.0%) $120,476 ($220) ($3,602) $116,655 (2.3%)Third Quarter 2018 1.0% $119,469 ($219) $1,226 $120,476 1.0%Second Quarter 2018 0.4% $119,643 ($619) $444 $119,469 0.4%First Quarter 2018 (0.8%) $122,356 ($1,720) ($992) $119,643 (1.2%)Fourth Quarter 2017 1.3% $120,952 ($221) $1,624 $122,356 1.5%Third Quarter 2017 1.6% $119,280 ($219) $1,891 $120,952 1.8%Second Quarter 2017 1.9% $117,684 ($616) $2,212 $119,280 1.8%First Quarter 2017 2.4% $116,872 ($1,909) $2,721 $117,684 1.9%Fourth Quarter 2016 (0.6%) $117,811 ($217) ($722) $116,872 (1.2%)Third Quarter 2016 1.7% $116,476 ($616) $1,951 $117,811 1.6%Second Quarter 2016 2.1% $114,027 $0 $2,449 $116,476 1.9%


($8,068) $14,594

Historical Annual Performance for Last 3 Years2019 * 4.7% $116,655 ($1,494) $5,392 $120,553 * 4.8%2018 (2.4%) $122,356 ($2,777) ($2,924) $116,655 (2.1%)2017 7.4% $116,872 ($2,964) $8,448 $122,356 7.2%2016 4.4% $114,637 ($2,771) $5,007 $116,872 4.1%


($10,007) $15,923








Benchmark:



ValueEnding Market

ValueBlended











Allocation

StrategicTarget

AllocationPercent

VarianceDomestic Equities $7,968 18.9% 14.0% 4.9%International Equities $2,330 5.5% 6.0% (0.5%)Fixed Income $25,925 61.4% 65.0% (3.6%)Alternative $4,826 11.4% 10.0% 1.4%Cash & Equivalents $1,177 2.8% 5.0% (2.2%)Total $42,226 100.0% 100.0%

Asset Allocation

University of West Florida - Hugh Garnett As of March 31, 2019








Schwab Small Cap Index 2.7% $1,006 $0 $0 $147 $1,153Schwab® S&P 500 Index 16.1% $5,997 $0 $0 $817 $6,814

Domestic Equities Total 18.9% $7,004 $0 $0 $964 $7,968

International EquitiesAmerican Beacon Intl Equity Inv 2.0% $788 $0 $0 $75 $863Artisan International Investor 2.4% $904 $0 $0 $93 $998Harding Loevner Emerging Markets Advisor 1.1% $409 $0 $0 $60 $469

International Equities Total 5.5% $2,102 $0 $0 $228 $2,330

Fixed IncomeJPMorgan Strategic Income Opps A 11.3% $4,691 $0 ($34) $96 $4,754Virtus Seix Total Return Bond I 50.1% $20,783 $0 ($123) $511 $21,171

Fixed Income Total 61.4% $25,474 $0 ($157) $607 $25,925

AlternativeEaton Vance Glbl Macr Abs Ret A 11.4% $4,735 $0 $0 $91 $4,826

Cash & EquivalentsCash 2.8% $1,282 $157 ($263) - $1,177

Total 100.0% $40,597 $0 ($263) $1,892 $42,226


Quarterly Cashflow






Description Weight Ending Market Value Quarter to Date Net ReturnLarge Cap CoreSchwab® S&P 500 Index (SWPPX) 16.1% $6,814 13.6%


Small Cap BroadSchwab Small Cap Index (SWSSX) 2.7% $1,153 14.6%

Small Cap Broad Total 2.7% $1,153 14.6%Russell 2000 14.6%

Intl Core PlusArtisan International Investor (ARTIX) 2.4% $998 10.3%

Intl Core Plus Total 2.4% $998 10.3%MSCI All Country World Index X - US Net 10.3%

Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 2.0% $863 9.6%

Intl Large Cap Value Total 2.0% $863 9.6%MSCI EAFE Value Net 7.9%

Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.1% $469 14.5%

Emerging Markets Total 1.1% $469 14.5%MSCI EM (Emerging Markets) Net 9.9%


Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnUnconstrained Fixed IncomeUnconstrained Fixed Income Total 11.3% $4,754 2.1%

Bloomberg Barclays US Aggregate 2.9%

Core BondVirtus Seix Total Return Bond I (SAMFX) 50.1% $21,171 2.5%


GTAAEaton Vance Glbl Macr Abs Ret A (EAGMX) 11.4% $4,826 1.9%

GTAA Total 11.4% $4,826 1.9%HFRX Global Hedge Fund Index 2.6%

Total 100.0% $42,226 4.7%Allocation Weighted Benchmark 5.1%

Manager Performance






Benchmark:



ValueEnding Market

ValueBlended

BenchmarkHistorical Quarterly PerformanceFirst Quarter 2019 4.7% $40,597 ($263) $1,892 $42,226 4.8%Fourth Quarter 2018 (3.0%) $41,939 ($76) ($1,266) $40,597 (2.3%)Third Quarter 2018 1.0% $41,586 ($77) $429 $41,939 1.0%Second Quarter 2018 0.4% $41,907 ($477) $156 $41,586 0.4%First Quarter 2018 (0.8%) $42,598 ($343) ($348) $41,907 (1.2%)Fourth Quarter 2017 1.4% $42,106 ($77) $569 $42,598 1.5%Third Quarter 2017 1.6% $41,520 ($77) $662 $42,106 1.8%Second Quarter 2017 1.9% $41,221 ($476) $775 $41,520 1.8%First Quarter 2017 2.4% $40,677 ($409) $953 $41,221 1.9%Fourth Quarter 2016 (0.6%) $41,006 ($76) ($253) $40,677 (1.2%)Third Quarter 2016 1.7% $40,798 ($476) $683 $41,006 1.6%Second Quarter 2016 2.1% $39,940 $0 $858 $40,798 1.9%


($2,826) $5,111

Historical Annual Performance for Last 3 Years2019 * 4.7% $40,597 ($263) $1,892 $42,226 * 4.8%2018 (2.5%) $42,598 ($973) ($1,028) $40,597 (2.1%)2017 7.4% $40,677 ($1,038) $2,959 $42,598 7.2%2016 4.4% $39,895 ($972) $1,754 $40,677 4.9%


($3,246) $5,577








Benchmark:



ValueEnding Market

ValueBlended









cornerstone-companies.com

DisclosuresSecurities offered through M Holdings Securities, Inc., MEMBER FINRA/SIPC

Investment Advisory Services are offered through Cornerstone Advisors Asset Management, LLC, which is independently owned and operated.

Performance quoted is past performance and is no guarantee of future results.

Unless otherwise noted, data obtained from Callan Associates.

All indices are unmanaged and not available for direct investment.

Cornerstone Advisors Asset Management, LLC and Cornerstone Institutional Investors, LLC have exercised reasonable care in the preparation of this presentation. Several portions of this presentation are obtained from third party sources. While we have attempted to verify all information within, we disclaim all responsibility for any errors that may occur due to third party information and data.

The information is provided solely for informational purposes and therefore should not be considered an offer to buy or sell a security. Except as otherwise required by law, Cornerstone shall not be responsible for any trading decisions or damages or other losses resulting from, this information, data, analyses or opinions or their use. Please read the prospectus carefully before investing. It is not a replacement for any account statement or transaction confirmation issued by the provider. Please compare this document to your custodial statement for accuracy, as applicable.

All materials, including advertising, sales promotion, or demonstration materials which refer directly to the Russell Indexes shall expressly state that Frank Russell Company is the owner of the Russell Marks in language consistent with and substantially similar to the following example:

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.

111


University of West Florida Foundation:Private Markets AllocationMay 2019

112

EXECUTIVE SUMMARY

Fund Information and Remaining Market Value as of 9/30/2018Portfolio % as of 12/30/2018 total market value

As of December 31, 2018 As of September 30, 2018

Fund Strategy Vintage Year Commitment Size Called Capital Distributions to Paid in Capital

Remaining Value Called Capital Distributions to

Paid in CapitalRemaining

Value

Portfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000 70.7% $707,263 128.3% $907,094 $355,250 70.7% $707,263 125.1% $884,457 $379,017

StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000 85.9% $858,600 98.0% $841,814 $763,840 85.9% $858,600 98.0% $841,814 $763,840

Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000 95.7% $956,781 191.7% $1,834,213 $47,723 95.7% $956,781 190.8% $1,825,956 $52,338

Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000 65.2% $652,083 56.3% $367,236 $737,515 65.2% $652,083 46.1% $300,434 $757,020

Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000 89.7% $1,793,385 68.4% $1,227,377 $1,338,576 89.5% $1,789,257 64.0% $1,144,826 $1,426,094

Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000 73.9% $739,396 47.3% $349,431 $482,761 62.2% $622,263 56.2% $349,431 $414,041

Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000 42.7% $853,577 22.7% $193,525 $881,796 28.8% $576,796 4.9% $28,400 $649,410

Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000 77.3% $1,545,740 2.5% $38,266 $1,871,313 77.3% $1,545,740 0.0% $0 $1,890,741

Golub Capital Partners 12 Private Credit 2018 $2,000,000 0.0% $0 0.0% $0 $0 0.0% $0 0.0% $0 $0

Portfolio Advisors Private Equity Fund X PE Fund of Fund 2019 $5,000,000 0.0% $0 0.0% $0 $0 0.0% $0 0.0% $0 $0

$18,000,000 $8,106,825 $5,758,956 $6,478,774 $7,708,784 $5,375,318 $6,332,501

Fund Quarter-over-Quarter Change in Called Capital

Quarter-over-Quarter Change in Distributions

Quarter-over-Quarter Change in Total Value Net IRR Net MOIC

Portfolio Advisors Private Equity Fund V $0 $22,637 -$1,130 10.8% 1.88XStepStone Pioneer Capital III $0 $0 $0 14.8% 1.87XHarbert US Real Estate Fund IV $0 $8,257 $3,642 21.4% 1.96XPortfolio Advisors Private Equity Fund VII $0 $66,802 $47,297 14.7% 1.80XHarbert US Real Estate Fund V $4,128 $82,551 -$4,967 13.1% 1.44XPortfolio Advisors Direct Credit Fund II $117,133 $0 $68,720 10.8% 1.19XPortfolio Advisors Secondary Fund III $276,781 $165,125 $397,511 50.0% 1.31XHarbert US Real Estate Fund VI $0 $38,266 $18,838 13.1% 1.23XGolub Capital Partners 12 $0 $0 $0 N/A N/APortfolio Advisors Private Equity Fund X $0 $0 $0 N/A N/A

$398,042 $383,638 $529,911

113

PROJECTED CAPITAL CALLS

Fund Statistics and Remaining Market Value as of 12/31/2018All projected capital calls are estimates provided by the fund managers and are subject to material change

Projected capital calls1

Capital called 2019 2020Investment Vintage Commitment % $ % $ % $

HarbertU.S. Real Estate IV 2009 $ 1,000,000 95.7% $ 956,781 0% $0 0% $0U.S. Real Estate V 2012 $ 2,000,000 89.7% $ 1,793,385 0% $0 0% $0U.S. Real Estate VI 2016 $ 2,000,000 77.3% $ 1,545,740 10% $200,000 5% $100,000

Portfolio AdvisorsPrivate Equity V 2007 $ 1,000,000 70.7% $ 707,263 0% $0 0% $0Private Equity VII 2011 $ 1,000,000 65.2% $ 652,083 0% $0 0% $0Direct Credit II 2015 $ 1,000,000 73.9% $ 739,396 20% $200,000 5% $50,000Secondary Fund III 2016 $ 2,000,000 42.7% $ 853,577 30% $600,000 20% $400,000Private Equity X 2019 $ 5,000,000 0.0% $ - 10% $500,000 10% $500,000

StepstonePioneer Capital III, LP 2009 $ 1,000,000 85.9% $ 858,600 0% $0.00 0% $0.00

GolubCapital Partners 12 2018 $ 2,000,000 0.0% $ - 0% $0.00 30% $600,000.00

SubTotal $ 18,000,000 45.0% $ 8,106,825 8% $1,500,000 9% $1,650,000

Projected DistributionsProjected Distributions 2019 2020

Salary $1,935,000 $1,980,000UWF Operations $1,345,000 $1,375,000Scholarships $2,200,000 $2,200,000Other Operations $2,900,000 $2,860,000

SubTotal $8,380,000 $8,415,000

Projected Cash Contributions $4,000,000 $4,320,000

Total $5,880,000 $5,745,000

114

StepStone Pioneer Capital Fund III First Quarter 2019

• StepStone Group acquired the funds management business of Parish Capital in Q1 2012 and the

funds were rebranded as the StepStone Pioneer Capital Funds.

• Through September 30, 2018, SSPC III has called approximately 86% of committed capital and approximately 100% of called capital has been returned in the form of distributions to investors

• Through Q2 2018, the fund has a Net IRR of 14.8% with a Net return on capital multiple of 1.87x

115

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=YKU2YDBk01W09M&tbnid=VK-IkheFDf3HRM:&ved=0CAUQjRw&url=http://www.stepstonellc.com/&ei=_uALUZDXFZGi8ASuq4CoAQ&bvm=bv.41867550,d.eWU&psig=AFQjCNEsM_vM92MxWC36NEYFa7rYBc1Q1w&ust=1359819382165611

Portfolio Advisors Private Equity Fund V

First Quarter 2019

Fund Name Portfolio Advisors Private Equity Fund V (“PAPEF V”)

Vintage Year 2007

Initial Close June 2007

Final Close December 2008

Total Fund Size $1,045,954,333

Investor University of West Florida Foundation

Onshore / Offshore Vehicle Offshore

Closing Date December 2008

Total Commitment - Diversified Buyout - Diversified Special Situations - Diversified Venture Capital

$1,000,000 $500,000 $300,000 $200,000

Fee Series Series I

• PAPEF V has invested $949.0 million through December 31, 2018, representing 90.7% of its total LP commitments. The fund will continue to use distributions to fund all capital calls avoiding the need to call additional capital from LPs.

• PAPEF V contributed $0.7 million in capital calls to its underlying fund investments during Q4 2018 and received $44.7 million in distributions from its partnership investments during Q4 2018, representing 4.7% of total contributed capital.

• PAPEF V distributed a total of $42.4 million back to investors during Q4 2018. Since inception, the fund has distributed an aggregate total of $969.2 million or 130.8% of invested capital back to LPs.

• As of December 31, 2018, 58 of the 60 primary commitments and 19 of the 20 secondary commitments are generating positive net returns since inception. Approximately 60.5% of the remaining unrealized portfolio companies are valued at or above cost.

• Through December 31, 2018, the fund has a net IRR of 10.8% with a multiple of 1.88X.

116

Portfolio Advisors Private Equity Fund VII

First Quarter 2019

Fund Name Portfolio Advisors Private Equity Fund VII (“PAPEF VII”)

Vintage Year 2011

Initial Close March 2011

Final Close March 2013




Total Commitment - Diversified Buyout - Diversified Special Situations - Diversified Venture Capital

$1,000,000 $400,000 $400,000 $200,000

Fee Series Series I

• PAPEF VII has committed $1,116.8 million, representing 102.9% of LP commitments, to underlying fund

commitments through December 31, 2018. The fund will continue to use distributions to fund all capital calls avoiding the need to call additional capital from limited partners.

• During Q4 2018, PAPEF VII contributed $13.5mm in capital calls to underlying funds bringing a total of $966.0 million invested with underlying Partnership Investments while the fund received $62.4 million in distributions from underlying partnerships during the quarter bringing total distributions received to $811.4 million or 84.0% of invested capital through Q4 2018.

• PAPEF VII made two distributions during the fourth quarter totaling $82.7 million to LPs during the quarter. Since inception, the fund has distributed $560.5 million or 74.5% of drawn capital back to Limited Partners.

• Through December 31, 2018, the fund has a net IRR of 14.7% with a multiple of 1.80X

117

Portfolio Advisors Direct Credit Opportunities II

First Quarter 2019

• Portfolio Advisors Direct Credit Opportunities II held its final close on March 31, 2017 at $740 million

• During the fourth quarter, PADCOF II closed on two new investments and had two partial realizations. Since the fund’s inception, PADCOF II had invested $597.9 mm across 22 portfolio companies

• As of Q4 2018, PADCOF II has $385.4 mm invested across 20 portfolio investments with a weighted average yield of 11.3%

• Through Q4 2018, the Fund has called approximately 74% of committed capital and roughly 50% of drawn capital has been distributed back to LPs though these distributions are considered recallable

• As of December 31, 2018, PADCOF II has a net IRR of 10.8% and gross MOIC of 1.19x

118

Portfolio Advisors Secondary Fund III

First Quarter 2019

Fund Name Portfolio Advisors Secondaries Fund III (“PASF III”)

Vintage Year 2016

Initial Close March 2016

Final Close December 2017




Closing Date July 2017

Total Commitment $2,000,000

• Portfolio Advisors Secondary Fund III is a 2016 vintage fund that held its final close Q4 2017 with $1.5

billion. During the fourth quarter, a net capital call of $136.5 million was made bringing the total amount drawn to $638.4 million or 42.0% of committed capital.

• PASF III contributed $187.5 million in capital calls and received $38.9 million in distributions from its Partnership Investments during the third quarter.

• During the fourth quarter, PSIF III closed six secondary transactions and four co-investment opportunities representing total exposure of $256.0 million.

• PSIF III made one distribution to LPs during the fourth quarter bringing total fund distributions to $146.0 or 22.9% of drawn capital.

• Through Q4 2018, PASF III had invested in 27 secondary transactions and 39 co-investment opportunities representing $828.1 of total exposure. The Fund holds interests in 225 unique private equity partnerships with exposure to over 3,100 underlying portfolio companies.

119

Harbert US Real Estate Fund IV

First Quarter 2019

• The acquisition period for the fund ended in December 2012. $128.4 million of the $134.2 million raised was called from investors with $153.3 million of total capital invested

• HUSREF IV fund life expired on December 7, 2018 but the portfolio has one remaining asset. As of the date of the Fund’s expiration, Harbert has ceased to charge management fees as they seek to exit the remaining position and liquidate the Fund as soon as pratical.

• Oxbridge Square is a 116,230 SF grocery anchored retail center located in Richmond. The property is 85%

leased and anchored by Big Lots (BBB- S&P investment grade credit rating). Big Lots completed its tenant improvements and opened for business in the fourth quarter of 2018. The JV is actively seeking and negotiating with tenants to lease the remaining available shop space. In the fourth quarter, the JV modified the property’s existing loan to provide a two-year loan extension, an interest rate reduction, and a future loan funding facility for tenant improvements and leasing commissions. Additionally, the property distributed $600,000 from operations to the Fund during the quarter. The decrease in the estimated fair value of the Fund’s equity in the property is due to converting the valuation method from the appraised value to the NOI capitalization approach and the fourth quarter distribution.

120

Harbert US Real Estate Fund V

First Quarter 2019

• Harbert US Real Estate Fund V is a 2012 vintage fund with $407 million in committed capital. Through Q4

2018, approximately 89% of raised capital has been called. During Q4 2018 HUSREF V made a distribution back to LPs bringing total distributions to approximately 68.4% of called capital.

• During the fourth quarter, HUSREF V sold a 312-unit multifamily property located in Las Vegas, NV. The investment, which was the last remaining asset of the McDowell Portfolio, produced a 18.8% IRR and a 1.94x equity multiple to HUSREF V over a 4 year hold period. Overall, the McDowell Portfolio will have earned an IRR of 30.2% and a 2.07x equity multiple.

• Through December 31, 2018, HUSREF V has realized 10 of the 27 fund investments. 11 of the remaining

17 fund investments are currently marked above cost.

121

Harbert US Real Estate Fund VI

First Quarter 2019

• Harbert US Real Estate Fund VI held a final close on December 11, 2017 at $428.5 million. Through Q4 2018, roughly 77% of capital has been called

• During Q4 2018, HUSREF VI made two acquisitions, a five-property industrial portfolio in Houston, TX and an 88-unit Class B multifamily property in Orange County, CA.

• During Q4 2018, HUSREF VI sold two properties, a two-building office park in Nashville, TN and

a 437-unit multifamily property located in Atlanta, GA. The two assets generated a combined $20.6 million in net profits for the fund from an original investment of $25.5 million.

• Through Q4 2018, HUSREF VI has made 25 portfolio investments and realized two assets.

• HUSREF VI made its first distribution during Q4 2018 in the amount of $8.2 million representing

2.5% of drawn capital.

122


University of West Florida Foundation:Private Markets Cash FlowsApril 2019

123

EXECUTIVE SUMMARY• The following model projects future cash flows for the current private markets

commitments and future strategies. The summary is intended for illustrative purposesonly. All projections are estimated values and are subject to change.

• For “mature” funds that we currently own, the 9/30/2018 market value for eachstrategy is distributed proportionally across the remaining life of each fund

• For the funds currently in their “investment period”, future capital calls are projectedestimates from the managers. Growth in market value is prorated over the remainingyears of the investment period to equal the fund managers’ target equity multiple andthen distributed over the remaining life of the fund.

• For recently committed or future funds, cash flow projections were modeled to reflecta J-curve expected with each underlying strategy. We have then assumed that eachfund achieves the target equity multiple with expected distributions prorated acrossthe life of the fund.

• The prorated nature of the capital calls and distributions result in smoother cash flowsthan are likely in reality. We expect investments and monetization events over the lifeof the fund to be very “lumpy” at best.

124

PROJECTED CASH FLOWS


FundPortfolio Advisors

Private Equity Fund VStepStone Pioneer

Capital IIIHarbert US Real Estate Fund IV

Portfolio Advisors Private Equity Fund

Harbert US Real Estate Fund V

Portfolio Advisors Direct Credit Fund II

Portfolio Advisors Secondary Fund III

Harbert US Real Estate Fund VI

Golub Capital Partners 12

Portfolio Advisors Private Equity Fund X Total

Vintage Year 2007 2009 2009 2011 2012 2015 2016 2016 2018 2019Commitment $1,000,000 $1,000,000 $1,000,000 $1,000,000 $2,000,000 $1,000,000 $2,000,000 $2,000,000 $2,000,000 $5,000,000Called $707,000 0.707 $860,000 0.86 $957,000 0.957 $652,000 0.652 $1,786,000 0.893 $720,000 0.72 $568,000 0.284 $1,592,000 0.796 $0 $0Distributed $884,457 1.3x $860,000 1.0x $1,825,956 1.9x $512,472 0.8x $1,144,826 0.6x $360,000 0.5x $28,400 0.1x $0 0.0x $0 $0Q3 2018 Value $379,017 0.5x $763,840 0.9x $52,338 0.1x $757,020 1.2x $1,426,094 0.8x $414,041 0.6x $649,410 1.1x $1,890,741 1.2x $0 $0TVPI 1.8x 1.9x 2.0x 1.9x 1.5x 1.3x 1.2x 1.2x

Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV2018 379,017 763,840 52,338 757,020 1,426,094 414,041 649,410 1,890,741 - 6,332,501 2019 75,803 236,184 152,768 437,920 52,338 - 108,146 414,847 356,524 1,177,651 (200,000) 576,361 (600,000) 1,307,473 (200,000) 2,206,494 (200,000) 163,289 (500,000) 606,207 (954,421) 7,126,425 2020 75,803 185,888 152,768 349,964 108,146 366,855 294,413 883,238 (50,000) 738,680 (600,000) 1,965,537 (100,000) 2,522,247 (516,333) 693,502 (500,000) 1,169,859 (1,135,204) 8,875,769 2021 75,803 130,161 152,768 248,991 108,146 311,903 294,413 588,825 - 901,000 - 2,623,600 - 2,838,000 (471,000) 1,223,450 (622,500) 1,915,194 (462,370) 10,781,123 2022 75,803 68,415 152,768 133,073 108,146 248,983 294,413 294,413 180,200 720,800 524,720 2,098,880 567,600 2,270,400 (425,667) 1,753,110 (681,250) 2,797,539 796,733 10,385,612 2023 75,803 - 152,768 - 108,146 176,940 294,413 - 180,200 540,600 524,720 1,574,160 567,600 1,702,800 153,000 1,749,124 (203,125) 3,294,406 1,853,525 9,038,030 2024 108,146 94,450 180,200 360,400 524,720 1,049,440 567,600 1,135,200 153,000 1,744,800 456,250 3,184,069 1,989,916 7,568,359 2025 108,146 - 180,200 180,200 524,720 524,720 567,600 567,600 153,000 1,740,108 1,115,625 2,402,771 2,649,291 5,415,398 2026 180,200 - 524,720 - 567,600 - 153,000 1,735,017 956,250 1,698,812 2,381,770 3,433,828 2027 153,000 1,729,493 796,875 1,080,312 949,875 2,809,805 2028 976,500 900,000 637,500 556,245 1,614,000 1,456,245 2029 976,500 - 318,750 295,900 1,295,250 295,900 2030 159,375 167,595 159,375 167,595 2031 127,500 57,692 127,500 57,692 2032 63,750 63,750 - 2033 - 20342035

• Based on the funds UWF Foundation is currently committed to, the “high water mark”exposure to private markets reaches $10.8 mm in 2021, or approximately 12% of thetarget 20% allocation.

125

PROJECTED CASH FLOWS


• The above illustration shows three possible commitments over the next few yearswhich ultimately brings the private market allocation to roughly $16.2mm orapproximately 18% of the 20% target allocation.

Fund TotalHarbert US Real Estate

Fund VIISecondaries Fund A Credit Fund A

TotalVintage Year 2019 2020 2021Commitment $4,000,000 $4,000,000 $4,000,000Called $0 $0 $0Distributed $0 $0 $0Q3 2018 Value $0 $0 $0TVPI

Private Equity Private Credit Real EstateCash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Cash Flow NAV Target 7.5% 5.0% 7.5%

2018 - 6,332,501 - 6,332,501 8.1% 1.3% 10.6%2019 (954,421) 7,126,425 (600,000) 15,937 - - - - (1,554,421) 7,142,363 8.4% 2.1% 9.5%2020 (1,135,204) 8,875,769 (1,000,000) 1,018,328 (1,166,000) 895,113 - - (3,301,204) 10,789,210 9.1% 2.7% 8.2%2021 (462,370) 10,781,123 (800,000) 1,971,077 (698,000) 1,754,234 (400,000) 326,578 (2,360,370) 14,833,012 9.4% 3.3% 7.3%2022 796,733 10,385,612 (800,000) 3,066,738 676,400 1,393,596 (1,032,667) 1,387,004 (359,534) 16,232,951 8.3% 4.8% 6.9%2023 1,853,525 9,038,030 (112,000) 3,638,749 536,000 1,108,443 (942,000) 2,446,900 1,335,525 16,232,121 7.6% 5.8% 6.6%2024 1,989,916 7,568,359 864,000 3,320,561 468,000 839,963 (851,333) 3,506,219 2,470,582 15,235,102 6.8% 7.4% 5.8%2025 2,649,291 5,415,398 1,152,000 2,666,646 351,000 640,156 306,000 3,498,248 4,458,291 12,220,448 5.8% 8.9% 5.3%2026 2,381,770 3,433,828 1,440,000 1,626,643 351,000 404,384 306,000 3,489,599 4,478,770 8,954,454 4.7% 11.7% 3.6%2027 949,875 2,809,805 1,152,000 718,639 234,000 243,173 306,000 3,480,215 2,641,875 7,251,832 3.7% 14.4% 2.0%2028 1,614,000 1,456,245 576,000 250,435 140,400 146,544 306,000 3,470,033 2,636,400 5,323,257 2.6% 16.4% 0.9%2029 1,295,250 295,900 288,000 - 93,600 79,322 306,000 3,458,986 1,982,850 3,834,209 2.0% 18.0% 0.0%2030 159,375 167,595 93,600 - 1,953,000 1,505,986 2,205,975 1,673,581 2.0% 18.0% 0.0%2031 127,500 57,692 1,953,000 - 2,080,500 57,692 20.0% 0.0% 0.0%2032 63,750 - 63,750 - 2033 - - 2034 - - 2035 - -

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University of West Florida Foundation:NACUBO Study of Endowments FY 2018 Summary

127

INTRODUCTION

Source: NACUBO-Commonfund Study of EndowmentsAs of June 30, 2018

• 802 institutions responded to the Fiscal Year 2018 NACUBO-TIAA Study of Endowments

• Repeat participation rates remained high has 94% of institutions that participated in the FY2017 Study did so again in FY2018

128

ASSET ALLOCATION

Source: ACG, NACUBO-Commonfund Study of EndowmentsAs of June 30, 2018Averages are dollar-weighted

• UWF Foundation is overweight US equities, non-US equities, and short-term securities / cash and is underweight fixed income and alternatives

• During Fiscal Year 2018, UWF Foundation returned 9.4% which is in the top decile of institutions of a similar size and exceeds the average return of 7.7%• This outperformance relative to peers is primarily due to the UWF Foundation’s

overweight to equities and underweight to fixed income

Total Institutions

Over $1 billion

$501 million - $1 billion

$251-500 million

$101-$250 million

$51-$100million

$25-50 million

Under $25 million

UWFFoundation

Number of Institutions 800 104 84 88 195 154 103 72 N/A

U.S. Equities 16% 13% 22% 24% 31% 34% 39% 45% 38.9%

Fixed Income 20% 19% 22% 22% 22% 22% 18% 15% 11.6%

Non-U.S. Equities 8% 7% 10% 12% 15% 19% 22% 24% 22.2%

Alternative Strategies 53% 58% 41% 38% 27% 22% 16% 11% 19.7%

Short-Term Securities / Cash / Other 3% 3% 5% 4% 5% 3% 5% 5% 7.6%

129

ASSET ALLOCATION – 2017 VS 2018

Source: NACUBO-Commonfund Study of EndowmentsAs of June 30, 2018Averages are dollar-weighted 130

ALTERNATIVES ASSET ALLOCATION

Source: ACG, NACUBO-Commonfund Study of Endowments, As of June 30, 2018Averages are dollar-weighted* Marketable alternatives include hedge funds, absolute return, market neutral, long/short, 130/30, event driven, and derivatives# Sample size too small for reliable estimate

• UWF Foundation’s allocation to alternative strategies is slightly lower than the average for peers of similar size

• UWF Foundation has higher exposure to energy and natural resources via the MLP investment and is within +/- 1% for all other alternatives strategies compared to the peer group of similar sized institutions

Total Institutions

Over $1 billion


$251-500 million

$101-$250 million

$51-$100million

$25-50 million

Under $25 million

UWF Foundation

Alternative Strategies (Total Average Allocation)

52% 58% 41% 38% 27% 22% 16% 11% 19.7%

Private Equity 10% 11% 8% 8% 4% 3% 2% 1% 2.6%

Marketable Alternatives* 18% 19% 18% 18% 12% 10% 8% 6% 9.5%

Venture Capital 6% 8% 3% 3% 1% 1% 1% 1% 0.0%

Private Real Estate 5% 5% 3% 3% 3% 3% 2% 1% 3.5%

Energy & Natural Resources 6% 7% 4% 4% 2% 2% 1% 1% 3.7%

Commodities & Managed Futures 1% # 1% 1% 1% 1% 1% 1% 0.0%

Distressed Debt 1% 1% 1% 1% 1% 1% # # 0.4%

Not Specified 5% 7% 3% # 3% 1% 1% # 0.0%

131

FISCAL YEAR PERFORMANCE

Source: ACG, NACUBO-Commonfund Study of EndowmentsAs of June 30, 2018

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

UWF Foundation 9.7% 13.8% -3.0% 2.3% 16.9% 14.4% -3.1% 21.9% 11.4% -21.0%

Average 8.2% 12.2% -1.9% 2.4% 15.5% 11.7% -0.3% 19.2% 11.9% -18.7%

Median 8.0% 12.5% -2.1% 2.2% 15.8% 11.7% -0.5% 19.8% 12.1% -19.1%

Average and Median Annual Net Investment Rates of Return for U.S. College and University Endowments and Affiliated FoundationsFiscal Years 2009 to 2018, years ending June 30

• UWF Foundation has exceeded the median and average return for University Endowments for 6 and 5 years, respectively, of the last 10 fiscal years

132

AVERAGE ANNUALIZED PERFORMANCE

Source: ACG, NACUBO-Commonfund Study of EndowmentsAs of June 30, 2018

• Over the last three years, UWF Foundation exceeds the average peer return and is in the second quartile of the peer universe for institutions of similar size

• Over the last five years, UWF Foundation exceeds the average peer return and is in the second quartile of the peer universe for institutions of similar size

• Over the last ten years, UWF Foundation lags the average peer return slightly and is equal to the median of the peer universe for institutions of similar size

Total Institutions

Over $1 billion


$251-500 million

$101-$250 million

$51-$100million

$25-50 million

Under $25 million

UWF Foundation


3-year net annualized return 6.2% 6.8% 6.2% 6.1% 6.0% 6.0% 6.0% 6.2% 6.5%





133

ANNUALIZED HISTORICAL PERFORMANCE – 3 YEARS


134


Source: NACUBO-Commonfund Study of Endowments As of June 30, 2018

135



136

PERFORMANCE OBSERVATIONS FROM THE STUDY


• As this year’s Study illustrates, fiduciaries who are seeking to preserve the intergenerational equity value of their endowments face significant challenges

• To preserve intergenerational equity, an endowment must earn a rate of return at least equal to the institution’s total annual spending rate plus the rate of inflation on the goods and services that the institution will need to purchase in the future

• While the average investment performance for FY2018—a net return of 8.2 percent—was adequate to fund current spending and recent inflation, the 10-year average net annual return of 5.8 percent fell meaningfully short of the average long-term return objective of 7.2 percent

• Today, with interest rates low and expectations for global economic growth falling, assumptions of longer-term capital market returns for many asset classes have declined

137

SPENDING POLICY FOR FISCAL YEAR 2018


138

HISTORICAL AVERAGE SPENDING RATES


Average Annual Effective Spending Rates for U.S. College and University Endowments and Affiliated Foundations with $51-101 million in assetsFiscal Years 2009 to 2018, years ending June 30

4.7% 4.6% 4.5%4.3% 4.4% 4.4% 4.4% 4.4% 4.5% 4.6%

4.00%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average Effective Spending Rate UWF Foundation Policy Spending Rate

Effective spending rate represents the distributions for spending divided by the beginning market value. The UWF Foundation spending rate shown is the is the spending rate approved for the 2017-2018 academic year according to the Endowment Allocations and Administrative Fees Policy Document dated June 28, 2017.

139

The University of West Florida Foundation, Inc.Earnings vs Expenses Obligated

As of March 31, 2019

Investment Earnings 9/30/2018 12/31/18 03/31/19 To DateInterest Income 21,441.96$ 24,148.23$ 25,202.23$ 70,792.42$ Dividend Income 233,603.47 649,101.02 204,724.36 1,087,428.85 Realized Gain/Loss 3,176,980.43 1,648,431.68 393,777.35 5,219,189.46 Unrealized Gain/Loss (1,147,538.25) (11,180,414.91) 6,694,011.24 (5,633,941.92) Rental Income - -

Other Charges & Fees (1,341.57) (934.00) (175.00) (2,450.57) Investment Fees (36,726.23) (35,137.81) (30,665.57) (102,529.61) Consultant Fees (22,869.66) (23,194.07) (20,846.90) (66,910.63)

Total 2,223,550.15$ (8,917,999.86)$ 7,266,027.71$ -$ 571,578.00$

Expenses Obligated

Spending Rate @ 4.00%FY 18/19

Spending Rate @ 4.00%

FY 17/18


FY 16/17


FY 15/16


FY 14/15Investment Earnings $ 571,578.00 $ 6,829,701.07 $ 10,473,662.14 $ (2,061,514.57) $ 1,869,144.65

Dept. Allocated Spending 2,606,226.38 2,451,182.84 2,218,141.35 2,169,804.07 2,061,362.98 Operating Budget 1,366,719.00 1,333,148.00 1,298,107.00 1,249,987.00 1,195,873.00 Non-Endowed Budget 591,000.00 511,000.00 473,000.00 429,000.00 393,000.00

Total Committed Expenses 4,563,945.38 4,295,330.84 3,989,248.35 3,848,791.07 3,650,235.98

Income Versus Expenses (3,992,367.38)$ 2,534,370.23$ 6,484,413.79$ (5,910,305.64)$ (1,781,091.33)$

Other UWF Foundation Assets

Charitable Gift Annuity

Definition: A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization'spromise to make fixed annual payments to you for life. Annuity payments can begin immediately or can bedeferred to some future date.

Current Assets held by the UWF Foundation as of 3/31/2019

Cornerstone 2,957,924.18$

Annuitant 1 -$

Annuitant 2 14,091.75$

Annuitant 3 2,866,733.06$

Annuitant 4 77,099.36$

Annuity Commitments as of 6/30/2018:

Commitment AgeAnnuitant 1 -$ Deceased

Annuitant 2 6,421.39$ ** 88 @ 06.30.18

Annuitant 3 1,584,105.68$ ** 92 @ 06.30.18

Annuitant 4 44,390.24$ ** 76 @ 06.30.18

**6.30.18 FASB Balances adjusted for Annuity Payments; alignment of calculation done by Cornerstone fiscal year end.

InsuranceInsurance Commitments as of 6/30/2018 ***

Face Value Cash Value Interest Credit Cost Per Year

Insurant 1 100,000$ 42,397.41$ 2,782.50$ 870.80$

Insurant 2: Note (1) 25,000$ 25,271.23$ -$ -$

Insurant 3 100,000$ 14,411.02$ 936.31$ 962.14$

Insurant 4 1,000,000$ 221,411.87$ -$ 65,000.00$

***Numbers represent 6.30.18 balances as information is only supplied at year end from insurance companies.

Note (1) - Represents actual claim payout received in August 2018.

UNIVERSITY OF WEST FLORIDA FOUNDATION, INC. November 2004 Revised March 2005 Revised June 2005 Revised August 2006 Revised January 2007 Revised August 2008 Revised December 2008 Revised February 2009 Revised September 2009 Revised December 2009 Revised December 2010 Revised March 2011 Revised December 2011 Revised November 2012 Revised July 2013 Revised February 2014 Revised March 2014 Revised June 2014 Revised August 2016 Revised March 2017 Revised May 2018 Revised June 2019

STATEMENT OF POLICY AND INVESTMENT OBJECTIVES

TABLE OF CONTENTS

PAGE

I. INTRODUCTION 1 II. INVESTMENT OBJECTIVES 1 III. TIME HORIZON 2 IV. RISK TOLERANCE 2 V. PROCEDURES 2 VI. ASSET ALLOCATION & STYLE DIVERSIFICATION 3

A. Summary of Asset Allocation 3 B. Rebalancing Procedures 4

VII. SELECTION & RETENTION CRITERION FOR INVESTMENTS 4 A. Investment Management 4 B. Individual Security Investment Guidelines 5

i. Equity Holdings 5 ii. Fixed Income Holdings 6 iii. Alternative Investments 7

VIII. PERFORMANCE OBJECTIVES 8 A. Total Fund 9 B. Equity Segment 9 C. Fixed Income Segment 10 D. Alternative Investments 10

IX. CONTROL PROCEDURES 11 X. COMMUNICATIONS 13 Addendum 15

1

I. INTRODUCTION

The purpose of these assets is to further the overall mission of the University of West Florida. This Investment Policy Statement establishes a clear understanding between the Investment Committee of the University of West Florida Foundation, Inc., the Investment Management Consultant and the Investment Managers as to the investment objectives and policies applicable to the foundation’s investment portfolio. This Investment Policy Statement will:

• establish reasonable expectations, objectives and guidelines in the investment of

the assets; • set forth an investment structure detailing permitted asset classes and expected

allocation among asset classes; • encourage effective communication between the Investment Consultant, the

Investment Manager(s) and the Investment Committee; • create the framework for a well-diversified asset mix that can be expected to

generate acceptable long-term returns at a level of risk suitable for these assets.

It shall serve the Investment Manager(s) as the principal source for developing an appropriate strategy. In addition, it shall serve as the basis for performance evaluation. Any changes in this Investment Policy Statement will be in writing and will be communicated to the Investment Managers.

The objectives of the assets are the enhancement of capital and real purchasing power while limiting exposure to risk of loss. Real purchasing power or real rate of return will be defined as returns in excess of inflation as defined by Consumer Price Index.

At a minimum, long-term rates of return should be equal to an amount sufficient to maintain the purchasing power of these assets and provide necessary capital to fund the foundation’s allocation policy. Maintaining the real purchasing power of the Endowment, the portfolio’s return would need to be equal to or greater than the instituted spending policy plus the current rate of inflation. As such, the desired minimum rate of return is equal to the Consumer Price Index (CPI) plus 400 basis points (4%) on an annualized basis.

The spending from an endowment should be established with consideration to today’s beneficiaries in addition to future beneficiaries. Neither generation should receive a greater benefit from the endowment at the expense of the other.

Details regarding the foundation’s spending and allocation policy are found in a separate document outside this investment policy statement titled “Endowment Allocations and Administrative Fees Policy”.

In light of this return requirement, the portfolio should be constructed using a total return approach with a significant portion of the funds invested to seek growth of principal over time. The assets

II. INVESTMENT OBJECTIVE

2

are to be invested for the long term, and a higher short-term volatility in these assets is to be expected and accepted.

III. TIME HORIZON

The time horizon for these assets is perpetual. For strategic planning purposes, a minimum of five years will be considered for decision-making purposes. Capital values do fluctuate over shorter periods and the Investment Committee recognizes that the possibility of capital loss does exist. However, historical asset class return data suggest that the risk of principal loss over a holding period of at least three to five years can be minimized with the long-term investment mix employed under this Investment Policy Statement.

IV. RISK TOLERANCE

The Investment Committee recognizes prudent investing requires taking reasonable risks in order to raise the likelihood of achieving the targeted investment returns. Research has demonstrated that portfolio risk is best minimized through diversification of assets. The portfolio of funds will be structured to maintain prudent levels of diversification. In terms of relative risk, the volatility of the portfolio should be in line with general market conditions.

The Investment Committee recognizes that over the long term, the risk of owning equities has been, and should continue to be rewarded with a somewhat greater return than that available from fixed income investments. The role of fixed income investments is to reduce the volatility of the overall portfolio while providing a predictable stream of income.

V. PROCEDURES

The Investment Committee is charged with the oversight of the investment of the endowed, restricted, unrestricted and operating assets of the University of West Florida.

The roles of the Investment Committee, the Investment Consultant, and the Investment Manager(s) with regard to the assets are delineated as follows.

The Investment Committee, with active assistance and recommendations from the Investment Consultant, shall have responsibility for the following:

Establishing overall financial objectives and setting investment policy; Setting parameters for asset allocation; Establishing a process and criteria for the selection and termination of

investment program managers, custodians Selecting a qualified investment management consultant Selecting qualified investment manager(s); Selecting a qualified custodian; Monitoring investment results quarterly to assure that objectives are being

3

met and that policy and guidelines are being followed; Communication on a structured and ongoing basis with those persons responsible

for investment results.

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

Investment Policy Asset Allocation Manager Selection Performance Evaluation Other Investment Matters

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

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

limitations.

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

A. Summary of Asset Allocation Guidelines:

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

Asset Category Minimum Target Maximum

Cash 0.00% 0.00% 5.00% 10.00%

Fixed Income 10.00% 15.00% 25.00% Core Fixed Income* 0.00% 6.25% 12.50% Global Fixed Income 0.00% 3.125% 7.5% Short Duration High Yield 0.00% 3.125% 7.5% Short Duration 0.00% 2.50% 10.00%

Equity 45.00% 60.00 70.00%

VI. ASSET ALLOCATION AND STYLE DIVERSIFICATION

4

Large Cap 20.00% 22.50% 30.00% Small Cap 7.50% 10.00% 15.00% International 10.00% 15.00% 20.00% Emerging Markets 2.50% 5.00% 7.50% International Small Cap 2.50% 7.50% 10.00% MLP and MLP related 0.00% 0.00% 10.00%

Alternative Assets 10.00% 20.00 25.00% Real Estate (Private and/or Public) 0.00% 7.50% 15.00% Fund of Hedge Funds / Specialty Strategies 0.00% 5.00% 10.00% Private Equity 0.00% 7.50% 10.00% Private Credit 0.00% 5.00% 10.00%

*The core allocation within fixed income allows for up to 15% exposure to high yield securities

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

B. Rebalancing Procedures

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

VII. SELECTION AND RETENTION CRITERION FOR INVESTMENTS

A. Investment Management

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

• The investment style and discipline of the proposed manager; • The size of the organization as measured by the amount of assets under management

with respect to the investment style under consideration; • Experience of the organization as measured by the tenure of the professionals with

respect to the investment style under consideration; • Past performance, considered relative to other investments having the same investment

objective. Consideration shall be given to both performance rankings over various time frames and consistency of performance

• The historical volatility and down-side risk of each proposed investment • How well each proposed investment complements other assets in the portfolio

5

B. Individual Securities

The Investment Committee desires to permit investment managers flexibility to maximize investment opportunities. However, it is cognizant of its responsibility to practice prudent management in order to conserve and protect the assets and to prevent exposure to undue risk. Exceptions to the guidelines stated below may be made upon special written approval of the Investment Committee and shall be subject to annual review.

The Investment Committee foresees the possibility of using mutual funds / collective trust funds / limited partnerships in the form of fund of hedge funds and understands that they would not have any control over the management of such funds with regard to guidelines and restrictions. However, when possible, they intend to utilize funds that generally comply with the investment guidelines stated in this Investment Policy Statement.

i.) Equity Holdings:

Security Types:

Equity securities shall consist of common stocks and equivalents (ADRs, issues convertible into common stock, etc.), and Master Limited Partnerships (MLPs). Issues traded on the New York Stock, Over the Counter, and regional and foreign exchanges are appropriate. There are no specific constraints as to earnings record and dividend policy. For Investment Managers who manage international developed market equity portfolios, up to 25% of the market value of the portfolio may be invested in emerging markets.

Diversification:

No more than ten percent (10%) of the market value of the equity portfolio shall be in one issue. (If more than one investment manager manages equities, this restriction shall apply separately to each equity portfolio.)

Quality:

There are no qualitative guidelines with regard to equity ratings, etc., except that prudent standards should be developed and maintained by the investment manager(s).

No more than the greater of thirty-five percent (35%) or two times the sector weighting in the appropriate index can be invested in any one sector.

Restrictions:

Investment in the following requires written documentation and approval by the Investment Committee:

6

Derivative investments (futures or option contracts) for speculative purposes (as opposed to protection of asset value: Covered call writing is permissible)

Direct ownership of letter stock Restricted stock Venture capital Short sales Margin purchases or borrowing money Stock loans

ii.) Fixed Income Holdings:

Security Types:

Investment in obligations of the U.S. Government, including Treasury Inflation-Protected Securities (TIPS), U.S. Government Agencies, U.S. Corporate entities, Mortgage Backed Securities (MBS), Preferred Stock, Collateralized Mortgage Obligations, Asset Backed Securities, Taxable Municipal securities, Commercial Mortgage Backed securities (CMBS), non-US sovereign debt obligations (including bonds issued in local currencies), debt issued by corporations domiciled outside the US, REIT debt and dollar denominated foreign bonds is permitted unless otherwise prohibited by investment restrictions.

Diversification:

With the exception of U.S. Treasury and Agency obligations, no more than two percent (2%) of the fixed income portfolio at market shall be invested in a single issue or corporate entity. If more than one investment manager manages fixed income, these restrictions apply separately to each portfolio.

Maturity:

The Investment Managers shall have responsibility for setting the appropriate maturity schedule for their portion of the assets based on the fund's investment objectives, risk profile and stated mandate (i.e. low duration, core, etc.) Based on current and expected market conditions, the Investment Manager should determine the structure that will yield optimal performance.

Quality:

a. Core Fixed Income Each debt instrument selected for investment shall be subjected to credit analysis by the Investment Manager prior to inclusion in the portfolio. The minimum acceptable quality is investment grade at the time of purchase by Moody's Investor Service (Baa) or Standard and Poor's (BBB) with the exception of up to 15% of the fixed income portfolio which can be invested in below investment grade securities. The weighted average quality of the core fixed income allocation shall be A or better. If the rating agencies have split ratings on an issue, the higher rating will apply in determining compliance with these guidelines.

7

In the event that an issue is downgraded below investment grade, the Investment Manager will review the situation with the Investment Committee and Investment Consultant and discuss the rationalization for holding the security and explanation for a course of action.

b. Global Fixed Income

Each debt instrument selected for investment shall be subjected to credit analysis by the Investment Manager prior to inclusion in the portfolio. Up to 25% of the global fixed income portfolio can be invested in below investment grade securities.

c. Short Duration High Yield Fixed Income

Each debt instrument selected for investment shall be subjected to credit analysis by the Investment Manager prior to inclusion in the portfolio. The weighted average quality of the short duration high yield allocation shall be BB or better.

Restrictions:

Investment in the following is prohibited without written permission:

Private Placements (However, private placement medium term notes and securities issued under SEC Rule 144A are permitted)

Municipal or other tax exempt securities Margin purchases or borrowing money to effect leverage into the portfolio Inverse floater, interest only and principal only mortgage structures

iii.) Alternative Investments:

Real Estate – The Investment Committee may time to time elect to purchase real estate assets if it is determined that such purchases are intended to be, but not guaranteed to be, in the best interest of the Foundation and the University community as the primary beneficiary over the long term. Such assets will be valued at the lesser of purchase price or fair market value and should at no time comprise more than 15% of the total market value of the Foundation’s assets. There are no specific guidelines regarding the characteristics necessary for purchase; however, the Investment Committee should work closely with the Executive Committee in making any acquisitions, evaluating the status of the property with respect to environmental issues, assessing the impact of any contingent liabilities, determining the impact of holding costs and financing options.

In the event that a real estate asset is sold, the Foundation may provide financing, which will be held as an asset of the overall fund. These notes will be monitored in terms of balance, principal repayment and interest payments to reflect the income generated on the overall fund.

Real estate investments may include both private and public real estate and may be in the form of limited partnerships and real estate investment trusts.

8

Hedge Funds – Fund of Hedge Funds will be held in the forms of professionally managed pooled limited partnership investments offered by professional investment managers with proven records of superior performance over time.

Fund of Hedge Funds are subject to the same due diligence process as traditional investments, however due to their unique nature, additional criteria is to be considered. Additional criteria include, but are not limited to:

• Transparency of the underlying hedge funds and to some degree their individual positions; • Liquidity terms of the fund of funds to include lock-up period and frequency of

withdrawals; • No significant degree of leverage utilized at the limited partnership level; • Financial commitment of the General Partner in the fund; • Length of actual performance track record (no back tested results); • Sufficient documentation for due diligence, on-going monitoring and financial controls.

Specialty Strategies - Given the investor suitability or high investment minimums associated with certain private partnerships, liquid alternative vehicles (Specialty Strategies) may be employed to earn risk adjusted returns comparable to hedge funds. These vehicles may include a combination of individual hedge fund partnerships with liberal liquidity terms (i.e. no lock-up and monthly liquidity) and mutual funds under the Investment Advisers Act of 1940 that employ non-traditional strategies. Strategies utilized by these vehicles may include, but are not limited to: long/short equity, equity market neutral, merger arbitrage, convertible arbitrage, credit opportunities, commodities, currencies, volatility, absolute return oriented, tactical asset allocation and alternative beta.

Private Equity/Private Credit – Investments in non-public equities and/or private credit strategies is permissible in the form of limited partnerships by professional investment managers with proven track records of solid performance over time. The Investment Committee will consider certain criteria including, but not limited to, the following in its evaluation of a fund:

• Experience, qualifications, and responsibilities of the General Partner; • Past investment results of the General Partner; • Financial commitment of the General Partner in the fund; • Special expertise of the General Partner in targeted areas of investment; • Diversification by geography, industry orientation, funding stage, vintage year, and size; • Sufficient documentation for due diligence, on-going monitoring and financial controls.

Joint Ventures: If the Foundation's equity interest in a joint venture is so small that it is more in the nature of an investment interest rather than an active participation, it is not necessary to have initiation and veto powers, although it should nevertheless seek to protect its charitable interests to the extent possible. While there is no specific IRS benchmark for evaluating when an interest is small enough to constitute only an investment interest, an equity interest in a joint venture of less than 20% can generally be properly characterized as an investment rather than active participation. Such joint ventures should be considered on a case-by-case basis.

9

VIII. PERFORMANCE OBJECTIVES

The overall fund performance will be reviewed on a quarterly basis, with long term emphasis placed on results achieved over a three to five year period. Objectives will be reviewed annually and adjusted, if necessary, after consultation with the Investment Committee, Investment Consultant and Investment Managers.

A. Total Fund:

Overall fund performance will be compared to the performance of a similarly structured balanced index in line with the target allocation in each strategy. This custom index will be comprised of the S&P 500 Index (or Russell 1000 Index), Russell 2000 Index, MSCI All Country World Index (ACWI) ex US, MSCI ACWI ex US Small Cap, MSCI Emerging Markets Index, Bloomberg U.S. Aggregate Bond Index, Citi World Government Bond Index, BofAML High Yield BB 1-3 yr Index, Citi 3 Month Treasury Bill, 50% Alerian MLP / 50% ML High Yield, and Citigroup One- Month Treasury Bill Index and/or other appropriate indices. The Fund should at least equal the performance of the custom balanced index.

The volatility of investment returns, as measured by the standard deviation of quarterly returns, should be comparable to that of the custom index. Volatility greater than the benchmark is acceptable so long as returns are commensurate.

B. Equity Segment:

The performance of the domestic large cap equity portion is expected to meet or exceed the performance of S&P 500 Composite Index or the S&P 500/Citigroup Growth/Value Index/Russell 1000 Growth/Value, depending on the manager's investment style.

The returns of the large capitalization equity portion should rank in the top thirty-three percent (33%) of a nationally recognized evaluation service's universe for comparable funds and investment styles over rolling three to five year time periods.

The performance of the small capitalization equity portion should meet or exceed the performance of the Russell 2000 Small Stock Index or the Russell 2000 Value / Growth Index, depending on the manager's investment style.

The returns of the small capitalization equity portion should rank in the top thirty-three percent (33%) of a universe for comparable funds over a rolling three to five year time periods.

The performance of the international developed markets equity portion should meet or exceed the performance of the Morgan Stanley Capital International's All Country World (ACWI) ex US Index or another appropriate index.

The returns of the international developed markets equity portion should rank in the top thirty- three percent (33%) of a universe for comparable funds over a rolling three to five year time periods.

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The performance of the emerging markets equity portion should meet or exceed the performance of the Morgan Stanley Capital International's Emerging Markets Index.

The returns of the emerging markets equity portion should rank in the top thirty-three percent (33%) of a universe for comparable funds over a rolling three to five year time periods.

The International Small Cap equity portion of the portfolio is expected to exceed the performance of the MSCI All Country World (ACWI) ex US Small Cap Index. The returns should rank in the top thirty-third percent (33%) of a universe for comparable funds over a rolling three to five year time periods.

The MLP portion of the portfolio is expected to produce returns similar to a blended index consisting of 50% Alerian MLP and 50% ML High Yield while exhibiting less volatility. Therefore, risk adjusted returns will be evaluated.

The volatility of investment returns, as measured by the standard deviation of quarterly returns, should be comparable to that of the segment’s appropriate index. Volatility greater than the benchmark is acceptable so long as returns are commensurate.

C. Fixed Income Segment:

The performance of the core fixed income portion is expected to meet or exceed the performance of the Bloomberg U.S. Aggregate Bond index or other appropriate index or mix of indices, which reflect the fixed income portion of the portfolio.

The performance of the global fixed income portion is expected to meet or exceed the performance of the Citi World Government Bond index or other appropriate index or mix of indices, which reflect the fixed income portion of the portfolio.

The performance of the short duration high yield portion is expected to meet or exceed the performance of the BofAML High Yield BB 1-3 year index or other appropriate index or mix of indices, which reflect the fixed income portion of the portfolio.

The returns of the fixed income portion should rank in the top forty percent (40%) of a universe for comparable fixed income funds over a three to five year time period.

The performance of the low duration fixed income portion is expected to meet or exceed the performance of the Merrill Lynch 1 – 3 Year Treasury index, Citigroup 3 Month Treasury Bill index or other appropriate index or mix of indices, which reflect the fixed income portion of the portfolio.

The cash equivalent investment performance results will be compared against the yield on one month Treasury Bill securities, MFR All Taxable Money Market index, and are expected to exceed the annualized rate of the Consumer Price Index (CPI).

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The volatility of investment returns, as measured by the standard deviation of quarterly returns, should be comparable to that of the segment’s appropriate index. Volatility greater than the benchmark is acceptable so long as returns are commensurate.

D. Alternative Investments:

The Investment Committee recognizes that benchmarks for alternative investments, more specifically fund of hedge funds, are relatively new in their creation and there is no perfect benchmark in existence for these types of investments. Hedge fund indexes are created from hedge fund databases. There is no complete database because inclusion in these databases is voluntary and they are subject to survivorship bias. Additionally, each hedge fund, including fund of funds, has diverse investment objectives and characteristics making like comparisons difficult.

To aid in the on-going evaluation of the alternative investment portion of the portfolio, Fund of Hedge Funds investments will be compared to the following benchmarks:

The appropriate HFRI Fund of Funds Index Other benchmark designated by fund of funds manager and agreed upon by

the Investment Consultant and the Investment Committee

The performance of the Specialty Strategies portion of the portfolio will be compared to the following benchmarks:

Appropriate HFRI Fund of Funds Index Other benchmark agreed upon by Committee and Consultant

While emphasis will be placed on the performance of the Specialty Strategies portion as a whole, the Investment Consultant will be responsible for monitoring the underlying funds comprising the Specialty Strategies portion to insure they are meeting their individual objectives.

Real estate investments are expected to meet or exceed the performance of the NCREIF Property Index (private), NAREIT Index (public) or other appropriate index which reflects the real estate portion of the portfolio.

The Investment Committee recognizes private equity and private credit returns are not meaningful in the early years of investment and that the evaluation of this type of investments should be considered over the long-term; a ten year time horizon. To aid in the on-going evaluation of private equity and private credit investments, they will be compared to the Thompson VentureXpert Private Equity Index or other appropriate index.

IX. CONTROL PROCEDURES

A. Review and Evaluation of Investment Objectives:

The achievement of investment objectives will be reviewed on an annual basis by the Investment Committee. This review will focus on the continued feasibility of achieving the objectives and the

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continued appropriateness of the investment policy statement. It is not expected that the investment policy statement will change frequently. In particular, short-term changes in the financial markets should not require an adjustment in the investment policy statement.

B. Review and Evaluation of Investment Manager(s):

The Investment Committee will meet at least annually with the Investment Manager(s) or their representative(s). Additionally, with or without the Investment Manager(s), the Investment Committee will review investment results quarterly.

These reviews will focus on:

The Investment Managers' adherence to the policy guidelines; Comparison of the Investment Managers' results to the objectives established for each

Investment Manager; Comparison of the Investment Managers' results against universe of comparable funds

investment styles; Opportunities available in both the equity and bond markets; and, Material changes in the Investment Managers' organizations, such as philosophical or

personnel changes. The Investment Committee may discharge or replace an Investment Manager at any time it deems such action necessary and appropriate.

Guidelines for evaluation, retention, and replacement of Investment Managers will be as follows:

Establish appropriate benchmark/index to which to compare Investment Managers’

performance. Establish performance target: To outperform benchmark/index and to achieve investment

returns: in the top thirty-third percentile (33%) of peer universe groups for equities

over a three to five year period in the top fortieth percentile (40%) of peer universe groups for fixed income

over a three to five year period Monitor Investment Managers’ performance on a quarterly basis and

compare to selected index and peers with similar styles and objectives. An Investment Manager will be rated in a “Favorable Status” if they are delivering favorable performance and there are no outstanding organizational issues.

An Investment Manager will be in a “Caution Status” if:

For Equities:

13

Investment Manager’s three year performance is below the 50th percentile of their peer universe, or they are trailing the style benchmark, or

Investment Manager’s five plus year performance is below the 33rd

percentile of their peer universe, or they are trailing the style benchmark

For Fixed Income: Investment Manager’s three year performance is below the 50th percentile

of their peer universe, or they are trailing the style benchmark, or Investment Manager’s five plus year performance is below the 40th

percentile of their peer universe, or they are trailing the style benchmark. • For Alternative Investments

Fund of Hedge Funds Investment Manager’s one year performance is negative, failing to

preserve capital, or Investment Manager’s three year performance is below any of the indexes

as listed below and in the Investment Consultant’s opinion, represents sub par results, or o For Fund of Hedge Funds The appropriate HFRI Fund of Funds Index Other benchmark designated by the fund manager and agreed upon

by the Investment Consultant and Investment Committee Investment Committee has concerns resulting from the review of on-going

documentation.

Specialty Strategies While emphasis will be placed on the performance of the Specialty Strategies portion as a whole, the underlying funds comprising the Specialty Strategies portion will also be compared to their individual stated objectives. An underlying Specialty Strategies fund may be placed on caution status if the Investment Consultant determines that the fund is not achieving its stated objective.

Real Estate, Private Equity and Private Credit Since these types of investments are illiquid and long-term in nature, there are no specific performance criteria for watch status. A manager managing these types of investments may be put on watch status if in the Investment Committee or Consultant’s opinion the watch status is warranted.

An Investment Manager will also be considered on “Caution Status” if there is a material change in the ownership structure of their organization, or there is a departure of key investment professionals.

An Investment Manager that falls in “Caution Status” should undergo a formal review by the Investment Consultant. The review will address how the Investment Manager will move back to

14

“Favorable Status” or recommend termination. An Investment Manager can move back to “Favorable Status” by improving its performance above the criteria as listed above. Highest priority will be given to those failing to meet the five-year target and next to those failing to meet the three-year target. There may be situations where immediate problems, questions or short-term performance issues arise regarding an Investment Manager and the priority will shift to review these situations first.

In addition to the above, immediate termination of managers should be considered:

When they deviate from the Investment Committee’s instructions; When they deviate substantially from their investment disciplines and process; When Investment Committee members have any material problem or concerns regarding

the Investment Manager.

X. COMMUNICATIONS

Month-end accounting of transactions and portfolio holdings, ending portfolio and holdings values will be provided by the custodian(s).

Quarter-end regular accounting of transactions, portfolio holdings, yields, current market values, summary of cash flows, calculations of the portfolio's total rate of return on a latest quarter, year- to-date and since inception basis will be provided by each Investment Manager.

The Investment Managers will maintain communication with the Foundation and the Investment Consultant with as reasonable frequency as market conditions and the portfolio warrant. Major market conditions and major portfolio changes should be called to the attention of the Foundation and the Investment Consultant by the Investment Managers.

Significant changes within the Investment Managers’ operations of personnel and the anticipated impact on the assets should be brought to the attention of the Foundation and the Investment Consultant immediately.

Proxies must be voted by the Investment Manager in compliance with the values and philosophy of The University of West Florida Foundation.

The Investment Consultant will provide comparative performance evaluation reports quarterly.

Accepted by:

Date

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ADDENDUM

Deposit and Investment Risks As a component unit of the University of West Florida, the University of West Florida Foundation, Inc. (the Foundation) is required under GASB 40 to make certain disclosures related to deposit and investment risk. Deposit and investment resources of the Foundation represent significant resources necessary for the delivery of educational services and programs. Financial statement users should know that risks are inherent in all deposits and investments and this element of risk could affect the Foundation’s ability to provide resources and impact services.

By nature of its function, the Foundation’s risk exposure is significantly greater than the deposit and investment risks of the University of West Florida. In general, the common deposit and investment risks are related to credit risk, concentration of credit risk, interest rate risk, and foreign currency risk.

Deposit and Investment Policy: The Foundation has deposit and investment policies related to each of these risks. The policy states that the Investment Committee of the Board of Directors will meet no less than quarterly to review investment performance with our investment consultant. The policy provides guidelines for the evaluation, retention, and replacement of individual investment managers, establishes appropriate benchmarks/indices used to evaluate each investment managers’ performance, and establishes performance asset allocation targets and investment quality measures.

Risk Categories

Credit risk: The custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, the Foundation would not be able to recover deposits or would not be able to recover collateral securities that are in the possession of an outside party. Therefore, the Foundation shall monitor deposits on account so as to avoid deposits that are not covered by depository insurance or are uncollateralized. In compliance with GASB and FASB standards, to the extent required, the Foundation will disclose in its annual financial statements the credit quality ratings of any external investment pools, money market funds, bond mutual funds, and other pooled investments of fixed-income securities in which they invest.

Concentration of Credit Risk: The Foundation, with the assistance of its investment advisor, shall implement policies and procedures to ensure adequate portfolio diversification. It is the Foundation’s policy that, with the exception of U.S. Treasury and Agency obligations, no more than two percent (2%) of the fixed income portfolio at market shall be invested in a single issue or corporate entity. If more than one investment manager manages fixed income, these restrictions apply separately to each portfolio. Furthermore, the Foundation and its investment advisor monitor the asset allocation to ensure investments are within established targets for quality and investment balances remain within the established target range for each asset category.

Interest Rate Risk: As an element of interest rate risk, GASB requires disclosures of investments that have fair values that are highly sensitive to changes in interest rates. The allocation of the

16

Foundation’s portfolio in Fixed Income investments susceptible to interest rate risk will be monitored not to exceed established targets in the approved investment policy. In cooperation with the investment advisor and the investment manager of the Fixed Income investments, the interest rate risk information will be organized by investment type and amount using one of the following methods:

a. Segmented time distribution b. Specific identification c. Weighted average maturity d. Duration e. Simulation model.

Foreign Currency Risk: The Foundation is required to disclose any investment denominated in a foreign currency. The Foundation has limited its exposure to foreign currency risk by limiting the asset allocation in international investments in accordance with the established targets in the approved investment policy.

UNIVERSITY OF WEST FLORIDA FOUNDATION, INC.

Endowment Allocations and Administrative Fees Policy

Approved by Foundation BOD March 10, 2011 Revised & Approved June 6, 2011 Revised & Approved December 8, 2011 (rates) Revised & Approved February 14, 2012 Revised & Approved August 31, 2012 Revised & Approved December 13, 2012 Revised & Approved December 12, 2013 Revised & Approved June 23, 2015 Revised & Approved November 12, 2015 Revised & Approved June 28, 2017

I. ENDOWMENT ALLOCATION POLICY General Purpose: The University of West Florida Foundation Investment Committee manages the endowment allocation rate annually to ensure intergenerational equity in applying funds for the donors’ intended purpose. Endowment Allocation: The allocation rate is calculated on a three year average of the market value of the endowments as of June 30. Spending is awarded for endowments (>$25k) after a one year waiting period. Donors are encouraged to provide separate funding if spending (i.e. a named scholarship award) is desired prior to the end of the waiting period. For the FY17-18 academic year, the approved spending rate is four percent (4%). Underwater Endowments: The University of West Florida Foundation strives to balance the donor’s desire to fund current program, faculty, and scholarship needs with the commitment to preserve over time the donor’s gifts to the endowment corpus. Furthermore, the Foundation takes seriously its responsibility to provide prudent fiduciary management, oversight of the endowments, and intergenerational equity. However, the Foundation is aware that despite utilizing a well diversified investment portfolio strategy and the best good faith efforts of its Board members there will be times when the fair market value of an endowment may fall below the endowment corpus value creating underwater endowments. In the event an endowment falls underwater, the Foundation will use a 25% step down allocation method to slow the allocation from the endowment. For each 10% an endowment is underwater, the endowment allocation (exclusive of the operating allocation) will be reduced by 25%. For example, an endowment 9% underwater would receive 75% of its endowment allocation as calculated using the formula above and an endowment 14% underwater would receive 50% of its endowment allocation as calculated using the formula above, and so forth. Any endowment more than 30% underwater will receive no endowment allocation. The intent of this policy is to attempt to continue to provide allocation to support the scholarships, programs, and faculty as designated by the donor and within the limits of Florida laws, while also allowing the endowment to recover more quickly from economic downturns. II. ADMINISTRATIVE FEES General Purpose: The Foundation strives to utilize an equitable fee structure to fund the cost of operations. Administrative fees are used to fund the tasks associated with pursuing, managing and investing the various types of funds held by the Foundation. These fees are essential support necessary to The University of West Florida Foundation’s overall operation. The fee structure and rates are reviewed annually by The University of West Florida Foundation Investment Committee.

• Management Fees Charged to the Endowments (Operating Budget):

Because of the long range nature of the invested assets of the endowments, the Foundation assesses a management fee on market value of all endowments. This fee is used for overseeing the endowment’s share of the invested assets and operations of the Foundation.

Generally, two percent (2%) of a three year average of the market value of the investment portfolio will be used to fund the operating budget. To accommodate both the needs of the university and keeping with the goal of managing the endowment portfolio for the long term the Board of Directors has fixed the amount at a rate of 1.75%. Pursuant to the proposal adopted by the Board of Directors, the goal is to reduce the operating budget from two percent (2%) to one and one-half percent (1.5%) of the total investment assets. As such, for each $1,000,000 increase in market value of the investment portfolio above $50,000,000, the percentage for the operating budget will decrease by one basis point (0.01%), reaching the objective of 1.5% with assets of $100,000,000.

• Administrative Fees on Courtelis Funds:

The Foundation adheres to Florida State Statute 1013.79 “University Facility Enhancement Challenge Grant Program” for The Courtelis Matching State Program. Per the Statute, the Foundation is obligated to preserve the original gift and invest the gift in such a way as to assure that the original gift is intact. This fee policy is established to insure compliance with Florida Statue.

While the Foundation actively solicits and manages Courtelis gifts, these accounts will be charged one quarter of one percent of market value each quarter. The fee will be paid from invested earnings not to exceed the appreciation.

• Administrative Fees on Housing Revenue:

A set percentage fee will be assessed on annual total revenue. The fee will cover Housing’s share of costs associated with insurance, software maintenance, audit fees and staff support.

• Administrative Fees on Non Endowed Gifts and Revenue:

A one-time fee is applied to all gifts and other revenue to non endowed accounts and assessed at month-end. An exception is made for gifts from non-profit foundations that explicitly state in their bylaws or written policies that they do not pay administrative fees. This fee is used to support transactional activities and cost of operations associated with non endowed gifts.

Gift Type Fee Method 2019 – 2020 Rate

Endowment 1.5 – 2.0% on 3yr Average Balance 1.75% Courtelis .25% per quarter 1%

Housing Based on Annual Total Revenue 1.25% Non Endowed Per gift or other revenue 3.0%

Audit Budget Committee

Reports

University of West Florida FoundationIncome Statement

Housing Budget to Actual for the UWF Foundation Board

Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 6/30/2019 Notes

Revenues

97-42113 INTEREST INCOME - HOUSING $8,285.53 $3,235.00 $5,050.53 156.12% $25,540.94 $10,900.00 $14,640.94 134.32% $14,500.00 97-42114 INTEREST INCOME - SPIA $38,987.21 $26,400.00 $12,587.21 47.68% $86,235.21 $83,160.00 $3,075.21 3.70% $132,000.00 97-43012 RENTAL INCOME - HOUSING $3,397,992.59 $3,677,056.02 ($279,063.43) (7.59%) $7,626,230.43 $8,265,572.95 ($639,342.52) (7.74%) $9,268,907.27 1 97-44000 CONCESSIONS REVENUE $22,567.50 $11,809.68 $10,757.82 91.09% $42,217.55 $32,446.16 $9,771.39 30.12% $45,000.00 97-45000 OTHER INCOME - HOUSING $44,476.64 $58,095.60 ($13,618.96) (23.44%) $152,461.73 $147,917.60 $4,544.13 3.07% $200,000.00Total Revenues $3,512,309.47 $3,776,596.30 ($264,286.83) (7.00%) $7,932,685.86 $8,539,996.71 ($607,310.85) (7.11%) $9,660,407.27

Expenses

97-51010 SALARIES - FACULTY & STAFF $226,496.39 $276,110.66 $49,614.27 17.97% $568,031.89 $716,110.66 $148,078.77 20.68% $1,020,979.29 97-51137 OPS - STAFF $151,436.01 $196,350.48 $44,914.47 22.87% $409,855.39 $512,972.55 $103,117.16 20.10% $1,292,519.99 97-52110 TRAVEL $3,607.35 $4,880.00 $1,272.65 26.08% $6,124.21 $21,360.00 $15,235.79 71.33% $23,690.00 97-53150 CONCESSION EXP - HOUSING $10,785.97 $14,392.40 $3,606.43 25.06% $36,320.11 $50,391.11 $14,071.00 27.92% $67,618.00 97-54100 PROFESSIONAL DEVELOPMENT $4,086.98 $1,978.00 ($2,108.98) (106.62%) $6,972.98 $5,750.00 ($1,222.98) (21.27%) $6,750.00 2 97-54110 MEMBERSHIPS & DUES $70.00 $600.00 $530.00 88.33% $340.00 $1,800.00 $1,460.00 81.11% $1,800.00 97-55100 RECRUITMENT - TRAVEL $0.00 $1,500.00 $1,500.00 100.00% $0.00 $3,000.00 $3,000.00 100.00% $3,000.00 97-55110 RECRUITMENT - MEALS $156.83 $850.00 $693.17 81.55% $356.39 $2,150.00 $1,793.61 83.42% $2,150.00 97-70100 OFFICE EXPENSES - COPYING $630.10 $810.96 $180.86 22.30% $1,972.52 $3,220.02 $1,247.50 38.74% $4,000.00 97-70110 OFFICE EXPENSES - POSTAGE $35.57 $200.00 $164.43 82.22% $105.33 $1,000.00 $894.67 89.47% $1,500.00 97-70120 OFFICE EXPENSES - PRINT/DUPL $961.74 $800.00 ($161.74) (20.22%) $2,478.77 $2,500.00 $21.23 0.85% $3,000.00 97-70130 OFFICE EXPENSES - MKTG COMM $220.61 $9,000.00 $8,779.39 97.55% $5,141.10 $24,000.00 $18,858.90 78.58% $30,000.00 97-70140 OFFICE SUPPLIES $684.50 $1,430.66 $746.16 52.15% $3,193.56 $4,623.33 $1,429.77 30.93% $6,000.00 97-70200 COMPUTER SUPPLIES $0.00 $120.00 $120.00 100.00% $0.00 $420.00 $420.00 100.00% $420.00 97-70220 COMPUTER - SOFTWARE SUPPORT $6,000.00 $8,862.65 $2,862.65 32.30% $68,025.63 $70,252.05 $2,226.42 3.17% $83,500.00 97-70300 TELEPHONE $2,607.25 $3,100.00 $492.75 15.90% $7,894.51 $10,550.00 $2,655.49 25.17% $13,000.00 97-71100 EQUIPMENT - GENERAL $37.98 $400.00 $362.02 90.51% $177.39 $2,300.00 $2,122.61 92.29% $2,500.00 97-71200 EQUIPMENT - COMPUTER $508.06 $1,500.00 $991.94 66.13% $4,117.35 $7,000.00 $2,882.65 41.18% $8,000.00 97-72110 CLEANING SUPPLIES $6,222.23 $4,587.44 ($1,634.79) (35.64%) $18,935.14 $13,878.18 ($5,056.96) (36.44%) $20,000.00 3 97-72200 HSG REPAIR & MAINT. - MISCELLANEOUS $3,168.68 $4,500.00 $1,331.32 29.58% $12,137.08 $15,300.00 $3,162.92 20.67% $20,000.00 97-72210 HSG REPAIR & MAINT.- TOOLS $0.00 $500.00 $500.00 100.00% $992.26 $2,000.00 $1,007.74 50.39% $2,000.00 97-72215 HSG REPAIR & MAINT. - LOCKS & KEYS $0.00 $500.00 $500.00 100.00% $776.02 $3,100.00 $2,323.98 74.97% $3,600.00 97-72220 HSG REPAIR & MAINT. - LANDSCAPING $198.66 $3,018.50 $2,819.84 93.42% $1,283.95 $12,801.48 $11,517.53 89.97% $15,000.00 97-72225 HSG REPAIR & MAINT. - PLUMBING $873.97 $500.00 ($373.97) (74.79%) $1,098.97 $1,200.00 $101.03 8.42% $1,200.00 97-72230 HSG REPAIR & MAINT. - FIRE ALARM $485.00 $400.00 ($85.00) (21.25%) $1,058.56 $800.00 ($258.56) (32.32%) $1,000.00 4 97-72235 HSG REPAIR & MAINT. - AIR HANDLERS $2,189.98 $3,613.19 $1,423.21 39.39% $7,664.92 $9,336.67 $1,671.75 17.91% $13,000.00 97-72240 HSG REPAIR & MAINT. - ELEVATORS $0.00 $500.00 $500.00 100.00% $0.00 $1,000.00 $1,000.00 100.00% $1,000.00 97-72245 HSG REPAIR & MAINT. - ELECTRICAL & HVAC $767.78 $1,687.37 $919.59 54.50% $834.49 $7,177.66 $6,343.17 88.37% $10,000.00 97-72250 HSG REPAIR & MAINT. - PEST CONTROL $5,091.40 $1,490.68 ($3,600.72) (241.55%) $5,107.18 $5,725.15 $617.97 10.79% $9,000.00 97-72255 HSG REPAIR & MAINT. - UNIFORMS $0.00 $1,350.00 $1,350.00 100.00% $1,723.45 $3,000.00 $1,276.55 42.55% $3,000.00 97-72310 HOUSING - VEHICLE GAS $1,349.91 $1,860.98 $511.07 27.46% $4,252.07 $6,328.98 $2,076.91 32.82% $8,000.00 97-72320 HOUSING - VEHICLE REPAIR & MAINT. $775.34 $2,724.55 $1,949.21 71.54% $6,824.13 $8,130.95 $1,306.82 16.07% $9,000.00 97-72400 OPER EXP - HOUSING SUPPLIES $9,226.12 $6,283.31 ($2,942.81) (46.84%) $20,874.93 $34,088.91 $13,213.98 38.76% $45,000.00 97-72900 RENEWAL & REPLACEMENT $121,536.79 $101,180.00 ($20,356.79) (20.12%) $557,012.84 $323,836.50 ($233,176.34) (72.00%) $500,000.00 5, 10 97-72910 CONTINGENCY & IMPROVEMENT EXP $135,639.01 $147,000.00 $11,360.99 7.73% $449,671.39 $500,000.00 $50,328.61 10.07% $623,199.36 10 97-73100 DEPREC/AMORT EXPENSE - OFFICE $1,845.33 $1,845.33 $0.00 0.00% $5,535.99 $5,535.99 $0.00 0.00% $7,381.30 10 97-73200 DEPRECIATION EXP - SOUTHSIDE $10,589.77 $17,491.53 $6,901.76 39.46% $41,063.16 $55,015.41 $13,952.25 25.36% $72,506.94 9, 10

Quarter Ending Year to Date

Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 3/31/2019 6/30/2019 Notes

97-73205 DEPRECIATION EXP - VILLAGE WEST $101,992.38 $76,203.51 ($25,788.87) (33.84%) $297,380.85 $228,610.53 ($68,770.32) (30.08%) $304,813.99 6, 10 97-73210 DEPRECIATION EXP - VILLAGE EAST $137,921.49 $119,390.82 ($18,530.67) (15.52%) $407,587.58 $358,172.46 ($49,415.12) (13.80%) $477,563.23 6, 10 97-73215 DEPRECIATION EXP - ARGO HALL $55,539.18 $52,319.91 ($3,219.27) (6.15%) $165,544.46 $156,959.73 ($8,584.73) (5.47%) $209,279.62 6, 10 97-73220 DEPRECIATION EXP - MARTIN $80,625.45 $76,972.02 ($3,653.43) (4.75%) $240,658.53 $230,916.06 ($9,742.47) (4.22%) $307,888.11 6, 10 97-73225 DEPRECIATION EXP - PACE HALL $53,853.75 $50,586.00 ($3,267.75) (6.46%) $160,472.01 $151,758.00 ($8,714.01) (5.74%) $202,344.03 6, 10 97-73230 DEPRECIATION EXP - HERITAGE $133,806.75 $133,526.88 ($279.87) (0.21%) $401,326.97 $400,580.64 ($746.33) (0.19%) $534,107.46 6, 10 97-73235 DEPRECIATION EXP - PRESIDENTS $189,203.58 $188,940.93 ($262.65) (0.14%) $567,523.19 $566,822.79 ($700.40) (0.12%) $755,763.68 6, 10 97-74150 AMORTIZATION EXPENSE - HOUSING $10,467.87 $10,467.87 $0.00 0.00% $31,403.61 $31,403.61 $0.00 0.00% $41,871.47 97-74200 INTEREST EXPENSE - HOUSING ($10,543.05) ($10,543.05) $0.00 0.00% $676,790.71 $705,615.58 $28,824.87 4.09% $1,697,247.00 10 97-74300 HOUSING - MISC. OPERATING ADMIN FEES $248.79 $392.85 $144.06 36.67% $3,107.66 $2,471.39 ($636.27) (25.75%) $3,000.00 7 97-74310 HOUSING - OTHER MISC. OPER EXP $336.92 $400.00 $63.08 15.77% $29,998.26 $33,200.00 $3,201.74 9.64% $36,950.00 97-74315 HOUSING - MEAL PLANS $6,000.00 $0.00 ($6,000.00) 0.00% $11,400.00 $15,000.00 $3,600.00 24.00% $15,000.00 97-75005 HOUSING UTILITIES - ELECTRICAL $141,568.67 $183,300.70 $41,732.03 22.77% $546,255.70 $597,933.60 $51,677.90 8.64% $781,000.00 97-75010 HOUSING UTILITIES - GAS $11,442.99 $10,131.00 ($1,311.99) (12.95%) $23,945.31 $22,587.00 ($1,358.31) (6.01%) $30,000.00 97-75015 HOUSING UTILITIES - SEWER $30,460.07 $40,268.80 $9,808.73 24.36% $78,376.49 $107,922.10 $29,545.61 27.38% $143,000.00 97-75020 HOUSING UTILITIES - WATER $481.55 $1,537.78 $1,056.23 68.69% $1,444.19 $3,688.74 $2,244.55 60.85% $4,600.00 97-75025 HOUSING UTILITIES - GARBAGE $11,036.93 $13,500.00 $2,463.07 18.24% $46,780.18 $42,500.00 ($4,280.18) (10.07%) $56,000.00 8 97-75030 HOUSING UTILITIES - CABLE $44,057.88 $42,000.00 ($2,057.88) (4.90%) $117,396.58 $126,000.00 $8,603.42 6.83% $165,000.00 97-75100 HOUSING - INSURANCE $1.20 $0.00 ($1.20) 0.00% $8,719.35 $12,600.00 $3,880.65 30.80% $12,600.00 97-75110 INSURANCE - BOND $68,773.00 $0.00 ($68,773.00) 0.00% $64,693.00 $70,000.00 $5,307.00 7.58% $70,000.00 97-75115 INSURANCE - AUTOMOBILE $9.00 $0.00 ($9.00) 0.00% $9.00 $0.00 ($9.00) 0.00% $23,000.00 97-75120 INSURANCE - PROPERTY $0.00 $0.00 $0.00 0.00% $89,667.75 $91,000.00 $1,332.25 1.46% $91,000.00 97-75200 BOND EXPENSES $3,762.50 $7,525.00 $3,762.50 50.00% $16,993.75 $21,000.00 $4,006.25 19.08% $21,000.00 97-76060 PROFESSIONAL SERVICES $10,500.00 $13,500.00 $3,000.00 22.22% $10,500.00 $24,000.00 $13,500.00 56.25% $24,000.00 97-76110 BANK SERVICE CHARGES $1,179.50 $1,321.37 $141.87 10.74% $2,073.83 $3,337.74 $1,263.91 37.87% $4,500.00 97-76115 ADMINISTRATIVE FEE - SPIA $1,974.71 $2,806.81 $832.10 29.65% $4,758.68 $6,971.98 $2,213.30 31.75% $11,000.00 97-76117 ADMINISTRATIVE FEE - HSG $7,141.43 $7,288.78 $147.35 2.02% $41,245.57 $60,825.80 $19,580.23 32.19% $120,755.09 97-77300 UNIVERSITY SUPPORT $0.00 $0.00 $0.00 0.00% $300,276.62 $300,276.62 $0.00 0.00% $0.00 9, 10Total Expenses $1,800,127.85 $1,845,756.67 $45,628.82 2.47% $6,604,283.49 $6,819,809.97 $215,526.48 3.16% $10,077,598.56

$502,270.47 10Notes

1 RENTAL INCOME - HOUSING Occupancy is lower than projected. Housing will control expenses to compensate for lower revenues.2 PROFESSIONAL DEVELOPMENT Professional staff and students attending conferences. RMS software updates required additional training.3 CLEANING SUPPLIES Cleaning after summer project initially increased these costs, housing has controlled costs in this area since.4 HSG REPAIR & MAINT. - FIRE ALARM A scheduled power outage for new construction caused multiple problems in our fire control boxes. 5 RENEWAL & REPLACEMENT Some costs from our summer projects were transferred to the renewal and replacement account this period.6 DEPRECIATION EXP - MULTIPLE Most costs from our summer projects were transferred and added to the depreciable value of the buildings. 7 HOUSING - OTHER MISC. OPER EXP Advertising costs to fill vacant positions.8 HOUSING UTILITIES - GARBAGE Extra dumpsters were required for the replacement of furniture in Village East.9 UNIVERSITY SUPPORT Ownership of six southside residence halls transferred from the foundation to the university, this was an accounting adjustment for accumulated depreciation.

10 MULTIPLE LINES Adjustments that reduce expenses in the debt covenant ratio include interest expense, depreciation, the adjustment for accumulated depreciation made for the transfer of ownership of the southide buildings, renewal and replacement expenses and contingency and improvement expenses. After these adjustments, the newtotal expense variance show actual expense reductions that Housing and Residence Life intentionally took to compensate for revenue reductions.

Quarter Ending Year to Date

Variance expense amount, net removal of noncash & reimbursement items

UWF Foundation Budget Summary

University of West Florida Confidential 5/9/2019 Page 1

FY 17/18 FY 18/19 FY 19/20 Total % CHANGE FY19 to FY20 $ Change in FundingHighlight Notes for

Total Year to Year Change Departmental Breakdown FY 19/20 % of Budget Base Expense Categories Amounts% of

Category27,300 27,300 27,300 0.00% - Advancement Services 27,300 1.8% Salaries 695,979 46.16%99,000 118,650 118,650 0.00% - Alumni Relations 118,650 7.9% Foundation operation 96,340 6.39%

497,492 514,277 575,277 11.86% 61,000 Development 575,277 38.2% Executive Support 230,206 15.27%

422,200 438,986 519,019 18.23% 80,033 Foundation Business Operations 519,019 34.4% Development Support 447,927 29.71%37,300 37,300 37,300 0.00% - Board of Directors 37,300 2.5% Board Support 37,300 2.47%

1,083,292 1,136,513 1277546 12.41% 141,033 Advancement Operating Budget 1,277,546 84.7% Total FY20 Budget 1,507,752 100% - -

230,206 230,206 230,206 0.00% - Executive Support 230,206 15.3%1,313,498 1,366,719 1,507,752 10.32% 141,033 Total FY20 Budget 1,507,752 100%

UNIVERSITY OF WEST FLORIDA FOUNDATION, INC.SUMMARY OF PROPOSED OPERATING BUDGET

FOR THE YEAR ENDING JUNE 30, 2020

2.1% 9.3%

45.0%

40.6%

2.9%

Percent of Operations Budget - Department ViewAdvancement Services

Alumni Relations

Development

Foundation Business Operations

Board of Directors

FY 19/20Foundation Budgets

Advancement Services 27,300 Alumni Relations 118,650 Development 575,277 Foundation Business Office 519,019 Board of Directors 37,300

Advancement Operating Budget 1,277,546

Executive Support 230,206

Total Operations and Executive Support Budget 1,507,752

Non-endowed Funds Budget 626,000

Administrative Fee Budget 85,000

Housing Admin Fee Budget 110,000

Grand Total 2,328,752$

The University of West Florida Foundation, Inc.

Advancement Services


FY 16/17 FY 17/18 FY 18/19 Advancement Services FY 19/20 % CHANGE $ Change

% Change in Non-Salary Operating Funds Over Prior

Year26,300 26,300 26,300 Personnel 26,300 0.00% -

1,000 1,000 1,000 Gift Acknowledgement Receipts 1,000 0.00% - 27,300 27,300 27,300 27,300 0.00% - 0.00%



4%Advancement Services

Personnel

Gift Acknowledgement Receipts

Alumni


FY 16/17 FY 17/18 FY 18/19 Alumni FY 19/20 % CHANGE $ Change

% Change in Non-Salary Operating Funds Over

Prior Year

20,000 25,000 25,000 Chapters 25,000 0.00% - 36,000 40,000 40,000 Publications/Communications 40,000 0.00% -

6,500 4,500 4,500 New Graduates 4,500 0.00% - 6,000 10,000 10,000 Special Events (includes all promotional items) 10,000 0.00% -

11,000 11,000 11,000 Alumni Affiliates 11,000 0.00% - 5,500 5,500 5,500 Board of Directors 5,500 0.00% - 3,000 3,000 3,000 Administrative Support 3,000 0.00% -

12,000 Ambassadors 12,000 0.00% - 6,000 Assessment Fellow 6,000 0.00% - 1,650 Outreach workshops 1,650 0.00% -

159,879 99,000 118,650 Totals 118,650 0.00% - 0.00%



21%

34%

4%

8%

9%

5%

3% 10%5%

1%

Alumni Relations Chapters

Publications/Communications

New Graduates

Special Events (includes all promotional items)

Alumni Affiliates

Board of Directors

Administrative Support

Ambassadors

Assessment Fellow

Outreach workshops

Development


FY 16/17 FY 17/18 FY 18/19 DEVELOPMENT FY 19/20 % CHANGE $ Change


Year

46,040 110,000 110,000 Campaign Events & Initiatives 110,000 0.00% -

181,492 182,000 185,000 Personnel & VP Allowances 246,000 32.97% 61,000 106,040 128,492 128,277 Major Gifts 128,277 0.00% -

28,250 65,000 55,000 Annual Fund 55,000 0.00% - 48,400 - 24,000 Phonathon 24,000 0.00% - 11,000 12,000 12,000 Planned Giving 12,000 0.00% -

421,222 497,492 514,277 Totals 575,277 32.97% 61,000 11.86%



19%

43%

22%

10%

4%

2%

Development Operations

Campaign Events & Initiatives

Personnel & VP Allowances

Major Gifts

Annual Fund

Phonathon

Planned Giving

Executive


FY 16/17 FY 17/18 FY 18/19 EXECUTIVE SUPPORT FY 19/20 % CHANGE $ Change


Year- 61,000 20,000 VP Business, Finance & Facilities 20,000 0.00% -

170,206 109,206 120,206 President's Contract (Compensation, fringes, auto allowance, cell phone, etc.) 120,206 0.00% -

60,000 60,000 90,000 Lobbyist 90,000 0.00% - 230,206 230,206 230,206 Totals 230,206 0.00% - 0.00%



9%

52%

39%

Executive Support

VP Business, Finance & Facilities

President's Contract (Compensation,fringes, auto allowance, cell phone, etc.)

Lobbyist

Foundation Business


FY 16/17 FY 17/18 FY 18/19 FOUNDATION BUSINESS OPERATIONS FY 19/20 % CHANGE $ Change


Year356,860 356,860 373,646 Personnel 423,679 13.39% 50,033

24,890 24,890 24,890 Business Operations 24,890 0.00% - 15,000 15,000 15,000 Audit Fees 45,000 200.00% 30,000

6,950 6,950 6,950 Investment Charges 6,950 0.00% - 18,500 18,500 18,500 Professional Services 18,500 0.00% -

422,200 422,200 438,986 Totals 519,019 18.23% 80,033 18.23%



84%

6%

4%2%

4%

Foundation Business OperationsPersonnel

Business Operations

Audit Fees

Investment Charges

Professional Services

Board of Directors


FY 16/17 FY 17/18 FY 18/19 Board of Directors FY 19/20 % CHANGE $ Change% Change in Operating Funds Over Prior Year

37,300 37,300 37,300 Foundation Board of Directors 37,300 - - 37,300 37,300 37,300 Totals 37,300 - - 0.00%



100%

Foundation Board ofDirectors

Board of Directors

Non endowed Funds Budget


FY 16/17 FY 17/18 FY 18/19 Non endowed Funds Budget FY 19/20 % CHANGE Non-salary increase


Year30,000 30,000 30,000 Commitment to Reserve 30,000 0.00% -

170,000 170,000 170,000

Presidential Initiatives (Includes Welcome Week, Giving Day, Juneteenth, Holiday Luncheon, etc.) Board of Governor's fee, and contractual needs 170,000 0.00% -

224,000 262,000 238,000

President's Contract - sabbatical, physical, insurance, travel, payroll, fringe benefits, performance and retention bonus, and legal fees, transition and search when needed. 273,000 116.67% 35,000

10,000 10,000 10,000 Provost 10,000 0.00% - 1,000 1,000 100,000 Timeless Tanglewood 100,000 0.00% - 6,000 6,000 6,000 VP University Advancement-Sponsorships 6,000 0.00% - 5,000 5,000 5,000 VP University Advancement 5,000 0.00% - 1,000 1,000 1,000 VP Student Affairs 1,000 0.00% - 1,000 1,000 1,000 VP Business, Finance & Facilities 1,000 0.00% -

25,000 25,000 30,000 Foundation Board Grant Program 30,000 0.00% - 473,000 511,000 591,000 Totals 626,000 5.92% 35,000 0.00%



7%

38%

50%

2%0% 2% 1% 0% 0% Commitment to Reserve

Presidential Initiatives (Includes Welcome Week, Giving Day, Juneteenth,Holiday Luncheon, etc.) Board of Governor's fee, and contractual needs

President's Contract - sabbatical, physical, insurance, travel, payroll,fringe benefits, performance and retention bonus, and legal fees,transition and search when needed.Provost

Timeless Tanglewood

VP University Advancement-Sponsorships

VP University Advancement

VP Student Affairs

Administrative Fee

FY 16/17 FY 17/18 FY 18/19Administrative Fee Charged to Transactional

Gifts FY 19/20 % CHANGE Non-salary increase% Change in Operating Funds Over Prior Year

16,715 16,715 34,370 Personnel 34,370 0.00% - 26,932 26,932 26,932 Raiser's Edge & PaperSave Maintenance 26,932 0.00% -

2,201 2,201 2,201 Analytic Solutions - RE Subscriptions 2,201 0.00% - 3,713 3,713 3,713 Analytic Solutions (ResearchPoint Essentials) 3,713 0.00% -

22,655 22,655 5,000 OLX replaced Imodules 5,000 0.00% - 7,000 7,000 7,000 LexisNexis 7,000 0.00% - 3,436 3,436 3,436 ITS BB Systems Server Hosting Fee 3,436 0.00% - 2,348 2,348 2,348 Import-O-Matic 2,348 0.00% -

85,000 85,000 85,000 Totals 85,000 0.00% - 0.00%



40%

32%

3%

4%

6%

8%4%

3%

Administrative Fee Charged to Transactional Gifts

Personnel

Raiser's Edge & PaperSave Maintenance

Analytic Solutions - RE Subscriptions

Analytic Solutions (ResearchPoint Essentials)

OLX replaced Imodules

LexisNexis

ITS BB Systems Server Hosting Fee

Import-O-Matic

Housing Administrative Fee

FY 16/17 FY 17/18 FY 18/19 Administrative Fee Charged to Housing Revenue FY 19/20 % CHANGENon-salary

increase% Change in Operating Funds Over Prior Year

98,893 98,893 98,893 Personnel 108,950 10.17% 10,057 45,000 30,000 30,000 Audit Professional Services - -100.00% (30,000)

1,050 1,050 1,050 Foundation Other Insurances 1,050 0.00% - 144,943 129,943 129,943 Totals 110,000 -15.35% (19,943) -96.62%



76%

23%

1%

Administrative Fee Charged to Housing Revenue

Personnel

Audit Professional Services

Foundation Other Insurances

Actual Other Program Student HSG Expenses Budget

Scholarship Services System Fundraising General & Admin 3/31/2019 3/31/2019 Variance % Unspent Operating Budget

Advancement Services $0.00 $0.00 $0.00 $0.00 $997.36 $997.36 $20,475.00 $19,477.64 95.13%

Alumni Relations $0.00 $0.00 $0.00 $0.00 $63,456.65 $63,456.65 $74,249.91 $10,793.26 14.54%

Board of Directors $0.00 $0.00 $0.00 $0.00 $16,387.68 $16,387.68 $27,974.97 $11,587.29 41.42%

Campaign $0.00 $0.00 $0.00 $12,111.95 $0.00 $12,111.95 $82,500.03 $70,388.08 85.32%

Development $4,479.38 $0.00 $0.00 $295,817.23 $0.00 $276,693.36 $303,207.75 $26,514.39 8.74%

Foundation $0.00 $0.00 $0.00 $0.00 $295,629.30 $295,629.30 $329,239.53 $33,610.23 10.21%

Community Engagement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14,737.50 $14,737.50 100.00%

Total Adv. Division Lines $4,479.38 $0.00 $0.00 $307,929.18 $376,470.99 $665,276.30 $852,384.69 $187,108.39 21.95%

Executive $0.00 $0.00 $0.00 $0.00 $185,318.35 $172,318.35 $172,654.47 $336.12 0.19%

Total $0.00 $0.00 $0.00 $0.00 $185,318.35 $172,318.35 $172,654.47 $336.12 0.19%

Total of Operating Budget $4,479.38 $0.00 $0.00 $307,929.18 $561,789.34 $837,594.65 $1,025,039.16 $187,444.51 19.85%

Non-Endowed Budget

Non-Endowed Budget $0.00 $248,492.93 $0.00 $5,725.00 $94,655.52 $362,102.35 $540,707.13 $178,604.78 33.03%

Total Non-Endowed Budget $0.00 $248,492.93 $0.00 $5,725.00 $94,655.52 $362,102.35 $540,707.13 $178,604.78 33.03%

Other Areas

Admistrative Fee $0.00 $0.00 $0.00 $0.00 $0.00 $63,308.79 $85,000.00 $21,691.21 25.52%

Housing $0.00 $0.00 $0.00 $0.00 $0.00 $6,604,283.49 $6,819,809.97 $215,526.48 3.16%

Other University Accounts $17,250.00 $334,615.42 $0.00 $17,400.00 $121,892.96 $5,100,480.43 $5,100,480.43 $0.00 0.00%

Total $17,250.00 $334,615.42 $0.00 $17,400.00 $121,892.96 $11,768,072.71 $12,005,290.40 $237,217.69 1.98%

Total Other Areas $17,250.00 $334,615.42 $0.00 $17,400.00 $121,892.96 $11,768,072.71 $12,005,290.40 $237,217.69 1.98%

Grand Total $21,729.38 $583,108.35 $0.00 $331,054.18 $778,337.82 $12,967,769.71 $13,571,036.69 $603,266.98 4.45%

University of West Florida FoundationA COMPONENT UNIT OF THE UNIVERSITY OF WEST FLORIDA

BUDGETED STATEMENT OF FUNCTIONAL EXPENSES

X:\FOUNDATION -Board Stuff\FBOD - ADMIN ITEMS\ATTACHMENTS FOR MTG BINDERS - PENDING\Prior Years Unspent Budget Report 2019.3.31

Carried Forward Funds Carried Forward FundsUnspent Prior Years 360,246.20$ Unspent Prior Years -$

Total Carried Forward Budget 360,246.20 Total Carried Forward Budget -

Expensed During 18/19 Expensed During 18/19Alexander Haas & Gernerate (Consultants) 57,254.10 - Capitol Days 1,343.46 - PMA A/C compressor replacement 18,505.00 Pensacola Blue Wahoos 26,621.16 Emerald Coast Gala 1,000.00 Academic Works 26,865.89 Wealthpoint Prof 10,212.00 Commitment for meal plan scholarships 50,000.00

Total FY 18/19 Expenses to Date 191,801.61 Total FY 18/19 Expenses to Date -

Net FY 18/19 Activity 168,444.59 Net FY 18/19 Activity -

Net Carry Forward FY 18/19 168,444.59$ Net Carry Forward FY 18/19 -$

Unspent Division of Advancement Lines Unspent Executive Lines

The University of West Florida Foundation, Inc.Prior Years Unspent Budget Report

As of March 31, 2019

Actual Budget Est. Actual BudgetFY2018 FY2019 FY2019 FY2020

REVENUESRent 8,848,847 9,268,907 8,658,361 9,667,224 Interest 168,220 146,500 164,216 155,500 Other 241,032 245,000 259,336 255,000 TOTAL REVENUES 9,258,099 9,660,407 9,081,913 10,077,724

EXPENSESSalaries & Wages 2,031,881 2,313,499 1,988,028 2,089,433 Administrative & General 417,285 490,633 372,030 447,342 Other Operating Expenses 1,294,057 1,286,499 1,374,062 1,052,000 Utilities 1,130,193 1,179,600 1,097,092 1,125,800 Insurance 190,932 196,600 186,235 194,600 TOTAL OPERATING EXPENSES 5,064,348 5,466,831 5,017,447 4,909,175

Excess of Revenue over Expense 4,193,751 4,193,576 4,064,466 5,168,549 Contingency and Improvement Fund 696,619 623,199 572,868 Renewal and Replacement Fund 476,656 500,000 582,330 300,000

5,367,026 5,316,775 5,219,664 5,468,549

Debt Service Requirement 4,293,167 4,278,404 4,278,404 4,281,087

Coverage Ratio 1.25 1.24 1.22 1.28

Excess Rev over Expenses minus Debt Service Requirement (99,416) (84,828) (213,938) 887,462

University of West FloridaDepartment of Housing and Residence Life

Pro-Forma Statement of Revenue and Expenses

UWF Housing FY 2018-2019 FY 2018-2019 FY 2019-2020

Revenues Budget Actual EOY Est. BudgetRent Revenues Fall/Spring Rental Revenue 8,365,263 7,737,261 8,814,089 Summer Student Rental Revenue $330,143 $330,160 $293,783 Conference/Guest Revenue $82,300 $66,794 $69,550 Parking Pass Incentive ($74,095) ($41,150) ($40,000) Staff Rents $565,296 $565,296 $529,802 Total Rents $9,268,907 $8,658,361 $9,667,224Interest Income Interest Revenue - Banks $14,500 $29,141 $30,500 Interest Revenue - SPIA $132,000 $135,075 $125,000 Total Interest Income $146,500 $164,216 $155,500Other Income Misc (damage;late fee; lost key, etc.) $200,000 $204,544 $205,000 Commissions Revenue $41,000 $49,591 $48,000 RHA $4,000 $5,201 $2,000 Total Other Income $245,000 $259,336 $255,000

Total Revenues $9,660,407 $9,081,913 $10,077,724

Operating ExpendituresPersonnel University Workforce/USPS $1,020,979 $807,877 $933,028 OPS $727,224 $614,855 $626,603 OPS - Staff Rent $565,296 $565,296 $529,802 Total Personnel (Cash ) $2,313,499 $1,988,028 $2,089,433

Other Expenditures Travel 23,690 8,201 8,000 Residence Life - Multiple Programming 67,618 54,052 55,000 Professional Development 6,750 7,478 6,750 Memberships and Dues 1,800 340 1,800 Residence Life - Recruitment and Promotion 5,150 356 5,000 Office Expense - Copying 4,000 2,753 3,000 Office Expense - Postage 1,500 605 1,000 Office Expense - Printing 3,000 2,979 3,000 Office Expense - Marketing & Promotions 30,000 12,172 17,000 Office Supplies 6,000 4,516 6,000 Computer supplies 420 50 0 Computer - Software Support 83,500 81,274 82,920 Communications 13,000 10,345 12,450 Equipment 2,500 2,354 1,500 Equipment - Computers 8,000 4,939 8,000 Cleaning Supplies 20,000 26,466 20,000 Maintenance, Repairs and Supplies 78,800 144,866 81,500 Vehicles 17,000 13,654 17,000 Furniture and Appliances 45,000 31,524 32,000 Renewal and Replacement 500,000 582,330 300,000 Custodial Contract 623,199 572,868 600,000 Debt Service 1,697,247 1,664,908 1,600,716 Nautilus Card Fees 3,000 3,636 4,500 Misc. Operating Expenses 36,950 33,748 35,700 Contracted Services 15,000 11,400 14,000 Utilities 1,179,600 1,097,092 1,125,800 Insurance 196,600 186,235 194,600 Bond Admin Fees/Trustee & Fiscal Agent Fee 21,000 16,994 21,000 Bond Rating Agencies/GNP Services 24,000 10,500 26,000 CB&T and UWF Admin Fees 4,500 3,236 3,250 SPIA Service Charges/Admin Fees 11,000 8,787 7,000 Foundation Fee - Services, Insurance, Audit 120,755 93,670 125,972 Bankcard Settlement Fees Sales Tax Bad Debt Expense Total Other Expenses 4,850,579 4,694,327 4,420,457Total Salaries and Other Expenses 7,164,079 6,682,355 6,509,890

Amortization and Depreciation Amortization 41,871 41,871 41,871 Depreciation 2,871,648 3,064,086 3,046,556 Total Amortization & Depreciation (Non Cash) 2,913,519 3,105,957 3,088,428

Total Expenses 10,077,598 9,788,312 9,598,318

Net Income -417,191 -706,399 479,406

Net income -417,191.11 -706,398.93 479,406.47Interest Exp 1,697,247.00 1,664,907.77 1,600,715.58Amort 41,871.47 41,871.47 41,871.47Dep 2,871,648.00 3,064,085.59 3,046,556.17R&R 500,000.00 582,330.26 300,000.00Contengency and Improvement 623,199.36 572,867.75 0.00

5,316,774.72 5,219,663.91 5,468,549.69

Debt Service Requirement 4,278,404.00 4,278,404.00 4,281,087.00

Budgeted Debt Coverage Ratio 1.24 1.22 1.28Actual DCR

Operating Reserve Fund (ORF) 966,041 908,191 1,007,772 Renewal and Replacement Requirement 299,200 299,200 293,400

Budget Base

The three year average of the total pooled investments as of June 30, 2018 was

$86,157,284

Policy

Operating Budget Spending: Generally, two percent (2%) of three year average of the market value of the investment portfolio will be used to fund the operating budget. Pursuant to the proposal adopted by the Board of Directors, the goal is to reduce the operating budget from two percent (2%) to one and one-half percent (1.5%) of the total investment assets. As such, for each $1,000,000 increase in market value of the investment portfolio above $50,000,000, the percentage for the operating budget will decrease by one basis point (0.01%), reaching the objective of 1.5% with assets of $100,000,000. Using this formula, the budget rate for FY 2020 is 1.64%.

Historical Budget Calculation

1.64% of $86,157,284 = $ 1,412,979

Revised Budget Calculation

1.75% of $86,157,284 = $1,507,752

(remain at 1.75%)

The resulting total dollar budget represents an increase over the prior year of $141,033 or 10.32%.

Nominating Committee

Reports

UWF Foundation Nominating Committee – List of Potential Board Members 2019

UWF Foundation Board of Directors - Nominating Committee Meeting May 16, 2019

LIST OF POTENTIAL BOARD MEMBERS FOR CONSIDERATION

Name Professional and Other Relevant Info

Caryl Greene

• President/CEO Members First Credit Union of FL with over 18 years providing

strategic and operational leadership for the credit union • B.S Business Administration, Major: Economics • Professional Affiliations:

Board of Directors, Southeastern Credit Unions LEVERAGE Board Member, League of Southeastern Credit Unions Pres. NW FL Chapter of League of Southeastern Credit Unions Member, Pensacola Interstate Fair Member, Coastline Calvary Church

Chad Henderson

• Catalyst Healthcare Real Estate (HRE) • Founder and CEO, led Catalyst HRE in guiding hospitals, integrated healthcare

systems and specialty providers of all sizes in planning, creating, optimizing, and maintaining their healthcare real estate assets.

• B.S. Finance – FSU

Amber McClure

• Certified Public Accountant and CFO of Studer Entertainment and Retail • UWF B.S.B.A. Accounting 2003 (graduated with honors) • UWF M.A. Accounting 2005 • Community Involvement: The Beacon; Chain Reaction • Named Southern League 2018 Executive “Woman of Excellence” Award

Rodney Sutton

• Managing Partner & Real Estate Broker SVN, Southland Commercial Real

Estate • Florida licensed Real Estate Broker • Managing Partner in multiple commercial real estate development projects ,

Joint Venture Partnerships, and Private Equity Investments and Property Management

• UWF - B.S. Marketing - 1991 • Professional/Community Affiliations:

Boy Scouts of America, Chain Reaction for Teens Krewe of Lafitte, Sacred Heart Foundation and UWF Athletics

UWF Foundation Board of Directors Industry Review

2019

Current Board Background/Industries These are the fields which we currently have representation or experience from our board

members.

• Banking and Financial Services / Commercial Lending • Insurance and Investment Sales and Management • Community and Economic Development • Non-Profit Organization Management • Real Estate Development, Sales, and Property Management • Hotel and Tourism Management • Accounting • Law and Legal Services • Government and Institutional Affairs • Construction and Home Building Management

Areas of Strategic Advancement These are the areas of need which were mentioned in the UWF Strategic Plan. Their correlating

initiatives are referenced below each field. • Education

o 1.1 Provide high-quality learning and co-curricular experiences. o 3.1 Build programs of distinction that enhance UWF’s reputation for

educational excellence. • Cultural and Economic Advancement

o 4.1 Strengthen and expand partnerships that amplify UWF’s impact and visibility in the community as an educational, cultural and economic center.

• Health o 4.2 Enhance the region’s education, economy, culture, health and well-

being through endeavors beyond campus borders. • Infrastructure

o 5.2 Invest in and steward UWF’s natural, technical, intellectual and physical infrastructure.

• UWF / Community Partners

o 4.3 Inspire partnerships that develop a pathway to employment for UWF students and graduates and imbue the community with value for UWF as a good neighbor.

• Hospitality / Destination Campus o 5.1 Promote UWF’s properties as desirable destinations for educational,

cultural, professional and personal activities.

University Initiatives These are the areas which need financial support for future planning and growth. Projects

having to do with these initiatives are likely to be focuses of the next capital campaign.

• Cybersecurity • Science and Engineering • Advanced Manufacturing • Financial Literacy • Center For Healthy Living • Supply Chain Logistics

Other Business

UWF Foundation, Inc. Board of Directors

Proposed 2019-2020 Committees and Full Board Meeting Calendar (As correlates with approved 2019-2020 UWF BOT meetings)

DRAFT

FBOD MEETING DATES BOT MEETING DATES Thurs., Aug. 29, 2019 Wed., Aug. 14, 2019

UWFF Committee Meetings BOT Committee Meetings 9:30 a.m. – 5 p.m. at *Global Online 9:00 a.m. – 2 p.m. at UWFF Conf. Ctr. Wed., Sept. 18, 2019 Thurs., Sept. 19, 2019 UWFF Board of Directors Meeting BOT Full Board Meeting 3:30 - 5 p.m. Location TBA 9:00 a.m. at UWF Conf. Ctr. Nov. 14 - UWF Donor Recognition Dinner 5:30 pm Sanders Beach Thurs., Nov. 21, 2019 Wed., Nov. 6, 2019 UWFF Committee Meetings BOT Committee Meetings 9:30 a.m. – 5 p.m. at *Global Online 9:00 a.m. – 2 p.m. at UWF Conf. Ctr. Wed., Dec. 4, 2019 Thurs., Dec. 5, 2019 UWFF Board of Directors Meeting BOT Full Board Meeting 3:30 - 5 p.m. Location TBA 9:00 a.m. at UWF Conf. Ctr. Dec. 12 - UWF HOLIDAY FEST – Downtown UWF Historic Trust Museum Plaza Thurs., March 5, 2020 Thurs., Feb. 13, 2020 UWFF Committee Meetings BOT Committee Meetings 9:30 a.m. – 5 p.m. at *Global Online 9:00 a.m. – 2 p.m. at UWF Conf. Ctr. Tues., March 17, 2020 Wed., March 18, 2020 UWFF Board of Directors Meeting BOT Full Board Meeting 3:30 - 5 p.m. Location TBA 9:00 a.m. at UWF Emerald Coast Campus Thurs., May 14, 2020 Wed., May 13, 2020 UWFF Committee Meetings BOT Committee Meetings 9:30 a.m. – 5 p.m. at *Global Online 9:00 a.m. – 2 p.m. at UWF Conf. Ctr. Wed., June 17, 2020 Thurs., June 18, 2020 UWFF Board of Directors Meeting BOT Full Board Meeting 3:30 - 5 p.m. Location TBA 9:00 a.m. at UWF Conf. Ctr. *UWF Global Online 630 E. Government Street Pensacola, FL 32502

UWF Events and Happenings Updated 06.07.19

June 2019 1 Historic Trust Open House (special offerings for alumni at the alumni tent) 6 Heritage Club and Loyalty Donor Luncheon, 11:30 am – 1:00 pm - Museum of Commerce 12 Orlando Alumni/Donor Dinner 13 Tampa Alumni Network Event 17 UWF Foundation Board Meeting *

UWF Pensacola campus, Building 12 Alumni Conference Room 3:30 pm

19 UWF Board of Trustees Full Board Meeting: 9 a.m. – 1 p.m. UWF Conference Center Building 22 20 MBA/MACC Alumni Event 26 Blue Wahoos Party Deck for Alumni and Athletics August 2019 15 Argo Rally at the Fish House 29 UWF Foundation Board Meeting * Location: TBA *Denotes committee members presence requested

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