UWF Foundation, Inc. Board of Directors Meeting Alumni ......2019/03/13 · Mrs. Dorsey introduced Mrs. Lisa Mrahi to the Executive Committee. Mrs. Mrahi will join the Division of

*- Indicates possible action item for the Board.

UWF Foundation, Inc. Board of Directors Meeting

Alumni Room (Building 12, Room 150) 3:30 p.m. – 5:00 p.m., March 13, 2019

Agenda

Opening Remarks/ Introduction Call to Order / Agenda

Roll Call / Quorum / Approval of Minutes*

Information Reports University Update

Advancement Report

Student Presentation

Alumni Report

CFO’s Report

Committee/Officers Reports Executive Committee

Actions of the Executive Committee

Investment Committee

Gail Dorsey, BOD Chair

Richard Peterson, BOD Secretary

Martha Saunders, UWF President

Howard Reddy, VP for Advancement

Nick Norris, Argos Suit Up! Recipient

Brett Barrow, Alumni Assoc. President

Dan Lucas, Chief Financial Officer

Gail Dorsey, BOD Chair

Jason Crawford, BOD Vice Chair Quarterly Performance Report (ACG) Earnings and Expenses Comparison Other Investment Assets Actions of the Investment Committee*

*Investment Asset Allocation Guidelines*Investment Private Equity Fund: Portfolio Advisor Fund X

Audit Budget Committee Gail Dorsey, BOD ChairDavid Hightower, BOD Treasurer Budget to Actual Reports

Housing Statement of Functional Expenses

Prior Year’s Unspent Report Actions of the Audit Budget Committee

Grant Committee Doug Dobson, Committee Chair Actions of the Grant Committee

Nominating Committee Gordon Sprague, BOD Immediate Past Chair Actions of the Nominating Committee

Other Business Recognitions

Announcements

Adjourn

Opening Remarks / Introduction

UWF FOUNDATION, INC. BOARD OF DIRECTORS MEETING

Alumni Conference Room December 3, 2018 @ 3:30 p.m. – 5:00 p.m.

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Present Members: Mrs. Gail Dorsey (chair), Mr. Brett Barrow, Mrs. Connie Bookman, Mr. Rick Byars, Mr. David Cleveland, Mr. Jason Crawford, Ms. Dee Dee Davis, Mr. Doug Dobson, Mrs. Megan Fry, Mr. John Gormley, Mr. Tim Haag, Mr. David Hightower, Mr. James Hosman, Mrs. Kathie Jeffcoat, Ms. Zenani Johnson, Mr. Trip Maygarden, Mr. David Peaden, Mr. Richard Peterson, Mr. Chris Roney, Dr. Martha Saunders, Dr. Sherry Schneider, Mr. Gordon Sprague and Mr. Bruce Vredenburg

Staff: Mr. Howard Reddy, Mr. Daniel Lucas, Mrs. Geri Battist, Ms. Jan Butts and Ms. Claire Stewart

Guests: Mrs. Missy Grace, Ms. Janice Gilley, Dr. Jim Hurd, Mr. Neil McMillion,

Call to Order: Mrs. Dorsey called the meeting to order at 3:30 p.m.

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 September 25, 2018. Mrs. Jeffcoat made a motion to approve the minutes as submitted. Mr. Sprague seconded the motion with all members voting to approve the motion.

Information Reports:

University Update: Dr. Saunders presented the report on the University.

• The University of West Florida welcomed its second consecutive class of National MeritFinalist in the fall (semester) for a total of seven students enrolled to date.

• The University of West Florida will confer 100,000th degree at fall 2018 commencement.Mrs. Singer is this year’s commencement speaker. Singer is the vice president for nationalsecurity at AT&T Government and earned her bachelor’s degree in computer science in’84 and master’s degree in systems analysis in ’85 from UWF.

• Athletic Highlights:o Women’s soccer finished their season with an overall record of 20-1, and lost in

overtime in the NCAA Tournament.o Women’s volleyball team finished the season with a 25-8 record and finished the

season with a loss in the NCAA Division II South Regional.o UWF men’s soccer has played in 10 Gulf South Conference (GSC) finals in the last

13 seasons, the most appearances of any team in the conference during thatperiod.

o The UWF Football team had a record eight players recognized by the GSC as all-league performs. UWF went 6-5 in its third season.

• University Park Center was named the Darrell Gooden Center in honor of UWF alumnusDarrell Gooden and his wife Debbie Gooden.

UWF Foundation, Inc. Board of Directors Meeting Minutes from December 3, 2018

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• Argo Athletic Band is gaining interest and support from the Pensacola communityincluding area high school students. The Russenberger Foundation made a major gift insupport of the program.

• The School of Nursing in the Usha Kundu College of Health has a 99 percent pass rate onthe licensing exam. UWF has one of the top nursing programs in the state.

• Hal Marcus College of Science and Engineering received a five-year $3 million grant fromthe U.S. Department of Education to enhance and expand its STEM courses. The fundswill be used to purchase new technology and equipment and hire additional staff.

• Six cybersecurity students won the ITEN WIRED cybersecurity completion on October 1.During the competition, each team logged into a poorly secured network that was underattack and took on the role of incident responders.

• UWF has partnered with the Institute for Human and Machine Cognition to develop adoctoral program in intelligent systems and robotics. The program will be the first of itskind in Florida and one of only a few in the nation.

• Escambia County added a new voting location at Building 90, University of West Florida.Employees and voters from the community used this location to vote.

• In the coming months, the University will be installing permanent sculptures to thePensacola campus to reflect a landmark work of public art that embodies science,technology, engineering, art and math. Over the summer, UWF submitted a call to artistsfor the production of public art with a STEAM emphasis. In October, the finalists wereselected with the goal of the sculptures to be installed in early 2019.

Advancement Report: Mr. Reddy shared highlights from the Division of University Advancement providing an update on the gifts, pledges, and planned gifts to date, which totaled $6,140,948 as of November 30, 2018. Additionally, he highlighted several of the major gifts received since the last board meeting. The annual gift phonathon, run by student callers, has returned after three years of dormancy. Founders week events are scheduled the week of April 13, 2019 with UWF Day of Giving scheduled for Thursday, April 18.

Student Presentation: Ms. Jasmine Richburg, Rotary Club of Pensacola Scholarship recipient, and a first generation student, addressed the Board. Ms. Richburg currently serves as a University Student Ambassador, participates in the TriO Student Support program and Student Leadership Council. Ms. Richburg noted that serving the community and mentoring students has provided her with inspiring experiences.

Alumni Report: Mr. Barrow reported that the UWF Alumni Association was active during the semester with homecoming and football tailgates, conducting ghost tours, supporting downtown lecture series and hosting a faculty and staff breakfast. Graduates of the Last Decade (GOLD) is a recent initiative using local events to encourage young alumni to become more involved with the UWF campus and Pensacola community.


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CFO’s Report: Mr. Lucas presented the CFO’s Report. Foundation Staff is currently preparing Form 990, Return of Organization Exempt from Income Tax and working with the Controller and Enrollment Offices in response to Moody’s annual disclosure request. As a result of recent legislation, the Foundation will be required to change the accounting standard of reporting from FASB to GASB. Staff is participating in professional development to prepare for this conversion.

Reports of Board Committees:

Executive Committee: Mrs. Dorsey reported that there were no motions approved by the Executive Committee during the past quarter and noted that a copy of the minutes was sent to each Board member.

Investment Committee: Mr. Crawford began his presentation with an overview of Foundation’s investment objective. The target rate is currently Consumer Price Index plus 4% on an annualized basis. Mr. Crawford then provided one year and last twelve months performance measurements noting the volatility of the market. Foundation’s investment portfolio is constructed using a balanced investment strategy with a long-term perspective. As of September 30, 2018, the portfolio value with cash reserves was $97,602,359.

The Foundation hosted its first Investment breakfast on November 16, 2018 at Another Broken Egg Café. Harbert Management Corporation presented with an overview of real estate holdings and perception of market conditions. Approximately 28 guests attended, and the event was successful.

Mr. Crawford reviewed the endowment-spending rate with the committee and made the motion to maintain the rate at 4%. Mr. Dobson seconded the motion, and the motion carried with all voting in favor.

Mr. Crawford reviewed the Planned Giving Policy with the committee and made the motion to add benchmark measurements to the asset allocations. Mr. Hosman seconded the motion, and the motion carried with all voting in favor.

Audit/Budget Committee: Mr. Hightower reviewed Housing’s budget to actual noting that revenues are less than budget as the result of an eight percent decrease in occupancy. Staff has offset this decline with cuts in expenditures. The Board engaged in a conversation about the changes in freshmen enrollment and increased off-campus competition affecting housing occupancy rates. Spring semester’s occupancy rates are forecasted to be higher than in prior years. Housing maintains required debt service ratios and has sufficient reserves.

Foundation’s budget to actual, excluding Housing, are in line with budget. Non-endowed actuals are slightly over budget as compensation was determined for this fiscal year after Foundation’s budget was established.


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Grant Committee: Mr. Dobson provided an overview of the last grant committee meeting in which 13 applicants applied for $7,500 in study abroad scholarships. Proposed destinations are Hong Kong, Wales, and France. As the majority of students make travel plans for the summer months, the remaining budget is retained for spring semester. Applicant ranking is determined by a scoring matrix detailing academic goals, financial need and merit.

Nominating Committee: Mr. Sprague reviewed the Foundation’s Board of Director composition noting that up to twenty-two (22) members can be selected. The President of the University nominates ten of the elected directors. The Alumni Association from its membership nominates two of the elected directors. The Foundation Board of Directors shall elect the remaining ten. In June 2019, three members are eligible for re-appointment. The committee is currently vetting three candidates in case of an unexpected vacancy.

Other Business: Mrs. Dorsey encouraged members of the Board to contribute to University of West Florida if they have not already. Everyone was encouraged to attend UWF Holiday Fest on December 11, 2018 and Harry and Pam Schwartz’ 50th Wedding Anniversary on December 14, 2018. There being no further business, the meeting was adjourned at 5:00 p.m.

Information Reports

Executive Committee Reports

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UWF FOUNDATION, INC. EXECUTIVE COMMITTEE MEETING

FPAN Building, 2nd floor, Classroom February 21, 2019, 3:30 p.m. – 5:00 p.m.

Present: Members: Chair, Mrs. Gail Dorsey, Mr. David Cleveland, Mr. Jason Crawford and Mr. Gordon Sprague

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

Call to Order: Mrs. Dorsey called the meeting to order at 3:30 p.m. Staff confirmed quorum achieved.

New Staff: Mrs. Dorsey introduced Mrs. Lisa Mrahi to the Executive Committee. Mrs. Mrahi will join the Division of Advancement on February 25, 2019 as an executive specialist and will provide administrative support to the Foundation Board of Directors.

Minutes: The committee members reviewed the minutes of the meeting held on November 16, 2018. Mr. Sprague made a motion to accept the minutes as presented. Mr. Peterson seconded the motion, and motion carried with all voting in favor.

Advancement Report: Mr. Reddy presented University Advancement highlights. During this fiscal year, total gifts of $7,348,531 have been received including new pledges and planned gifts. Mr. Reddy provided a list of major donors and provided an overview of current KPI results for gift and donor types as well as board giving. This year’s faculty and staff campaign has begun with volunteer peer communicators encouraging one-time and payroll gifts. The response has been positive. The next alumni event is February 25th in Atlanta. The number of student ambassadors for spring semester increased to 42 and the program recently received a grant of $5,000 grant for training. The JCPenney Suit Up program was a huge success with over 385 students participating. The program allows students and alumni to purchase processional wear at discounted prices. Over $10,000 in gift cards were awarded to students funded by donations.

University Update: Due to conflicts in schedule, President Saunders was not able to attend the Executive Committee meeting.

CFO Report: Staff is reviewing gift process times with the objective of finding ways to improve efficiencies. The goal is to minimize the number of days from receipt of gift to thanking the donor with a signed letter. Next fiscal year budgets are currently being prepared. DSO’s are now required to submit budgets to the BOT for review. Based upon the last meeting with the BOT, budget formats will probably be adjusted to support conformity.

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In September 2018, the Florida legislature enacted new regulations that affect University direct service organizations (DSO). The Board of Trustees (BOT) must approve Board of Director (BOD) members. This revision requires a change in standard of reporting from FASB to GASB. Committee Reports: Investment Committee: The Investment Committee recommended a change to the asset allocation guidelines for alternative assets and MLP’s. Mr. Crawford made a motion to recommend the proposed asset allocation changes and to bring a vote to the full board. Mr. Sprague seconded the motion, and the motion carried with all voting in favor. Based upon a recommendation from the investment advisor, the committee considered the investment in Portfolio Advisors Private Equity Fund X. Mr. Crawford made a motion to invest $5,000,000 in the fund and to bring a vote to the full board. Mr. Gordon seconded the motion, and motion carried with all voting in favor. Mr. Crawford reported that the committee approved the liquidation of William Blair Institutional International Growth and 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 managers breakfast at Pensacola Yacht Club. Portfolio Advisors presented with an overview of private equity and credit markets. There were approximately 56 attendees including staff. Several guest participants have reached out to BOD members to thank them for the opportunity. Audit/Budget Committee: Mrs. Dorsey reviewed Housing’s budget to actual noting that repairs and replacement expenditures are slightly over budget from transportation and disposition costs from last summer’s furniture and kitchen upgrades. Revenues remain flat. Housing has enhanced its marketing campaign and the number of applications appear to be increasing. Housing maintains required debt service ratios and has significant cash reserves. The budget model for next fiscal year will be adjusted to reflect a more realistic forecast of occupancy. Students, faculty and staff will be invited to an upcoming open house for all University resident buildings. Nominating Committee: Mr. Sprague noted that the names of seven candidates have been submitted as potential Board of Director membership. Staff was requested to contact these candidates and request a resume or bio with an established deadline for responding. In June 2019, three members are eligible for re-appointment and two member terms will expire. 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.

Investment Committee

Reports

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Atlanta Consulting Group | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305

P 404.240.6747 | T 888.317.2810 | F 470.823.3178

theatlantaconsultinggroup.com

University of West Florida Foundation

Fourth Quarter 2018

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Table of Contents ______________________________________________________________________________________

SECTION 1 University of West Florida Foundation SECTION 2 Performance Update – January 31, 2019 SECTION 3 University of West Florida Planned Giving SECTION 4 Asset Allocation Study SECTION 5 Private Markets Allocation SECTION 6 Private Markets Fundraising Schedule SECTION 7 Statement of Policy and Investment Objectives SECTION 8 Education: Private Markets

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

ACG Market Review Fourth Quarter 2018

Global Highlights: Economy – Small business and consumer confidence levels each hit longtime highs over the summer but fears of slowing economic expansion began to surface during the fourth quarter. Equities – A selloff in global equity markets during the fourth quarter has resulted in attractive valuations on a forward price-to-earnings basis across all regions. Fixed Income – Bonds had a strong fourth quarter to finish 2018 flat as the 10-year Treasury fell below 3% during December, ending the year at 2.68% only weeks after reaching a multiyear high in November.

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For institutional client use only – not for distribution

Is Economic Growth Slowing? After small business and consumer confidence levels each hit longtime highs over the summer, fears of slowing economic expansion began to surface. The U.S. manufacturing sector softened as the ISM index declined to 54.1 in December, its lowest level in over two years. The December reading reflects “continued expanding business strength, but at much lower levels.” Overall demand and inputs softened, while consumption continued to strengthen, albeit at much lower pace. U.S. GDP for the third quarter of 2018 was +3.4%, the second highest reported level in over three years after posting +4.2% in Q2. Due to fears of an economic slowdown, the price of oil plummeted during the fourth quarter. West Texas Intermediate Crude Oil ended the year at $45.41 per barrel, down over $27 from the end of the third quarter and down $15 from the end of 2017. Analysts’ estimates for year-over-year earnings growth rate of +11.4% for Q4 would mark the fifth consecutive quarter of double-digit earnings growth for the S&P 500. Ten of eleven sectors are expected to report positive earnings growth, led by the Energy, Financials and Industrials sectors. The Q4 2018 year-over-year projected revenue growth rate is estimated at +6.1%, with ten of the eleven sectors expecting to report positive revenue growth.

Volatility Leads to a Unique Outcome VIX, a measure of the stock market’s implied volatility, rose +110% during the fourth quarter. The S&P 500 experienced a five-year high in both monthly index volatility and constituent correlation during December. This increase in volatility and correlation capped off the worst quarter for U.S. Equities since 2011. The S&P 500 posted a fourth quarter loss of -13.52%, dragging 2018 returns negative to -4.38% for the year. In a sharp reversal of performance, defensive sectors led the way during the quarter with Utilities as the only positive sector returning +1.36%. Energy was the worst performing sector of the quarter with a loss of -23.78%. Information Technology and Consumer Discretionary returned -17.34% and -16.42% respectively, as growth and momentum, factors both sectors had long benefitted from, underperformed. Small Cap stocks finished the year down -11.01% as the Russell 2000 Index lost -20.20% during the fourth quarter.

Dividends, Earning Growth and Multiple Expansion have been a tailwind for U.S. Equities over the past few years. Strong Earnings Growth during 2018 was offset by significant Multiple Contraction during the fourth quarter, resulting in the first negative year for the S&P 500 since 2008. U.S. Equity valuations hit a peak forward P/E ratio of 18.5x, or 86th percentile, during 2018 but fell to 13.6x towards the end of December, a figure that sits in the 32nd percentile over the last 33 years. Since 1920, there have been twenty episodes in which U.S. Equities experienced P/E Multiple Contraction of 20% or more. In 75%

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of those time periods, U.S. Equities posted positive returns with an average a gain of +12% over the next twelve months. 2018 produced a very unique result for U.S. Equity and Fixed Income returns. Since 1926, 2018 was only the third calendar year in which the S&P 500 (-4.38%) and the Bloomberg Barclays Aggregate Bond Index (+0.01%) both experienced either flat or negative returns. Yields Drop after Multiyear Highs The 10-year Treasury yield experienced a multiyear high during November before falling well below 3% to finish 2018 at 2.68%. The Federal Reserve announced another 25 basis point increase to the Federal Funds rate to a range between 2.25% and 2.5% at the December FOMC meeting. In December, the Fed revised 2019 GDP growth projections modestly down to +2.3% after announcing a projection of +2.5% during the September FOMC meeting. 2019’s revised growth rate of +2.3% is still above the long term target rate of +1.8%. The yield curve continues to flatten as the spread between 2-year and 10-year Treasuries fell to as low as 0.11%, or 11 bps, during December. While inversion of 2-year and 10-year Treasury yields is a popular indicator for an upcoming recession, history has shown that the length of time before a recession begins varies, with bear markets occurring on average 17 months after the inversion of the 2-year and 10-year Treasury yields.

Fixed Income posted strong fourth quarter results as the Bloomberg Barclays Aggregate Bond Index gained +1.64% to end 2018 with a flat return of +0.01%. Investment Grade bonds outperformed High Yield during the quarter as Credit Spreads widened towards the end of the year. Government Bond prices around the globe posted positive returns as yields fell. Global Bonds, as measured by the FTSE World Government Bond Index, ended the fourth quarter with a gain of +1.75% but finished 2018 negative at -0.84%. Overseas Equities Join U.S. in Selloff The decline seen in U.S. Equities was not contained domestically as international stocks participated in the selloff. Developed International Equities, as measured by the MSCI EAFE Index, ended the quarter down -12.54%, dragging 2018 returns to -13.79%. International Small Cap was one of the worst performing asset classes of 2018. The MSCI EAFE Small Cap, lost -16.05% during the final quarter ending the year down -17.89%. Emerging Market Equities, on the other hand, outperformed their domestic and international developed counterparts during the fourth quarter after trailing during the first three quarters of the year. The MSCI Emerging Markets Index was only down -7.47% during the fourth quarter but ended 2018 with a loss of -14.58%. After the drop in global equity markets during the fourth quarter, forward price-to-earnings ratios look exceedingly more attractive across all regions. Emerging markets, which

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were already relatively attractive on a valuation basis, saw their forward P/E ratio drop from a high of 13.2x to 10.2x, or from the 59th percentile to the 16th percentile since 1988.

Despite a slowdown in the rate of earnings growth estimated for 2019, the overall level of EPS growth estimates across all regions remains strong.

Risks

Despite market volatility, the economy appears to be on firm footing. The Index of Leading Economic Indicators remains positive, while the ratio of leading economic indicators to coincident indicators continues to rise, a scenario atypical of periods preceding a recession. Furthermore, the housing market remains strong. In the past, new housing starts have rolled over prior to an upcoming recession.

After 116 straight months of overall economic expansion, there are two main areas of concern regarding GDP growth for 2019: a headwind from tightening financial conditions in the form of higher interest rates and the decreasing effect of fiscal policy as tax cuts become less relevant. Despite these issues, the Fed’s stance on data dependency gives them flexibility should the economic outlook change considerably. In a sharp reversal from when Fed-funds futures indicated a 90% probability of an increase of rates during 2019 seen in early November, futures prices in the first trading day of 2019 displayed a roughly 90% chance that interest rates would end the year at or below current levels.

This leads to monetary policy uncertainty, one of the biggest risks we see over the next few years. In 2019, the Federal Reserve will have to navigate the tricky balance between keeping interest rates low enough to remain accommodative, as GDP growth will likely slow, while remaining cautious against the potential for higher than anticipated inflation.

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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 – December 2018

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 -9.03 -13.52 -4.38 -4.38 9.26 8.49 13.12 MSCI Emerging Markets -2.66 -7.47 -14.58 -14.58 9.25 1.65 8.02Dow Jones Industrial Average -8.59 -11.31 -3.48 -3.48 12.94 9.70 13.16 MSCI Europe -4.62 -12.72 -14.86 -14.86 2.10 -0.61 6.15NASDAQ Composite TR -9.40 -17.29 -2.84 -2.84 11.10 10.97 16.76 MSCI Pacific -5.14 -12.20 -12.02 -12.02 4.54 2.73 6.76MSCI EAFE -4.85 -12.54 -13.79 -13.79 2.87 0.53 6.32 MSCI ACWI ex USA -4.53 -11.46 -14.20 -14.20 4.48 0.68 6.57Russell 2000 -11.88 -20.20 -11.01 -11.01 7.36 4.41 11.97 MSCI EAFE Small Cap -6.45 -16.05 -17.89 -17.89 3.73 3.06 10.51Dow Jones U.S. Total Stock Market -9.33 -14.36 -5.30 -5.30 8.92 7.86 13.22 MSCI Frontier Markets -2.93 -4.33 -16.41 -16.41 4.21 0.67 4.75

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 -9.11 -13.82 -4.78 -4.78 9.09 8.21 13.28 FTSE T-Bill 3 Months 0.20 0.57 1.86 1.86 0.99 0.60 0.35Russell 1000 Growth -8.60 -15.89 -1.51 -1.51 11.15 10.40 15.29 BBgBarc US Municipal TR 1.20 1.69 1.28 1.28 2.30 3.82 4.85Russell 1000 Value -9.60 -11.72 -8.27 -8.27 6.95 5.95 11.18 BBgBarc US Aggregate TR 1.84 1.64 0.01 0.01 2.06 2.52 3.48Russell MidCap -9.92 -15.37 -9.06 -9.06 7.04 6.26 14.03 BBgBarc US Govt/Credit TR 1.86 1.46 -0.42 -0.42 2.19 2.53 3.46Russell MidCap Growth -9.07 -15.99 -4.75 -4.75 8.59 7.42 15.12 BBgBarc US Govt/Credit Int TR 1.34 1.65 0.88 0.88 1.70 1.86 2.90Russell MidCap Value -10.50 -14.95 -12.29 -12.29 6.06 5.44 13.03 BBgBarc US Corporate High Yield TR -2.14 -4.53 -2.08 -2.08 7.23 3.83 11.12Russell 2000 Growth -11.68 -21.65 -9.31 -9.31 7.24 5.13 13.52 BBgBarc Global Aggregate TR 2.02 1.20 -1.20 -1.20 2.70 1.08 2.49Russell 2000 Value -12.09 -18.67 -12.86 -12.86 7.37 3.61 10.40 FTSE WGBI 2.39 1.75 -0.84 -0.84 2.69 0.77 1.52

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 -6.90 -12.31 -14.70 -14.70 7.22 3.84 11.07 HFRI FOF: Diversified Index -1.63 -4.74 -3.43 -3.43 1.21 1.37 3.17S&P 500 Consumer Discretionary -8.37 -16.42 0.83 0.83 9.55 9.69 18.35 HFRI FOF: Conservative Index 0.27 -2.03 0.37 0.37 2.11 1.96 3.23S&P 500 Consumer Staples -9.11 -5.21 -8.38 -8.38 3.09 6.26 10.96 HFRI FOF: Strategic Index -1.72 -5.59 -5.78 -5.78 1.55 1.43 3.43S&P 500 Energy -12.67 -23.78 -18.10 -18.10 1.07 -5.56 3.50 Wilshire Liquid Alternative TR USD -1.61 -3.80 -4.33 -4.33 0.93 0.17 2.27S&P 500 Financials -11.28 -13.11 -13.03 -13.03 9.28 8.16 10.92 FTSE EPRA/NAREIT Global TR USD -4.91 -4.79 -5.55 -5.55 4.36 5.36 10.38S&P 500 Health Care -8.62 -8.72 6.47 6.47 8.14 11.64 14.92 Alerian MLP TR USD -9.36 -17.30 -12.42 -12.42 -1.06 -7.31 9.58S&P 500 Industrials -10.70 -17.29 -13.29 -13.29 7.65 5.95 12.68 Bloomberg Commodity Index TR USD -6.89 -9.41 -11.25 -11.25 0.30 -8.80 -3.78S&P 500 Information Technology -8.46 -17.34 -0.29 -0.29 16.37 14.93 18.36S&P 500 Real Estate -7.41 -3.83 -2.22 -2.22 -- -- --S&P 500 Communication Services -7.29 -13.19 -12.53 -12.53 2.17 2.58 7.51S&P 500 Utilities -4.02 1.36 4.11 4.11 10.72 10.74 10.46

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Source: Hedgeye, ACG

Q4 2018: Volatility Returns

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-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

-10.00% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%

2018 Was a Unique Year

• Since 1926, 2018 was only the third calendar year in which the S&P 500 and BloombergBarclays Aggregate Bond Index both experienced either flat or negative returns

• In 60 years (64.5% of the time), calendar year returns to both the stocks and bonds were positive• In 23 years (24.7% of the time), calendar year returns of stocks were negative while bonds were positive• In 7 years (7.5% of the time), calendar year returns of stocks were positive while bonds were negative

S&P

500

Cal

enda

r Yea

r Ret

urn

Bloomberg Barclays Aggregate Calendar Year Return

Calendar Year Returns(Stocks vs. Bonds, 1926 - 2018)

2018

2008

1982

1985

2002

2013

1994

1958

1931

1969

1937

1995

19331954

1935

Source: Morningstar, Bloomberg, ACG

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U.S. Equity Markets: Changing Sentiment Leads to Sell-off

• Dividends, Earnings Growth and Multiples have been a tailwind for the market over the lastfew years. In 2018, however, very strong earnings growth was offset by multiple contraction(i.e. the market adjusted to a lower P/E ratio)

• Since the 1920’s, there have been twenty episodes of P/E multiple contractions of 20% ormore. In fifteen of the twenty episodes, U.S. equity market returns were positive over the next12 months - averaging a 12% gain

S&P 500 Total Return Attribution(Dividend Yield + Earnings Growth + Multiple change = Total Return)

Source: Thomson Reuters, I/B/E/S, MSCI, Ed Yardeni, JP Morgan, ACG

13.7%

1.4%

12.0%

21.8%

-4.4%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

2014 2015 2016 2017 2018

Dividend Yield Earnings Growth P/E Multiple Change Total Return

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Valuations and Earnings Outlook

Source: Bloomberg, Datastream, JP Morgan, Factset, MSCI, ACG*Low as of Market Close on 12/24/2018

• After the sell-off in global equitymarkets during the fourth quarter,forward price-to-earnings ratios lookmuch more attractive across allregions

• Despite the slowdown in the rate ofearnings growth, the overall level ofestimated growth in 2019 across allregions remains strong

Forward P/E Ratios and Credit Spreads (12 month forward earnings)

Calendar Year Earnings Growth (By Region)

7.4%

9.3%

9.5%

8.7%

7.0%

8.9%

14.2%

21.0%

Japan

Europe

Emerging Markets

U.S.

2018 EPS Growth 2019 EPS Growth Estimates

U.S. EquitiesP/E Ratio

European EquitiesP/E Ratio

EmergingEquitiesP/E Ratio

High Yield

Spreads

Investment Grade

Spreads

2018 Peak 18.5x 15.1x 13.2x 305 bps 108 bps

Percentile 86% 91% 59% 89% 89%

2018 Low* 13.6x 12.0x 10.2x 533 bps 182 bps

Percentile 32% 34% 16% 35% 35%

Data start date 1985 2006 1988 1987 2000

11

Despite Market Volatility, Economy Appears on Firm Footing

• The Index of Leading EconomicIndicators remains positive. Inaddition, the ratio of leadingeconomic indicators to coincidentindicators is still increasing – nottypical of periods preceding arecession

• In addition, the growth in housingstarts remains strong. In pastrecessions, this indicator peakedwell ahead of upcoming recessions

Source: Bureau of Economic Analysis, Bespoke Investment Group, ACG

12

As Outlook Shifts to 2019, the Fed’s Path is Less Clear

2.0%

2.2%

2.4%

2.6%

1.5%

2.0%

2.5%

3.0%

2018 2019E 2020E

Real GDP Core CPI (RHS)

• With another rate hike in lateDecember, the Fed Funds Target Ratemoved to 2.5% - closer to theirestimate of long-run neutral interestrate levels. Currently, the consensusexpectation for future rate increases isfor one increase in 2019

• In 2019, the Federal Reserve will haveto navigate the tricky balance betweenkeeping interest rates low enough toremain accommodative as growthlikely slows vs. remaining vigilantagainst the potential for higher thananticipated inflation

U.S. GDP and Inflation Expectations

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

Interest Rate Levels

13

Risks: The Yield Curve Flattens

• As the Federal Reserve hikes short-terminterest rates, the yield curve has movedcloser to inversion. In fact, the 5-YearTreasury inverted vs. the 2-Year Treasuryduring December

• When the 10-Year and 2-Year Treasury (“2-10s”) yields invert, it often is predicative ofan upcoming recession. The length of timefrom an inversion to an actual bear marketcan often be lengthy

Source: Financial Times, Vanguard, Richard Bernstein Advisors, Standards & Poor’s, ACG

Treasury Yields(2-year, 5-year, and 10-year)

14

Source: BlackRock, Bloomberg, NBER, ACG

• While predicating the nextrecession is always difficult,according to most predicativemodels, the risk of a recessionover the next three years is rising

Risks: Is a Recession on the Horizon?

• Even in the event that there is arecession in the next few years,the S&P 500 has historically hadstrong returns in the 1 year periodending 6 months before the actualrecession begins. The averagereturn since 1945 was 11.9%during these periods

Risk of Recession(% Probability)

S&P 500 Returns(1 year performance ending 6 months prior to recession)

11.9% Average

15

Source: Goldman Sachs, ACG* Goldman Sachs Financial Conditions Index (GSFCI) is an index used by investors to assess the effects of financial conditions on GDP growth. The index is compromised of various factors including interest rate levels, credit spreads, Dollar strength/weakness, equity performance, etc.

• As we look forward into 2019, two areas of concern regarding GDP growth are;1. A headwind from higher interest rate (tightening financial conditions)2. A slowing tailwind from the waning positive effects from the tax cuts (fiscal policy)

• Despite these headwinds, the Federal Reserve’s data dependent stance gives themflexibility should the economic outlook change considerably

Risks: Headwinds to GDP Growth

% Impact on U.S. GDP(Financial Conditions and Fiscal Policy)

Tailwind to GDP Growth

Headwind toGDP Growth

Tailwind to GDP Growth

Headwind toGDP Growth

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. investmentgrade 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

Atlanta Consulting Group | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305P 404.240.6706 | T 888.317.2810 | F 404.240.6725

Symposium OverviewEvery year in early January, the Atlanta Consulting Group invites a select group of economists, investment strategists and asset allocators, across a wide range of disciplines, to take part in a series of meetings to discuss their views on the economy, policy and capital markets. Our annual symposium is an effort to help us evaluate the capital markets across different asset classes, geographies and investment disciplines. Our goal is to incorporate their thought leadership into our process as we navigate 2019 and beyond.

2019 Participant ListKristina Hooper, Global Chief Market Strategist InvescoJosh Hirst, Economist VanguardSteve Carroll, Global Portfolio Manager CBRE ClarionTony Crescenzi, Market Strategist PIMCO

Key Takeaways / Consensus ViewsWeakening economic growth in China, EU, & USExpecting more of a slump/rollover in the economy rather than a ‘technical recession’ Uncertain monetary policy globally is weighing on sentimentDespite market based indicators showing concern for a nearing recession, economic data continues to be positive

Notable QuotesPolitics

“Global policy uncertainty is near an all-time high.” -PIMCO“There are uncertainties that markets and economic agents have to contend with every day, but there is a difference between ordinary uncertainties and extraordinary uncertainties.” –PIMCO (noting Brexit and US/China trade talks are un-calculable uncertainties)“The destabilization of current institutions and shifting alliances or de-globalization rhetoric is a key risk going forward” – Invesco“Trade wars will likely have a larger impact on economy as world trade as a % of US GDP has dramatically grown over the last century” – Invesco“If trade wars continue, US exclusion of TPP will hurt as substitute of inputs will be difficult to source” –Invesco“No direct impact from current named tariffs; secondary effect of tariffs bleeding in to confidence is more of a current worry” – Vanguard“Expect to see continued conflict between the US and China as the two economies diverge with the rest of the world” – Vanguard

Macro / Economic“Expecting dovish monetary policy going forward due to slowing GDP growth” – CBRE Clarion“U.S. and EU will likely experience greater deceleration of GDP growth vs consensus in 2019” – Invesco“U.S. will see higher than expected levels of inflation” – Invesco“China will more than compensate for losses from trade war with domestic spending” – Invesco“Japan has potential to surprise going forward” - Invesco“Canada and England are beginning to raise key rates in a race to normalize in order to build up dry powder prior to an impending recession” Invesco

21

Atlanta Consulting Group | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305P 404.240.6706 | T 888.317.2810 | F 404.240.6725

“Recessions occur after economic growth is murdered” – Invesco“Biggest concern in market right now is the uncertainty of the Fed” – Vanguard“Tremendous amount of innovation but not yet harnessed efficiently enough to affect productivity” –Vanguard“We expect World GDP to be around 3% this year, and probably next year too although it’s too early to make that call for 2020.” –PIMCO“Very few people are expecting a recession in 2019. There is a lot of government spending on tap in the US for 2019 and the household sector has a strong buffer to withstand weakness given savings rates over the last 6-7 years.” –PIMCO“With respect to interest rates, the US market is fairly valued right now and the Fed will go out of its way to be market friendly.” –PIMCO“We have a strong view that interest rates will stay low globally.” -PIMCO

Equities“Equities look attractive after fourth quarter sell-off in providing modest returns” – Invesco“Elevated levels of economic slowdown is baked in to market expectations” – Vanguard“If global uncertainties fade, equities could return 10% this year.” -PIMCO

Fixed Income“The Fed will likely be more dovish in 2019 due to modest deceleration in growth” – Invesco“Fed will lose its flexibility if unexpected inflation builds up” – Invesco“Tone and message of Fed likely to be a focus of the market going forward” – Vanguard“Tightening of financial conditions at end of 2018 and growing uncertainty of monetary policy led to revise downward our expectation of rate hikes from 2 to 1 during 2019” – Vanguard“2019 should be a turnaround year for fixed income.” –PIMCO“We favor shorter maturities in both investment grade and high yield where duration risk is lower.” -PIMCO

Listed Real Assets/Infrastructure“Income is the holy grail of infrastructure and real estate” – CBRE Clarion“Widening pricing gap between private and public markets, specifically within infrastructure, leads to significant arbitrage opportunities” – CBRE Clarion“Increased dry powder in the private space could lead to increased public take-outs” – CBRE Clarion“Operating earnings growth has been steadily outpacing equities and bonds due to long-term contracts with government and/or multinational entities” – CBRE Clarion

Key Risks / Potential Black SwansGlobal trade policyUnwinding of Fed balance sheet

The Annual ACG Symposium was held on January 14th and 15th, 2019

22

University of West Florida Foundation Performance Summary

December 2018 We started the quarter with a market value of $93,128,750 and we ended the quarter with a value of $83,387,597. Outflows for the quarter totaled $808,277. Total earnings for the quarter were -$8,932,876. For the quarter, the Foundation returned -9.62% versus -9.44% for a balanced index that reflects the underlying asset allocation of the total fund. The underperformance for the quarter was attributable to Eagle Capital, our International Equity managers, and Chartwell Short Duration High Yield. Large Cap Equity: Eagle Capital underperformed for the quarter (-14.16% vs. -13.52%) 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 outperformed versus the Russell 2000 for the quarter. Conestoga returned -18.87% and Fuller & Thaler returned -18.93% while the Russell 2000 returned -20.20%. International Equity: Our international managers underperformed versus their benchmarks for the quarter. William Blair returned -16.16% and Dodge & Cox returned -12.39% while the MSCI ACWI ex US returned -11.46%. T. Rowe Price International Small Cap fund underperformed for the quarter returning -15.39% versus -14.43% for the MSCI ACWI ex US Small Cap Index. Emerging Markets Equity: DFA Emerging Markets outperformed the MSCI Emerging Markets Index for the quarter (-6.39% vs. -7.47%). Master Limited Partnerships: Tortoise, our MLP manager, outperformed the Alerian Index for the quarter (-16.76% vs. -17.30%). Fixed Income: Our fixed income manager, Barrow Hanley, underperformed the Barclays Aggregate Index for the quarter (1.06% vs. 1.64%). Templeton Global Bond fund performed in line for the quarter (1.71% vs. 1.75%). Chartwell Short Duration High Yield strategy underperformed this quarter returning -0.91% vs. 0.44%. Alternatives: For the quarter, Ironwood outperformed versus their respective benchmark returning -2.52% vs. -3.42%.

23

Prepared by The Atlanta Consulting Group

University of West Florida

FoundationAs of December 31, 2018 Fiscal Year End: June

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

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

_

Beginning Market Value $93,128,750 $92,857,399 $91,690,303 $92,857,399 $70,611,410 $69,761,791 $43,347,284 $53,608,325Net Cash Flow -$808,277 -$4,441,083 -$1,974,790 -$4,441,083 -$1,607,126 -$2,100,188 -$8,357,209 -$26,361,533Net Investment Change -$8,932,876 -$5,028,720 -$6,327,916 -$5,028,720 $14,383,313 $15,725,994 $48,397,522 $56,140,805Income $1,517,670 $2,159,480 $1,751,274 $2,159,480 $4,931,773 $7,822,395 $12,983,288 $30,800,878Ending Market Value $83,387,597 $83,387,597 $83,387,597 $83,387,597 $83,387,597 $83,387,597 $83,387,597 $83,387,597

_

CurrentBalance

CurrentAllocation Policy Policy Range

_

US Stock Large $18,014,156 21.60% 22.50% 20.00% - 30.00%US Stock Small $8,354,719 10.02% 10.00% 7.50% - 15.00%International $11,252,077 13.49% 15.00% 10.00% - 20.00%International Small Stocks $5,287,452 6.34% 7.50% 2.50% - 10.00%International Emerging Stocks $5,054,280 6.06% 5.00% 2.50% - 7.50%Fixed $10,800,281 12.95% 15.00% 10.00% - 25.00%MLP $3,688,910 4.42% 5.00% 0.00% - 10.00%Fund of Funds $8,570,223 10.28% 10.00% 0.00% - 15.00%Real Estate $3,209,540 3.85% 5.00% 0.00% - 15.00%Private Equity $2,516,367 3.02% 3.00% 0.00% - 5.00%Private Debt $472,743 0.57% 2.00% 0.00% - 5.00%Cash/Short Term Fixed Income $6,166,848 7.40% 0.00% 0.00% - 5.00%Total $83,387,597 100.00% 100.00%

XXXXX

24


CurrentBalance

CurrentAllocation Policy Policy Range Difference Within IPS

Range?_

US Stock Large $18,014,156 21.60% 22.50% 20.00% - 30.00% -0.90% YesEagle Capital Management $8,827,168 10.59%

$9,186,988 11.02%Vanguard 500 Index AdmiralUS Stock Small $8,354,719 10.02% 10.00% 7.50% - 15.00% 0.02% Yes

$4,272,886 5.12%Conestoga Small Cap InvestorsFuller & Thaler Behav Sm-Cp Eq Inst $4,081,834 4.90%

International $11,252,077 13.49% 15.00% 10.00% - 20.00% -1.51% YesWilliam Blair Instl International Gr $5,530,939 6.63%

$5,721,139 6.86%Dodge & Cox International StockInternational Small Stocks $5,287,452 6.34% 7.50% 2.50% - 10.00% -1.16% Yes

T. Rowe Price International Discovery $5,287,452 6.34%International Emerging Stocks $5,054,280 6.06% 5.00% 2.50% - 7.50% 1.06% Yes

$5,054,280 6.06%DFA Emerging Markets Core Equity IFixed $10,800,281 12.95% 15.00% 10.00% - 25.00% -2.05% Yes

$5,349,525 6.42%$2,702,436 3.24%

Barrow HanleyTempleton Global Bond FundChartwell Short Duration High Yield $2,748,320 3.30%

MLP $3,688,910 4.42% 5.00% 0.00% - 10.00% -0.58% Yes$3,688,910 4.42%Tortoise MLP & Pipeline Instl

Fund of Funds $8,570,223 10.28% 10.00% 0.00% - 15.00% 0.28% Yes$8,570,223 10.28%Ironwood International Ltd.

Real Estate $3,209,540 3.85% 5.00% 0.00% - 15.00% -1.15% Yes$52,338 0.06%

$1,350,127 1.62%Harbert US RE Fund IV LPHarbert US RE Fund V LPHarbert US RE Fund VI LP $1,807,075 2.17%

Private Equity $2,516,367 3.02% 3.00% 0.00% - 5.00% 0.02% Yes$342,770 0.41%$690,219 0.83%$832,594 1.00%

Portfolio Advisors PE Offshore VPortfolio Advisors PE VIIPortfolio Advisors Secondary Fund III, L.P.StepStone Pioneer Capital III, L.P. $650,784 0.78%

Private Debt $472,743 0.57% 2.00% 0.00% - 5.00% -1.43% Yes$472,743 0.57%Portfolio Advisors Direct Credit II

Cash/Short Term Fixed Income $6,166,848 7.40% 0.00% 0.00% - 5.00% 7.40% No$6,077,360 7.29%

$13,988 0.02%PIMCO Short-Term InstlCashArchstone Offshore Fund $75,500 0.09%

Total $83,387,597 100.00% 100.00%


FoundationAs of December 31, 2018

Outside Cash ReservesTotal with Outside Cash Reserves $88,005,053

$4,617,456

25

Manager Status Market Value($)

% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Foundation 83,387,597 100.00 -5.03 -9.62 -5.73 -7.16 -5.73 4.74 5.76 3.80 7.83 4.61 Mar-99Balanced Index -5.01 -9.44 -6.45 -7.26 -6.45 3.68 5.12 3.59 7.39 4.48 Mar-99CPI+4% 0.01 0.50 5.98 1.68 5.98 6.08 6.11 5.57 5.86 6.23 Mar-99US Stock Large 18,014,156 21.60

Eagle Capital Management Caution 2Q16 8,827,168 10.59 -10.34 -14.16 -5.24 -8.23 -5.24 7.82 8.57 7.89 -- 11.79 Oct-12S&P 500 -9.03 -13.52 -4.38 -6.85 -4.38 7.93 9.26 8.49 13.12 11.52 Oct-12

Vanguard 500 Index Admiral 9,186,988 11.02 -9.03 -13.53 -4.43 -6.87 -4.43 7.88 9.22 8.45 -- 11.52 Sep-12S&P 500 -9.03 -13.52 -4.38 -6.85 -4.38 7.93 9.26 8.49 13.12 11.55 Sep-12

US Stock Small 8,354,719 10.02Conestoga Small Cap Investors 4,272,886 5.12 -9.54 -18.87 0.61 -10.43 0.61 13.67 13.82 -- -- 9.30 Apr-14

Russell 2000 -11.88 -20.20 -11.01 -17.35 -11.01 1.00 7.36 4.41 11.97 4.11 Apr-14Fuller & Thaler Behav Sm-Cp Eq Inst 4,081,834 4.90 -10.50 -18.93 -- -15.86 -- -- -- -- -- -12.37 Mar-18

Russell 2000 -11.88 -20.20 -11.01 -17.35 -11.01 1.00 7.36 4.41 11.97 -13.94 Mar-18International 11,252,077 13.49

William Blair Instl International Gr Caution 3Q18 5,530,939 6.63 -5.60 -16.16 -17.50 -16.16 -17.50 3.38 1.32 0.26 8.29 5.27 Mar-04MSCI ACWI ex USA -4.53 -11.46 -14.20 -10.84 -14.20 4.47 4.48 0.68 6.57 4.98 Mar-04

Dodge & Cox International Stock Caution 4Q17 5,721,139 6.86 -6.73 -12.39 -17.98 -11.67 -17.98 0.83 3.24 -0.48 7.75 1.08 Dec-07MSCI ACWI ex USA -4.53 -11.46 -14.20 -10.84 -14.20 4.47 4.48 0.68 6.57 0.26 Dec-07

International Small Stocks 5,287,452 6.34T. Rowe Price International Discovery 5,287,452 6.34 -5.34 -15.39 -17.47 -19.08 -17.47 7.11 -- -- -- 5.07 Sep-16

MSCI ACWI ex US Small Cap -5.44 -14.43 -18.20 -15.72 -18.20 3.77 3.82 1.96 10.02 2.77 Sep-16International Emerging Stocks 5,054,280 6.06

DFA Emerging Markets Core Equity I Caution 3Q17 5,054,280 6.06 -2.38 -6.39 -15.25 -7.52 -15.25 7.58 8.89 1.73 -- 3.77 Dec-11MSCI Emerging Markets -2.66 -7.47 -14.58 -8.49 -14.58 8.29 9.25 1.65 8.02 3.41 Dec-11

Fixed 10,800,281 12.95 0.36 0.71 0.17 1.41 0.17 -- -- -- -- 0.73 Apr-17BBgBarc US Aggregate TR 1.84 1.64 0.01 1.66 0.01 1.76 2.06 2.52 3.48 1.15 Apr-17Barrow Hanley 5,349,525 6.42 1.55 1.06 -0.55 1.26 -0.55 1.71 2.21 2.41 3.74 3.87 Apr-03

BBgBarc US Aggregate TR 1.84 1.64 0.01 1.66 0.01 1.76 2.06 2.52 3.48 3.82 Apr-03Templeton Global Bond Fund 2,702,436 3.24 -0.92 1.71 1.44 2.72 1.44 -- -- -- -- 0.05 Apr-17

FTSE WGBI TR 2.39 1.75 -0.84 0.10 -0.84 3.24 2.69 0.77 1.52 2.14 Apr-17Chartwell Short Duration High Yield 2,748,320 3.30 -0.63 -0.91 0.36 0.42 0.36 -- -- -- -- 1.07 May-17

BofAML US Corp and High Yield 1-3 Yr 0.48 0.44 1.64 1.31 1.64 2.01 2.64 1.97 4.37 1.77 May-17




26


% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

MLP 3,688,910 4.42Tortoise MLP & Pipeline Instl 3,688,910 4.42 -9.70 -16.76 -15.14 -16.14 -15.14 -8.36 6.07 -- -- -4.61 Apr-14

Alerian MLP TR USD -9.36 -17.30 -12.42 -11.86 -12.42 -9.52 -1.06 -7.31 9.58 -8.53 Apr-14Fund of Funds 8,570,223 10.28

Ironwood International Ltd. 8,570,223 10.28 -0.31 -2.52 1.32 -1.48 1.32 4.08 3.48 3.85 6.79 4.21 Mar-05HFRI FOF: Conservative Index -1.15 -3.42 -1.05 -2.66 -1.05 1.50 1.63 1.67 3.09 2.10 Mar-05

Real Estate 3,209,540 3.85Harbert US RE Fund IV LP 52,338 0.06 0.00 0.00 56.05 33.50 56.05 29.24 23.22 30.13 22.48 22.48 Dec-08

FTSE NAREIT All Equity REIT -7.89 -6.06 -4.39 -5.59 -4.39 1.93 4.12 8.24 12.49 12.49 Dec-08Harbert US RE Fund V LP 1,350,127 1.62 0.00 0.00 7.19 3.81 7.19 11.68 12.61 12.58 -- 13.41 Nov-13

FTSE NAREIT All Equity REIT -7.89 -6.06 -4.39 -5.59 -4.39 1.93 4.12 8.24 12.49 6.86 Nov-13Harbert US RE Fund VI LP 1,807,075 2.17 0.00 0.00 11.45 5.54 11.45 -- -- -- -- 11.89 Nov-17

FTSE NAREIT All Equity REIT -7.89 -6.06 -4.39 -5.59 -4.39 1.93 4.12 8.24 12.49 -1.84 Nov-17Private Equity 2,516,367 3.02

Portfolio Advisors PE Offshore V 342,770 0.41 0.00 0.00 9.25 7.08 9.25 13.07 10.41 9.02 8.07 8.07 Dec-08Cambridge Assoc. U.S. PE Index 0.00 0.00 8.66 0.00 8.66 12.95 12.97 11.10 13.56 13.56 Dec-08

Portfolio Advisors PE VII 690,219 0.83 0.00 0.00 11.21 6.43 11.21 16.00 12.58 11.26 -- 12.41 Apr-13Cambridge Assoc. U.S. PE Index 0.00 0.00 8.66 0.00 8.66 12.95 12.97 11.10 13.56 12.35 Apr-13

Portfolio Advisors Secondary Fund III, L.P. 832,594 1.00 0.00 0.00 14.55 7.17 14.55 -- -- -- -- 38.66 Aug-17Cambridge Assoc. U.S. PE Index 0.00 0.00 8.66 0.00 8.66 12.95 12.97 11.10 13.56 11.78 Aug-17

StepStone Pioneer Capital III, L.P. 650,784 0.78 0.00 0.00 17.91 3.92 17.91 12.61 9.55 11.41 -- 16.33 Dec-09Cambridge Assoc. U.S. PE Index 0.00 0.00 8.66 0.00 8.66 12.95 12.97 11.10 13.56 14.26 Dec-09

Private Debt 472,743 0.57Portfolio Advisors Direct Credit II 472,743 0.57 0.00 0.00 20.45 14.57 20.45 14.97 -- -- -- 13.67 Oct-16

BBgBarc US Aggregate TR 1.84 1.64 0.01 1.66 0.01 1.76 2.06 2.52 3.48 0.61 Oct-16Cash/Short Term Fixed Income 6,166,848 7.40

PIMCO Short-Term Instl 6,077,360 7.29 -0.47 -0.35 1.51 0.46 1.51 1.95 -- -- -- 2.38 Jan-16FTSE T-Bill 3 Months TR 0.20 0.57 1.86 1.07 1.86 1.35 0.99 0.60 0.35 1.01 Jan-16

Cash 13,988 0.02Archstone Offshore Fund 75,500 0.09




- 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 / BofAMLUS 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

27

RISK RETURN STATISTICS1 Year

Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 3.81 3.45Minimum Return -5.55 -5.73Annualized Return -5.73 -6.45Total Return -5.73 -6.45Annualized Excess ReturnOver Risk Free -7.62 -8.34

Annualized Excess Return 0.72 0.00

RISK SUMMARY STATISTICSBeta 0.99 1.00Upside Deviation 4.54 3.53Downside Deviation 8.52 8.41

RISK/RETURN SUMMARY STATISTICSAnnualized StandardDeviation 9.63 9.68

Alpha 0.06 0.00Sharpe Ratio -0.79 -0.86Excess Return Over Market/ Risk 0.07 0.00

Tracking Error 1.07 0.00Information Ratio 0.67 --

CORRELATION STATISTICSR-Squared 0.99 1.00Correlation 0.99 1.00

Market Proxy: Balanced IndexRisk-Free Proxy: 91 Day T-Bills

RISK RETURN STATISTICS3 Years

Foundation Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 4.92 4.87Minimum Return -5.55 -5.73Annualized Return 5.76 5.12Total Return 18.29 16.17Annualized Excess ReturnOver Risk Free 4.72 4.09




Alpha 0.06 0.00Sharpe Ratio 0.64 0.55Excess Return Over Market/ Risk 0.09 0.00






Prepared by The Atlanta Consulting Group28










RISK RETURN STATISTICSSince Inception















30




31




32



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 -$8,932,876 $83,387,597

XXXXX


Universe Name: Large Cap MStar MF# of Observations: 973 (12/31/2018)

QTD(%) Rank YTD

(%) RankFiscal

YTD(%)

Rank 1 Yr(%) Rank 3 Yrs

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

(%) Rank

_

Eagle Capital Management -14.16 55 -5.24 49 -8.23 54 -5.24 49 8.57 41 7.89 37 -- --S&P 500 -13.52 41 -4.38 37 -6.85 29 -4.38 37 9.26 25 8.49 23 13.12 37

Over/Under -0.64 -0.86 -1.38 -0.86 -0.69 -0.60

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 3.41XXXXX



Eagle Capital ManagementAs of December 31, 2018

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 11.49% -0.27% 1.04 105.79% 107.12% 0.99 3.24% 0.07 S&P 500 10.58% 0.00% 1.00 100.00% 100.00% 1.05 0.00% --

36


Best PerformersWeight % Return %

_

LIBERTY TRIP ADVI.HDG. SR.A (LTRPA) 0.35% 7.00%TRIPADVISOR 'A' (TRIP) 1.90% 5.62%TWENTY-FIRST CENTURY FOX CL.B (FOX) 4.92% 4.28%GENERAL MOTORS (GM) 2.66% 0.40%COMCAST A (CMCSA) 3.96% -2.79%BERKSHIRE HATHAWAY 'B' (BRK.B) 7.31% -4.64%AON CLASS A (AON) 2.96% -5.23%ECOLAB (ECL) 1.00% -5.73%UNITEDHEALTH GROUP (UNH) 5.07% -6.06%W R BERKLEY (WRB) 0.00% -6.76%Total 30.13%

_

CharacteristicsPortfolio S&P 500

Number of Holdings 33 505Weighted Avg. Market Cap. ($B) 173.89 183.23Median Market Cap. ($B) 40.36 18.46Price To Earnings 22.61 20.68Price To Book 4.86 4.63Price To Sales 3.67 4.14Return on Equity (%) 16.29 23.82Yield (%) 1.17 2.21Beta 1.04 1.00R-Squared 0.91 1.00

Worst PerformersWeight % Return %

_

NOBLE ENERGY (NBL) 0.70% -39.60%ANADARKO PETROLEUM (APC) 0.62% -34.59%MOHAWK INDUSTRIES (MHK) 2.18% -33.30%GENERAL ELECTRIC (GE) 0.82% -32.86%AERCAP HOLDINGS N V (AER) 1.31% -31.15%DISH NETWORK 'A' (DISH) 1.46% -30.17%CITIGROUP (C) 5.58% -26.94%LIBERTY GLOBAL SR.C (LBTYK) 3.31% -26.70%GOLDMAN SACHS GP. (GS) 4.07% -25.20%AMAZON.COM (AMZN) 5.43% -25.01%Total 25.49%

_

Sector Portfolio S&P 500

INDUSTRY SECTOR DISTRIBUTION (% Equity)Energy 1.32 5.32Materials 1.00 2.33Industrials 2.14 9.20Consumer Discretionary 15.60 9.94Consumer Staples 0.00 7.41Health Care 5.07 15.54Financials 28.15 13.31Information Technology 12.00 20.12Communication Services 32.45 10.12Utilities 0.00 3.34Real Estate 0.00 2.96

Performance By Sectors

10/1/2018 - 12/31/2018

GICS Sector PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD Return

IndexUSD Return

ExcessReturn

AllocationEffect

(Local)

SelectionEffect

(Local)Total

Contrib._

Energy 2.05% 6.00% -3.95% -37.35% -23.59% -13.76% 0.40% -0.29% -0.49%Materials 2.41% 2.43% -0.02% -5.73% -12.18% 6.46% 0.02% 0.14% 0.19%Industrials 4.07% 9.70% -5.63% -20.03% -17.27% -2.76% 0.22% -0.02% -0.17%Consumer Discretionary 15.30% 10.30% 5.00% -20.45% -16.40% -4.04% -0.12% -0.58% -1.01%Consumer Staples 0.00% 6.71% -6.71% -- -5.23% -- -0.52% 0.00% 0.03%Health Care 8.22% 15.05% -6.83% -7.10% -8.52% 1.42% -0.42% 0.16% 0.49%Financials 28.92% 13.31% 15.62% -14.98% -13.11% -1.87% 0.04% -0.56% -0.46%Information Technology 4.68% 20.99% -16.31% -12.08% -17.34% 5.26% 0.63% 0.25% 0.06%Communication Services 34.35% 10.03% 24.32% -12.00% -13.18% 1.19% 0.07% 0.39% 0.49%Utilities 0.00% 2.83% -2.83% -- 1.36% -- -0.41% 0.00% 0.01%Real Estate 0.00% 2.65% -2.65% -- -3.83% -- -0.25% 0.00% 0.00%Total -14.35% -13.49% -0.86% -0.34% -0.52% -0.86%

XXXXX


Eagle Capital ManagementAs of December 31, 2018

37


Vanguard 500 Index AdmiralAs of December 31, 2018



Top Holdings as of 12/31/18MICROSOFT CORP 3.71%APPLE INC 3.36%AMAZON.COM INC 2.92%BERKSHIRE HATHAWAY INC B 1.81%JOHNSON & JOHNSON 1.64%JPMORGAN CHASE & CO 1.53%ALPHABET INC CLASS C 1.51%FACEBOOK INC A 1.49%ALPHABET INC A 1.48%EXXON MOBIL CORP 1.36%

Sector Allocation as of 12/31/18BASIC MATERIALS 2.56%COMMUNICATION SERVICES 3.59%CONSUMER CYCLICAL 11.82%CONSUMER DEFENSIVE 7.87%ENERGY 5.33%FINANCIAL SERVICES 15.87%HEALTHCARE 15.50%INDUSTRIALS 9.75%REAL ESTATE 2.43%TECHNOLOGY 21.94%UTILITIES 3.35%

Fund Information as of 12/31/18Fund Name VANGUARD 500 INDEX

ADMIRALTicker VFIAXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.04%Fund Assets ($mm) 230,375.41Share 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 10.94% -0.04% 1.00 99.84% 100.07% 0.72 0.01% -3.21 S&P 500 10.94% 0.00% 1.00 100.00% 100.00% 0.72 0.00% --

QTD(%) Rank YTD

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


(%) Rank_

Vanguard 500 Index -13.53 41 -4.43 38 -4.43 38 9.22 26 8.46 24 13.10 38S&P 500 -13.52 41 -4.38 37 -4.38 37 9.26 25 8.49 23 13.12 37

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

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.

38


Conestoga Small Cap InvestorsAs of December 31, 2018

Universe Name: Small Cap MStar MF# of Observations: 535 (12/31/2018)


Top Holdings as of 11/30/18OMNICELL INC 3.25%EXPONENT INC 3.23%MESA LABORATORIES INC 3.04%CANTEL MEDICAL CORP 2.91%REPLIGEN CORP 2.91%BOTTOMLINE TECHNOLOGIES INC 2.87%FOX FACTORY HOLDING CORP 2.85%THE DESCARTES SYSTEMS GROUP INC 2.76%NEOGEN CORP 2.70%SIMPSON MANUFACTURING CO INC 2.65%


Fund Information as of 11/30/18Fund Name CONESTOGA SMALL CAP

INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 888.21Share Class Inception Date 10/1/2002Manager Tenure 16

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 16.09% 3.75% 0.95 104.41% 89.30% 0.46 6.79% 0.52 Russell 2000 15.43% 0.00% 1.00 100.00% 100.00% 0.25 0.00% --

QTD(%) Rank YTD



(%) Rank_

Conestoga Small Cap -18.87 33 0.61 7 0.61 7 13.80 3 7.92 5 15.04 12Russell 2000 -20.20 58 -11.01 47 -11.01 47 7.36 42 4.41 45 11.97 61

Over/Under 1.33 11.62 11.62 6.44 3.51 3.07XXXXX

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.

39


Fuller & Thaler Behav Sm-CpAs of December 31, 2018



Top Holdings as of 11/30/18LANDSTAR SYSTEM INC 3.81%MURPHY USA INC 3.53%MEDPACE HOLDINGS INC 3.35%BRUKER CORP 3.27%BLUCORA INC 3.15%JABIL INC 2.82%COMFORT SYSTEMS USA INC 2.79%FIRST CITIZENS BANCSHARES INC (DE) CLASS A 2.47%HANCOCK WHITNEY CORP 2.44%DSW INC 2.39%


Fund Information as of 11/30/18Fund Name FULLER & THALER

BEHAVIORAL SM-CP EQ INSTTicker FTHSXMorningstar Category Small BlendBenchmark Russell 2000Expense Ratio 0.85%Fund Assets ($mm) 879.84Share Class Inception Date 9/8/2011Manager Tenure 7

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 3.87XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Fuller & Thaler Behav Sm-Cp 13.89% 3.61% 0.82 82.33% 72.13% 0.48 6.40% 0.44 Russell 2000 15.43% 0.00% 1.00 100.00% 100.00% 0.25 0.00% --

QTD(%) Rank YTD



(%) Rank_

Fuller & Thaler Behav Sm-Cp -18.93 34 -13.17 64 -13.17 64 9.77 18 7.22 8 -- --Russell 2000 -20.20 58 -11.01 47 -11.01 47 7.36 42 4.41 45 11.97 61

Over/Under 1.27 -2.16 -2.16 2.41 2.81XXXXX

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.

40

Universe Name: Foreign Large Blend MStar MF# of Observations: 197 (12/31/2018)


William Blair Instl International GrAs of December 31, 2018

Top Holdings as of 12/31/18AIA GROUP LTD 2.04%ROGERS COMMUNICATIONS, INC. 1.82%ASTRAZENECA PLC 1.77%NOVARTIS AG 1.77%UNILEVER NV DR 1.76%COMPASS GROUP PLC 1.70%TENCENT HOLDINGS LTD 1.56%ALIBABA GROUP HOLDING LTD ADR 1.53%LONZA GROUP LTD 1.42%TOKIO MARINE HOLDINGS INC 1.42%


Fund Information as of 12/31/18Fund Name WILLIAM BLAIR INSTL

INTERNATIONAL GRTicker WBIIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 0.97%Fund Assets ($mm) 1,784.10Share Class Inception Date 7/26/2002Manager Tenure 6

QTD(%) Rank YTD



(%) Rank_

William Blair Instl International -16.16 96 -17.50 81 -17.50 81 1.41 79 0.32 50 8.31 9MSCI ACWI ex USA -11.46 19 -14.20 39 -14.20 39 4.48 17 0.68 38 6.57 37

Over/Under -4.70 -3.30 -3.30 -3.07 -0.36 1.74XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

William Blair Instl International -17.50 29.53 -2.40 0.09 -2.66 18.90 24.11 -13.66 20.10 42.83MSCI 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 -3.30 2.34 -6.90 5.75 1.21 3.61 7.28 0.05 8.95 1.38XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

William Blair Instl International 11.70% -0.30% 0.93 82.25% 87.92% -0.02 4.02% -0.09 MSCI ACWI ex USA 11.91% 0.00% 1.00 100.00% 100.00% 0.01 0.00% --


Description:The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its total assets in a diversified portfolio of equity securities, including common stocks andother forms of equity investments (e.g., securities convertible into common stocks), issued by companies of all sizes domiciledoutside the U.S, that the advisor believes have above-average growth, profitability and quality characteristics. Its investments arenormally allocated among at least six different countries and no more than 50% of the fund's equity holdings may be invested insecurities of issuers in one country at any given time.

41



Dodge & Cox International StockAs of December 31, 2018

Top Holdings as of 12/31/18SANOFI SA 3.73%ROCHE HOLDING AG DIVIDEND RIGHT CERT. 3.18%ICICI BANK LTD 3.15%ITAU UNIBANCO HOLDING SA PARTICIPATING PREFERRED 2.98%NASPERS LTD CLASS N 2.96%UBS GROUP AG 2.78%ASTRAZENECA PLC 2.41%BAYER AG 2.36%GLAXOSMITHKLINE PLC 2.35%LINDE PLC 2.31%


Fund Information as of 12/31/18Fund Name DODGE & COX

INTERNATIONAL STOCKTicker DODFXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 0.63%Fund Assets ($mm) 48,107.51Share Class Inception Date 5/1/2001Manager Tenure 18

QTD(%) Rank YTD



(%) Rank_

Dodge & Cox International -12.39 31 -17.98 86 -17.98 86 3.24 37 -0.48 80 7.72 13MSCI ACWI ex USA -11.46 19 -14.20 39 -14.20 39 4.48 17 0.68 38 6.57 37

Over/Under -0.93 -3.78 -3.78 -1.24 -1.16 1.15XXXXX

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 13.90% -1.22% 1.10 111.07% 113.78% -0.08 4.78% -0.24 MSCI ACWI ex USA 11.91% 0.00% 1.00 100.00% 100.00% 0.01 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.

42

Universe Name: Foreign Small/Mid Blend Mstar MF# of Observations: 30 (12/31/2018)


T. Rowe Price International DiscoveryAs of December 31, 2018

Top Holdings as of 12/31/18COUNTRY GARDEN SERVICES HOLDINGS CO LTD 1.71%ASCENTIAL PLC 1.34%ABCAM PLC 1.18%AMBU A/S B 1.18%AMPLIFON SPA 1.13%TAKEAWAY.COM NV 1.13%SHOPIFY INC A 1.09%MAIL.RU GROUP LTD GDR 1.06%AIXTRON SE 1.02%WIRECARD AG 1.02%


Fund Information as of 12/31/18Fund Name T. ROWE PRICE

INTERNATIONAL DISCOVERYTicker PRIDXMorningstar Category Foreign Small/Mid GrowthBenchmark MSCI ACWI ex US Small CapExpense Ratio 1.19%Fund Assets ($mm) 4,063.70Share Class Inception Date 12/30/1988Manager Tenure 20

QTD(%) Rank YTD



(%) Rank_

T. Rowe Price International -15.39 28 -17.47 25 -17.47 25 5.02 27 4.85 5 12.33 1MSCI ACWI ex US Small Cap -14.43 25 -18.20 27 -18.20 27 3.82 35 1.96 48 10.02 41

Over/Under -0.96 0.73 0.73 1.20 2.89 2.31XXXXX

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 11.19% 3.11% 0.89 91.76% 75.87% 0.38 3.87% 0.75 MSCI ACWI ex US Small Cap 11.88% 0.00% 1.00 100.00% 100.00% 0.12 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 will be invested in non-U.S. stocks.

43

Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 239 (12/31/2018)


DFA Emerging Markets Core Equity IAs of December 31, 2018

Top Holdings as of 11/30/18SAMSUNG ELECTRONICS CO LTD 3.58%TENCENT HOLDINGS LTD 1.63%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR 1.53%TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1.14%VALE SA 0.94%ALIBABA GROUP HOLDING LTD ADR 0.92%SK HYNIX INC 0.74%CHINA CONSTRUCTION BANK CORP H 0.73%PING AN INSURANCE (GROUP) CO. OF CHINA LTD H 0.65%ITAU UNIBANCO HOLDING SA PARTICIPATING PREFERRED 0.60%


Fund Information as of 11/30/18Fund Name DFA EMERGING MARKETS

CORE EQUITY ITicker DFCEXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 0.53%Fund Assets ($mm) 26,536.67Share Class Inception Date 4/5/2005Manager Tenure 9

QTD(%) Rank YTD



(%) Rank_

DFA Emerging Markets Core -6.39 33 -15.25 35 -15.25 35 9.15 22 1.87 32 8.77 25MSCI Emerging Markets -7.47 49 -14.58 28 -14.58 28 9.25 21 1.65 38 8.02 57

Over/Under 1.08 -0.67 -0.67 -0.10 0.22 0.75XXXXX

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 14.80% 0.29% 0.96 99.18% 98.56% 0.09 2.48% 0.09 MSCI Emerging Markets 15.19% 0.00% 1.00 100.00% 100.00% 0.07 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.

44


FixedAs of December 31, 2018

Universe Name: Intermediate-Term Bond MStar MF# of Observations: 282 (12/31/2018)


QTD(%) Rank YTD



(%) Rank_

Fixed 0.71 68 0.17 26 0.17 26 -- -- -- -- -- --BBgBarc US Aggregate TR 1.64 17 0.01 34 0.01 34 2.06 70 2.52 48 3.48 86

Over/Under -0.93 0.16 0.16XXXXX

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 1.39% 0.53% 0.18 28.91% 17.28% -0.53 2.51% -0.17 BBgBarc US Aggregate TR 2.61% 0.00% 1.00 100.00% 100.00% -0.12 0.00% --

Name Market Value % of PortfolioFixed $10,800,281 100.00%

Barrow Hanley $5,349,525 49.53%Templeton Global Bond Fund $2,702,436 25.02%Chartwell Short Duration High Yield $2,748,320 25.45%

Total $10,800,281 100.00%

Composite BBgBarc AggCurrent Yield 4.19 3.28Average Duration 2.98 6.03Average Maturity 4.99 12.93

AAA 39.04 72.81AA 3.35 3.59A 11.07 10.02BBB 16.66 13.59BB 24.21 0.00B 5.06 0.00Below B 0.00 0.00Not Rated 0.61 0.00

Fixed Income Characteristics as of 12/31/2018

Credit Quality as of 12/31/2018

45




Barrow HanleyAs of December 31, 2018

QTD(%) Rank YTD

(%) RankFiscal

YTD(%)

Rank 1 Yr(%) Rank 3 Yrs


(%) Rank

_

Barrow Hanley 1.06 51 -0.55 65 1.26 47 -0.55 65 2.21 62 2.41 61 3.74 82BBgBarc US AggregateTR 1.64 17 0.01 34 1.66 20 0.01 34 2.06 70 2.52 48 3.48 86

Over/Under -0.58 -0.56 -0.40 -0.56 0.15 -0.11 0.26

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% 0.03% 1.01 101.21% 100.85% 0.77 0.82% 0.06 BBgBarc US Aggregate TR 3.36% 0.00% 1.00 100.00% 100.00% 0.79 0.00% --

46


Templeton Global Bond FundAs of December 31, 2018

Universe Name: World Bond MStar MF# of Observations: 80 (12/31/2018)

Fund Information as of 9/30/18Fund Name TEMPLETON GLOBAL BOND

ADVTicker TGBAXMorningstar Category World BondBenchmark FTSE WGBI TRExpense Ratio 0.71%Fund Assets ($mm) 19,747.01Share Class Inception Date 1/2/1997Manager Tenure 17

Fixed Income Sectors as of 9/30/18GOVERNMENT 60.53%MUNICIPAL 0.00%CORPORATE 0.89%SECURITIZED 0.00%CASH & EQUIVALENTS 38.59%DERIVATIVE 0.00%

Fund Characteristics as of 9/30/18Sharpe Ratio (3 Year) 0.43Average Duration -1.34Average Coupon 8.91%Average Effective Maturity 2.91R-Squared (3 Year) 0.05Alpha (3 Year) 0.36%Beta (3 Year) -0.27

Credit Quality as of 9/30/18AAA 15.67%AA 6.64%A 18.42%BBB 33.08%BB 15.15%B 8.58%Below B 0.00%Not Rated 2.45%


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 1.71 9 1.44 17 1.44 17 3.53 30 1.64 43 5.45 29FTSE WGBI TR 1.75 9 -0.84 49 -0.84 49 2.69 65 0.77 68 1.52 86

Over/Under -0.04 2.28 2.28 0.84 0.87 3.93XXXXX

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 6.20% 1.79% -0.20 -10.56% -40.84% 0.17 8.81% 0.10 FTSE WGBI TR 5.29% 0.00% 1.00 100.00% 100.00% 0.04 0.00% --

47


Chartwell Short Dur High YieldAs of December 31, 2018

Universe Name: High Yield Bond MStar MF# of Observations: 193 (12/31/2018)

Fund Information as of 10/31/18Fund Name CHARTWELL SHORT

DURATION HIGH YIELDTicker CWFIXMorningstar Category High Yield Bond

Benchmark BofAML US Corp and High Yield1-3 Yr

Expense Ratio 0.50%Fund Assets ($mm) 74.61Share Class Inception Date 7/15/2014Manager Tenure 4

QTD(%) Rank YTD



(%) Rank_

Chartwell Short Dur High Yield -0.91 3 0.36 9 0.36 9 3.75 93 -- -- -- --BofAML US Corp and HighYield 1-3 Yr 0.44 1 1.64 3 1.64 3 2.64 99 1.97 94 4.37 99

Over/Under -1.35 -1.28 -1.28 1.11XXXXX

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009_

Chartwell Short Dur High Yield 0.36 3.39 7.62 -2.64 -- -- -- -- -- --BofAML US Corp and High Yield 1-3 Yr 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 -3.40XXXXX


Anlzd StdDev



AnlzdSharpeRatio


_

Chartwell Short Dur High Yield 2.14% -0.56% 1.63 142.63% 143.38% 1.31 1.57% 0.71 BofAML US Corp and HighYield 1-3 Yr 0.96% 0.00% 1.00 100.00% 100.00% 1.76 0.00% --

XXXXX


Fund Characteristics as of 10/31/18Sharpe Ratio (3 Year) 0.93Average Duration 1.83Average Coupon 5.34%Average Effective Maturity 1.95R-Squared (3 Year) 0.72Alpha (3 Year) -0.12%Beta (3 Year) 1.99



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.

48


Tortoise MLP & Pipeline InstlAs of December 31, 2018

Universe Name: Energy Limited Partnership Mstar MF# of Observations: 39 (12/31/2018)


Top Holdings as of 8/31/18WILLIAMS COMPANIES INC 8.99%ONEOK INC 8.14%CHENIERE ENERGY INC 7.83%KINDER MORGAN INC P 7.44%TRANSCANADA CORP 7.31%TARGA RESOURCES CORP 6.04%ENBRIDGE INC 4.85%PLAINS GP HOLDINGS LP CLASS A 4.79%PEMBINA PIPELINE CORP 4.72%INTER PIPELINE LTD 3.39%


Fund Information as of 8/31/18Fund Name TORTOISE MLP & PIPELINE

INSTLTicker TORIXMorningstar Category Energy Limited PartnershipBenchmark Alerian MLP TR USDExpense Ratio 0.96%Fund Assets ($mm) 3,756.21Share Class Inception Date 5/31/2011Manager Tenure 5

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 4.7850% 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 18.15% 3.27% 0.87 93.91% 85.49% -0.20 8.06% 0.53 Alerian MLP TR USD 18.97% 0.00% 1.00 100.00% 100.00% -0.42 0.00% --

QTD(%) Rank YTD



(%) Rank_

Tortoise MLP & Pipeline Instl -16.76 29 -15.14 48 -15.14 48 6.08 1 -3.07 4 -- --Alerian MLP TR USD -17.30 41 -12.42 12 -12.42 12 -1.06 66 -7.31 83 9.58 --

Over/Under 0.54 -2.72 -2.72 7.14 4.24

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.

49



Fund of FundsAs of December 31, 2018

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

_

Fund of Funds -2.52 0.93 -1.48 0.93 3.09 2.32 --HFRI Fund of Funds Composite Index -4.85 -3.92 -4.62 -3.92 1.34 1.42 3.13

Over/Under 2.33 4.85 3.14 4.85 1.75 0.90S&P 500 -13.52 -4.38 -6.85 -4.38 9.26 8.49 13.12

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 -3.92 7.77 0.51 -0.27 3.36 8.96 4.79 -5.72 5.70 11.47

Over/Under 4.85 -1.18 1.32 -1.31 0.66 4.59 4.43 3.91 2.27S&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 4.06% 2.77% 0.93 120.37% 73.62% 1.33 1.74% 1.48 HFRI Fund of Funds Composite Index 3.93% 0.00% 1.00 100.00% 100.00% 0.72 0.00% --

50



Ironwood International Ltd.As of December 31, 2018

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

_

Ironwood International Ltd. -2.52 1.32 -1.48 1.32 3.48 3.85 6.79HFRI FOF: Conservative Index -3.42 -1.05 -2.66 -1.05 1.63 1.67 3.09

Over/Under 0.90 2.37 1.18 2.37 1.85 2.18 3.70XXXXX

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 -1.05 4.12 1.89 0.37 3.14 7.70 4.22 -3.55 5.07 9.65

Over/Under 2.37 2.79 0.41 1.47 3.89 4.02 5.79 5.35 4.08 7.34XXXXX




_

Ironwood International Ltd. 5.52% 1.44% 1.32 142.82% 109.08% 0.55 2.24% 0.94 HFRI FOF: Conservative Index 3.94% 0.00% 1.00 100.00% 100.00% 0.23 0.00% --

51

Ironwood Monthly Commentary October 2018

GENERAL COMMENTARY1

U.S. equity markets traded sharply lower in October amid growing concerns over geopolitical events and the durability of corporate earnings as tax-related tailwinds subside. The S&P 500 generated its worst monthly return since September 2011 and high-yield and investment grade corporate bonds each incurred losses during the month. Despite the rise in market volatility, U.S. fundamental data continued to exceed expectations during the month. Of note, unemployment fell to its lowest level in almost 50 years, Q3 GDP growth outpaced estimates, and consumer spending remained above trend. European equities also declined in October as escalating political tensions and risk aversion overshadowed slightly better-than-expected economic data. Sovereign bond markets in Europe were also volatile, largely driven by capital rotation around several negative events in Italy. During the month, the European Commission rejected Italy’s proposed budget for 2019, subsequently triggering Moody’s to downgrade the country’s debt. In emerging markets, equities underperformed with losses broadly attributable to declining oil prices, U.S. dollar strength, and risk-reduction by global investors. EM investors also faced mixed news out of China in October as the country grew more slowly than expected, but the People’s Bank of China announced additional stimulative measures.

For the month, the S&P 500 returned -6.8% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished -0.8% and -1.6%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished -5.9%, -9.5%, and -7.8%, respectively.

PORTFOLIO REVIEW2

Ironwood’s performance was modestly negative in October. Ironwood made money within our relative value sector, but this was offset by moderate losses sustained in our market neutral & low net equity and distressed & credit securities sectors. Our third quarter letter, which was distributed on November 20th, 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 +3.2% to -1.0%. Fixed income arbitrage, driven by gains across volatility, rates, and macro trading, structured credit, and systematic strategies were the largest contributors of positive attribution. Market neutral fundamental long/short equity and relative value energy were negative in October.

Ironwood’s market neutral & low net equity sector was negative for the month and the range of returns for managers within the sector was +0.6% to -8.0%. The sector’s single-strategy equity managers drove the bulk of negative attribution in October while our multi-manager platforms were mixed, but generated a slightly negative return overall. Detracting industry sectors during the month included technology, energy, and industrials. Statistical arbitrage and primary strategies detracted from performance during the month.

52

Ironwood’s event driven sector was negative for the month and the range of returns for managers within the sector was -0.1% to -0.7%. At the underlying position level, detractors in October included Caesars Entertainment, which traded down after the company refuted rumors of strategic activity, and Arconic, which traded off due to uncertainty surrounding Apollo’s $11 billion buyout proposal. One notable winner for the month was Claire’s Stores, which successfully completed its restructuring and emerged from Chapter 11 bankruptcy (one of Ironwood’s core managers continues to drive this situation).

Ironwood’s distressed & credit securities sector was negative for the month and the range of returns for managers within the sector was -0.7% to -1.1%. At the underlying position level, detractors included Codere S.A., which traded down on fears that its exposure to Italy may contribute to slowing revenue growth, and UK-based Dart Group PLC, which declined due to growing headwinds related to Brexit negotiations.

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

53

Ironwood Partners L.P.Monthly Performance and Allocation Summary

October 2018

OCT QTD YTD Fund ($ millions)-0.78% -0.78% 3.29%-0.80% -0.80% 3.11%-0.80% -0.80% 3.15% Ironwood Partners L.P. 1,075-2.07% -2.07% 0.32% Ironwood Insurance Fund 38-6.84% -6.84% 3.01% Ironwood Inst. Multi-Strategy Fund LLC 2,326-0.79% -0.79% -2.38% Ironwood Capital Management $3,439

Sector BreakdownPercentage Performance Gross Attribution

Sector Allocation OCT QTD YTD OCT QTD YTDRelative Value 44.75% 0.34% 0.34% 9.21% 0.15% 0.15% 3.70%Market Neutral & Low Net Equity 22.91% -2.78% -2.78% 1.74% -0.62% -0.62% 0.57%Event Driven 19.98% -0.37% -0.37% 3.58% -0.07% -0.07% 0.71%Distressed & Credit Securities 12.36% -0.91% -0.91% -2.81% -0.11% -0.11% -0.36%

100.00% -0.78% -0.78% 3.29%

Strategy and Geographic Allocations

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

13.4% Eligibility: Qualified Purchasers 9.8% ERISA Eligible: Yes 9.5% Minimum Investment: $1,000,000 9.4% Contributions: Monthly 8.2% Liquidity: Semi-annual on investment ann. with 95 days notice 7.5% Lock-up: One year 6.6% Tax Reporting: Schedule K-1 6.1% Advisory Fees: 1.20% 5.0% Performance Fees: None 5.0%

Ironwood Partners L.P.

Performance Overview Assets Under Management as of 11/1/18

Fund

Top 10 Holdings as of 11/1/2018 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 CapitalHolocene AdvisorsExodusPoint Capital Management 0.25% annual expense reimbursement

RiskArbitrage

2.7%Statistical Arbitrage

7.2%

Event Equities8.3%

Fundamental Market

Neutral Equities34.0%Fixed Income &

Interest Rates12.6%

StructuredCredit6.7%

Distressed Situations

10.8%

Event Credit5.0%

Convertible Bond Arbitrage

1.0%

PrivateSecurities

3.1%

PortfolioProtection

1.8%

Other6.8%

United States74.3%

Asia6.3%

Europe16.5%

Emerging Markets

2.9%

54

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.

55

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.

56

Ironwood Monthly Commentary November 2018

GENERAL COMMENTARY1

U.S. equity markets were positive in November, but volatility persisted intra-month and the S&P 500 briefly entered correction territory (-10% from highs) for the second time in 2018. Equities retraced losses and turned positive after dovish comments from the Chairman of the Federal Reserve indicated a slowing in the pace of future rate hikes, easing fears that higher rates will hinder economic growth. U.S. corporate credit markets were also volatile in November, largely due to swings in the 10-year Treasury yield which hit a YTD high of 3.24% before falling to 3.01% by month end. Declining yields lifted investment grade bonds in November, but concerns about slowing growth contributed to losses in high-yield bonds. Outside of the U.S., geopolitical events remained in focus with apprehension around global trade and the impact of tariffs continuing despite the preliminary approval of a renewed trade agreement between Canada, Mexico, and the U.S. In Europe, markets traded down during November after GDP growth for the third quarter missed expectations and tensions grew between the EU and Italy over the country’s proposed budget. Emerging markets equities were mixed during the month, but strong performance across Turkey, India, and China helped EM indices generate a positive return overall. Falling commodity prices were a notable headwind across several EM countries as crude oil declined more than 20% during the month.

For the month, the S&P 500 returned +2.0% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +0.6% and -0.9%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished -0.7%, +2.7%, and +3.0%, respectively.

PORTFOLIO REVIEW2

Ironwood’s performance was negative in November. Our arbitrage strategies (relative value and market neutral & low net equity) drove the bulk of negative attribution during the month. Ironwood’s idiosyncratic strategies (event driven and distressed & credit securities) were mixed, but generated moderate losses overall in November.

Ironwood’s relative value sector was negative for the month and the range of returns for these managers was +1.2% to -3.7%. Market neutral fundamental long/short equity and structured credit were the largest contributors of negative attribution. Systematic strategies were mixed, while fixed income arbitrage and macro trading generated positive performance in November.

Ironwood’s market neutral & low net equity sector was negative for the month and the range of returns for managers within the sector was +1.9% to -2.8%. The sector’s multi-manager platforms detracted from performance in November while our single-strategy equity managers contributed positive attribution. Detracting industry sectors during the month included healthcare, consumer, and energy. Statistical arbitrage and primary strategies were mixed during the month.

57

Ironwood’s event driven sector was roughly flat for the month and the range of returns for managers within the sector was +0.1% to -0.3%. At the underlying position level, detractors in November included Peabody Energy, which declined after the company announced production delays at its North Goonyella mine, and Inspired Entertainment, which traded down after industry peers released weaker-than-expected gaming revenue forecasts. A notable contributor for the month was Tribune Media, which traded up on better-than-expected Q3 earnings and buyout rumors. Tribune subsequently agreed to be acquired by Nexstar Media Group for $4.1 billion in early December.

Ironwood’s distressed & credit securities sector was negative for the month and the range of returns for managers within the sector was +0.5% to -3.0%. At the underlying position level, detractors included Basic Energy Services, which traded down due to concerns about the company’s ability to maintain margin and revenue forecasts, and Studio City, which declined after the newly-public entity released disappointing earnings. One notable winner for the month was HSH Nordbank, which rallied after EU regulators approved the sale of the German lender (one of Ironwood’s managers led the deal).


58


November 2018

NOV QTD YTD Fund ($ millions)-1.41% -2.18% 1.83%-1.43% -2.23% 1.63%-1.43% -2.22% 1.67% Ironwood Partners L.P. 1,090-1.27% -2.75% -0.37% Ironwood Insurance Fund 382.04% -4.94% 5.11% Ironwood Inst. Multi-Strategy Fund LLC 2,3190.60% -0.20% -1.79% Ironwood Capital Management $3,447


Sector Allocation NOV QTD YTD NOV QTD YTDRelative Value 44.57% -1.75% -1.42% 7.29% -0.75% -0.60% 2.92%Market Neutral & Low Net Equity 22.90% -1.43% -4.17% 0.29% -0.31% -0.93% 0.25%Event Driven 20.22% -0.13% -0.50% 3.44% -0.03% -0.10% 0.69%Distressed & Credit Securities 12.31% -1.75% -2.64% -4.52% -0.21% -0.31% -0.58%

100.00% -1.41% -2.18% 1.83%






Fund








Certain Expenses:

Suvretta CapitalExodusPoint Capital ManagementHolocene Advisors 0.25% annual expense reimbursement

RiskArbitrage


6.6%Event Equities

7.8%

Fundamental Market

Neutral Equities33.4%

Fixed Income &Interest Rates

13.3%



10.4%

Event Credit5.6%


1.0%

PrivateSecurities

3.1%

PortfolioProtection

2.0%

Other7.1%

United States74.6%

Asia6.4%

Europe16.4%

Emerging Markets

2.6%

59

Sector Definitions




60



Index Definitions







61

Ironwood Monthly Commentary December 2018

GENERAL COMMENTARY1

U.S. equity markets traded sharply lower in December. During the volatile month, the S&P 500 broke below several technical support levels and closed within 1% of bear market territory (20% off highs) before recovering some losses near month end. Overall, it was the worst December for the S&P 500 since the Great Depression, as well as the index’s largest monthly decline in nearly a decade. A confluence of economic and geopolitical headwinds contributed to the market’s drawdown in December, including a partial U.S. government shutdown, a 0.25% increase in interest rates by the Federal Reserve, weak Chinese growth data, and a lack of resolution to ongoing trade conflicts. In domestic credit markets, high-yield bond prices came under pressure during the month due to falling oil prices and significant capital outflows, while declining yields and risk-off capital rotation helped investment grade bonds generate a positive return. Outside of the U.S., equity markets in Europe also traded down in December due to mounting concerns around the health of the global economy and escalating political tension, particularly in France. Notably, the European Central Bank ended its quantitative easing program in December as scheduled, despite heightened market volatility. In emerging markets, positive performance from Chinese equities was offset by losses in global-growth sensitive EM countries; equity markets in the region generated modest losses overall. EM economic data was closely followed by investors during the month; particularly, China reported a roughly 37% year-over-year decline in imports, suggesting declining Chinese demand has meaningfully contributed to the recent weakness in manufacturing exports across Europe and the U.S.

For the month, the S&P 500 returned -9.0% while the Barclays Aggregate Bond Index and Barclays High-Yield Index finished +1.8% and -2.1%, respectively. Outside of the U.S., the EURO STOXX 50, MSCI Asia, and MSCI EM finished -5.3%, -5.9%, and -2.5%, respectively.

PORTFOLIO REVIEW2

Ironwood’s performance was modestly negative in December. Our relative value and distressed & credit securities sectors contributed positive performance during the month, but these gains were offset by moderate losses sustained in our event driven and market neutral & low net equity sectors. We will provide more color regarding 2018 performance, as well as our broader positioning and forward-looking views, in our year-end letter.

Ironwood’s relative value sector was positive for the month and the range of returns for these managers was +3.5% to -2.7%. Market neutral fundamental long/short equity, relative value energy, and systematic strategies were the largest contributors of positive attribution. Fixed income arbitrage and macro trading were mixed in December.

Ironwood’s market neutral & low net equity sector was negative for the month and the range of returns for managers within the sector was +2.8% to -6.1%. The sector’s single-strategy equity managers detracted from performance in December while our multi-manager platforms contributed positive attribution. Leading industry sectors during the month included consumer

62

and utilities. Statistical arbitrage and primary strategies contributed positive performance during the month.

Ironwood’s event driven sector was negative for the month and the range of returns for managers within the sector was +0.2% to -3.2%. At the underlying position level, detractors in December included Norwegian Cruise Line, which traded down after one of the company’s peers, Carnival Corporation, announced disappointing earnings and lowered its forward guidance, and NXP Semiconductors, which sold off after Apple cut its iPhone sales estimates, triggering selling across the major chipmakers. A notable contributor for the month was BHP Group, which traded up after the company completed a share buyback and indicated that it may spin off several non-core business units in 2019.

Ironwood’s distressed & credit securities sector was positive for the month and the range of returns for managers within the sector was +5.4% to -2.2%. At the underlying position level, one notable winner for the month was Studio City, which rallied after gaming revenue growth in Macau exceeded analysts’ expectations. Detractors in December included Keane Group, which declined after the company priced a secondary offering at a larger-than-expected discount to last close, and Caesars Entertainment, which traded down due to uncertainty surrounding the company’s search for a new CEO as well as technical selling pressure across the gaming sector.


63


December 2018

DEC QTD YTD Fund ($ millions)-0.28% -2.46% 1.54%-0.31% -2.52% 1.32%-0.30% -2.51% 1.37% Ironwood Partners L.P. 1,048-1.15% -3.42% -1.05% Ironwood Insurance Fund 37-9.03% -13.52% -4.38% Ironwood Inst. Multi-Strategy Fund LLC 2,2781.84% 1.64% 0.01% Ironwood Capital Management $3,363


Sector Allocation DEC QTD YTD DEC QTD YTDRelative Value 44.93% 0.62% -0.81% 7.96% 0.25% -0.35% 3.18%Market Neutral & Low Net Equity 22.73% -0.96% -5.09% -0.67% -0.20% -1.13% 0.04%Event Driven 19.95% -1.51% -2.01% 1.88% -0.28% -0.37% 0.39%Distressed & Credit Securities 12.39% 0.55% -2.11% -3.99% 0.06% -0.25% -0.52%

100.00% -0.28% -2.46% 1.54%






Fund








Certain Expenses:

Suvretta CapitalCerberus AssociatesHolocene Advisors 0.25% annual expense reimbursement

RiskArbitrage


7.0%Event Equities

7.4%

Fundamental Market

Neutral Equities32.1%

Fixed Income &Interest Rates

13.8%



10.1%

Event Credit5.5%


0.8%

PrivateSecurities

3.3%

PortfolioProtection

2.0%

Other7.7%

United States74.2%

Asia6.3%

Europe17.5%

Emerging Markets

2.0%

64

Sector Definitions




65



Index Definitions







66

Investment Vintage Commitment % $ % $ % $

HarbertU.S. Real Estate IV 2009 1,000,000$ 95.7% 956,781$ 0% $0 0% $0U.S. Real Estate V 2012 2,000,000$ 89.3% 1,786,000$ 0% $0 0% $0U.S. Real Estate VI 2016 2,000,000$ 79.6% 1,592,000$ 10% $200,000 5% $100,000

Portfolio AdvisorsPrivate Equity V 2007 1,000,000$ 70.7% 707,000$ 0% $0 0% $0Private Equity VII 2011 1,000,000$ 65.2% 652,000$ 0% $0 0% $0Direct Credit II 2015 1,000,000$ 72.0% 720,000$ 20% $200,000 5% $50,000Secondary Fund III 2016 2,000,000$ 28.4% 568,000$ 30% $600,000 30% $600,000

StepstonePioneer Capital III, LP 2009 1,000,000$ 85.9% 859,000$ 0% $0.00 0% $0.00

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

SubTotal 13,000,000$ 60.3% 7,840,781$ 8% $1,000,000 10% $1,350,000

Projected DistributionsSalaryUWF OperationsScholarshipsOther Operations

SubTotal

Projected Cash Contributions

Total1All projected calls are estimates as of 12/31/2018 and provided by the fund managers and are subject to material change.

Called Capital data as of 9/30/2018

Projected Distributions2019 2020

$1,935,000$1,345,000

$1,980,000$1,375,000

Capital called 2019 2020Projected capital calls1

Projected Capital CallsFor Private Investments

Held by University of West Florida

$2,200,000

$5,380,000 $5,445,000

$2,200,000$2,900,000 $2,860,000

$4,000,000 $4,320,000

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

67



Harbert US RE Fund IV LPAs of December 31, 2018

Cash Flow and Market Value SummaryLast 2 Years

MonthEnding

BeginningMarket Value Contributions Withdrawals Net Cash Flow Net Investment

ChangeEnding

Market Value_

Jan-17 $234,773.00 $0.00 $0.00 $0.00 $0.00 $234,773.00Feb-17 $234,773.00 $0.00 -$47,690.00 -$47,690.00 $0.00 $187,083.00Mar-17 $187,083.00 $0.00 -$32,787.00 -$32,787.00 -$8,158.00 $146,138.00Apr-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 $0.00 $52,338.28

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68

Harbert US Real Estate Fund IV

Fourth Quarter 2018

• 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 elected to extend the fund’s term for an additional year beyond the 12/7/2017 expiration

• The Fund did not exit any investment during Q3 2018. One remaining asset is left in the portfolio

• Oxbridge Square is a 116,230 SF grocery anchored retail center located in Richmond. The property is 79%

leased and anchored by Big Lots (BBB S&P investment grade credit rating). Big Lots plans to complete their tenant improvements and open for business in the fourth quarter. The JV is actively seeking out tenants to lease the available shop space. In the third quarter, the property was appraised at an as-is value of $11.8 million. The Fund is valuing the property at the appraised value. Additionally, in the third quarter, the JV negotiated a two-year loan extension, interest rate reduction, and a future loan funding facility for tenant improvements and leasing commissions on the property’s existing loan. The JV closed on the loan modification early in the fourth quarter.

69



Harbert US RE Fund V LPAs of December 31, 2018


MonthEnding


ChangeEnding

Market Value_

Jan-17 $1,644,749.00 $0.00 $0.00 $0.00 $0.00 $1,644,749.00Feb-17 $1,644,749.00 $0.00 -$35,379.00 -$35,379.00 $0.00 $1,609,370.00Mar-17 $1,609,370.00 $0.00 $0.00 $0.00 $41,954.00 $1,651,324.00Apr-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 $0.00 $1,350,127.49

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70

Harbert US Real Estate Fund V

Fourth Quarter 2018

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

• Through Q3 2018, approximately 89% of raised capital was called with approximately 64% of called capital already distributed back

• During the third quarter, HUSREF V sold, a 302-unit multifamily property located in Atlanta, GA, for $43.6 million ($144K per unit). The investment produced a 27% IRR and a 2.26x equity multiple to HUSREF V over a 46-month hold period.

71



Harbert US RE Fund VI LPAs of December 31, 2018


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 $0.00 $1,807,074.51

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72

Harbert US Real Estate Fund VI

Fourth Quarter 2018

• Harbert US Real Estate Fund VI held a final close on December 11, 2017 at $428.5 million. Through Q3 2018, roughly 80% of capital has been called

• During Q3 2018, HUSREF VI made one acquisition, a 140-unit Class multifamily property in suburban Minneapolis.

73



Portfolio Advisors PE Offshore VAs of December 31, 2018


MonthEnding


ChangeEnding

Market Value_

Jan-17 $534,593.00 $0.00 -$14,788.00 -$14,788.00 $0.00 $519,805.00Feb-17 $519,805.00 $0.00 -$12,826.00 -$12,826.00 $0.00 $506,979.00Mar-17 $506,979.00 $0.00 -$6,315.00 -$6,315.00 -$2,318.00 $498,346.00Apr-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 $0.00 $342,770.00

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74

Portfolio Advisors Private Equity Fund V

Fourth Quarter 2018

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 $949.8 million through September 30, 2018, representing 90.8% 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 $2.6 million in capital calls to its underlying fund investments during Q3 2018 and received $41.4 million in distributions from its partnership investments during Q3 2018, representing 4.4% of total contributed capital.

• PAPEF V distributed a total of $45.2 million back to investors during Q2 2018. Since inception, the fund has distributed an aggregate total of $926.8 million or 125.1% of invested capital back to LPs.

• As of September 30, 2018, 57 of the 60 primary commitments and 18 of the 20 secondary commitments are generating positive net returns since inception. Approximately 60.3% of the remaining unrealized portfolio companies are valued at or above cost.

• Through September 30, 2018, the fund has a net IRR of 10.8% with a multiple of 1.86X.

75



Portfolio Advisors PE VIIAs of December 31, 2018


MonthEnding


ChangeEnding

Market Value_

Jan-17 $714,420.00 $0.00 -$7,343.00 -$7,343.00 $0.00 $707,077.00Feb-17 $707,077.00 $0.00 $0.00 $0.00 $0.00 $707,077.00Mar-17 $707,077.00 $0.00 $0.00 $0.00 -$1,817.00 $705,260.00Apr-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 $0.00 $690,219.00

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76

Portfolio Advisors Private Equity Fund VII

Fourth Quarter 2018

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 $1,118.1 million, representing 103.1% of LP commitments, to underlying fund

commitments through September 30, 2018. The fund will continue to use distributions to fund all capital calls avoiding the need to call additional capital from limited partners.

• Through Q3 2018, 69.4% of committed capital had been drawn while underlying partnership funds had called 84.2% of partnership investments.

• During Q3 2018, PAPEF VII contributed $6.1mm in capital calls to underlying funds bringing a total of $952.6 million invested with underlying Partnership Investments while the fund received $65.5 million in distributions from underlying partnerships during the quarter bringing total distributions received to $749.0 million or 78.6% of invested capital through Q3 2018.

• PAPEF VII made three distributions totaling $51.7 million to LPs during the quarter. Since inception, the fund has distributed $477.8 million or 63.5% of drawn capital back to Limited Partners.

• Through June 30, 2018, the fund has a net IRR of 14.5% with a multiple of 1.75X

77



Portfolio Advisors Secondary Fund III, L.P.As of December 31, 2018


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 $0.00 $832,594.00

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78

Portfolio Advisors Secondary Fund III

Fourth Quarter 2018

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. Through September 30, 2018, 28.4% of committed capital has been drawn. No distributions back to LPs have been made at this point.

• PASF III contributed $189.5 million in capital calls and received $83.3 million in distributions from its Partnership Investments during the third quarter.

• During the third quarter, PSIF III closed five secondary transactions and five co-investment opportunities

• Through Q3 2018, PASF III had invested in 22 secondary transactions and 35 co-investment opportunities representing $572.1 of total exposure. The Fund holds interests in 162 unique private equity partnerships with exposure to over 2,000 underlying portfolio companies and 35 co-investments as of September 30, 2018.

79



StepStone Pioneer Capital III, L.P.As of December 31, 2018


MonthEnding


ChangeEnding

Market Value_

Jan-17 $960,806.00 $0.00 $0.00 $0.00 $0.00 $960,806.00Feb-17 $960,806.00 $0.00 $0.00 $0.00 $0.00 $960,806.00Mar-17 $960,806.00 $0.00 $0.00 $0.00 -$911.00 $959,895.00Apr-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 $650,784.00

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80

StepStone Pioneer Capital Fund III Fourth Quarter 2018

• 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

81

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Portfolio Advisors Direct Credit IIAs of December 31, 2018


MonthEnding


ChangeEnding

Market Value_

Jan-17 $686,521.00 $0.00 -$221,750.00 -$221,750.00 $11,196.00 $475,967.00Feb-17 $475,967.00 $0.00 $0.00 $0.00 $0.00 $475,967.00Mar-17 $475,967.00 $0.00 -$52,043.00 -$52,043.00 -$7,258.00 $416,666.00Apr-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 $472,743.00

XXXXX

82

Portfolio Advisors Direct Credit Opportunities II

Fourth Quarter 2018

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

• During the third quarter, PADCOF II closed on two new investments. No realizations occurred during the quarter. Since the fund’s inception, PADCOF II had invested $535.3 mm across 20 portfolio companies

• As of September 30 2018, PADCOF II has $355 mm invested across 18 portfolio investments with a weighted average yield of 11.3%

• Through Q3 2018, the Fund has called approximately 72% of committed capital and roughly 50% of drawn capital has been distributed back to LPs though these distributions are considered recallable

• As of September 30, 2018, PADCOF II has a net IRR of 11% and gross MOIC of 1.19x

83


PIMCO Short-Term InstlAs of December 31, 2018

Universe Name: Ultrashort Bond MStar MF# of Observations: 70 (12/31/2018)

Fund Information as of 9/30/18Fund Name PIMCO SHORT-TERM INSTLTicker PTSHXMorningstar Category Ultrashort BondBenchmark FTSE T-Bill 3 Months TRExpense Ratio 0.57%Fund Assets ($mm) 12,721.69Share Class Inception Date 10/7/1987Manager Tenure 8

QTD(%) Rank YTD



(%) Rank_

PIMCO Short-Term Instl -0.35 93 1.51 75 1.51 75 2.17 14 1.77 6 2.46 21FTSE T-Bill 3 Months TR 0.57 18 1.86 41 1.86 41 0.99 93 0.60 97 0.35 95

Over/Under -0.92 -0.35 -0.35 1.18 1.17 2.11

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 0.93% 1.77% -0.01 292.36% -- 1.29 0.95% 1.22 FTSE T-Bill 3 Months TR 0.21% 0.00% 1.00 100.00% -- 0.15 0.00% --


Fund Characteristics as of 9/30/18Sharpe Ratio (3 Year) 2.11Average Duration 0.01Average Coupon 4.59%Average Effective Maturity 0.82R-Squared (3 Year) 0.00Alpha (3 Year) 0.22%Beta (3 Year) -0.04



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.

84

Investment Expense AnalysisAs Of 12/31/18

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

Difference Fund v.Median Universe

Eagle Capital Management $8,827,168 10.6% 0.87% $76,796 0.74% 0.13% Large Cap MStar MFVanguard 500 Index Admiral $9,186,988 11.0% 0.04% $3,675 0.74% -0.70% Large Cap MStar MFConestoga Small Cap Investors $4,272,886 5.1% 1.10% $47,002 0.99% 0.11% Small Cap MStar MFFuller & Thaler Behav Sm-Cp Eq Inst $4,081,834 4.9% 0.85% $34,696 0.99% -0.14% Small Cap MStar MFWilliam Blair Instl International Gr $5,530,939 6.6% 0.97% $53,650 0.85% 0.12% Foreign Large Blend MStar MFDodge & Cox International Stock $5,721,139 6.9% 0.63% $36,043 0.85% -0.22% Foreign Large Blend MStar MFT. Rowe Price International Discovery $5,287,452 6.3% 1.19% $62,921 1.15% 0.05% Foreign Small/Mid Blend Mstar MFDFA Emerging Markets Core Equity I $5,054,280 6.1% 0.53% $26,788 1.16% -0.63% Diversified Emerging Mkts MStar MFBarrow Hanley $5,349,525 6.4% 0.38% $20,061 0.49% -0.12% Intermediate-Term Bond MStar MFTempleton Global Bond Fund $2,702,436 3.2% 0.71% $19,187 0.68% 0.04% World Bond MStar MFChartwell Short Duration High Yield $2,748,320 3.3% 0.50% $13,742 0.73% -0.23% High Yield Bond MStar MFTortoise MLP & Pipeline Instl $3,688,910 4.4% 0.96% $35,414 1.21% -0.25% Energy Limited Partnership Mstar MFIronwood International Ltd. $8,570,223 10.3% 1.00% $85,702Harbert US RE Fund IV LP $52,338 0.1% 1.50% $785Harbert US RE Fund V LP $1,350,127 1.6% 1.50% $20,252Harbert US RE Fund VI LP $1,807,075 2.2% 1.50% $27,106Portfolio Advisors PE Offshore V $342,770 0.4% 0.88% $2,999Portfolio Advisors PE VII $690,219 0.8% 0.88% $6,039Portfolio Advisors Secondary Fund III, L.P. $832,594 1.0% 0.85% $7,077StepStone Pioneer Capital III, L.P. $650,784 0.8% 1.00% $6,508Portfolio Advisors Direct Credit II $472,743 0.6% 1.50% $7,091PIMCO Short-Term Instl $6,077,360 7.3% 0.57% $34,641 0.36% 0.21% Ultrashort Bond MStar MFCash $13,988 0.0%Archstone Offshore Fund $75,500 0.1%Total $83,387,597 100.0% 0.75% $628,174

XXXXX




85


Monthly Capital Markets Review - January 2019 ACG Atlanta Consulting Group

Source(s): Morningstar, MSCI

MTD YTD 1 Yr 3 Yr 5 Yr8.01 8.01 -2.32 14.02 10.968.38 8.38 -2.17 14.14 10.68

10.79 10.79 -2.90 13.29 8.8911.25 11.25 -3.52 14.71 7.268.589.79

8.58 -2.26 14.19 10.419.79 -0.68 17.76 13.45

MTD YTD 1 Yr 3 Yr 5 Yr1.06 1.06 2.25 1.95 2.441.52 1.52 -0.88 2.92 1.172.16 2.16 0.94 3.72 3.310.47 0.47 2.72 0.87 1.824.52 4.52 1.73 9.41 4.610.76 0.76 3.26 2.15 3.581.41 1.41 -1.07 2.70 0.79

MTD YTD 1 Yr 3 Yr 5 Yr7.56 7.56 -12.58 9.59 3.11

Russell Style Returns (%) - MTDValue Core Growth

6.57 6.57 -12.51 7.74 2.66 Large 7.78 8.38 8.998.77 8.77 -14.24 14.89 4.77 Mid 10.29 10.79 11.49

Small 10.94 11.25 11.55MTD YTD 1 Yr 3 Yr 5 Yr2.56 2.56 -3.87 3.06 1.981.76 1.76 -4.17 1.97 0.65

Russell Style Returns (%) - YTDValue Core Growth

10.87 10.87 4.63 7.88 6.58 Large 7.78 8.38 8.9912.64 12.64 -6.73 7.06 -5.19 Mid 10.29 10.79 11.49

Other Index Returns (%)HFRI Fund of Funds Composite IndexWilshire Liquid Alternative TR USDFTSE EPRA/NAREIT Developed NR USDAlerian MLP TR USDBloomberg Commodity Index TR USD 5.45 5.45 -8.23 2.66 -7.88 Small 10.94 11.25 11.55

International Equity Returns (%)MSCI ACWI ex USAMSCI EAFEMSCI Emerging Markets

Market Highlights

Fixed Income Returns (%)BBgBarc US Aggregate TRBBgBarc Global Aggregate TRBBgBarc US Credit TRBBgBarc US Govt TRBBgBarc US High Yield TRBBgBarc US Municipal TRFTSE WGBI

Index Returns (%)

S&P Sector Returns (%)Equity Returns (%)S&P 500Russell 1000Russell MidCapRussell 2000Russell 3000NASDAQ Composite TR

0 5 10 15

Consumer Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Real Estate

Communication Services

Utilities

MTD YTD

8.01 10

.79

11.2

5

6.57 8.

77

1.06

1.528.

01 10.7

9

11.2

5

6.57 8.

77

1.06

1.52

10.9

6

8.89

7.26

2.66 4.77

2.44

1.17

02468

1012

S&P 500 Russell MidCap Russell 2000 MSCI EAFE MSCI EmergingMarkets

BBgBarc USAggregate TR

BBgBarc GlobalAggregate TR

MTD

YTD

5 Years

• Global equity markets rebounded in January afterclosing 2018 in negative territory.

• In the US, all major equity indices posted gains ofmore than 7% with small caps outperforming large caps during the month and growth outperforming value.

• Five sectors in the US generated positive returns ofmore than 10%. The worst performing sector during the month was utilities, but the sector is the best performing over the last twelve months.

• International markets also had a strong January withemerging markets and developed small caps performing the best.

• US Corporate High Yield recovered most of the fourthquarter 2018 loss (-4.53%) with a January gain of 4.52%. Other fixed income indices posted modest gains during the month.

• MLPs also benefited from the market bounce back inJanuary. After losses of more than 17% in the fourth quarter, MLPs generated returns of over 12% during the month.

86


Market Index Review - January 2019 ACG Atlanta Consulting Group

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.

MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years8.01 8.01 8.01 -2.32 14.02 10.96 15.00 8.77 8.77 8.77 -14.24 14.89 4.77 9.667.29 7.29 7.29 -2.19 17.77 12.44 15.00 6.59 6.59 6.69 1.47 8.099.79 9.79 9.79 -0.68 17.76 13.45 18.63 6.47 6.47 9.91 4.98 8.266.57 6.57 6.57 -12.51 7.74 2.66 8.11 7.56 7.56 9.59 3.11 8.35

11.25 11.25 11.25 -3.52 14.71 7.26 14.51 8.06 8.06 9.39 4.99 12.11

Market IndicesS&P 500Dow Jones Industrial AverageNASDAQ Composite TRMSCI EAFERussell 2000Dow Jones U.S. Total Stock Market 8.61 8.61 8.61 -2.32 14.17 10.36 15.14

International IndicesMSCI Emerging MarketsMSCI EuropeMSCI PacificMSCI ACWI ex USAMSCI EAFE Small CapMSCI Frontier Markets 4.76 4.76

6.59 -13.916.47 -10.237.56 -12.588.06 -15.594.76 -17.18 8.36 1.44 7.39

MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years8.38 8.38 8.38 -2.17 14.14 10.68 15.17 0.20 0.20 0.20 1.96 1.05 0.64 0.378.99 8.99 8.99 0.24 16.60 12.97 16.86 0.76 0.76 0.76 3.26 2.15 3.58 4.557.78 7.78 7.78 -4.81 11.62 8.33 13.39 1.06 1.06 1.06 2.25 1.95 2.44 3.68

10.79 10.79 10.79 -2.90 13.29 8.89 16.09 1.18 1.18 1.18 1.93 2.11 2.47 3.7411.49 11.49 11.49 0.51 15.60 10.26 16.92 0.87 0.87 0.87 2.66 1.58 1.84 3.0310.29 10.29 10.29 -5.43 11.67 7.90 15.39 4.52 4.52 4.52 1.73 9.41 4.61 10.9711.55 11.55 11.55 -2.63 15.55 7.83 15.68 1.52 1.52 1.52 -0.88 2.92 1.17 2.98

Russell IndicesRussell 1000Russell 1000 GrowthRussell 1000 ValueRussell MidCapRussell MidCap GrowthRussell MidCap ValueRussell 2000 GrowthRussell 2000 Value 10.94 10.94 10.94 -4.51 13.76 6.62 13.28

Bond IndicesFTSE T-Bill 3 MonthsBBgBarc US Municipal TRBBgBarc US Aggregate TRBBgBarc US Govt/Credit TRBBgBarc US Govt/Credit Int TRBBgBarc US Corporate High Yield TRBBgBarc Global Aggregate TRFTSE WGBI 1.41 1.41 1.41 -1.07 2.70 0.79 2.12

MTD QTD YTD 1 Year 3 Years 5 Years 10 Years MTD QTD YTD 1 Year 3 Years 5 Years 10 Years5.49 5.49 5.49 -13.59 13.29 5.94 12.50 2.29 2.29 2.29 -3.48 2.67 1.93 3.29

10.30 10.30 10.30 1.71 15.19 13.23 20.85 1.28 1.28 1.28 2.60 1.91 3.135.19 5.19 5.19 -5.13 4.62 8.48 12.39 4.31 4.31 4.31 4.23 2.19 3.76

11.11 11.11 11.11 -12.34 5.76 -2.29 4.93 1.76 1.76 1.76

-0.86-5.30-4.17 1.97 0.65 2.54

8.84 8.84 8.84 -11.10 15.93 10.82 15.33 10.87 10.87 10.87 3.35 9.86 7.71 13.034.84 4.84 4.84 4.67 12.79 12.49 15.61 12.64 12.64 12.64 -6.73 7.06 -5.19 9.33

11.41 11.41 11.41 -8.26 13.82 9.27 15.45

Other IndicesHFRI FOF: Diversified IndexHFRI FOF: Conservative IndexHFRI FOF: Strategic IndexWilshire Liquid Alternative TR USDFTSE EPRA/NAREIT Global TR USDAlerian MLP TR USDBloomberg Commodity Index TR USD 5.45 5.45 5.45 -8.23 2.66 -7.88 -2.74

6.96 6.96 6.96 -0.90 21.00 17.08 19.5310.79 10.79 10.79 10.41 -- -- --10.37 10.37 10.37 -3.99 3.31 5.29 9.71

Sector IndicesS&P 500 MaterialsS&P 500 Consumer DiscretionaryS&P 500 Consumer StaplesS&P 500 EnergyS&P 500 FinancialsS&P 500 Health CareS&P 500 IndustrialsS&P 500 Information TechnologyS&P 500 Real EstateS&P 500 Communication ServicesS&P 500 Utilities 3.43 3.43 3.43 11.08 10.18 10.84 10.90

87

CurrentBalance

CurrentAllocation Policy Policy Range Difference Within IPS

Range?_

US Stock Large $19,662,852 22.27% 22.50% 20.00% - 30.00% -0.23% YesEagle Capital Management $9,739,921 11.03%Vanguard 500 Index Admiral $9,922,931 11.24%

US Stock Small $9,037,552 10.24% 10.00% 7.50% - 15.00% 0.24% YesConestoga Small Cap Investors $4,599,201 5.21%Fuller & Thaler Behav Sm-Cp Eq Inst $4,438,351 5.03%

International $12,135,031 13.75% 15.00% 10.00% - 20.00% -1.25% YesWilliam Blair Instl International Gr $5,927,185 6.71%Dodge & Cox International Stock $6,207,846 7.03%

International Small Stocks $5,695,352 6.45% 7.50% 2.50% - 10.00% -1.05% YesT. Rowe Price International Discovery $5,695,352 6.45%

International Emerging Stocks $5,466,499 6.19% 5.00% 2.50% - 7.50% 1.19% YesDFA Emerging Markets Core Equity I $5,466,499 6.19%

Fixed $10,919,118 12.37% 15.00% 10.00% - 25.00% -2.63% YesBarrow Hanley $5,349,525 6.06%Templeton Global Bond Fund $2,766,151 3.13%Chartwell Short Duration High Yield $2,803,442 3.18%

MLP $4,268,547 4.84% 5.00% 0.00% - 10.00% -0.16% YesTortoise MLP & Pipeline Instl $4,268,547 4.84%

Fund of Funds $8,718,488 9.88% 10.00% 0.00% - 15.00% -0.12% YesIronwood International Ltd. $8,718,488 9.88%

Real Estate $3,209,540 3.64% 5.00% 0.00% - 15.00% -1.36% YesHarbert US RE Fund IV LP $52,338 0.06%Harbert US RE Fund V LP $1,350,127 1.53%Harbert US RE Fund VI LP $1,807,075 2.05%

Private Equity $2,516,367 2.85% 3.00% 0.00% - 5.00% -0.15% YesPortfolio Advisors PE Offshore V $342,770 0.39%Portfolio Advisors PE VII $690,219 0.78%Portfolio Advisors Secondary Fund III, L.P. $832,594 0.94%StepStone Pioneer Capital III, L.P. $650,784 0.74%

Private Debt $453,276 0.51% 2.00% 0.00% - 5.00% -1.49% YesPortfolio Advisors Direct Credit II $453,276 0.51%

Cash/Short Term Fixed Income $6,197,092 7.02% 0.00% 0.00% - 5.00% 7.02% NoPIMCO Short-Term Instl $6,108,062 6.92%Cash $46,669 0.05%Archstone Offshore Fund $42,361 0.05%

Total $88,279,714 100.00% 100.00%XXXXX


FoundationAs of January 31, 2019



% ofPortfolio

1 Mo(%)

QTD(%)

FiscalYTD(%)

YTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

Foundation 88,279,714 100.00 5.89 5.89 -1.69 5.89 -3.84 6.68 9.29 5.43 8.92 4.89 Mar-99Balanced Index 6.21 6.21 -1.48 6.21 -3.95 5.97 8.71 5.24 8.59 4.78 Mar-99CPI+4% 0.33 0.33 2.01 0.33 5.41 5.78 6.05 5.49 5.82 6.22 Mar-99US Stock Large 19,662,852 22.27

Eagle Capital Management Caution 2Q16 9,739,921 11.03 10.34 10.34 1.26 10.34 -3.05 11.65 14.57 10.87 -- 13.37 Oct-12S&P 500 8.01 8.01 0.61 8.01 -2.32 11.12 14.02 10.96 15.00 12.72 Oct-12

Vanguard 500 Index Admiral 9,922,931 11.24 8.01 8.01 0.59 8.01 -2.36 11.08 13.98 10.92 -- 12.72 Sep-12S&P 500 8.01 8.01 0.61 8.01 -2.32 11.12 14.02 10.96 15.00 12.75 Sep-12

US Stock Small 9,037,552 10.24Conestoga Small Cap Investors 4,599,201 5.21 7.64 7.64 -3.59 7.64 4.70 17.88 20.37 -- -- 10.81 Apr-14

Russell 2000 11.25 11.25 -8.05 11.25 -3.52 6.33 14.71 7.26 14.51 6.35 Apr-14Fuller & Thaler Behav Sm-Cp Eq Inst 4,438,351 5.03 8.73 8.73 -8.51 8.73 -- -- -- -- -- -4.71 Mar-18

Russell 2000 11.25 11.25 -8.05 11.25 -3.52 6.33 14.71 7.26 14.51 -4.26 Mar-18International 12,135,031 13.75

William Blair Instl International Gr Caution 3Q18 5,927,185 6.71 7.16 7.16 -10.15 7.16 -16.49 5.01 6.26 2.52 9.91 5.73 Mar-04MSCI ACWI ex USA 7.56 7.56 -4.10 7.56 -12.58 6.47 9.59 3.11 8.35 5.47 Mar-04

Dodge & Cox International Stock Caution 4Q17 6,207,846 7.03 8.51 8.51 -4.16 8.51 -16.34 2.84 9.63 2.06 10.07 1.81 Dec-07MSCI ACWI ex USA 7.56 7.56 -4.10 7.56 -12.58 6.47 9.59 3.11 8.35 0.92 Dec-07

International Small Stocks 5,695,352 6.45T. Rowe Price International Discovery 5,695,352 6.45 7.71 7.71 -12.83 7.71 -16.07 8.98 -- -- -- 8.20 Sep-16

MSCI ACWI ex US Small Cap 7.83 7.83 -9.12 7.83 -15.93 5.75 9.33 3.91 11.53 5.97 Sep-16International Emerging Stocks 5,466,499 6.19

DFA Emerging Markets Core Equity I Caution 3Q17 5,466,499 6.19 8.16 8.16 0.02 8.16 -14.38 8.61 13.83 4.69 -- 4.87 Dec-11MSCI Emerging Markets 8.77 8.77 -0.46 8.77 -14.24 9.97 14.89 4.77 9.66 4.60 Dec-11

Fixed 10,919,118 12.37 1.10 1.10 2.52 1.10 1.45 -- -- -- -- 1.33 Apr-17BBgBarc US Aggregate TR 1.06 1.06 2.73 1.06 2.25 2.20 1.95 2.44 3.68 1.71 Apr-17Barrow Hanley 5,349,525 6.06 0.00 0.00 1.26 0.00 0.45 1.65 1.85 2.13 3.73 3.85 Apr-03

BBgBarc US Aggregate TR 1.06 1.06 2.73 1.06 2.25 2.20 1.95 2.44 3.68 3.87 Apr-03Templeton Global Bond Fund 2,766,151 3.13 2.36 2.36 5.14 2.36 2.63 -- -- -- -- 1.38 Apr-17

FTSE WGBI TR 1.41 1.41 1.51 1.41 -1.07 3.44 2.70 0.79 2.12 2.84 Apr-17Chartwell Short Duration High Yield 2,803,442 3.18 2.01 2.01 2.44 2.01 2.23 -- -- -- -- 2.17 May-17

BofAML US Corp and High Yield 1-3 Yr 0.91 0.91 2.23 0.91 2.63 2.27 2.92 2.09 4.25 2.21 May-17


FoundationAs of January 31, 2019 Fiscal Year End: June



% ofPortfolio

1 Mo(%)

QTD(%)

FiscalYTD(%)

YTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

10 Yrs(%)

Inception(%)

InceptionDate

_

MLP 4,268,547 4.84Tortoise MLP & Pipeline Instl 4,268,547 4.84 15.71 15.71 -2.96 15.71 -3.10 -2.60 13.23 -- -- -1.59 Apr-14

Alerian MLP TR USD 12.64 12.64 -0.72 12.64 -6.73 -6.24 7.06 -5.19 9.33 -6.09 Apr-14Fund of Funds 8,718,488 9.88

Ironwood International Ltd. 8,718,488 9.88 1.73 1.73 0.23 1.73 1.58 4.32 4.71 4.01 6.73 4.31 Mar-05HFRI FOF: Conservative Index 1.28 1.28 -1.23 1.28 -0.86 1.97 2.60 1.91 3.13 2.19 Mar-05

Real Estate 3,209,540 3.64Harbert US RE Fund IV LP 52,338 0.06 0.00 0.00 33.50 0.00 56.05 29.24 23.22 30.13 22.48 22.27 Dec-08

FTSE NAREIT All Equity REIT 11.58 11.58 5.34 11.58 9.91 7.58 9.29 9.92 15.91 13.61 Dec-08Harbert US RE Fund V LP 1,350,127 1.53 0.00 0.00 3.81 0.00 7.19 11.68 12.61 12.58 -- 13.18 Nov-13

FTSE NAREIT All Equity REIT 11.58 11.58 5.34 11.58 9.91 7.58 9.29 9.92 15.91 9.00 Nov-13Harbert US RE Fund VI LP 1,807,075 2.05 0.00 0.00 5.54 0.00 11.45 -- -- -- -- 11.02 Nov-17

FTSE NAREIT All Equity REIT 11.58 11.58 5.34 11.58 9.91 7.58 9.29 9.92 15.91 7.29 Nov-17Private Equity 2,516,367 2.85

Portfolio Advisors PE Offshore V 342,770 0.39 0.00 0.00 7.08 0.00 9.25 13.07 10.41 9.02 8.07 8.00 Dec-08Cambridge Assoc. U.S. PE Index 0.00 0.00 3.79 0.00 11.32 14.11 14.21 11.61 14.07 13.81 Dec-08

Portfolio Advisors PE VII 690,219 0.78 0.00 0.00 6.43 0.00 11.21 16.00 12.58 11.26 -- 12.22 Apr-13Cambridge Assoc. U.S. PE Index 0.00 0.00 3.79 0.00 11.32 14.11 14.21 11.61 14.07 12.80 Apr-13

Portfolio Advisors Secondary Fund III, L.P. 832,594 0.94 0.00 0.00 7.17 0.00 14.55 -- -- -- -- 36.16 Aug-17Cambridge Assoc. U.S. PE Index 0.00 0.00 3.79 0.00 11.32 14.11 14.21 11.61 14.07 13.57 Aug-17

StepStone Pioneer Capital III, L.P. 650,784 0.74 0.00 0.00 3.92 0.00 17.91 12.61 9.55 11.41 -- 16.16 Dec-09Cambridge Assoc. U.S. PE Index 0.00 0.00 3.79 0.00 11.32 14.11 14.21 11.61 14.07 14.53 Dec-09

Private Debt 453,276 0.51Portfolio Advisors Direct Credit II 453,276 0.51 0.00 0.00 14.57 0.00 20.45 13.60 -- -- -- 13.12 Oct-16

BBgBarc US Aggregate TR 1.06 1.06 2.73 1.06 2.25 2.20 1.95 2.44 3.68 1.06 Oct-16Cash/Short Term Fixed Income 6,197,092 7.02

PIMCO Short-Term Instl 6,108,062 6.92 0.51 0.51 0.97 0.51 1.88 2.10 2.49 -- -- 2.48 Jan-16FTSE T-Bill 3 Months TR 0.20 0.20 1.27 0.20 1.96 1.43 1.05 0.64 0.37 1.05 Jan-16

Cash 46,669 0.05Archstone Offshore Fund 42,361 0.05


FoundationAs of January 31, 2019 Fiscal Year End: June


- 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 / BofAMLUS 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

90

DISCLOSUREInvesting is subject to a high degree of investment risk, including the possible loss of the entire amount of an investment. You should carefully read andreview all information provided by The Atlanta Consulting Group Advisors, LLC (“ACG”), including ACG’s Form ADV, Part 2A brochure and allsupplements 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 withoutnotice at any time subsequent to the date of issue. All information provided is for informational purposes only and should not be deemed as investmentadvice or a recommendation to purchase or sell any specific security. While the information presented herein is believed to be reliable, norepresentation 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 theperformance of any specific investment. The Index comparisons are provided for informational purposes only and should not be used as the basis formaking an investment decision. Further, the performance of an account managed by ACG and each Index may not be comparable. There may besignificant differences between an account managed by ACG and each Index, including, but not limited to, risk profile, liquidity, volatility and assetcomparison. The performance shown for each Index reflects no deduction for client withdrawals, fees or expenses. Accordingly, comparisons againstthe 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 informationprovided is for informational purposes only and should not be deemed as advice in relation to legal, taxation, or investment matters. No representationsor 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 aninvestment. Past performance is no guarantee of future results. An investment in an account is subject to a high degree of investment risk, including thepossible 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 noassurance that such assumptions and statements will accurately predict future events or ACG’s actual performance. No representation or warranty canbe given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements includedherein 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 andbusiness advisors concerning the validity and reasonableness of the factual, accounting and tax assumptions. No representations or warrantieswhatsoever 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, andinvestment databases including Bloomberg and Morningstar. Due to the timeliness of this report performance information may be preliminary andtherefore subject to audit. This report is complete and accurate to the best of our knowledge.

91



Planned GivingAs of December 31, 2018 Fiscal Year End: June

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

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

_

Beginning Market Value $3,074,009 $3,136,764 $3,047,152 $3,136,764 $113,970 $167,107 $115,280 $125,597Net Cash Flow -$51,806 -$207,346 -$103,605 -$207,346 $2,402,847 $2,343,586 $2,314,563 $2,325,065Net Investment Change -$238,898 -$146,114 -$160,242 -$146,114 $266,487 $272,611 $353,461 $332,642Income $93,404 $113,976 $99,853 $113,976 $257,668 $267,852 $298,071 $301,842Ending Market Value $2,783,305 $2,783,305 $2,783,305 $2,783,305 $2,783,305 $2,783,305 $2,783,305 $2,783,305

_

Asset AllocationCurrent

BalanceCurrent

Allocation_

US Stock Large $715,336 25.7%Alger Capital Appreciation Instl I $225,385 8.1%Diamond Hill Large Cap A $239,894 8.6%Schwab® S&P 500 Index $250,057 9.0%

US Stock Small $178,456 6.4%Conestoga Small Cap Investors $104,937 3.8%American Beacon Small Cp Val Inv $73,519 2.6%

International $275,138 9.9%American Beacon Intl Equity Inv $131,672 4.7%Artisan International Investor $143,466 5.2%

International Emerging Stocks $98,114 3.5%Harding Loevner Emerging Markets Advisor $98,114 3.5%

US Fixed Income $990,671 35.6%JPMorgan Strategic Income Opports A $217,747 7.8%Virtus Seix Total Return Bond I $274,918 9.9%Schwab U.S. Aggregate Bond Index Fund $279,648 10.0%Western Asset Intermediate Bond $218,358 7.8%

Alternative Investments $416,918 15.0%JHancock Global Absolute Ret Strats A $207,750 7.5%DWS RREEF Real Assets S $209,168 7.5%

Cash $108,672 3.9%Cash $108,672 3.9%

Total $2,783,305 100.0%XXXXX

92

Market Value($)

% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

Inception(%)

InceptionDate

_

Planned Giving 2,783,305 100.00 -4.10 -7.73 -4.95 -5.34 -4.95 3.41 3.18 2.63 4.97 Jul-08Balanced Index -3.82 -7.38 -4.82 -4.95 -4.82 3.60 4.01 3.22 5.28 Jul-08US Stock Large 715,336 25.70

Alger Capital Appreciation Instl I 225,385 8.10 -8.60 -15.96 -0.87 -9.68 -0.87 13.96 9.45 -- 8.56 Nov-14Russell 1000 Growth -8.60 -15.89 -1.51 -8.17 -1.51 13.24 11.15 10.40 9.55 Nov-14

Diamond Hill Large Cap A 239,894 8.62 -10.18 -13.63 -9.88 -7.10 -9.88 3.97 7.51 -- 5.34 Nov-14Russell 1000 Value -9.60 -11.72 -8.27 -6.69 -8.27 2.11 6.95 5.95 4.22 Nov-14

Schwab® S&P 500 Index 250,057 8.98 -9.04 -13.53 -4.42 -6.86 -4.42 7.89 9.37 8.64 11.78 Dec-09S&P 500 -9.03 -13.52 -4.38 -6.85 -4.38 7.93 9.26 8.49 11.74 Dec-09

US Stock Small 178,456 6.41Conestoga Small Cap Investors 104,937 3.77 -9.54 -18.87 0.61 -10.43 0.61 13.67 13.83 7.96 13.98 Dec-09

Russell 2000 -11.88 -20.20 -11.01 -17.35 -11.01 1.00 7.36 4.41 10.84 Dec-09American Beacon Small Cp Val Inv 73,519 2.64 -12.89 -20.92 -15.89 -19.25 -15.89 -4.54 4.94 -- 2.15 Jun-14

Russell 2000 -11.88 -20.20 -11.01 -17.35 -11.01 1.00 7.36 4.41 4.40 Jun-14International 275,138 9.89

American Beacon Intl Equity Inv 131,672 4.73 -6.13 -14.11 -16.64 -13.55 -16.64 1.83 1.82 -0.91 3.35 Dec-09MSCI ACWI ex USA -4.53 -11.46 -14.20 -10.84 -14.20 4.47 4.48 0.68 3.42 Dec-09

Artisan International Investor 143,466 5.15 -5.30 -11.29 -10.86 -8.76 -10.86 8.07 2.22 0.29 4.84 Dec-09MSCI ACWI ex USA -4.53 -11.46 -14.20 -10.84 -14.20 4.47 4.48 0.68 3.42 Dec-09

International Emerging Stocks 98,114 3.53Harding Loevner Emerging Markets Advisor 98,114 3.53 -4.23 -10.15 -18.72 -15.00 -18.72 4.84 7.71 1.21 3.49 Dec-09

MSCI Emerging Markets -2.66 -7.47 -14.58 -8.49 -14.58 8.29 9.25 1.65 2.34 Dec-09US Fixed Income 990,671 35.59

JPMorgan Strategic Income Opports A 217,747 7.82 -0.84 -1.41 0.43 -0.49 0.43 -- -- -- 0.69 Nov-17BBgBarc US Universal TR 1.56 1.17 -0.26 1.44 -0.26 1.89 2.56 2.72 0.03 Nov-17

Virtus Seix Total Return Bond I 274,918 9.88 2.10 2.09 -0.32 1.40 -0.32 1.16 1.76 2.34 3.16 Dec-09BBgBarc US Aggregate TR 1.84 1.64 0.01 1.66 0.01 1.76 2.06 2.52 3.09 Dec-09

Schwab U.S. Aggregate Bond Index Fund 279,648 10.05 1.80 1.58 -0.12 1.57 -0.12 -- -- -- 1.11 Apr-17BBgBarc US Aggregate TR 1.84 1.64 0.01 1.66 0.01 1.76 2.06 2.52 1.20 Apr-17

Western Asset Intermediate Bond 218,358 7.85 1.20 0.97 0.20 1.42 0.20 -- -- -- 2.18 Mar-17BBgBarc US Govt/Credit Int TR 1.34 1.65 0.88 1.87 0.88 1.51 1.70 1.86 1.73 Mar-17




93

Market Value($)

% ofPortfolio

1 Mo(%)

QTD(%)

YTD(%)

FiscalYTD(%)

1 Yr(%)

2 Yrs(%)

3 Yrs(%)

5 Yrs(%)

Inception(%)

InceptionDate

_

Alternative Investments 416,918 14.98JHancock Global Absolute Ret Strats A 207,750 7.46 -0.20 -1.79 -5.36 -1.59 -5.36 -1.10 -1.67 -- 0.08 Mar-14

HFRI FOF: Diversified Index -1.54 -4.68 -3.37 -4.12 -3.37 1.62 1.23 1.38 1.21 Mar-14DWS RREEF Real Assets S 209,168 7.52 -4.74 -6.73 -5.17 -6.64 -5.17 1.29 2.67 -- -0.16 Nov-14

Morningstar Mod Tgt Risk TR USD -3.55 -6.81 -4.76 -4.46 -4.76 4.50 5.84 4.08 3.89 Nov-14Cash 108,672 3.90

Cash 108,672 3.90XXXXX

- 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




94

RISK RETURN STATISTICS1 Year

Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 12 12Maximum Return 2.70 2.62Minimum Return -4.82 -4.82Annualized Return -4.95 -4.82Total Return -4.95 -4.82Annualized Excess ReturnOver Risk Free -6.85 -6.71

Annualized Excess Return -0.14 0.00



Alpha 0.00 0.00Sharpe Ratio -0.85 -0.86Excess Return Over Market/ Risk -0.02 0.00

Tracking Error 0.58 0.00Information Ratio -0.24 --




Planned Giving Balanced IndexRETURN SUMMARY STATISTICSNumber of Periods 36 36Maximum Return 3.99 4.61Minimum Return -4.82 -4.82Annualized Return 3.18 4.01Total Return 9.84 12.51Annualized Excess ReturnOver Risk Free 2.14 2.97




Alpha -0.06 0.00Sharpe Ratio 0.37 0.50Excess Return Over Market/ Risk -0.14 0.00





Planned GivingAs of December 31, 2018











RISK RETURN STATISTICSSince Inception












University of West Florida - Planned Giving

Alger Capital Appreciation Instl IAs of December 31, 2018

Universe Name: Large Growth MStar MF# of Observations: 324 (12/31/2018)


Top Holdings as of 10/31/18MICROSOFT CORP 9.12%AMAZON.COM INC 8.30%ALPHABET INC CLASS C 5.37%APPLE INC 5.23%VISA INC CLASS A 5.18%UNITEDHEALTH GROUP INC 5.11%SALESFORCE.COM INC 3.53%ADOBE INC 2.74%FACEBOOK INC A 2.66%BOSTON SCIENTIFIC CORP 2.00%


Fund Information as of 10/31/18Fund Name ALGER CAPITAL

APPRECIATION INSTL ITicker ALARXMorningstar Category Large GrowthBenchmark Russell 1000 GrowthExpense Ratio 1.14%Fund Assets ($mm) 2,259.54Share Class Inception Date 11/8/1993Manager Tenure 14

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 12.81% -1.35% 1.04 101.58% 108.56% 0.69 3.22% -0.30 Russell 1000 Growth 11.96% 0.00% 1.00 100.00% 100.00% 0.82 0.00% --

QTD(%) Rank YTD



(%) Rank_

Alger Capital Appreciation -15.96 58 -0.87 43 -0.87 43 9.27 52 9.45 40 15.40 19Russell 1000 Growth -15.89 55 -1.51 51 -1.51 51 11.15 19 10.40 16 15.29 22

Over/Under -0.07 0.64 0.64 -1.88 -0.95 0.11XXXXX

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.

97


Diamond Hill Large Cap AAs of December 31, 2018

Universe Name: Large Value MStar MF# of Observations: 304 (12/31/2018)


Top Holdings as of 12/31/18ABBOTT LABORATORIES 4.81%CITIGROUP INC 4.18%ALPHABET INC A 3.58%BERKSHIRE HATHAWAY INC B 3.46%METLIFE INC 3.16%PFIZER INC 3.02%DISCOVER FINANCIAL SERVICES 2.99%CVS HEALTH CORP 2.98%MEDTRONIC PLC 2.97%TJX COMPANIES INC 2.84%


Fund Information as of 12/31/18Fund Name DIAMOND HILL LARGE CAP ATicker DHLAXMorningstar Category Large ValueBenchmark Russell 1000 ValueExpense Ratio 0.96%Fund Assets ($mm) 1,031.25Share 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 11.95% -0.21% 1.07 105.42% 104.42% 0.47 2.83% 0.08 Russell 1000 Value 10.85% 0.00% 1.00 100.00% 100.00% 0.50 0.00% --

QTD(%) Rank YTD



(%) Rank_

Diamond Hill Large Cap A -13.63 66 -9.88 67 -9.88 67 7.29 35 6.17 32 11.64 36Russell 1000 Value -11.72 35 -8.27 43 -8.27 43 6.95 48 5.95 39 11.18 51

Over/Under -1.91 -1.61 -1.61 0.34 0.22 0.46XXXXX

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.

98


Schwab® S&P 500 IndexAs of December 31, 2018



Top Holdings as of 12/31/18MICROSOFT CORP 3.68%APPLE INC 3.33%AMAZON.COM INC 2.89%BERKSHIRE HATHAWAY INC B 1.86%JOHNSON & JOHNSON 1.62%JPMORGAN CHASE & CO 1.52%ALPHABET INC CLASS C 1.49%FACEBOOK INC A 1.48%ALPHABET INC A 1.46%EXXON MOBIL CORP 1.35%


Fund Information as of 12/31/18Fund Name SCHWAB® S&P 500 INDEXTicker SWPPXMorningstar Category Large BlendBenchmark S&P 500Expense Ratio 0.02%Fund Assets ($mm) 32,125.40Share 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 10.93% -0.07% 1.00 99.55% 100.03% 0.72 0.05% -1.69 S&P 500 10.94% 0.00% 1.00 100.00% 100.00% 0.72 0.00% --

QTD(%) Rank YTD



(%) Rank_

Schwab® S&P 500 Index -13.53 41 -4.42 38 -4.42 38 9.19 27 8.41 25 13.02 39S&P 500 -13.52 41 -4.38 37 -4.38 37 9.26 25 8.49 23 13.12 37

Over/Under -0.01 -0.04 -0.04 -0.07 -0.08 -0.10XXXXX

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.

99


Conestoga Small Cap InvestorsAs of December 31, 2018



Top Holdings as of 11/30/18OMNICELL INC 3.25%EXPONENT INC 3.23%MESA LABORATORIES INC 3.04%CANTEL MEDICAL CORP 2.91%REPLIGEN CORP 2.91%BOTTOMLINE TECHNOLOGIES INC 2.87%FOX FACTORY HOLDING CORP 2.85%THE DESCARTES SYSTEMS GROUP INC 2.76%NEOGEN CORP 2.70%SIMPSON MANUFACTURING CO INC 2.65%


Fund Information as of 11/30/18Fund Name CONESTOGA SMALL CAP

INVESTORSTicker CCASXMorningstar Category Small GrowthBenchmark Russell 2000Expense Ratio 1.10%Fund Assets ($mm) 888.21Share Class Inception Date 10/1/2002Manager Tenure 16

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 16.09% 3.75% 0.95 104.41% 89.30% 0.46 6.79% 0.52 Russell 2000 15.43% 0.00% 1.00 100.00% 100.00% 0.25 0.00% --

QTD(%) Rank YTD



(%) Rank_

Conestoga Small Cap Investors -18.87 33 0.61 7 0.61 7 13.80 3 7.92 5 15.04 12Russell 2000 -20.20 58 -11.01 47 -11.01 47 7.36 42 4.41 45 11.97 61

Over/Under 1.33 11.62 11.62 6.44 3.51 3.07

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.

100


American Beacon Small Cp Val InvAs of December 31, 2018



Top Holdings as of 11/30/18E-MINI RUSSELL 2000 INDEX FUTURES DEC18 3.32%PORTLAND GENERAL ELECTRIC CO 1.09%AMERICAN AXLE & MFG HOLDINGS INC 0.79%ASSOCIATED BANC-CORP 0.79%BROOKS AUTOMATION INC 0.78%DIODES INC 0.77%CIENA CORP 0.76%POPULAR INC 0.76%FIRST HAWAIIAN INC 0.73%ALLEGHENY TECHNOLOGIES INC 0.72%


Fund Information as of 11/30/18Fund Name AMERICAN BEACON SMALL

CP VAL INVTicker AVPAXMorningstar Category Small ValueBenchmark Russell 2000Expense Ratio 1.13%Fund Assets ($mm) 539.74Share 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 15.22% -1.65% 0.96 87.79% 97.36% 0.13 3.41% -0.53 Russell 2000 15.43% 0.00% 1.00 100.00% 100.00% 0.25 0.00% --

QTD(%) Rank YTD



(%) Rank_

American Beacon Small Cp Val -20.92 71 -15.89 80 -15.89 80 4.81 74 2.60 77 11.56 71Russell 2000 -20.20 58 -11.01 47 -11.01 47 7.36 42 4.41 45 11.97 61

Over/Under -0.72 -4.88 -4.88 -2.55 -1.81 -0.41XXXXX

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").

101



American Beacon Intl Equity InvAs of December 31, 2018

Top Holdings as of 11/30/18NOVARTIS AG 2.72%PRUDENTIAL PLC 2.18%VOLKSWAGEN AG PARTICIPATING PREFERRED 1.92%ROYAL DUTCH SHELL PLC B 1.66%BP PLC 1.63%SAP SE 1.60%SAMSUNG ELECTRONICS CO LTD 1.40%UNICREDIT SPA 1.39%BNP PARIBAS 1.34%LINDE PLC COMMON STOCK EUR.001 1.31%


Fund Information as of 11/30/18Fund Name AMERICAN BEACON

INTERNATIONAL EQ INVTicker AAIPXMorningstar Category Foreign Large ValueBenchmark MSCI ACWI ex USAExpense Ratio 1.07%Fund Assets ($mm) 247.31Share Class Inception Date 8/1/1994Manager Tenure 25

QTD(%) Rank YTD



(%) Rank_

American Beacon Intl Equity Inv -14.11 74 -16.64 72 -16.64 72 1.19 81 -1.23 89 5.54 77MSCI ACWI ex USA -11.46 19 -14.20 39 -14.20 39 4.48 17 0.68 38 6.57 37

Over/Under -2.65 -2.44 -2.44 -3.29 -1.91 -1.03XXXXX

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 11.78% -1.87% 0.95 87.46% 100.45% -0.15 3.47% -0.55 MSCI ACWI ex USA 11.91% 0.00% 1.00 100.00% 100.00% 0.01 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.

102



Artisan International InvestorAs of December 31, 2018

Top Holdings as of 12/31/18LINDE PLC 6.65%DEUTSCHE BOERSE AG 6.13%WIRECARD AG 4.87%MEDTRONIC PLC 4.26%NESTLE SA 3.84%AIRBUS SE 3.44%AIA GROUP LTD 3.17%DEUTSCHE POST AG 3.17%ING GROEP NV 3.02%AON PLC 2.84%


Fund Information as of 12/31/18Fund Name ARTISAN INTERNATIONAL

INVESTORTicker ARTIXMorningstar Category Foreign Large GrowthBenchmark MSCI ACWI ex USAExpense Ratio 1.18%Fund Assets ($mm) 3,805.80Share Class Inception Date 12/28/1995Manager Tenure 23

QTD(%) Rank YTD



(%) Rank_

Artisan International Investor -11.29 16 -10.86 9 -10.86 9 1.80 71 0.09 61 8.03 10MSCI ACWI ex USA -11.46 19 -14.20 39 -14.20 39 4.48 17 0.68 38 6.57 37

Over/Under 0.17 3.34 3.34 -2.68 -0.59 1.46XXXXX

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 12.00% -0.52% 0.91 87.72% 93.61% -0.04 5.36% -0.11 MSCI ACWI ex USA 11.91% 0.00% 1.00 100.00% 100.00% 0.01 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.

103

Universe Name: Diversified Emerging Mkts MStar MF# of Observations: 239 (12/31/2018)


Harding Loevner Emerging Markets AdvisorAs of December 31, 2018

Top Holdings as of 9/30/18TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 4.89%SAMSUNG ELECTRONICS CO LTD GDR 3.76%TENCENT HOLDINGS LTD 3.56%ALIBABA GROUP HOLDING LTD ADR 3.09%PJSC LUKOIL ADR 2.51%AIA GROUP LTD 2.47%NOVATEK PJSC GDR 2.45%SBERBANK OF RUSSIA PJSC ADR 2.34%LG HOUSEHOLD & HEALTH CARE LTD 2.13%HOUSING DEVELOPMENT FINANCE CORP LTD 1.93%


Fund Information as of 9/30/18

Fund NameHARDING LOEVNEREMERGING MARKETSADVISOR

Ticker HLEMXMorningstar Category Diversified Emerging MktsBenchmark MSCI Emerging MarketsExpense Ratio 1.42%Fund Assets ($mm) 3,882.02Share Class Inception Date 11/9/1998Manager Tenure 20

QTD(%) Rank YTD



(%) Rank_

Harding Loevner Emerging -10.15 91 -18.72 70 -18.72 70 7.55 48 1.13 50 8.23 51MSCI Emerging Markets -7.47 49 -14.58 28 -14.58 28 9.25 21 1.65 38 8.02 57

Over/Under -2.68 -4.14 -4.14 -1.70 -0.52 0.21XXXXX

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 14.39% -0.37% 0.91 89.95% 94.70% 0.04 4.24% -0.12 MSCI Emerging Markets 15.19% 0.00% 1.00 100.00% 100.00% 0.07 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.

104


JPMorgan Strategic Income Opports AAs of December 31, 2018

Universe Name: Nontraditional Bond MStar MF# of Observations: 95 (12/31/2018)

Fund Information as of 11/30/18Fund Name JPMORGAN STRATEGIC

INCOME OPPORTS ATicker JSOAXMorningstar Category Nontraditional BondBenchmark BBgBarc US Universal TRExpense Ratio 1.04%Fund Assets ($mm) 1,086.35Share Class Inception Date 10/10/2008Manager Tenure 10

QTD(%) Rank YTD



(%) Rank_

JPMorgan Strategic IncomeOpports A -1.41 62 0.43 41 0.43 41 4.08 32 1.91 61 4.24 74

BBgBarc US Universal TR 1.17 17 -0.26 49 -0.26 49 2.56 70 2.72 30 4.06 76Over/Under -2.58 0.69 0.69 1.52 -0.81 0.18

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 2.22% 1.56% 0.13 41.17% 11.08% 0.60 3.18% -0.26

BBgBarc US Universal TR 2.63% 0.00% 1.00 100.00% 100.00% 0.82 0.00% --


Fund Characteristics as of 11/30/18Sharpe Ratio (3 Year) 1.36Average Duration 0.68Average Coupon 4.42%Average Effective Maturity 4.67R-Squared (3 Year) 0.09Alpha (3 Year) 0.29%Beta (3 Year) 0.26



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.

105


Virtus Seix Total Return BondAs of December 31, 2018


Fund Information as of 12/31/18Fund Name VIRTUS SEIX TOTAL RETURN

BOND ITicker SAMFXMorningstar Category Intermediate-Term BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.46%Fund Assets ($mm) 335.69Share Class Inception Date 12/30/1997Manager Tenure 17

QTD(%) Rank YTD



(%) Rank_

Virtus Seix Total Return Bond 2.09 6 -0.32 50 -0.32 50 1.80 84 2.37 66 3.67 83BBgBarc US Aggregate TR 1.64 17 0.01 34 0.01 34 2.06 70 2.52 48 3.48 86

Over/Under 0.45 -0.33 -0.33 -0.26 -0.15 0.19

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 2.96% -0.22% 1.03 97.43% 100.68% 0.61 0.69% -0.21 BBgBarc US Aggregate TR 2.79% 0.00% 1.00 100.00% 100.00% 0.70 0.00% --


Fund Characteristics as of 12/31/18Sharpe Ratio (3 Year) 0.29Average Duration 5.99Average Coupon 2.94%Average Effective Maturity 9.39R-Squared (3 Year) 0.94Alpha (3 Year) -0.02%Beta (3 Year) 0.99



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.

106


Schwab U.S. Aggregate Bond Index FundAs of December 31, 2018


Fund Information as of 12/31/18Fund Name SCHWAB US AGGREGATE

BOND INDEXTicker SWAGXMorningstar Category Intermediate-Term BondBenchmark BBgBarc US Aggregate TRExpense Ratio 0.04%Fund Assets ($mm) 2,387.23Share Class Inception Date 2/23/2017Manager Tenure 2

QTD(%) Rank YTD



(%) Rank_

Schwab U.S. Aggregate Bond 1.58 21 -0.12 39 -0.12 39 -- -- -- -- -- --BBgBarc US Aggregate TR 1.64 17 0.01 34 0.01 34 2.06 70 2.52 48 3.48 86

Over/Under -0.06 -0.13 -0.13

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 2.50% -0.08% 0.99 97.47% 99.94% -0.02 0.18% -0.57 BBgBarc US Aggregate TR 2.53% 0.00% 1.00 100.00% 100.00% 0.02 0.00% --


Fund Characteristics as of 12/31/18Sharpe Ratio (3 Year)Average Duration 5.69Average Coupon 3.21%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.

107


Western Asset Intermediate BondAs of December 31, 2018


Fund Information as of 12/31/18Fund Name WESTERN ASSET

INTERMEDIATE BOND ITicker WATIXMorningstar Category Intermediate-Term BondBenchmark BBgBarc US Govt/Credit Int TRExpense Ratio 0.52%Fund Assets ($mm) 520.55Share Class Inception Date 7/1/1994Manager Tenure 9

QTD(%) Rank YTD



(%) Rank_

Western Asset Interm Bond 0.97 56 0.20 25 0.20 25 2.44 45 2.54 46 4.93 40BBgBarc US Govt/Credit IntTR 1.65 15 0.88 10 0.88 10 1.70 89 1.86 91 2.90 96

Over/Under -0.68 -0.68 -0.68 0.74 0.68 2.03

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 2.08% 0.75% 0.97 111.26% 86.34% 0.94 0.66% 1.04 BBgBarc US Govt/Credit IntTR 2.05% 0.00% 1.00 100.00% 100.00% 0.63 0.00% --

XXXXX


Fund Characteristics as of 12/31/18Sharpe Ratio (3 Year) 0.71Average Duration 3.81Average Coupon 3.13%Average Effective Maturity 5.73R-Squared (3 Year) 0.89Alpha (3 Year) 0.07%Beta (3 Year) 0.95



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.

108


JHancock Global Absolute Ret Strats AAs of December 31, 2018

Universe Name: Multialternative MStar MF# of Observations: 118 (12/31/2018)


Top Holdings as of 11/30/18MINI MSCI EM MK FUT DEC18 5.94%SECRETARIA TESOURO NACIONAL 0% 2.82%SECRETARIA TESOURO NACIONAL 0% 2.44%BRAZIL (FEDERATIVE REPUBLIC) 0% 2.36%KREDITANSTALT FUR WIEDERAUFBAU 0% 1.60%UNITED STATES TREASURY BONDS 3.88% 1.48%SECRETARIA TESOURO NACIONAL 0% 1.44%TOTAL SA 1.38%BP PLC 1.36%ROYAL DUTCH SHELL PLC CLASS A 1.29%


Fund Information as of 11/30/18Fund Name JHANCOCK GLOBAL

ABSOLUTE RET STRATS ATicker JHAAXMorningstar Category MultialternativeBenchmark HFRI FOF: Diversified IndexExpense Ratio 1.64%Fund Assets ($mm) 93.95Share Class Inception Date 12/19/2011Manager Tenure 7

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 -3.37 6.87 0.45 -0.17 3.41 9.04 4.81 -5.01 5.48 11.46

Over/Under -1.99 -3.50 -3.24 1.58 0.22 -4.62 2.72


Anlzd StdDev



AnlzdSharpeRatio


_

JHancock Global Absolute Ret 3.55% -0.95% 0.68 53.05% 74.36% -0.16 2.91% -0.48 HFRI FOF: Diversified Index 3.37% 0.00% 1.00 100.00% 100.00% 0.24 0.00% --

QTD(%) Rank YTD



(%) Rank_

JHancock Global Absolute Ret -1.79 18 -5.36 67 -5.36 67 -1.66 89 -0.01 83 -- --HFRI FOF: Diversified Index -4.68 61 -3.37 39 -3.37 39 1.23 48 1.38 38 3.17 79

Over/Under 2.89 -1.99 -1.99 -2.89 -1.39XXXXX

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.

109


DWS RREEF Real Assets SAs of December 31, 2018

Universe Name: Multialternative MStar MF# of Observations: 118 (12/31/2018)


Top Holdings as of 11/30/18CAYMAN REAL ASSETS FUND LTD. 9.02%AMERICAN TOWER CORP 3.19%CROWN CASTLE INTERNATIONAL CORP 3.12%CHENIERE ENERGY INC 1.87%UNITED STATES TREASURY NOTES 1.62% 1.77%UNITED STATES TREASURY NOTES 1.38% 1.71%UNITED STATES TREASURY NOTES 1% 1.65%WELLTOWER INC 1.39%UNITED STATES TREASURY NOTES 1.38% 1.37%HONG KONG AND CHINA GAS CO LTD 1.35%


Fund Information as of 11/30/18Fund Name DWS RREEF REAL ASSETS STicker AAASXMorningstar Category World Allocation

Benchmark Morningstar Mod Tgt Risk TRUSD

Expense Ratio 1.07%Fund Assets ($mm) 245.43Share 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 6.76% -2.28% 0.84 73.90% 102.79% 0.09 4.21% -0.69 Morningstar Mod Tgt Risk TRUSD 6.39% 0.00% 1.00 100.00% 100.00% 0.55 0.00% --

QTD(%) Rank YTD



(%) Rank_

DWS RREEF Real Assets -6.73 78 -5.17 66 -5.17 66 4.30 11 1.15 41 4.84 47Morningstar Mod Tgt Risk TRUSD -6.81 79 -4.76 61 -4.76 61 5.84 8 4.08 4 7.97 1

Over/Under 0.08 -0.41 -0.41 -1.54 -2.93 -3.13

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.

110




Universe Name: InvestorForce Trust Funds Balanced NetAUM Band All# of Observations: 45 (12/31/2018)Median/Average/Total Member MV: 20.7 M / 63.3 M / 2,849.6 M

111

Annual Return 1 Year 5 Year 10 Year

-10% $2,398,490 $1,004,085 -$123,197

-6% $2,497,093 $1,308,505 $168,385

0% $2,656,176 $1,917,576 $994,326

6% $2,822,521 $2,737,639 $2,599,550

10% $2,933,472 $3,406,439 $4,317,363

* 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 1/10/2019University of W Florida Foundation - Univ of W Fl CGA Seg Res

32.8%

13.7%

34.9%

15.0%

3.6%

0%

10%

20%

30%

40%

50%

60%

DomesticEquities

InternationalEquities

Fixed Income Alternative Cash &Equivalents

IPS Monitor

Actual Target Lower Limit Upper Limit

11

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

4

$3,160,000 $287,273

$0

$2,840,826 $184,650

$0

$1,864,894 $186,489

$0

$2,840,826

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

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 0

1

2

1 1 1 1

0 00

2

4

6

8

10

12

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Active CGA History

State Reserve Requirements and Healthcheck

CGA Breakdown

Charitable Gift Annuity Summary

112

Asset CategoryCurrent

ValueCurrentPercent

StrategicTarget

AllocationPercent

VarianceDomestic Equities $920,791 31.3% 35.0% (3.7%)International Equities $381,354 13.0% 15.0% (2.0%)Fixed Income $1,089,743 37.1% 32.0% 5.1%Alternative $435,174 14.8% 13.0% 1.8%Cash & Equivalents $113,494 3.9% 5.0% (1.1%)Total $2,940,556 100.0% 100.0%

Account Name Account Type9/30/18

Value Contributions WithdrawalsNet

Investment Gain12/31/18

ValueUniversity of West Florida Seg Res CGA $3,074,009 $0 ($51,806) ($238,898) $2,783,305University of West Florida - Zimmers NIM CRUT $120,476 $0 ($220) ($3,602) $116,655University of West Florida - Hugh Garnett NIM CRUT $41,939 $0 ($76) ($1,266) $40,597University of West Florida $3,236,424 $0 ($52,103) ($243,765) $2,940,556

Aggregated Account Summary

University of West Florida As of December 31, 2018

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 113

* Since data availability date of 1/1/10

Asset Category Current Market ValueCurrent

Allocation

StrategicTarget

AllocationPercent

VarianceDomestic Equities $893,792 32.1% 35.0% (2.9%)International Equities $373,252 13.4% 15.0% (1.6%)Fixed Income $990,671 35.6% 32.0% 3.6%Alternative $416,918 15.0% 13.0% 2.0%Cash & Equivalents $108,672 3.9% 5.0% (1.1%)Total $2,783,305 100.0% 100.0%

Asset Allocation

University of West Florida Seg Res As of December 31, 2018





Description WeightBeginning Market

Value Deposits/ Purchases OutflowsIncome/Change in

Market Value Ending Market ValueDomestic Equities

Alger Capital Appreciation Instl I 8.1% $300,933 $0 ($27,922) ($47,626) $225,385American Beacon Small Cp Val Inv 2.6% $107,337 $0 ($11,186) ($22,632) $73,519Conestoga Small Cap Investors 3.8% $131,117 $0 ($1,533) ($24,648) $104,937Diamond Hill Large Cap A 8.6% $289,256 $0 ($10,264) ($39,098) $239,894Schwab® S&P 500 Index 9.0% $297,183 $0 ($6,671) ($40,455) $250,057

Domestic Equities Total 32.1% $1,125,826 $0 ($57,576) ($174,458) $893,792

International EquitiesAmerican Beacon Intl Equity Inv 4.7% $167,697 $0 ($12,303) ($23,721) $131,672Artisan International Investor 5.2% $177,033 $0 ($13,965) ($19,602) $143,466Harding Loevner Emerging Markets Advisor 3.5% $110,162 $0 ($870) ($11,178) $98,114

International Equities Total 13.4% $454,891 $0 ($27,138) ($54,501) $373,252

Fixed IncomeJPMorgan Strategic Income Opps A 7.8% $222,042 $0 ($1,172) ($3,123) $217,747Schwab U.S. Aggregate Bond Index Fund 10.0% $276,677 $0 ($1,397) $4,368 $279,648Virtus Seix Total Return Bond I 9.9% $270,863 $0 ($1,578) $5,633 $274,918Western Asset Intermediate Bond I 7.8% $217,425 $0 ($1,182) $2,115 $218,358

Fixed Income Total 35.6% $987,007 $0 ($5,329) $8,993 $990,671

AlternativeDeutsche Real Assets Fd 7.5% $225,968 $0 ($1,604) ($15,195) $209,168JHancock Global Absolute Ret Strats A 7.5% $211,535 $0 $0 ($3,785) $207,750

Alternative Total 15.0% $437,503 $0 ($1,604) ($18,980) $416,918

Cash & EquivalentsCash 3.9% $68,782 $91,648 ($51,806) $49 $108,672

Cash & Equivalents Total 3.9% $68,782 $91,648 ($51,806) $49 $108,672

From September 30, 2018 to December 31, 2018

Quarterly Cashflow








Market Value Ending Market Value

Total 100.0% $3,074,009 $0 ($51,806) ($238,898) $2,783,305


Quarterly Cashflow






Description Weight Ending Market Value Quarter to Date Net ReturnLarge Cap ValueDiamond Hill Large Cap A (DHLAX) 8.6% $239,894 (13.6%)

Large Cap Value Total 8.6% $239,894 (13.6%)Russell 1000 Value (11.7%)

Large Cap CoreSchwab® S&P 500 Index (SWPPX) 9.0% $250,057 (13.5%)

Large Cap Core Total 9.0% $250,057 (13.5%)S&P 500 Composite (13.5%)

Large Cap GrowthAlger Capital Appreciation Instl I (ALARX) 8.1% $225,385 (16.0%)

Large Cap Growth Total 8.1% $225,385 (16.0%)Russell 1000 Growth (15.9%)

Small Cap ValueAmerican Beacon Small Cp Val Inv (AVPAX) 2.6% $73,519 (20.9%)

Small Cap Value Total 2.6% $73,519 (20.9%)Russell 2000 Value (18.7%)

Small Cap GrowthConestoga Small Cap Investors (CCASX) 3.8% $104,937 (18.9%)

Small Cap Growth Total 3.8% $104,937 (18.9%)Russell 2000 Growth (21.7%)

Intl Core PlusArtisan International Investor (ARTIX) 5.2% $143,466 (11.3%)

Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnIntl Core PlusIntl Core Plus Total 5.2% $143,466 (11.3%)

MSCI All Country World Index X - US Net (11.5%)

Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 4.7% $131,672 (14.1%)

Intl Large Cap Value Total 4.7% $131,672 (14.1%)MSCI EAFE Value Net (11.7%)

Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 3.5% $98,114 (10.1%)

Emerging Markets Total 3.5% $98,114 (10.1%)MSCI EM (Emerging Markets) Net (7.5%)

Unconstrained Fixed IncomeJPMorgan Strategic Income Opps A (JSOAX) 7.8% $217,747 (1.4%)

Unconstrained Fixed Income Total 7.8% $217,747 (1.4%)Bloomberg Barclays US Aggregate 1.6%

Core BondSchwab U.S. Aggregate Bond Index Fund (SWAGX) 10.0% $279,648 1.6%Virtus Seix Total Return Bond I (SAMFX) 9.9% $274,918 2.1%Western Asset Intermediate Bond I (WATIX) 7.8% $218,358 1.0%

Core Bond Total 27.8% $772,924 1.6%Bloomberg Barclays US Aggregate 1.6%

Liquid Real AssetsDeutsche Real Assets Fd (AAASX) 7.5% $209,168 (6.7%)

Liquid Real Assets Total 7.5% $209,168 (6.7%)HFRX Global Hedge Fund Index (5.6%)

Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnAbsolute ReturnJHancock Global Absolute Ret Strats A (JHAAX) 7.5% $207,750 (1.8%)

Absolute Return Total 7.5% $207,750 (1.8%)HFRX Global Hedge Fund Index (5.6%)

Taxable Money MarketCash (CASH) 3.9% $108,672 -

Taxable Money Market Total 3.9% $108,672 -

Total 100.0% $2,783,305 (7.8%)Allocation Weighted Benchmark (7.3%)

Manager Performance






Benchmark:

Total ReturnBeginning Market

Value Net FlowChange in Market

ValueEnding Market

ValueBlended

BenchmarkHistorical Quarterly PerformanceFourth 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%First Quarter 2016 0.7% $113,970 ($10,065) $710 $104,615 1.1%

Historical Quarterly PerformanceTotal

$2,428,767 $240,568

Historical Annual Performance for Last 3 Years2018 (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

$2,428,767 $240,568

Inception to Date (Annualized)12/31/2009 - 12/31/2018 5.2% 5.7%

Inception to Date (Cumulative)12/31/2009 - 12/31/2018 58.5% 65.4%

Historical Performance








Allocation

StrategicTarget

AllocationPercent

VarianceDomestic Equities $19,995 17.1% 14.0% 3.1%International Equities $6,000 5.1% 6.0% (0.9%)Fixed Income $73,598 63.1% 65.0% (1.9%)Alternative $13,521 11.6% 10.0% 1.6%Cash & Equivalents $3,540 3.0% 5.0% (2.0%)Total $116,655 100.0% 100.0%

Asset Allocation

University of West Florida - Zimmers As of December 31, 2018








Schwab Small Cap Index 2.5% $3,993 $0 ($300) ($820) $2,873Schwab® S&P 500 Index 14.7% $20,349 $0 ($457) ($2,770) $17,122

Domestic Equities Total 17.1% $24,342 $0 ($757) ($3,590) $19,995

International EquitiesAmerican Beacon Intl Equity Inv 1.9% $2,866 $0 ($210) ($405) $2,250Artisan International Investor 2.2% $3,186 $0 ($251) ($353) $2,582Harding Loevner Emerging Markets Advisor 1.0% $1,312 $0 ($10) ($133) $1,168

International Equities Total 5.1% $7,364 $0 ($472) ($891) $6,000

Fixed IncomeJPMorgan Strategic Income Opps A 11.5% $13,660 $0 ($72) ($192) $13,396Virtus Seix Total Return Bond I 51.6% $55,330 $4,000 ($327) $1,200 $60,202

Fixed Income Total 63.1% $68,990 $4,000 ($400) $1,007 $73,598

AlternativeEaton Vance Glbl Macr Abs Ret A 11.6% $13,654 $0 $0 ($133) $13,521

Alternative Total 11.6% $13,654 $0 $0 ($133) $13,521

Cash & EquivalentsCash 3.0% $6,127 $1,629 ($4,220) $4 $3,540

Cash & Equivalents Total 3.0% $6,127 $1,629 ($4,220) $4 $3,540

Total 100.0% $120,476 $0 ($220) ($3,602) $116,655


Quarterly Cashflow






Description Weight Ending Market Value Quarter to Date Net ReturnLarge Cap CoreSchwab® S&P 500 Index (SWPPX) 14.7% $17,122 (13.5%)


Small Cap BroadSchwab Small Cap Index (SWSSX) 2.5% $2,873 (20.2%)

Small Cap Broad Total 2.5% $2,873 (20.2%)Russell 2000 (20.2%)

Intl Core PlusArtisan International Investor (ARTIX) 2.2% $2,582 (11.3%)

Intl Core Plus Total 2.2% $2,582 (11.3%)MSCI All Country World Index X - US Net (11.5%)

Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 1.9% $2,250 (14.1%)

Intl Large Cap Value Total 1.9% $2,250 (14.1%)MSCI EAFE Value Net (11.7%)

Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.0% $1,168 (10.1%)

Emerging Markets Total 1.0% $1,168 (10.1%)MSCI EM (Emerging Markets) Net (7.5%)


Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnUnconstrained Fixed IncomeUnconstrained Fixed Income Total 11.5% $13,396 (1.4%)

Bloomberg Barclays US Aggregate 1.6%

Core BondVirtus Seix Total Return Bond I (SAMFX) 51.6% $60,202 2.1%


GTAAEaton Vance Glbl Macr Abs Ret A (EAGMX) 11.6% $13,521 (1.0%)

GTAA Total 11.6% $13,521 (1.0%)HFRX Global Hedge Fund Index (5.6%)



Total 100.0% $116,655 (3.0%)Allocation Weighted Benchmark (3.3%)

Manager Performance






Benchmark:



ValueEnding Market

ValueBlended

BenchmarkHistorical Quarterly PerformanceFourth Quarter 2018 (3.0%) $120,476 ($220) ($3,602) $116,655 (1.9%)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 1.7%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 (1.4%)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 2.0%First Quarter 2016 1.2% $114,637 ($1,939) $1,329 $114,027 1.7%


($8,513) $10,531

Historical Annual Performance for Last 3 Years2018 (2.4%) $122,356 ($2,777) ($2,924) $116,655 (1.8%)2017 7.4% $116,872 ($2,964) $8,448 $122,356 7.1%2016 4.4% $114,637 ($2,771) $5,007 $116,872 3.8%


($8,513) $10,531











Allocation

StrategicTarget

AllocationPercent

VarianceDomestic Equities $7,004 17.3% 14.0% 3.3%International Equities $2,102 5.2% 6.0% (0.8%)Fixed Income $25,474 62.7% 65.0% (2.3%)Alternative $4,735 11.7% 10.0% 1.7%Cash & Equivalents $1,282 3.2% 5.0% (1.8%)Total $40,597 100.0% 100.0%

Asset Allocation

University of West Florida - Hugh Garnett As of December 31, 2018








Schwab Small Cap Index 2.5% $1,399 $0 ($105) ($287) $1,006Schwab® S&P 500 Index 14.8% $7,128 $0 ($160) ($970) $5,997

Domestic Equities Total 17.3% $8,526 $0 ($265) ($1,257) $7,004

International EquitiesAmerican Beacon Intl Equity Inv 1.9% $1,004 $0 ($74) ($142) $788Artisan International Investor 2.2% $1,116 $0 ($88) ($124) $904Harding Loevner Emerging Markets Advisor 1.0% $460 $0 ($4) ($47) $409

International Equities Total 5.2% $2,579 $0 ($165) ($312) $2,102

Fixed IncomeJPMorgan Strategic Income Opps A 11.6% $4,784 $0 ($25) ($67) $4,691Virtus Seix Total Return Bond I 51.2% $19,381 $1,100 ($114) $416 $20,783

Fixed Income Total 62.7% $24,165 $1,100 ($140) $349 $25,474

AlternativeEaton Vance Glbl Macr Abs Ret A 11.7% $4,782 $0 $0 ($46) $4,735

Alternative Total 11.7% $4,782 $0 $0 ($46) $4,735

Cash & EquivalentsCash 3.2% $1,887 $570 ($1,176) $1 $1,282

Cash & Equivalents Total 3.2% $1,887 $570 ($1,176) $1 $1,282

Total 100.0% $41,939 $0 ($76) ($1,266) $40,597


Quarterly Cashflow






Description Weight Ending Market Value Quarter to Date Net ReturnLarge Cap CoreSchwab® S&P 500 Index (SWPPX) 14.8% $5,997 (13.5%)


Small Cap BroadSchwab Small Cap Index (SWSSX) 2.5% $1,006 (20.2%)

Small Cap Broad Total 2.5% $1,006 (20.2%)Russell 2000 (20.2%)

Intl Core PlusArtisan International Investor (ARTIX) 2.2% $904 (11.3%)

Intl Core Plus Total 2.2% $904 (11.3%)MSCI All Country World Index X - US Net (11.5%)

Intl Large Cap ValueAmerican Beacon Intl Equity Inv (AAIPX) 1.9% $788 (14.1%)

Intl Large Cap Value Total 1.9% $788 (14.1%)MSCI EAFE Value Net (11.7%)

Emerging MarketsHarding Loevner Emerging Markets Advisor (HLEMX) 1.0% $409 (10.2%)

Emerging Markets Total 1.0% $409 (10.2%)MSCI EM (Emerging Markets) Net (7.5%)


Manager Performance






Description Weight Ending Market Value Quarter to Date Net ReturnUnconstrained Fixed IncomeUnconstrained Fixed Income Total 11.6% $4,691 (1.4%)

Bloomberg Barclays US Aggregate 1.6%

Core BondVirtus Seix Total Return Bond I (SAMFX) 51.2% $20,783 2.1%


GTAAEaton Vance Glbl Macr Abs Ret A (EAGMX) 11.7% $4,735 (1.0%)

GTAA Total 11.7% $4,735 (1.0%)HFRX Global Hedge Fund Index (5.6%)



Total 100.0% $40,597 (3.0%)Allocation Weighted Benchmark (3.3%)

Manager Performance






Benchmark:



ValueEnding Market

ValueBlended

BenchmarkHistorical Quarterly PerformanceFourth Quarter 2018 (3.0%) $41,939 ($76) ($1,266) $40,597 (1.9%)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 1.7%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 (1.4%)Third Quarter 2016 1.7% $40,798 ($476) $683 $41,006 1.6%Second Quarter 2016 2.1% $39,940 $0 $858 $40,798 2.0%First Quarter 2016 1.2% $39,895 ($421) $466 $39,940 2.6%


($2,983) $3,685

Historical Annual Performance for Last 3 Years2018 (2.5%) $42,598 ($973) ($1,028) $40,597 (1.8%)2017 7.4% $40,677 ($1,038) $2,959 $42,598 7.1%2016 4.4% $39,895 ($972) $1,754 $40,677 4.7%


($2,983) $3,685









cornerstone-companies.com 2

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.

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information within, we disclaim all responsibility for any errors that may occur due to third party information and data.

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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. 2293478

131

http://www.cornerstone-companies.com/


Asset Allocation Study2019

Correlation

1 2 3 4 5 6 7 8 9 10 11 12 13 141.000.93 1.000.89 0.86 1.000.81 0.82 0.95 1.000.77 0.73 0.90 0.87 1.00-0.27 -0.30 -0.17 -0.15 -0.03 1.000.56 0.53 0.62 0.65 0.72 0.08 1.00-0.29 -0.29 -0.13 -0.13 0.02 0.77 0.10 1.000.08 0.02 0.28 0.27 0.34 0.67 0.25 0.63 1.000.73 0.70 0.80 0.80 0.82 -0.23 0.64 -0.19 0.03 1.000.20 0.18 0.23 0.23 0.14 -0.18 -0.22 -0.17 -0.09 0.25 1.000.15 0.08 0.26 0.29 0.36 0.83 0.50 0.59 0.70 0.15 -0.16 1.000.22 0.19 0.17 0.13 0.10 -0.14 -0.25 -0.22 -0.08 0.27 0.57 -0.19 1.000.55 0.53 0.51 0.48 0.56 0.03 0.68 0.02 0.09 0.63 -0.04 0.32 -0.01 1.00

Asset Class1 US Large Cap Equity2 US Small Cap Equity3 Intl Developed Equity4 Intl Small Cap Equity5 Emerging Market Equity6 Core Plus Bonds7 Short Duration High Yield8 Short Duration Bonds9 Global Bonds10 Hedge Funds - Non-Directional11 Private Equity12 Private Credit13 Private Real Estate14 MLPs

Inputs Summary

Return(Arithmetic)

Return(Geometric)

Volatility(StandardDeviation)

US Large Cap EquityUS Small Cap EquityIntl Developed EquityIntl Small Cap EquityEmerging Market EquityCore Plus BondsShort Duration High YieldShort Duration BondsGlobal BondsHedge Funds - Non-DirectionalPrivate EquityPrivate CreditPrivate Real EstateMLPs

5.61 4.45 15.006.87 5.03 19.076.71 5.28 16.797.17 5.63 17.499.31 6.78 22.713.19 3.04 5.334.26 4.06 6.242.96 2.92 2.674.40 4.12 7.335.17 4.83 8.038.20 5.55 23.118.79 7.83 13.827.29 6.15 14.985.15 3.71 16.67

Composition

TargetAllocation

CurrentAllocation Mix 1 Mix 2 Mix 3 Mix 4

US Large Cap EquityUS Small Cap EquityIntl Developed EquityIntl Small Cap EquityEmerging Market EquityCore Plus BondsShort Duration High YieldShort Duration BondsGlobal BondsHedge Funds - Non-DirectionalPrivate EquityPrivate CreditPrivate Real EstateMLPs

22.5010.0015.007.505.006.253.132.503.1310.003.002.005.005.00

21.6010.0213.496.346.066.423.307.293.2410.283.020.573.854.42

22.5010.0015.007.505.006.253.132.503.1310.005.005.005.000.00

22.5010.0015.007.505.006.253.132.503.137.505.005.007.500.00

22.5010.0015.007.505.006.253.132.503.135.007.505.007.500.00

17.5010.0015.005.005.006.253.132.503.135.0010.007.5010.000.00

TargetAllocation


Geometric MeanArithmetic MeanVolatility (Standard Deviation)Sharpe Ratio

5.406.01

11.360.55

5.255.8110.870.56

5.596.1811.120.58

5.656.2311.070.59

5.726.3011.110.59

5.936.4510.500.64

Source: Morningstar Direct 132

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Risk/Return

Risk: Standard Deviation

-5.0 0.0 5.0 10.0 15.0 20.0 25.01.52.0

2.5

3.03.5

4.04.5

5.05.5

6.06.5

7.07.5

8.0

8.59.0

9.510.0

10.5Target AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 4US Large Cap EquityUS Small Cap EquityIntl Developed EquityIntl Small Cap EquityEmerging Market EquityCore Plus BondsShort Duration High YieldShort Duration BondsGlobal BondsHedge Funds - Non-DirectionalPrivate EquityPrivate CreditPrivate Real EstateReal AssetsMLPsCash

Arith

met

ic M

ean

TargetAllocation


Geometric Mean

Arithmetic Mean

Volatility (Standard Deviation)

Sharpe Ratio

5.40

6.01

11.36

0.55

5.25

5.81

10.87

0.56

5.59

6.18

11.12

0.58

5.65

6.23

11.07

0.59

5.72

6.30

11.11

0.59

5.93

6.45

10.50

0.64




Risk/Return

Risk: Standard Deviation

5.0 7.5 10.0 12.5 15.03.5

4.5

5.5

6.5

7.5

8.5Target AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 4

Arith

met

ic M

ean

TargetAllocation


Geometric Mean

Arithmetic Mean

Volatility (Standard Deviation)

Sharpe Ratio

5.40

6.01

11.36

0.55

5.25

5.81

10.87

0.56

5.59

6.18

11.12

0.58

5.65

6.23

11.07

0.59

5.72

6.30

11.11

0.59

5.93

6.45

10.50

0.64




Poor Markets (5th Percentile)

Worst Markets (0.1th Percentile)

Best Markets (95th Percentile)

Average Markets (50th Percentile)

Returns

Percentile95th 50th 5th 0.1th

1 Year

Target AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 43 Year



Target AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 4

25.42% 6.18% -10.91% -25.08%24.35% 5.93% -10.25% -23.86%24.86% 6.26% -10.01% -24.51%24.86% 6.42% -9.86% -24.49%24.69% 6.41% -9.68% -24.44%23.73% 6.52% -8.72% -23.45%

16.76% 5.73% -4.52% -12.05%16.14% 5.56% -4.22% -11.27%16.58% 5.86% -4.05% -11.53%16.60% 5.89% -3.86% -11.82%16.68% 5.86% -3.87% -12.00%16.20% 6.03% -3.03% -10.27%

14.23% 5.55% -2.04% -9.51%13.57% 5.38% -1.87% -8.81%14.18% 5.69% -1.76% -9.00%14.14% 5.75% -1.63% -8.82%14.22% 5.78% -1.58% -8.30%13.99% 5.96% -1.12% -7.32%

11.24% 5.44% 0.28% -3.94%10.88% 5.29% 0.34% -3.59%11.30% 5.61% 0.50% -3.46%11.27% 5.65% 0.57% -3.56%11.38% 5.69% 0.54% -3.57%11.37% 5.92% 0.92% -3.15%




Probability

Target Return4% 5% 6% 7% 8%

1 YearTarget AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 43 YearTarget AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 45 YearTarget AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 410 YearTarget AllocationCurrent AllocationMix 1Mix 2Mix 3Mix 4

57.75% 54.65% 50.65% 45.45% 41.45%57.50% 54.00% 49.80% 44.40% 40.40%58.10% 55.30% 50.95% 46.70% 42.45%58.30% 55.30% 51.45% 47.30% 42.55%59.70% 55.10% 51.50% 47.50% 43.15%59.90% 56.30% 51.75% 47.85% 42.85%

60.05% 54.75% 48.20% 42.25% 35.90%59.60% 53.90% 47.05% 40.65% 34.15%61.85% 54.95% 48.80% 43.20% 36.15%61.95% 55.40% 49.30% 43.05% 36.55%62.40% 56.20% 49.30% 43.20% 37.35%64.20% 56.85% 50.35% 43.55% 37.50%

62.70% 54.95% 46.35% 38.85% 31.00%62.00% 53.55% 45.00% 36.95% 29.25%64.75% 56.05% 47.25% 39.45% 32.15%65.75% 56.25% 47.80% 39.75% 32.25%66.15% 56.40% 48.55% 39.80% 32.70%68.10% 58.90% 49.65% 40.50% 32.85%

65.65% 54.90% 43.30% 33.80% 25.10%64.70% 53.10% 41.25% 31.80% 22.45%67.70% 56.65% 45.20% 35.30% 26.10%68.40% 57.65% 46.10% 35.45% 26.50%69.35% 58.55% 46.85% 36.20% 26.85%73.15% 61.10% 48.85% 37.95% 28.00%




Definitions

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

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

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

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

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


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University of West Florida Foundation:Private Markets AllocationFebruary 2019

138

EXECUTIVE SUMMARY

Fund Strategy Vintage Year

Commitment Size Called Capital Distributions to

Paid in CapitalRemaining

Value

Portfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000 70.7% $707,000 125.1% $884,457 $379,017

StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000 86.0% $860,000 100.0% $860,000 $763,840

Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000 95.7% $957,000 190.8% $1,825,956 $52,338

Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000 65.2% $652,000 78.6% $512,472 $757,020

Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000 89.3% $1,786,000 64.1% $1,144,826 $1,426,094

Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000 72.0% $720,000 50.0% $360,000 $414,041

Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000 28.4% $568,000 5.0% $28,400 $649,410

Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000 79.6% $1,592,000 0.0% $0 $1,890,741

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

Total $13,000,000 $7,842,000 $5,616,111 $6,332,501

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

Asset Class RemainingValue Portfolio %

Private Equity $2,549,287 3.06%

Private Credit $414,041 0.50%

Real Estate $3,369,173 4.04%

Total $6,332,501 7.59%

139

PORTFOLIO ADVISORS

• Portfolio Advisors, originally founded as a private equity administration and reportingservices provider, is an alternative investment management firm with a focus onprivate markets investing, including Private Equity, Private Credit and Real Estate

• The firm’s proprietary portfolio administration system, PRIVILEGe, supports theinvestment process across their client advisory, funds management and portfolioadministration platforms

• Portfolio Advisors raised their first Private Equity Fund of Fund in 2000 with $75million in committed capital and has grown that strategy to Fund X with a target sizeof $900 million

• Dedicated investment teams managing each underlying sector and flexible, “menuapproach” structure allows for investors to pick and choose specific exposuresamong Primary, Secondary, Co-Investment and Mezzanine allocations

Fund SummaryFirm Inception 1994 Vintage Year 2018

Firm AUM $23.5 billion Target Size $900 Million

Strategy Private Equity Fund of Fund Management Fee* .40% 0.29% 0.18%

Vintage Portfolio Advisors Private Equity Fund X Performance Fee* 4% 7% 10%

Availability Currently Fundraising Investment Period 3 years after end of final close

*Weighted average management and performance fees based off model portfolio of 60% Primary, 25% Secondary and 15% Co-Investments

140

• To further diversify and build out the private market allocation for University of WestFlorida Foundation, ACG is recommending the following:

• $2 million commitment to Portfolio Advisors Private Equity Fund X as the current PEFund of Fund strategies are nearing the end of their fund lifecycles

RECOMMENDATION

Fund Strategy Vintage Year AmountPortfolio Advisors Private Equity Fund V PE Fund of Fund 2007 $1,000,000

StepStone Pioneer Capital III PE Fund of Fund 2009 $1,000,000

Harbert US Real Estate Fund IV Value-Add Real Estate 2009 $1,000,000

Portfolio Advisors Private Equity Fund VII PE Fund of Fund 2011 $1,000,000

Harbert US Real Estate Fund V Value-Add Real Estate 2012 $2,000,000

Portfolio Advisors Direct Credit Fund II Private Credit 2015 $1,000,000

Portfolio Advisors Secondary Fund III Diversified PE Secondaries 2016 $2,000,000

Harbert US Real Estate Fund VI Value-Add Real Estate 2016 $2,000,000

Golub Capital Partners 12 Private Credit 2018 $2,000,000

Portfolio Advisors Private Equity Fund X PE Fund of Fund 2019 $2,000,000

Total $15,000,000

Asset Class Remaining Value Portfolio %

Private Equity $2,549,287 3.06%Private Credit $414,041 0.50%Real Estate $3,369,173 4.04%Total $6,332,501 7.59%

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

141

APPENDIX

142

Portfolio Advisors Private Equity Fund X

Jan

uar

y 2

019

PRIVATE & CONFIDENTIAL

143


Table of Contents Firm Overview

Overview of Portfolio Advisors Private Equity Fund X (“PAPEF X”)

Portfolio Construction

Investment Team

Track Record

Terms

Portfolio Advisors’ Advantages

Appendix

Investment Types and Strategies

Biographies – Senior Investment Professionals

Page 2 144


Firm Overview

Page 3 145


Portfolio Advisors: A Global Presence

Office Location - Investment / Investor Relations Investor Relations

Darien Zurich

Hong Kong

i As of December 31, 2017, assets under management is measured as adjusted reported value plus unfunded commitment.

Page 4

Independent, employee-owned investment firm

SEC-registered investment advisor; qualified professional asset manager

Focus on private markets investing: private equity, private real estate and private credit

Over $18 billion of limited partner commitments to commingled funds Average of $2.5 billion invested in private markets per year (2012 - 2017)

Funds management, advisory, and administration and reporting services

Key Statistics

1994 ~$23.5 Billion Year Founded Assets Under

Managementi

90+ 250 Professionals GP Relationships

150 >1,900 Advisory Board Seats Funds tracked in

proprietary database

146


Private Markets Products and Services

i PAPEF, PAREF, PASF, and/or Asia Fund Investor ii Separate account advisory clients that are not currently investing include GenRe and Oppenheim Private Equity Manager GmbH. This list is not an all-inclusive list.

Inclusion in this list by PA does not necessarily reflect an endorsement of PA, its funds or its services. iii Prior offerings include PAPEFs I, II, III, IV, V, VI, VII, VIII, & IX; PAREF s I, II, III, IV, V & VI; Asia Funds I, II, III, IV & V; PASFs I, II & III; PCIF III; ASFs I, II & III; and Longview.

Portfolio Advisors has three lines of business: advisory, funds management, and administration and reporting

The firm’s proprietary portfolio administration system, PRIVILEGe®, supports client activities and investment processes across all three platforms

18 Actively Investing Clientsii

Arizona State Retirement System Avadis Anlagestiftung

City of Zurich, Switzerlandi Clearwater Management Companyi

Consolidated Retirement Fund Copré

Doris Duke Foundationi

Hanwha Asset Management Hatteras Funds

Imperial County ERS Los Angeles Fire and Police

Lyondell Chemical Company National Retirement Fund

Nestlé USA Pension Fund of the Christian Churchi

Threshold Groupi Utah Retirement Systemsi Family Offices (various)i

Current Offeringsiii

Portfolio Advisors Private Equity Fund X (PAPEF X)

Portfolio Advisors Asia Fund VI (PAAF VI)

Portfolio Advisors Credit Strategies Fund (PACSF)

PA Growth and Income Fund (PAGIF)

Portfolio Advisors Real Estate Fund VII (PAREF VII)

AXA/Equitable

Everest Reinsurancei

General Reinsurance

IBM (U.S. and Europe)

Kåpan Pensioneri

Manor Pension Plan

Migros Pension Plani

Missouri Local Government ERSi

Over 1,900 limited partners across all PA-sponsored funds

Portfolio Administrationii Client Advisory Funds Management

Page 5 147


Portfolio Advisors Funds

Note: Dollar amounts represent total limited partner commitments at the time of the each respective fund’s final closing. PAREF I & II are sectors within PAPEF III & IV respectively. The commitments for PAREF I & II are reflected in PAPEF III & IV. PCIF I & II are sectors within PAPEF VII &VIII respectively. The commitments for PCIF I & II are reflected in PAPEF VII & VIII. DLJIP II, and III are funds originally sponsored by DLJ/Credit Suisse. PA took over management for these funds in 2013.

Page 6

PA Asia Fund V $201M | 2015

PASF I $1,128M | 2008

PASF II $910M | 2012

Asia Select I $190M | 2006

Asia Select II $178M | 2008

Asia Select III $163M | 2010

PA Asia Fund IV $170M | 2013

Global Secondary Funds

Global Private Equity Funds

U.S. / Global Credit Funds

Asia Private Equity Funds

Global Real Estate Funds

PAREF I $50M | 2005

PAREF II $116M | 2006

PAREF III $147M | 2007

PAREF IV $400M | 2010

PAREF V $438M | 2013

PAPEF I $75M | 2000

PAPEF II $179M | 2002

PAPEF III $662M | 2004

PAPEF IV $982M | 2006

PAPEF V $1,046M | 2007

PAPEF VI $1,103M | 2008

PAPEF VII $1,085M | 2011

PAPEF VIII $1,239M | 2013

DLJIP II $987.9M | 1999

PACSF $350M Target |

Open-ended

DLJIP III $909.2M | 2006

PADCOF II $739M | 2015

PASF III $1,518M | 2016

PAREF VI $485M| 2015

U.S. Equity Co-Investment Funds

PCIF I $196M | 2011

PCIF II $207M | 2013

PCIF III $500M | 2017

PAGIF $250M Target |

Open-ended

PAREF VII $650M Target | 2018

PA Asia Fund VI $400M Target | 2018

PAPEF X $900M Target | 2018

PAPEF IX $1,185M | 2016

148


Experienced Senior Team Management Committee Years at Firm Experience

Brian Murphy 22 30

Adam Clemens 8 34

William Indelicato 23 26

Senior Vice Presidents Years at Firm Experience

Michael Chen 5 5

Chris Choi 3 14

John Fagan 5 13

Stephanie Gutleber 10 18

Geoff Kelleman 7 7

Michael Liu 12i 13

Justin Lux 7 7

Managing Directors Years at Firm Experience

Ken Binick 10 13

Liz Campbell 5 11

Jeff Cho 6 15

Dan Cohn-Sfetcu <1 16

Patrick Connolly 10 18

Igor DaCosta 5 23

Jesse Eisenberg 12 19

Jonathan English 11 18

Greg Garrett 8 17

Chris Genovese 9 21

Patrick Gerbracht 8 14

Chuck Harper 5 28

Todd Hughes 22 25

Ben Hur 8 8

John Kyles 9 22

Jason Landon 16 16

Dirk Lienemann 1 17

Hugh Perloff 20 20

Harry Pierandri 12 46 Nicolas von der Schulenburg 14i 19

i Includes time spent working with PA at a joint venture and/or prior firm.

Managing Directors and Senior Vice Presidents have an average of 19 years of relevant experience and 10 years with the firm

Total investment team has 45 senior investment professionals who average 16 years of relevant experience and nine years with the firm

Senior team is supported by Portfolio Advisors’ in-house investment, marketing, finance, legal, compliance, IT, and administrative professionals

Page 7

Managing Directors Years at Firm Experience

Eric Staub 5 19 Colin Stauffer 13 13 Eric Thunem 10 24 Ken Wisdom 16 26

149


Investment Philosophy

Page 8

Disciplined approach to a complex asset class

Diversification

Manager Selection

Portfolio Construction

Manager

Strategy

Geography

Industry

Vintage Year

Access to high-quality fund managers

Due diligence

Quantitative analysis

Qualitative analysis

Primary investments

Secondary investments

Co-investments

150


Note: Past performance is not indicative of future results. The above performance includes investments made of behalf of Portfolio Advisors-sponsored funds and separately managed accounts and does not represent the returns achieved by any individual investor. With the exception of the Co-Investment, Direct Mezzanine and Secondaries Sectors, which have significantly shorter duration track records, performance is presented on a “normalized” basis, meaning while the manager selections have remained intact, each vintage year has been equally weighted. The Net IRRs reported above are estimates. Please see the “Long-Term Performance Endnotes”, as well as the Disclosure Statement, for important information regarding the relevant periods, included and excluded investments, inclusion of the investments and performance from 1989 to 1994, assumptions and risks relating to the performance information contained in this table, as well as a further explanation of the “Normalized” adjustments made to the Long-Term Performance above and the Net IRR estimations and methodology. Additional information is available upon request.

Long-Term Private Equity Performance

Page 9

~20.6%

12.1%

~25.6%

12.4%

~21.0%

7.6%

~15.6%

9.7%

~13.6%

9.8%

~16.5% 15.4% ~15.0%

8.5%

~19.1%

9.9%

6.7%

9.7%

11.1%

22.8%

20.3%

27.8%

20.4%

23.2%

18.8% 17.8%

16.0% 15.8% 16.7%

19.2%

22.1%

20.6%

10.6%

21.3%

18.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Normalized Investment Performance Funds and Current Advisory Clients1,2

Portfolio Advisors & Predecessor Client – October 1989 through June 2018 (Vintage Years 1989 - 2018)3,6,9

PA Gross IRR4

Top Quartile

IRR7

Median IRR7

PA Net IRR4,5

U.S. Public

Equity8

Global Public

Equity8

S&P 5008

Diversified Special

Situations4

Diversified Venture Capital4

U.S. Middle Market Buyout4

All Private Equity4

Direct Mezzanine4

Diversified Buyout4

Secondaries4 NASDAQ8 Co- Investment4

MSCI World8

151


Overview of PAPEF X

Note: The summary of PAPEF X described herein is not intended to be complete and the description of the terms of PAPEF X is qualified in its entirety by the terms contained in the PAPEF X fund documents and you should only rely on the information contained in such fund documents prior to making your decision to invest.

Page 10

152


PAPEF X Overview

Page 11

Portfolio Advisors’ tenth diversified private equity vehicle

Commenced June 2018

Approximately $314 million of limited partner commitments closed as of January 1, 2019

Target size of $900 million

Exposure to primary, secondary and co-investment opportunities across seven private equity sectors and classes

Flexible “menu-driven” investment structure Investors can choose their own allocations, in any proportion, to these seven sectors and classes or Select the Model Portfolio, which reflects Portfolio Advisors’ recommended allocations to each sector based on current market

conditions

Dedicated primary, secondary, co-investment and mezzanine teams invest the portfolio

Low and flexible fee structure

U.S. (onshore) vehicle and Cayman Islands (offshore) vehicle for UBTI-sensitive investors

PRIMARY SECTORS OPPORTUNISTIC SECTORS

SECTORS BUYOUT VENTURE CAPITAL

SPECIAL SITUATIONS SECONDARIES CO-INVESTMENT MEZZANINE

CLASSES Diversified

Buyout

U.S. Middle Market Buyout

- - - - -

153


Sector and Class Composition Portfolio Advisors expects each sector and class will be well diversified by GP, sub-strategy, industry, geography and vintage

year

i Mezzanine Sector feeds directly into PADCOF III, L.P. and the Co-Investment Sector feeds directly into PA Co-Investment Fund III (PCIF III). Ii Diversified Buyout is the default election for those who do not want to customize their Buyout Sector allocation. Page 12

SECTORS BUYOUT VENTURE CAPITAL

SPECIAL SITUATIONS

SECONDARIES CO-INVESTMENTi MEZZANINEi

CLASSES Diversified

Buyoutii

U.S. Middle Market Buyout

- - - - -

STRATEGY

-U.S. middle market

-Rest of World middle market

-Global large cap

-Small and middle market U.S. buyout funds

-Early stage

-Multi stage

-Late stage

-Distressed

-Mezzanine

-Multi-strategies

-Primarily focused on our core managers in

buyout, venture capital and distressed

-Primarily diversified middle market

buyout

-Growth Equity

- Middle-market direct lending

through sponsored/LBO

private debt

GEOGRAPHY Global U.S. U.S./Global Global Global Non-emerging

markets Global

TARGET

INVESTMENTS 25-30 10-15 20-25 15-20 25-35 25-35 20-30

TARGET SIZE

($MM) $200-$500 $200-$400 $200-$400 $200-$300 $150-$300 $50-$100

PRIMARY SECTORS OPPORTUNISTIC SECTORS

154


Secondaries – Special Situations

(2.5%)

Secondaries – VC (2.5%)

Multi-Strategy/ Other (4%)

PAPEF X Model Portfolio

i Based on the assumption that the Secondaries Sector is 80% Buyout funds, 10% Special Situations funds, and 10% Venture Capital funds. Note: Please see Note 3 in the section titled, “PAPEF I-VIII Performance Endnotes” in the Appendix hereto for additional information regarding the Model Portfolio of each

PAPEF Fund.

Page 13

Diversified Buyout

30%

Venture Capital

20%

Special Situations

10%

PAPEF I & II

30%

20%

50%

PAPEF III

25%

25%

50%

PAPEF IV & V

30%

20%

50%

PAPEF VI & VII

40%

20%

40%

PAPEF VIII

30%

20%

50%

Secondaries 25%

Co-Investment 15%

PAPEF IXi

22.5%

22.5% 55%

Model Portfolio Allocations

PAPEF Xi

22.5%

12.5%

65%

Target Strategies and Exposures

Co-Investment – U.S. MM Buyout

(15%)

Global Large Cap Buyout (7.5%)

U.S. MM Buyout (15%)

Rest of World MM

Buyout (7.5%)

Secondaries – Buyout (20%)

Early Stage VC (7%)

Multi Stage VC (6%)

Late Stage VC (7%)

Diversified/ Restructuring (6%)

Buyout (65%)

Venture Capital (22.5%)

Special Situations (12.5%)

155


Meaningfully Pre-Identified Primary Sectors Primary Sectors will likely include three vintage years

Primary Sector portfolios are expected to be drawn significantly from the funds below:

Page 14

BUYOUT SECTOR VENTURE CAPITAL SECTOR SPECIAL SITUATIONS SECTOR

Diversified Buyout U.S. Middle Market Buyout - -

ABRY IX ABRY Heritage II 5AM VI ABRY ASE VI

Accel-KKR VI Arbor V Accel XIV ABRY ASF IV

Advent GPE IX Brentwood VII Accel Growth V / Leaders II Angeles II

Astorg VII Calera VI Accel London VI Ascribe IV

Berkshire X Clearview IV Canaan XII BDCM V

GTCR XIII Frontier VI Index Ventures IX Centerbridge IV

Hellman & Friedman IX Incline V IVP XVII Comvest VI

HgCapital 9 Mason Wells V Longitude IV Delta-v Capital 2020

HGGC IV Prairie VII Mainsail V EnCap XII

Livingbridge VII Silver Oak IV Mayfield XVI / Select II Growth Capital Partners V

Odyssey VI Waud V Oak HC / FT III Lone Star XI

Ufenau VI Wind Point IX OrbiMed VIII Marlin Equity VI / Heritage III

Pelion VII MML VII

Spark Capital VI / Growth III New Water II

Summit Growth X Platinum Equity V

Summit Growth VC V Quantum Energy VIII

Searchlight III

Triton V

Wynnchurch V

LEGEND Pre-Identified Approved Closed

Note: As of January 23, 2018. Subject to due diligence. There is no guarantee that PAPEF X will ultimately invest in the “Pre-Identified” funds (which have not yet been approved) noted on this page, whether due to an investment decision of Portfolio Advisors, availability of the funds, or otherwise. Certain pre-identified funds may not exist or may not launch, but are included as PA expects such a fund to launch based on the historic timing and fundraising by the general partners reviewed and monitored by PA. Additional information is available upon request.

Diversified Buyout will also include exposure to

the funds listed in the U.S. Middle Market Buyout Class.

PRIMARY SECTORS

156


PAPEF Manager Performance

Note: As of August 15, 2018. Past performance is not indicative of future results. The foregoing reflects a “snapshot” of underlying manager performance by comparing each manager’s underlying fund’s performance to Thomson One at the time a predecessor PAPEF fund evaluated such sponsor and decided to invest with such fund sponsor in a successor fund. Accordingly, the foregoing does not take into account the subsequent performance of such funds after such evaluation date, and such funds’ performance, when compared to Thomson One, may have moved into a different quartile. Please see the section titled, “Manager Performance Endnotes” in the Appendix hereto for additional information.

Page 15

The table below shows the prior fund performance of the fund managers in PAPEF III – IX at the time Portfolio Advisors invested with them

The majority of the identified managers for PAPEF X are fund managers in a prior PAPEF fund

These identified fund managers had previously sponsored 794 funds that could be benchmarked against Thomson One: ~69% were 1st quartile ~90% were 1st or 2nd quartile (top half)

Quartiles Percentage # of Funds

1st 69.1% 549

2nd 21.3% 169

3rd 6.5% 52

4th 3.0% 25

Total 100.0% 794

90%

10%

Performance of Historical Funds Sponsored by PAPEF III - VIII Fund Managers

157


PAPEF Investment Teams

Page 16

Adam Clemens Managing Director

William Indelicato Managing Director

Brian Murphy Managing Director

Hugh Perloff Managing Director

Patrick Gerbracht

Managing Director

Justin Lux Senior Vice President

Tim Henn

Vice President

Secondary Investments

Co-Investments

Jonathan English Managing Director

Michael Liu

Senior Vice President

Chris Choi Senior Vice President

Weibo Xiong

Vice President

Rong Du Associate

Asia

Management Committee

Greg Garrett Managing Director

John Kyles Managing Director

Liz Campbell Managing Director

Geoff Kelleman Senior Vice President

Lenis Leung Vice President

Payton Brooks Senior Associate

Joe Zheng Senior Associate

U.S.

Primary Investments

Adam Clemens Managing Director

Ken Binick

Managing Director

Ben Hur Managing Director

Michael Chen


James Karivalis Senior Associate

Sydney Cantor

Associate

Note: The chart above does not include Portfolio Advisors’ real estate investment team or senior credit team as these are not components of the PAPEF X investment program.

The investment teams are supported by Portfolio Advisors’ marketing, finance, legal, compliance, IT, and administrative professionals

Joshua Cornell Senior Associate

Ende Li

Senior Associate

James Anderson Associate

CREDIT

Chuck Harper Managing Director

Igor DaCosta

Managing Director

Eric Staub Managing Director

John Fagan


EQUITY

Direct Mezzanine

Jorge Rossello Senior Associate

Patrick Brown

Senior Associate

Nicholas von der Schulenburg

Managing Director

Dirk Lienemann Managing Director

Stephan Fleury Vice President

Rainer Ott

Senior Associate

Europe

158


PAPEF I - VIII Statistics and Performance

Note: Past performance is not indicative of future results. The performance returns above are estimated and unaudited and are for the model portfolio for each fund’s primary sectors and are subject to change. The returns do not represent those of an individual investor in the Fund or the returns of other sectors in each fund. The returns of an actual investor in the Fund may be materially different from those shown herein based on the fees and costs borne by each individual investor. Model MSCI World performance figures provided with respect to each PAPEF fund are calculated using the direct alpha method. Please see the section titled “PAPEF I-VIII Performance Endnotes,” as well as the Disclosure Statement, in the Appendix hereto for important information regarding inclusions and exclusions, the relevant periods, assumptions and risks relating to the performance information contained in these tables. See endnote 6, “PAPEF I-VIII Performance Endnotes,” for important information regarding the use of the MSCI as the benchmark for comparison. Additional details are available upon request.

Page 17

Fund Statistics and Primary Sector Model Portfolio Performance(1,3,4)

Fund Statistics as of September 30, 2018

Primary Sector Model Portfolio Performance as of June 30, 2018

Fund Vintage

Year Fund Size (millions)

Committed(5) Invested(5) Distributed to LPs(5)

Model Portfolio(3) BO/SS/VC

Gross IRR(2,3)

Net IRR(2,3)

Net TVPI(3,5)

Performance vs. MSCI World

Gross(3,6) Net(3,6)

PAPEF I 2000 $75.0 97.5% 97.6% 127.8% 50/30/20 12.7% 9.5% 1.73x +510 bps +220 bps

PAPEF II 2002 $179.3 99.2% 93.2% 160.1% 50/30/20 14.2% 11.3% 1.67x +610 bps +380 bps

PAPEF III 2004 $661.5 102.7% 94.8% 126.4% 50/25/25 8.0% 6.4% 1.48x +310 bps +150 bps

PAPEF IV 2006 $982.4 103.2% 93.3% 125.6% 50/30/20 8.7% 7.3% 1.65x +270 bps +120 bps

PAPEF V 2007 $1,046.0 98.5% 92.2% 125.1% 50/30/20 12.0% 10.8% 1.80x +210 bps +40 bps

PAPEF VI 2008 $1,103.0 98.3% 88.3% 100.5% 40/40/20 15.4% 12.8% 1.85x +390 bps +170 bps

PAPEF VII 2011 $1,085.0 103.1% 85.2% 63.5% 40/40/20 16.0% 13.6% 1.60x +530 bps +320 bps

PAPEF VIII 2013 $1,238.8 104.5% 68.0% 27.7% 50/30/20 18.4% 13.3% 1.24x +710 bps +290 bps

Mature

Maturing

Unseasoned

In Liquidation

159


Note: Past Performance is not indicative of future results. The returns included herein are estimated and unaudited. The returns for an actual investor in a fund could be materially different based on their actual individual fee schedule and actual expenses incurred. Changes in the assumptions and inputs would have a material impact on both the Gross and Net IRRs. The assumptions and inputs have been applied to each fund and are not representative of the actual fees and expenses charged by each fund. Moreover the Gross and Net Returns shown above are only for the secondary investments in those funds. Other investments which are not deemed to be a secondary investment have been excluded from the Net Returns above. The actual returns earned by investors in the Funds will be materially different from those shown above. See the “Secondary Performance Endnotes” for additional information including inclusions and exclusions regarding the returns reported above. Total Gross and Net IRRs represents the simple average of the Gross and Net IRRs of the secondary investments in each PAPEF, Asia Select, PAREF and PASF vehicle. Total line is net of overlaps between PAPEF IV, PAPEF V, PAPEF VI and PASF I. Additional information is available upon request.

Page 18

$s in Millions

PA Vehicles (1) Vintage

Year Total

Exposure(4) Contributions(4) Distributions(4) Reported Value(4)

Total Value(4)

Gross Multiple

Gross IRR(2,3,4,5)

Estimated Net IRR(2,3,4,5)

Secondary Investments Executed Within Non-Dedicated Funds PAPEF II 2002 $46.8 $37.5 $62.7 $0.0 $62.7 1.67x 22.2% 18.5%

PAPEF III 2004 $141.6 $130.5 $174.4 $4.0 $178.4 1.37x 10.6% 8.8%

PAPEF IV 2006 $228.9 $194.5 $207.8 $26.2 $234.0 1.20x 3.9% 2.1%

PAPEF V 2007 $243.5 $227.1 $268.9 $74.0 $342.9 1.51x 8.7% 7.0%

PAPEF VI 2008 $248.0 $246.4 $339.3 $84.0 $423.3 1.72x 14.9% 11.2%

PAPEF VII 2011 $193.2 $208.8 $242.2 $83.4 $325.6 1.56x 16.8% 13.1%

PAPEF VIII 2013 $437.8 $242.5 $162.9 $202.9 $365.8 1.51x 31.1% 26.3%

Asia I 2006 $8.5 $8.3 $14.2 $5.7 $19.9 2.38x 29.5% 25.8%

Asia II 2008 $5.8 $5.9 $11.4 $0.0 $11.4 1.93x 29.8% 26.1%

Asia III 2010 $15.7 $15.6 $13.9 $9.3 $23.2 1.49x 14.7% 11.0%

PAAF IV 2013 $104.9 $83.9 $42.2 $63.8 $106.0 1.26x 16.4% 10.2%

PAREF IV 2010 $233.3 $192.3 $233.6 $68.4 $302.0 1.57x 23.5% 18.3%

PAREF V 2013 $489.0 $388.5 $313.9 $203.0 $516.9 1.33x 17.1% 12.0%

PAREF VI 2015 $385.9 $244.0 $99.0 $210.1 $309.1 1.27x 24.1% 20.5%

Subtotal $2,589.4 $2,053.4 $1,955.5 $962.6 $2,918.2 1.42x 18.8% 14.9%

Dedicated Secondary Funds PASF I 2008 $1,150.6 $1,016.8 $1,456.8 $352.6 $1,809.4 1.78x 16.6% 13.9%

PASF II 2012 $1,023.6 $772.7 $746.3 $460.0 $1,206.3 1.56x 21.6% 17.7%

PASF III 2016 $614.2 $323.3 $72.7 $402.2 $474.9 1.47x 57.2% 57.9%

Subtotal $2,788.5 $2,112.8 $2,275.7 $1,214.9 $3,490.6 1.65x 31.8% 29.8%

Grand Total $5,377.8 $4,166.2 $4,231.2 $2,177.5 $6,408.7 1.54x 21.1% 17.5%

Recent PA Vehicles (1,6) Vintage

Year Total

Exposure(4) Contributions (4) Distributions (4) Reported Value (4)

Total Value (4)

Gross Multiple

Gross IRR(2,3,4,5)

Estimated Net IRR(2,3,4,5)

PAAF V 2016 $73.4 $53.2 $13.9 $51.6 $65.5 1.23x NM NM

PAPEF IX 2016 $16.6 $8.9 $0.1 $12.8 $12.9 1.45x NM NM

Total $90.1 $62.1 $14.1 $64.4 $78.4 1.26x NM NM

Portfolio Advisors’ Secondary Investment Track Record as of June 30, 2018

Secondary Investment Track Record

160


Page 19

$s in Millions

PA Vehicles (1)i Vintage

Year Total Capital

Invested(3) Realized

Proceeds(3) Unrealized

Value(3) Total

Value(3) Gross

Multiple Gross IRR(2)

Estimated Net IRR(3)

Pre-Fund 2008ii $47.0 $93.3 $4.0 $97.3 2.07x 19.8% 17.3%

Realized/Substantially Realized/Publicly Traded 47.0 93.3 4.0 97.3 2.07x 19.8% -

Co-Investment Fund I 2011 $190.1 $205.3 $138.0 $343.2 1.81x 17.1% 14.6%


Unrealized/Substantially Unrealized (One Year and Older) 90.4 10.2 124.2 134.4 1.49x 8.9% -

Co-Investment Fund II 2013 $179.3 $104.9 $191.7 $296.7 1.65x 25.8% 22.1%


Unrealized/Substantially Unrealized (One Year and Older) 120.3 13.9 168.3 182.1 1.51x 21.3% -

Unrealized/Substantially Unrealized (Less Than One Year) 10.4 - 12.3 12.3 1.18x NM -

Co-Investment Fund III 2017 $88.9 $0.0 $88.7 $88.7 1.00x NM NM

Unrealized/Substantially Unrealized (One Year and Older) 15.0 - 15.0 15.0 1.00x NM -

Unrealized/Substantially Unrealized (Less Than One Year) 73.9 - 73.7 73.7 1.00x NM -

Total $505.3 $403.5 $422.4 $825.9 1.63x 19.2% 16.5%

Portfolio Advisors’ Co-Investment Track Record as of June 30, 2018

Since June 30, 2018, Co-Investment Fund III has invested an additional $160.8 million in nine deals, bringing total capital invested to $251.5 million across seventeen transactions

i For additional information regarding the definition of the Pre-Fund, Fund I, and Fund II vehicles, please refer to the “Co-Investment Performance Endnotes.” ii Represents year of first investment. Note: Past performance is not indicative of future results. Investing in financial markets involves a substantial degree of risk. There can be no assurance that the Fund’s

investment objectives will be achieved and an investor could lose all or some of its investment. Please see the “Co-Investment Performance Endnotes” for important information. Realized/Substantially Realized reflects transactions where 80% or more of either (i) Total Capital Invested or (ii) Total Value has been returned to the applicable fund, or where the underlying securities are publicly traded as the result of an Initial Public Offering. Unrealized investments include all investments for which less than 80% of invested capital has been distributed Net IRR, and additional information about the Portfolio Advisors Co-Investments Funds Track Record. Additional information is available upon request.

Co-Investment Track Record

161


Page 20

i As of January 1, 2019 Note: Past performance is not indicative of future results. Investing in financial markets involves a substantial degree of risk. There can be no assurance that the Fund’s

investment objectives will be achieved and an investor could lose all or some of its investment. The Track Record Investment Statistics may not be replicable. The above Track Record Returns and Investment Statistics includes investments made by the senior members of the Team since 1999 and does not represent the returns achieved by any individual investor. The Net IRRs reported above are ‘pro forma’ performance figures. A ‘pro forma’ Net Multiple is available upon request. Please see the “Mezzanine Track Record Endnotes” and the “Glossary of Terms” in the Appendix, as well as the Disclosure Statement, for important information regarding the relevant periods, defined terms, included and excluded investments, assumptions and risks relating to the performance information and Investment Statistics, as well as a further explanation of the ‘pro forma’ Net IRR methodology and the Gross IRR and Net IRR of DLJIP II and DLJIP III. With respect to the Gross IRRs shown above for Realized Investments and Unrealized Investments, fees and expenses may be substantial in the aggregate and would reduce the corresponding Net IRR. Additional information is available upon request.

Portfolio Advisors acquired the DLJ Investment Partners mezzanine investment business from Credit Suisse in 2013

The mezzanine team has invested more than $2 billion across 63 deals since 1999i

44 of 63 investments are fully or substantially realizedi

See slides 36 and 37 for information on the current Mezzanine portfolio

$s in Millions

Invested Capital

Realized Proceeds

Realized Proceeds and Unrealized Value

Gross Multiple

Gross IRR

Net IRR(3)

Pre-PADCOF II $1,897.5 $2,947.7 $2,958.5 1.6x 20.6% 15.0%

Total Realized and Partially Realized 1,885.2 2,931.1 2,931.4 1.6x 20.6% -

Total Unrealized Investments 12.3 16.6 27.1 2.2x 8.7% -

PADCOF II (Actively investing, commenced 2015) $535.3 $262.8 $641.9 1.2x 15.6% 11.0%

Total Realized and Partially Realized 180.3 220.3 220.3 1.2x 16.1% -

Total Unrealized Investments 355.0 42.4 421.6 1.1x 14.7% -

Total $2,432.8 $3,210.5 $3,600.4 1.5x

Portfolio Advisors’ Mezzanine Team Track Record as of June 30, 2018(1)(2)

Mezzanine Track Record

162


Primary Sectors Terms

i The average annual management fees assume a 14 year life of investing. The foregoing average also assumes a declining NAV as a percentage of commitment after year nine by 20% each year for the last 5 years. The average annual management fee takes the cumulative management fees for the 14 years and averages them. Additional information is available upon request.

Note: The GP will commit an aggregate amount equal to at least 3% of the capital commitments of the limited partners in each sector that are not (i) affiliates of the general partner or PA, or (ii) PA employees, family members of PA employees or entities formed for the benefit of PA employees and/or their family members. Additional information is available upon request.

Page 21

Series II and III include a back-ended carried interest, payable only after a return of contributed capital plus the applicable preferred return

Very low average annual management fees (approximates):i

Commitments of $25 Million or more: 37 bp (Series I) or 18 bp (Series II) or 0 bp (Series III)

Commitments less than $25 Million: 54 bp (Series I) or 37 bp (Series II) or 18 bp (Series III)

Series I Fees Series II Fees Series III Fees

SIZE OF LP COMMITMENT INITIAL PERIOD THEREAFTER INITIAL PERIOD THEREAFTER INITIAL PERIOD THEREAFTER

$25 million+ 0.50% 0.40% 0.25% 0.20% 0.00% 0.00%

Up to $25 million 0.75% 0.60% 0.50% 0.40% 0.25% 0.20%

No Performance Allocation 8% Preferred Return

5% Performance Allocation 6% Preferred Return

10% Performance Allocation

Summary of PAPEF X’s Primary Sectors Terms

INVESTMENT PERIOD: Commitments may be made through the 2nd anniversary of the fund’s final closing date

GP COMMITMENT: 3% of total commitments

The “Initial Period” takes place from the initial closing date through the 7th anniversary of the final closing date Fees are based on commitments during the initial period and on NAV thereafter

Three Fee Options

163


Secondaries Sector Terms

Page 22

Summary of PAPEF X’s Secondaries Sector Terms

INVESTMENT PERIOD: Commitments may be made through the 3rd anniversary of the fund’s final closing date


PREFERRED RETURN: 10%

CARRY: 10% (European-style)

Closed Investment Option LP Commitment Option

SIZE OF LP COMMITMENT INITIAL PERIOD THEREAFTER INITIAL PERIOD THEREAFTER

Up to $50 million 1.25% 1.25% 0.85% 1.25%

$50 million+ 1.125% 1.125% 0.80% 1.125%

The “Initial Period” takes place from the initial closing date through the 5th anniversary of the final closing date

Closed Investment Option Fees are based on closed investments during the initial period and on the NAV of the fund thereafter LP Commitment Option Fees are based on commitments during the initial period and on the NAV of the fund thereafter

Two Fee Options


164


Co-Investment Sector Terms

Page 23

Summary of PAPEF X’s Co-Investment Sector Terms

INVESTMENT PERIOD: Through the end of the PCIF III fund investment period or the PCIF IV investment period, as the context requiresi


MANAGEMENT FEE: 1% of closed investments throughout investment period 1% of unreturned investment cost thereafter



i The investment period in relation to PCIF III will end when the PCIF III investment period ends, and in relation to PCIF IV will end when the PCIF IV investment period ends, which is anticipated to be three years after PCIF III’s final closing date and PCIF IV’s final closing date, respectively.


Closed Investment Option LP Commitment Option

INVESTMENT PERIOD THEREAFTER INVESTMENT PERIOD THEREAFTER

1.00% 1.00% 0.75% 1.00%

Closed Investment Option Fees are based on closed investments during the investment period and on unreturned investment cost thereafter LP Commitment Option Fees are based on commitments during the investment period and on unreturned investment cost thereafter

Two Fee Options

165


Mezzanine Sector Terms

Page 24

Summary of PAPEF X’s Mezzanine Sector Termsi

INVESTMENT PERIOD: Through the end of the PADCOF III investment period


MANAGEMENT FEES: 1.5% on invested capital



i PAPEF X Mezzanine Sector feeds directly into PADCOF III which has not yet been formed. The terms shown here are the anticipated terms for the sector. Note: The GP will commit an aggregate amount equal to at least 3% of the capital commitments of the limited partners in each sector that are not (i) affiliates of the

general partner or PA, or (ii) PA employees, family members of PA employees or entities formed for the benefit of PA employees and/or their family members. Additional information is available upon request.

166


Carried Interest

Primary Sectorsi Secondaries & Co-Investmentii Weighted Average

10% 10% 10.0%

Carried Interest


5% 10% 7.0%

Average Management Fees

Size of LP Commitment


$25 million+ 0.00% 0.45% 0.18%

Up to $25 million 0.18% 0.45% 0.29%

Note: Assumes commitment of less than $50 million to the Secondaries Sector. i The average annual management fees assume a 14 year investment life and assumes that seven years after the final closing that the Net Asset Value (“NAV”) will be lower

than the capital commitment. The foregoing average also assumes a declining NAV as a percentage of commitment after year nine by 20% each year for the last 5 years. The average annual management fee takes the cumulative management fees for the 14 years and averages them. Additional information is available upon request.

ii The average annual Secondaries Sector management fees takes the cumulative management fees for the life of the fund (approximately 15years until all investments have been exited) and averages them. The average annual Co-Investment Sector management fees assume a $200 million co-investment fund that is funded over time through 5 investments per year at an average investment size of approximately $7.5 million, with a 5-year hold on all investments. The average annual management fee takes the cumulative management fees for the life of the fund (approximately 10 years until all investments have been exited) and averages them. This analysis reflects the co-investment fee structure described above; co-investors also have an alternate fee option based on committed capital. Additional information is available upon request.

Model Portfolio Fees

Page 25

The Model Portfolio includes the following allocations: 60% to Primary Sectors (Buyout, Venture Capital, Special Situations), 25% to the Secondaries Sector, and 15% to the Co-Investment Sector




$25 million+ 0.37% 0.45% 0.40%

Up to $25 million 0.54% 0.45% 0.50%

Carried Interest


0% 10% 4.0%

Series I: Higher Management Fee/Lower Carried Interest

Series III: Lower Management Fee/Higher Carried Interest




$25 million+ 0.18% 0.45% 0.29%

Up to $25 million 0.37% 0.45% 0.40%

Series II: Moderate Management Fee/Moderate Carried Interest

167


Portfolio Advisors’ Advantages

Page 26

Experienced Investors

24-year history of private markets investing

Long-standing relationships with preferred general partners managing oversubscribed funds

Dedicated primary, secondary, co-investment, and mezzanine teams; firm-wide sourcing platform

Established track record across all of PAPEF X’s private equity investment sectors and classesi

Customizable Fund Structure

Flexible, menu-driven investment structure for investors seeking customized allocations; or

Model Portfolio for investors seeking Portfolio Advisors’ recommended allocations

Diversified Portfolio

Construction

Primary investments with top-tier fund managers

Secondary investments have the potential to minimize the J-curve effect; PAPEF II – VIII were out the J-curve prior to their final closingsi

Co-investments can provide direct investment opportunities at a reduced fee basis

Direct mezzanine investments may generate current income and risk-adjusted returns

Constructed/ Pre-Identified

Primary Sectors

Retroactive participation in existing PAPEF X investments

Thirteen primary funds closed or approved and over 50 pre-identified in PAPEF X

i Prior performance is not indicative of future results, and that PAPEF X may not experience the same J-curve results as PAPEF II-VIII. 168


Appendix

- Investment Types and Strategies

- Biographies

Page 27 169


Investment Type – Primary Investments

Note: The foregoing represents the general opinion of Portfolio Advisors regarding various types of private equity investments and is not intended to be a complete or exhaustive description. Unless otherwise noted, information on this page is as of January 2019.

Commitments to closed-ended funds managed by third-party fund managers Capital is drawn down over the investment period and distributed periodically as

realizations occur

Diversified exposure Ability to invest with sponsors who have expertise in particular private equity

sectors, industries and/or geographies Funds are long-term, illiquid investments, typically having ten-year terms with one

or more one-year extensions possible

24 years of primary investment experience Access to top-quartile managers Committed over $50 billion on behalf of 23 PA-sponsored funds and 34 advisory

accounts since inception Average of $2 billion of primary capital committed per year (2012 - 2017)

Description

Advantages

PA’s Experience

Page 28 170


Primary Investment Deal Flow >2,000 new investments reviewed from 2016 – 2018

Over 500 new and existing manager meetings in 2018

6%

29%

39%

8%

18%

≤ $50

$51-$200

$201-$600

$601-$999

≥ $1,000

Funds Reviewed by Size from 2016 - 2018 ($ in millions)

Note: There is no guarantee that Portfolio Advisors will have the same opportunity as in the prior three years to (i) review a comparable amount of new investment opportunities in any one or all of these investment types, (ii) review funds of comparable sizes in such investment types, or (iii) interview a comparable number of managers.

Page 29 171


Investment Type – Secondary Investments

Note: The foregoing represents the general opinion of Portfolio Advisors regarding various types of secondary investments and is not intended to be a complete or exhaustive description. Unless otherwise noted, information on this page is as of January 2019.

Purchase of partially or significantly funded limited partnership interests of individual funds or portfolios of private equity funds

Known diversification benefits Ability to underwrite existing portfolios mitigating blind pool risk Reduced investment duration/faster deployment of capital Ability to mitigate the J-curve effect

15 years of experience investing in the secondary market Evaluated $100+ billion of secondary opportunities More than $5 billion of secondaries executed across 19 vehicles

Description

Advantages

PA’s Experience

Page 30 172


Secondary Investment Strategy Targeted Transactions

Target portfolio managed by high quality GPs with longstanding relationship with PA Focus on mid-market buyout assets in North America / Western Europe (PA’s core area of expertise)

Focus on opportunistic transactions Individual fund positions Broken auctions Carve-outs Relationship-driven transactions Structured transactions

Leverage PRIVILEGe® and numerous GP relationships to gain an information advantage

Accurately price transactions based on true bottom-up analysis of the underlying portfolio assets

Create highly diversified portfolio across vintage years, sponsors, industries and investment strategies to mitigate downside risk

Avoid use of third-party leverage on transactions

Continuously monitor investment performance and evaluate exit opportunities via sale of assets in the secondary market to maximize value for limited partners

General Underwriting Targets

20% gross IRR

15-30% discount to fair market value

1.5-2.0x gross multiple

Note: The “General Underwriting Targets” contained herein (i.e., IRR, discount to FMV (fair market value) and gross multiple) represent Portfolio Advisors’ general parameters it seeks for secondary transactions and are not a prediction or projection of future returns. There is no guarantee that any of these underwriting targets will be met. In addition, Portfolio Advisors may invest in (or gain exposure to) secondary transactions that do not meet any of these parameters. Accordingly, the actual returns, discount to FMV and gross multiples of PAPEF X’s secondary investments may differ materially from the General Underwriting Targets indicated herein.

Page 31 173


Investment Type – Co-Investments

Note: The foregoing represents the general opinion of Portfolio Advisors regarding various types of co-investments and is not intended to be a complete or exhaustive description. Unless otherwise noted, information on this page is as of January 2018.

Investments made directly into the equity of individual private companies alongside fund managers/sponsors

Control/flexibility of investment choice Investment economics, often offered on a “no fee, no carry” basis Individual co-investments are typically of shorter duration than primary

investments Opportunity to build stronger relationships with general partners

8 years of co-investment experience Reviewed ~500 deals sourced from more than 200 financial sponsors Invested more than $660 million alongside high-quality fund sponsors across 67

deals

Description

Advantages

PA’s Experience

Page 32 174


Dedicated team with significant experience and a strong track record of execution Nine investment professionals focused on direct investment transactions

Dedicated Resources

Utilization of PA GP relationships to access high-quality, middle market deal flow Primary relationships with over 250 GPs

Sourcing Model

Sponsor Criteria Invest with private equity sponsors who are well-known to PA Seek to invest with sponsors on deals consistent with their history of success and expertise

Co-Investment Strategy

Target Criteria

Portfolio Diversification Seek to create a well-diversified portfolio with enhanced economics (no management fee or

carry paid to private equity sponsor) versus a typical private equity fund investment Diversified by sponsor, industry, geography and vintage year

Focused primarily on established, profitable businesses based in the U.S. No venture capital (early stage), emerging markets or real estate expected

Emphasize middle market transactions Greater need for co-investment capital Generally greater access to company management and sponsor deal team

Page 33 175


Mezzanine Overview Mezzanine is junior debt that represents the “middle layer” of an LBO financing

Typically subordinated to first lien bank debt and senior to common equity Usually accompanied by an equity co-investment (or warrants)

Contractual yield (10-13%) with potential equity upside (200-400 bps)

Expected quarterly cash distributions to LPs with limited J-Curve effect Mezzanine can perform well in low-growth economic environments

EBITDA

Multiple Risk

Return Profile

Senior/First Lien Bank Debt 2.5 – 3.5x Low 5-7%

Junior Debt

Second Lien

Senior Unsecured

Senior Subordinated

3.5 – 6.0x Moderate 10-13%

Common Equity +/- 8.0x High +/- 20%

Typical Company Capital Structure

Note: Regarding the aforementioned, unless otherwise noted, this section represents Portfolio Advisors’ general understanding of the mezzanine market and this analysis is not intended to be complete and material aspects of the foregoing may change at any time. The above returns are hypothetical, and there is no guarantee that an investment made by the Fund will actually realize the return profiles listed above.

Page 34 176


Target Mezzanine Portfolio Characteristics

Targeted Returns

Size Investment Size: $10-$75 million

Company Size: EBITDA > $10 million

Securities

90% Debt: Senior and subordinated debt (may include unitranche loans, last-out first lien term loans and second lien loans/notes)

10% Equity: Common equity co-investment (or warrants)

Page 35

Note: The targeted returns listed herein are the gross returns that the Fund currently anticipates based on the expected return profile of potential investments over the life of the fund. The actual net returns earned by an investor may be materially lower than the performance characteristics for each investment as the targeted returns are gross to the fund and do not include the deduction of fund level expenses, management and performance fees. Investing in the mezzanine market involves a substantial degree of risk and nothing herein is intended to imply that any investment may be considered “conservative,” safe,” “risk free,” or “risk averse.” In addition, the actual securities invested in by the fund may not exhibit these target characteristics and may have a different risk profile and the gross returns realized by each fund investment may be materially lower than the targeted returns.

Industry Diversified (historically Services, Manufacturing, Healthcare, etc.)

Debt Yield (including fees) Equity Co-Invest Target Gross IRR

11 – 13%

4% 15 – 17%

177


i As of January 2019 for entire portfolio (realized and unrealized). Note: Past performance is not indicative of future results. Depending on market conditions and opportunities, the actual investments to be made by the Fund may differ

substantially from these investments. Additional information is available upon request.

Current Mezzanine Portfolio Summary Industry Diversification (% of Invested Capital)i Current Portfolio Statistics ($ in millions)i

Page 36

$601 million of Invested Capital 23 portfolio investments

Healthcare 26%

Consumer, Packaging and

Other 18%

Services 30%

Manufacturing 18%

Technology 8%

Average Investment Size $26.1

% Debt Investments 90%

Floating Rate Debt as a % of Total Debt Invested Capital 77%

Weighted Average Debt Yield 11.3%

Approximated Distributable Cash Flow 9.0-10.0%

Weighted Average Total Net Leverage Ratio (at close) 5.7x

Weighted Average Interest Coverage Ratio (at close) 2.5x

Median Equity Cushion 43%

Median LTM EBITDA (at close) $35.9

Median LTM EBITDA Margin (at close) 20.4%

% Lead / Co-lead Investments 71%

178


Note: the chart above excludes realized investments as of January 2019. i Calculations assume a 3-year hold

Current Mezzanine Portfolio Investments

Page 37

($ in millions) Net Leverage

Date Company Industry Sponsor Debt Security Type

Invested Capital

Debt Yield (1)

Floating/ Fixed

Closing LTM

EBITDA At Close As of

6/30/18

Financial Covenant (Yes/No)

Equity Investment

(Yes/No)

Apr-15 Automotive Services Gridiron 2nd Lien Term Loan $39.1 12.1% Floating $42.1 6.0x 6.1x Yes Yes

Jun-15 Financial Services Summit 2nd Lien Term Loan $16.9 10.8% Floating $45.4 6.2x 4.9x No Yes

Oct-15 Distribution Windjammer 2nd Lien Term Loan $11.1 11.4% Floating $23.8 6.3x 5.4x Yes Yes

Oct-16 Business Services Incline Sr. Sub. Notes $19.6 13.7% Floating $10.1 5.8x 4.9x Yes Yes

Oct-16 Food Palladium Sr. Sub. Notes $11.4 11.8% Fixed $25.4 5.5x 5.7x Yes Yes

Nov-16 Healthcare Windjammer 2nd Lien Term Loan $13.9 12.6% Floating $17.4 6.2x 6.2x Yes Yes

Aug-17 Software Technology Centerbridge 2nd Lien Term Loan $21.6 12.1% Floating $131.6 5.9x 5.6x No Yes

Aug-17 Vitamin and Supplement

HGGC 2nd Lien Term Loan $34.8 12.7% Floating $62.0 5.3x 4.9x Yes Yes

Sep-17 Agricultural Equipment

Mason Wells Sr. Sub. Notes $16.4 12.4% Fixed $12.3 4.4x 3.9x Yes Yes

Nov-17 Healthcare Blue Sea HoldCo PIK Notes / OpCo Unitranche

$29.8 12.7% 50/50 $14.0 6.1x 5.8x Yes Yes

Mar-18 Software Technology HGGC 2nd Lien Term Loan $25.3 10.3% Floating $102.7 6.8x 6.8x No Yes

May-18 Project Jaguar Healthcare Sponsor A / Sponsor B

2nd Lien Term Loan $38.2 11.7% Floating $152.7 5.4x 5.4x Yes Yes

Jun-18 Manufacturing Windjammer 2nd Lien Term Loan $29.3 11.1% Floating $16.8 5.9x 5.9x Yes Yes

Jul-18 Food Palladium Sr. Sub. Notes $16.6 13.1% Fixed $46.7 5.6x 5.6x Yes Yes

Aug-18 Business Services Mill Point Sr. Sub. Notes $23.6 12.5% Fixed $33.5 4.3x 4.3x Yes Yes

Oct-18 Business Services Calera Capital Senior Subordinated Notes

$23.2 11.7% Fixed $20.8 5.2x 5.2x Yes Yes

Nov-18 Business Services Vestar Capital Second Lien Term Loan $39.4 12.5% Floating $258.0 6.4x 6.4x Yes Yes

Jan-19 Healthcare Revelstoke Capital Senior Subordinated Notes

$13.6 12.1% Fixed $26.1 4.6x 4.6x Yes Yes

Total / Median / Weighted Avg. / Percentage: $423.5 12.4% 76% $29.8 5.7x 5.5x 89% 100%

179


Biographies – Senior Investment Professionals MANAGEMENT COMMITTEE

Brian P. Murphy is a Managing Director of Portfolio Advisors, a member of the firm’s Management Committee, and serves as a voting member of all of the firm’s Investment Committees. Brian has been with Portfolio Advisors since 1996. Previously, he was a Senior Vice President of Morris Anderson Investment Advisors, where he co-managed a $385 million portfolio of direct and partnership investments. He started his private equity advisory career while at Chemical Bank Corporation. Brian has served as a director of nine client portfolio companies and has served or is serving as an Advisory Board member of twenty-four private equity partnerships. (B.A. from Brigham Young University; M.B.A. from Columbia University; Chartered Financial Analyst) Adam G. Clemens is a Managing Director of Portfolio Advisors, a member of the firm’s Management Committee, and serves as a voting member of one or more of the firm’s Investment Committees. Adam joined Portfolio Advisors in 2010 and, as Co-Head of the Co-Investment Team, is primarily engaged in sourcing, evaluating and recommending investment opportunities in private equity co-investments. Previously, he was Co-founder and President of New York Life Capital Partners (“NYLCAP”), the captive manager of alternative assets for New York Life Insurance Company and third-party investors. Prior to co-founding NYLCAP, Adam was the Head of Private Equity and Leveraged Finance within New York Life’s Private Finance Group. Prior to that, Adam was a Vice President with Manufacturers Hanover Trust Company in the Private Placement Department. Adam currently serves as a Board Observer for three client portfolio companies and as an Advisory Board member of six private equity partnerships. (B.S. from Georgetown University; M.B.A. from Columbia University; Chartered Financial Analyst) William J. Indelicato is a Managing Director of Portfolio Advisors, a member of the firm’s Management Committee, and serves as a voting member of all of the firm’s Investment Committees. Bill has been with Portfolio Advisors since 1995. Previously, he was engaged in Landmark Partners’ direct private investment activities. Before joining Landmark in 1994, he was a senior project engineer at United Technologies. Bill has served as a director of two client portfolio companies, and has served or is serving as an Advisory Board member of twenty-five private equity partnerships. (B.S. from the University of Notre Dame; M.B.A. from the University of Connecticut)

U.S. PRIVATE EQUITY

Gregory J. Garrett is a Managing Director of Portfolio Advisors and serves as a voting member of one or more of the firm’s Investment Committees. Greg joined Portfolio Advisors in 2010 and is the Head of its U.S. Primary Fund due diligence team. He is primarily engaged in sourcing, evaluating and recommending investment opportunities in private equity funds. Previously, he was a Partner with Adams Street Partners and a member of its Primary Partnership Investment Subcommittee contributing to the assessment of investment opportunities across its portfolio since 2001. Prior to Adams Street Partners, Greg was a manager at the Boston Consulting Group and a Captain in the United States Air Force commanding aircraft in support of international military operations. Greg has served or is serving as an Advisory Board member of twenty-two private equity partnerships. (B.S. from Rensselaer Polytechnic Institute; M.B.A. from The Wharton School)

John M. Kyles is a Managing Director of Portfolio Advisors and serves as a voting member of one or more of the firm’s Investment Committees. John joined Portfolio Advisors in 2009. Previously, he was a Director at Citigroup where he spent eight years in the Private Equity Placements Group. While at Citigroup, he structured and executed private placements totaling over $6 billion for public and private companies in a variety of industries. At business school, he was a Park Fellow and a co-founder of BR Ventures, a student-managed venture capital fund. John is serving as an Advisory Board member of six private equity partnerships. (B.A. from Bucknell University; J.D. from DePaul University College of Law; M.B.A. from Cornell University) Elizabeth M. Campbell is a Managing Director and serves as a voting member of one or more of the firm’s Investment Committees. Liz joined Portfolio Advisors in 2013 and is a member of the primary investment research and due diligence team. Previously, Liz was an Associate at Stanwich Advisors, a boutique investment bank specializing in capital raising and advisory services for private equity funds, where she was responsible for due diligence, project management, and market research. (B.A. from Middlebury College) Geoffrey P. Kelleman is a Senior Vice President and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Geoff joined Portfolio Advisors’ analyst program in 2011 and is currently a member of the firm’s U.S. primary due diligence team. Previously, he worked at PNC Bank as a credit analyst. (B.A. from Muhlenberg College; M.B.A from Colombia University) Lenis Leung is a Vice President and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Lenis joined Portfolio Advisors’ analyst program in 2004 and currently serves as a member of Portfolio Advisors primary investment research and due diligence team. Previously, she participated in internships at Merrill Lynch and Credit Suisse First Boston. (B.S. from Cornell University; M.B.A. from Duke University)

Page 38 180


Biographies – Senior Investment Professionals EUROPEAN PRIVATE EQUITY

Nicolas von der Schulenburg is a Managing Director of Portfolio Advisors and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Since 2006, Nicolas has led Portfolio Advisors’ European activities. Previously, he was an Investment Director for CAM Private Equity, a private equity fund-of-funds firm based in Germany, where he focused on conducting due diligence on European and U.S. private equity partnerships. Prior to joining CAM in 2004, Nicolas had five years of direct private equity investing experience with 3i Group plc in Germany. From 1994 to 1999 Nicolas was a management consultant with Arthur D. Little, Inc., where he focused on projects in the technology and innovation management fields. Prior to that, Nicolas worked as an analyst at Environmental Strategies Corporation, an environmental consulting and engineering firm. Nicolas has served or is serving as a director of five client portfolio companies and is serving as an Advisory Board member of three private equity partnerships. (B.A., M.E.S., and M.B.A. from Yale University) Dirk Lienemann is a Managing Director of Portfolio Advisors and serves as a non-voting member of one or more of the firm's Investment Committees. Dirk joined Portfolio Advisors in 2017. Previously, he was Head of Private Equity Europe at Mercer Private Markets, the global private markets platform of Mercer, where he was responsible for European private equity and private debt investments, acting as senior portfolio manager and member of the Investment Committee. Prior to joining Mercer Private Markets in 2015, Dirk was a Partner and Head of Investment Management at SCM Strategic Capital Management, where he had responsibility for private equity, real estate and infrastructure investments and was a member of the Investment Committee. Prior to joining SCM Strategic Capital Management in 2006, Dirk had five years of corporate finance / M&A experience with Andersen, Ernst & Young and Sal. Oppenheim, focusing on mid- and large-cap M&A transactions across various sectors in Switzerland. (Master's Degree in Business Administration & Economics from University of St. Gallen, Switzerland. Chartered Financial Analyst) ASIAN PRIVATE EQUITY

Jonathan A. English is a Managing Director of Portfolio Advisors, based in Hong Kong, and serves as a voting member of one or more of the firm’s Investment Committees. Jonathan joined Portfolio Advisors in 2007 and leads the firm’s Hong Kong office, managing the Asia Pacific investment research, due diligence and business development activities. Previously, he was an Associate with Abbott Capital Management for over five years, responsible for investing, marketing and fundraising on behalf of Abbott's private equity fund of funds vehicles. Jonathan is serving as an Advisory Board member of seven private equity partnerships. (B.A. from the University of Rhode Island; M.B.A. from Fordham University)

Chris Choi is a Senior Vice President, based in Hong Kong, and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Chris joined Portfolio Advisors in 2015 and primarily supports Portfolio Advisors’ Asian activities. Previously, he was a Manager in the Alternatives Investment Division of Hanwha Life Insurance (formerly Korea Life Insurance) where he was engaged in both direct and fund investments across private debt and private equity strategies. Prior to Hanwha Life, Chris was an Associate Director in the Investment Banking Division of Daiwa Securities in Seoul focused on M&A and capital markets transactions. (B.A. from Sung Kyun Kwan University) Michael Liu is a Senior Vice President and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Michael joined Portfolio Advisors in 2013 and primarily supports Portfolio Advisors’ Asian activities. Previously, he was a Vice President in the UOB Investment Management Division’s alternative investment fund-of-funds advisory business where he had worked with Portfolio Advisors since 2006 through a joint-venture. He joined UOB in July 2006 through the Management Associate program. (B.S. from Nanyang Technological University) Weibo Xiong, CFA is a Vice President and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Weibo joined Portfolio Advisors in 2013 and primarily supports Portfolio Advisors’ Asian activities. Previously, he was a Manager in the UOB Investment Management Division’s alternative investment fund-of-funds advisory business where he had worked with Portfolio Advisors since 2010 through a joint-venture, Asia Select Management, Ltd. He joined UOB in September 2010 from ARA Strategic Capital I Pte Ltd where has was an Analyst with responsibility for research on listed REITs and infrastructure securities in the Asia Pacific region. (BSc (Econ) and BBM from Singapore Management University; Chartered Financial Analyst)

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Biographies – Senior Investment Professionals SECONDARIES

Hugh J. Perloff is a Managing Director of Portfolio Advisors and serves as a voting member of one or more of the firm’s Investment Committees. Hugh has been with Portfolio Advisors since 1998 and serves as an integral member of its secondary and primary investment research and diligence teams. Previously, he was a senior accountant with Deloitte & Touche for five years, where he performed accounting and audit work for domestic and foreign and public and private clients. Hugh is serving as an Advisory Board member of four private equity partnerships. (B.A. from Brown University; M.B.A. from the University of Connecticut) Patrick R. Gerbracht is a Managing Director and serves as a voting member of one or more of the firm’s Investment Committees. Patrick joined Portfolio Advisors in 2010 and serves as a member of the secondary investment team. Prior to joining Portfolio Advisors, he was an Associate at Pomona Capital for three years where he focused on secondary transactions while also supporting the primary and co-investment teams. Prior to Pomona Capital, he was an Analyst in GE Capital’s Financial Management Program, completing rotational assignments at GE Capital’s headquarters, Commercial Aviation Services, Real Estate North American Equity Investing, and Corporate Finance. (B.S. from Pennsylvania State University) Justin P. Lux is a Senior Vice President and serves as a non-voting supporting member of the firm’s Investment Committees. Justin joined Portfolio Advisors in 2011 and serves as a member of Portfolio Advisors’ secondary and co-investment teams. Previously, he was an Investment Banking Analyst at Lazard in the Restructuring Group where he focused on various restructuring and distressed M&A transactions across a wide range of industries. (B.A. from the University of Virginia)

Timothy J. Henn is a Vice President and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Tim joined Portfolio Advisors in 2014 and serves as a member of Portfolio Advisors’ secondary team. Previously, he was an Investment Banking Associate at Raymond James in the Debt Origination & Restructuring Group where he focused on various restructuring and distressed M&A transactions across a wide range of industries. (B.S. from Georgetown University) CO-INVESTMENT Kenneth G. Binick is a Managing Director and serves as a voting member of one or more of the firm’s Investment Committees. Ken joined Portfolio Advisors in January 2008 and, as Co-Head of the Co-Investment Team, is primarily engaged in sourcing, evaluating and recommending investment opportunities in private equity co-investments. Ken is also involved in private credit investment opportunities. Prior to joining Portfolio Advisors, he was an Investment Banker at CIBC World Markets and Morgan Stanley in the Leveraged Finance Group where he focused on middle market and large cap leveraged buyout transactions. Prior to investment banking, Ken was a first-hire at CallStreet, a financial technology start-up company, which was ultimately sold to FactSet prior to his return to business school. (B.A. from the University of Pennsylvania; M.B.A. from Vanderbilt University) Benjamin S. Hur is a Managing Director and serves as a voting member of one or more of the firm’s Investment Committees. Ben joined Portfolio Advisors in 2010 and serves as a member of Portfolio Advisors’ secondary and co-investment teams. Previously, he was an Investment Banking Analyst at Citigroup in the Global Consumer Group where he worked on various financing and M&A transactions. (B.A. from Columbia University) Michael J. Chen is a Senior Vice President and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. Michael joined Portfolio Advisors in 2013 and serves as a member of Portfolio Advisors’ mezzanine and co-investment teams. Previously, he was an Investment Banking Analyst at UBS in the M&A Group and subsequently the Leveraged Finance Group where he worked on various M&A and financing transactions. (B.S. from the Wharton School at the University of Pennsylvania)

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Biographies – Senior Investment Professionals MEZZANINE

Igor M. DaCosta is a Managing Director of Portfolio Advisors and serves as a voting member of one or more of the firm’s Investment Committees. Igor joined Portfolio Advisors in 2013. Previously he was Co-Head of DLJ Investment Partners at Credit Suisse First Boston. Prior to the DLJ and Credit Suisse merger, Igor had worked at DLJ since 1998 and, prior to completing business school, at Bankers Trust in its Latin American merchant banking group Igor has served as a director or observer of twelve client portfolio companies including Performance Food Group, Fort Dearborn, Harvard Drug, Il Fornaio, Bartlett Holdings, Vention Medical, PCD, Kingdom Films, Excel Mining Systems, Allied Barton Security, Healthport and RathGibson. (B.S. from Georgetown; M.B.A. from Harvard University) Charles W. Harper is a Managing Director of Portfolio Advisors and serves as a voting member of one or more of the firm’s Investment Committees. Chuck joined Portfolio Advisors in 2013. Previously he was Co-Head of DLJ Investment Partners at Credit Suisse First Boston. Prior to the DLJ and Credit Suisse merger, Chuck was a Vice President in the Investment Banking division at Donaldson, Lufkin and Jenrette from 1997-1999 Prior to DLJ, Chuck worked as a Vice President in the Leveraged Finance Group of First Chicago. Chuck has served as a board observer or director of eleven portfolio companies including Caribbean Restaurants, CB Richard Ellis, Deffenbaugh Industries, Driven Brands, Harlan Labs, Neff Corp, PSSI, Vencore Inc., USS Corp, Wastequip, and WorkflowOne. (B.S. from the University of Illinois; M.B.A. from the University of Chicago Graduate School of Business) Eric J. Staub is a Managing Director and serves as a voting member of one or more of the firm’s Investment Committees. Eric joined Portfolio Advisors in 2013. Prior to joining Portfolio Advisors he was a Director at DLJ Investment Partners at Credit Suisse First Boston. Prior to joining DLJIP, Eric was a Senior Associate in the Corporate Finance Group at Heller Financial, Inc. (“Heller”) and a member of Heller’s Private Equity Investment Team. Prior thereto, he was a Senior Auditor at Deloitte & Touche and a certified public accountant. Eric is currently a board observer of Vision-Ease and was previously a board observer of Deffenbaugh Industries and Advanced Disposal Services, Inc. (B.A. from the University of Notre Dame; M.B.A. from the University of Chicago Graduate School of Business)

John M. Fagan is a Senior Vice President and serves as a non-voting supporting member of one or more of the firm’s Investment Committees. John joined Portfolio Advisors in 2013. Prior to joining Portfolio Advisors he was an Associate at DLJ Investment Partners at Credit Suisse First Boston. Prior to joining DLJIP, Mr. Fagan was an Analyst in the Leveraged Finance Group at Banc of America Securities, working on a variety of leveraged buyout and acquisition finance transactions. (B.S. from Vanderbilt University) SENIOR CREDIT Dan Cohn-Sfetcu is a Managing Director of Portfolio Advisors and Head of the Senior Credit team. Dan joined Portfolio Advisors in 2018 and is primarily engaged in the origination, evaluation, structuring, execution, and monitoring of senior credit investments by the firm. Previously, he was a Managing Director in the Private Credit team at The Carlyle Group from 2015 to 2018. Prior to that, Dan spent twelve years investing in middle-market private equity and credit with American Capital, Richardson Capital and Brookstone Partners. Dan began his career in investment banking at RBC Capital Markets in Toronto and SG Cowen in New York. (B.Com from Queen's University and a Chartered Financial Analyst (CFA))

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Endnotes Long-Term Performance Endnotes 1) Normalized Methodology. In order to present Portfolio Advisors' long term performance (which covers Portfolio Advisors’ current discretionary and non-discretionary

separate account advisory clients and sponsored funds from vintage years 1989 through 2018 in the specified sectors), performance is presented on a "normalized" basis, meaning while the manager selections have remained intact, each vintage year has been equally weighted. This has been done in order to eliminate year-over-year asset weight fluctuations, which would otherwise lead to the over- or under-emphasis on particular sectors or particular time periods. During the aforementioned 28+ year period, capital invested on behalf of clients varied widely, both on an individual basis and in the aggregate (e.g., commitments for different strategies ranged between $2 million and $1.47 billion), as clients generally determined their overall investment pace and strategy allocations. For these reasons, the IRRs reported herein do not represent those of any individual client and any individual client’s performance could differ materially. Additional information is available upon request.

2) Non-Normalized Returns. The aggregate Portfolio Advisors’ long term performance as of June 30, 2018, without “normalized” adjustments described above, correlates to: (i) a 15.8% Gross IRR for Diversified Buyout; (ii) a 22.3% Gross IRR for U.S. Middle Market Buyout; (iii) a 16.7% Gross IRR for Diversified Venture Capital; (iv) a 10.9% Gross IRR for Diversified Special Situations; and (v) a 14.9% Gross IRR for All Private Equity. Portfolio Advisors estimates that each corresponding Net IRR would be approximately 220 basis points lower (i.e., 13.6%, 20.1%, 14.5%, 8.7%, 12.7%, respectively). Neither the Co-Investments track record, the Secondaries track record or the Direct Mezzanine track record are presented on a “normalized” basis because (i) Portfolio Advisors believes that the issue of year-over-year asset weight fluctuation is not relevant to the Co-Investment track record, which has progressed at a measured pace since commencing in 2008 ; and (ii) transactions in the secondary market differ in nature from transactions in the primary market, as secondary transactions generally deal with fund interests that are largely funded and often out of the J-curve, the performance of later investments is not over-emphasized in a way that distorts the Secondary track record (iii) the performance of later Direct Mezzanine transactions is not over emphasized in a way that distorts the Direct Mezzanine track record.

3) Inclusions & Exclusions. The Portfolio Advisors IRRs reported herein include investments that were made for General Reinsurance Corporation (“GenRe”) from 1989 through 1993 while Jonathan F. Murphy was an employee of GenRe and manager of its private equity portfolio. Mr. Murphy was a founder of Portfolio Advisors, and upon the company’s formation, GenRe became a client. Portfolio Advisors has continuously managed the GenRe private equity portfolio and GenRe is still a Portfolio Advisors client. Jonathan F. Murphy retired on December 31, 2006. The normalized Gross and Net All Private Equity IRRs excluding the predecessor performance is 14.0% and ~11.8% respectively. The Portfolio Advisors IRRs reported herein exclude: (i) investments in real estate funds (as PAPEF X will not be investing in real estate, and real estate is generally considered a different asset class); (ii) the commitments of clients for which Portfolio Advisors no longer provides advisory services; (iii) assets under management where the investments precede or were made by clients outside of Portfolio Advisors’ advisory mandate; (iv) co-investments made by an existing separate account client where Portfolio Advisors neither sourced nor recommended the investments; (v) investments that were made to address the unique investment objectives of a separate account client; (v) certain commitments by separate account advisory clients to Portfolio Advisors-sponsored funds that would otherwise result in double counting; and (vi) with respect to the Secondaries IRR (includes private equity and real estate secondary investments), interests in several funds that were purchased with the understanding that they were actually “latent primary” investments due to the high level of unfunded commitments. For reference purposes only, the Portfolio Advisors “All Private Equity” Non-Normalized IRR reported herein which includes several young investments still within the J-curve and the investments with unique investment objectives is 14.1% Gross and ~11.9% estimated Net IRR. With respect to the Secondaries IRR, if such data were included in the aggregate secondary track record IRR, the performance is a 15.6% Gross IRR and ~13.4% Net IRR. The foregoing Direct Mezzanine Track Record of certain investments (the “Investments”) were made by UT Mezz Investment Partners, L.P. (“UT I”), IP II Mezzanine Partners, L.P. (“IP II”) and IP III Mezzanine Partners, L.P. (“IP III,” together with UT I and IP II, the “IP Funds”), which were previously managed by affiliates of Credit Suisse Group AG (“CS”) through December 13, 2013. Portfolio Advisors, LLC assumed management of the IP Funds effective December 13, 2013. The Investments include all investments for which certain members of the Team (i.e., Messrs. DaCosta, Harper and Staub, the “Senior Team”) were involved while at CS since the sourcing and diligence phase and in the decision on whether to pursue a given investment (that is, all investments for IP III, certain investments for IP II and one investment from UT I). Other CS personnel were involved in the management of the IP Funds, including sitting on an investment committee for the IP Funds. Excluded from the Investments in the Team’s Track Record are all deals in IP Fund I and IP Fund II for which the Senior Team were not involved while at CS during the sourcing and diligence phase and in the decision on whether to pursue a given investment. Information contained herein has been prepared solely by Portfolio Advisors and CS makes no representation regarding, and expressly disclaims any liability or responsibility for such information.

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Endnotes Long-Term Performance Endnotes (continued) 3) Inclusions & Exclusions (continued). Portfolio Advisors Co-Investment Funds Track Record includes PAPEF VIII-D (the co-investment sector of Portfolio Advisors Private

Equity Fund VIII, or Fund II), PAPEF VII-D (the co-investment sector of Portfolio Advisors Private Equity Fund VII, or Fund I), and six co-investment transactions entered into on behalf of the Portfolio Advisors Secondary Fund I (the vehicle in which the Pre-Fund Co-Investments are held). Portfolio Advisors sponsors other funds that make and have made co-investments which are not detailed in this presentation. More specifically, the Portfolio Advisors aggregate IRR reported herein excludes: (i) co-investments in emerging markets made by Portfolio Advisors’ Pan-Asia funds because PAPEF X-D will not make co-investments in emerging markets; (ii) co-investments made by Portfolio Advisors in real estate as PAPEF X-D will not make co-investments in real estate; (iii) co-investments in energy Exploration & Production (E&P) businesses as PAPEF X-D will not make E&P investments; (iv) co-investments made by separate account clients of Portfolio Advisors as these clients had different investment objectives from that of PAPEF X-D. Additional information available upon request.

4) Estimated Net IRR Methodology. “IRR” (the internal rate of return) is defined as the implied discount rate that will make the net present value of a stream of cash flow sum to zero. The IRRs shown in this performance presentation are net of fees, expenses and carried interest of the portfolio funds, but gross of management fees, carried interest and other performance compensation charged by Portfolio Advisors to its clients (the “Gross IRRs”). Fees and expenses charged by Portfolio Advisors to each of its clients were separately negotiated and are generally different from those charged to investors in funds sponsored by Portfolio Advisors. In some cases, certain of Portfolio Advisors’ clients were charged fees at a flat annual rate while other clients were charged fees on a percentage of assets under management. The fees charged by Portfolio Advisors to its clients also generally reflect a broad range of other products and services, making it difficult to allocate a particular portion of any fee to an individual commitment. (Additional details with respect to the fees charged by Portfolio Advisors to its advisory clients can be found in the firm’s Form ADV (Part 2A) available at www.advisorinfo.sec.gov.) With respect to all performance, except the Co-Investments track record and the Direct Mezzanine track record, the “Estimated Net IRRs” represent the foregoing performance net of these fees and expenses, including carried interest and other performance compensation paid to Portfolio Advisors. Portfolio Advisors believes that the Net IRR of each of the foregoing Sectors would be ~220 basis points lower based on the average spread between the Gross IRR and Net IRR of PAPEF I-VIII (i.e., 220 basis points). PAPEF IX was not included in the foregoing calculation as the portfolio funds therein are generally considered by Portfolio Advisors to be ‘unseasoned,’ as the underlying portfolio funds have not had time to recognize value enhancement. Due to the comparable maturity of PAPEF I-VIII to the aggregate performance and a similar fee structure to most Portfolio Advisors-sponsored funds, Portfolio Advisors believes the ~220 basis point Gross IRR to Net IRR spread provides a conservative proxy for net returns. The foregoing Gross IRRs are based on the Reported Value and cash flows as of June 30, 2018. With respect to the Co-investments track record, “Net IRR” is ‘pro forma’ calculated using a methodology intended to generally correspond to the terms of the Fund by applying to the Gross IRR cash flows: (i) a management fee of 1.0% per annum (paid on a quarterly basis) based on Invested Capital (or remaining cost basis where applicable), (ii) Carried Interest of 10% subject to a preferred return of 8% (with any Unrealized Investments assumed to be liquidated and any associated carried interest for these Investments paid on the valuation date of June 30, 2018); (iii) organizational and operating expenses of the prior Funds, pro-rated where necessary. Certain assumptions were necessary to calculate the Net IRR of particular categories of performance in the instance that the included investments spanned over separate funds. The Net IRR calculation also includes the assumption of a 2% General Partner Commitment in each of the prior funds. Specifically with regard to the Pre-Fund Co-Investments, the Net IRR calculation assumes the aforementioned fee schedule is applied to the cash flows of the six Pre-Fund Co-Investments (it does not assume the fee schedule of Portfolio Advisors Secondaries Fund I, in which the six co-investments were made) and assumes that organizational and operating expenses borne by the PASF I vehicle are allocated pro-rata to these six co-investments based on committed capital. With respect to the Direct Mezzanine track record, the Gross and Net IRRs are as of June 30, 2018. The “Net IRR” is ‘pro forma’ calculated using a methodology to generally correspond to the terms of the Fund by applying to the Gross IRR cash flows: (i) a management fee of 1.5% per annum (paid on a quarterly basis) based on Invested Capital, (ii) “European-style” Carried Interest of 20% (see “Glossary of Defined Terms” for a description of the foregoing term) and a preferred return of 8% (with any Unrealized Investments assumed to be liquidated and any associated carried interest for these Investments paid on the valuation date of June 30, 2018); (iii) organizational expenses incurred by IP II and IP III; (iv) estimated legal, audit, administrative and other fees and expenses. Additional information is available upon request. These assumptions would result in a Net IRR of 15.0%. Each of IP II and IP III charged management fees of 1.75% based on committed capital during its commitment period. The actual IRR to a limited partner in IP II was 20.3% Gross and 10.7% Net and to a limited partner in IP III was 18.8% Gross and 8.3% Net, in each case as of June 30, 2018. In addition to IP II and IP III charging a higher management fee than that contemplated for the Fund and having a different management fee structure than that contemplated for the Fund, IP II includes certain investments in which Messrs. DaCosta and Harper were not involved.

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Endnotes Long-Term Performance Endnotes (continued) 5) Former Clients. Portfolio Advisors does not include data with respect to former clients in its track record for several reasons. First, at the time such clients ceased

receiving advisory services from Portfolio Advisors, their portfolios were not considered by Portfolio Advisors to be seasoned. The private equity asset class is a long-term investment strategy very different from trading in public securities and private equity investments typically require the investor to hold the asset throughout its life; additionally, such investments do not typically include redemption rights. For these reasons, private equity investments typically fall within the J-curve in their earlier years. If Portfolio Advisors were to include former clients’ performance in its track record, the J-curve impact would result in lower performance than that reported herein, and Portfolio Advisors believes that such impact would be misleading. Additional information is available upon request.

6) Category. A portfolio fund that falls within more than one category will be reflected in both categories. 7) Cambridge Associates. “Top Quartile IRR” and “Median IRR” reflect the top quartile annual composite return and the median annual composite return, respectively,

for vintage years 1989 to 2018 (and as of June 30, 2018) for each sector specified as compiled by Cambridge Associates, as follows: (i) the Diversified Buyout sector is comprised of Buyout: Small Cap, Buyout: Mid Cap, Buyout: Large Cap and Buyout: Mega Cap; (ii) the U.S. Middle Market Buyout sector is comprised of U.S. Buyout: Small Cap and U.S. Buyout: Mid Cap; (iii) the Diversified Venture Capital sector is comprised of VC: Early Stage, VC: Late/Expansion Stage and VC: Multi-Stage; (v) the Diversified Special Situations sector is comprised of Control-Oriented Distressed, Credit Opportunities, Subordinated Capital and Private Equity Energy; (v) the Direct Mezzanine sector consists of US Mezzanine funds with vintage years of 1999 and 2006 as it aligns with the vintage years of the IP track record; (vi) the All Private Equity category is comprised of a combination of all of the aforementioned categories. PA’s performance for Secondaries is compared to the Cambridge Associates’ “All Private Equity” composite returns for the combined vintage years 2003-2018 (the same vintage years as are represented in the Portfolio Advisors Aggregate Secondary track record) as Portfolio Advisors seeks to invest in a broad range of existing private equity partnerships in its secondary investment strategy. Cambridge Associates does not report on “co-investments”; accordingly, the Co-investments track record is comprised of Buyout: Small Cap, Buyout: Mid Cap and Buyout: Large Cap composite returns for vintage years 2008, 2011, 2013, and 2017 then weighted by drawn capital. Vintage years 2008, 2011, 2013, and 2017 represent the vintage years of Portfolio Advisors Secondary Fund, LP, Portfolio Advisors Private Equity Fund VII, LP, Portfolio Advisors Private Equity Fund VIII, LP and PA Co-Investment Fund IIII, LP, which are the three PA-sponsored funds that include co-investments and comprise the entire Co-investment track record.

8) Public Market Indices. The composite performance of the MSCI World Index (the “MSCI World”), S&P 500 Index (the “S&P 500”) and the NASDAQ Index are shown strictly for the purpose of comparison between the performance information contained herein and these popular public equity market indices. The MSCI World, S&P 500 and NASDAQ Index performance records cover the period from December 31, 1989 through June 30, 2018. The MSCI World Index is a broad global equity benchmark that represents large and mid-cap equity performance across 23 developed markets countries. The S&P 500 is a widely recognized, unmanaged index of market activity based upon the aggregate performance of a selected portfolio of publicly traded common stocks. The NASDAQ Index tracks the stocks traded on the National Association of Securities Dealers Quotation System (“NASDAQ”) stock market and is a widely recognized, unmanaged index of market activity based upon the publicly traded stocks listed on the NASDAQ stock market. The performance of the MSCI World, S&P 500 and the NASDAQ Index shown in this document reflect the reinvestment of dividends and other distributions. In addition, the MSCI World, S&P 500 and the NASDAQ Index shown in this document are not subject to any of the fees and expenses to which Portfolio Advisors-sponsored funds would be subject. The MSCI World, S&P 500 and NASDAQ Index have been selected as general indicators of market health despite the lack of similarity of their underlying components to Portfolio Advisors-sponsored funds. Portfolio Advisors-sponsored funds will invest in other market investment vehicles and will not attempt to replicate the performance of the MSCI World, S&P 500 or the NASDAQ Index.

9) Certain Definitions. “Vintage Year” generally represents the year that an underlying portfolio fund first begins to draw capital, with the exception of secondary transactions, for which the vintage year represents the year in which the applicable purchase and sale agreement or similar agreement was executed and economic interests exchanged. “Reported Value” represents the value of an underlying investment’s net assets as of a given date, as reported on the underlying investment’s financial statements. The value of an investment’s assets on its financial statements reflects the "fair value", as determined by each underlying general partner, in most cases, in accordance with U.S. Generally Accepted Accounting Principles or International Financial Reporting Standards, and includes valuations of unrealized investments. Prospective investors must understand that (i) such valuations may be materially higher or lower than the cost of such investments and may vary over time, (ii) such valuations may or may not be based on valuations provided or verified by third parties independent of the underlying portfolio fund's general partner, and (iii) the ultimate realized value of any investment may be materially different than its fair value as reported in the underlying portfolio fund's financial statements.

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Endnotes PAPEF I-VIII Performance Endnotes 1) Inclusions & Exclusions and Total Returns. The foregoing performance data reflects information with respect to the PAPEF funds’ “Model Portfolio - Primary Sectors” of

Buyout, Venture Capital and Special Situations, except for PAPEF I where there was no commitment made by limited partners to the Special Situations Sector. Further, the total PAPEF I IRR shown excludes all investment in the Next Generation Sector of PAPEF I as there is not a Next Generation Sector offered in PAPEF X. The total PAPEF I Gross IRR and Net IRR with all of its Sectors, including the Next Generation Sector, as of June 30, 2018 is 6.1% and 4.2%, respectively. The total PAPEF III IRR shown excludes all investments in the Real Estate Sector of such fund as there is not a Real Estate Sector offered in PAPEF X. The total PAPEF III Gross IRR and Net IRR with all of its Sectors, including the Real Estate Sector, as of June 30, 2018 is 7.4% and 5.8%, respectively. The total PAPEF IV IRR shown excludes all investments in the Real Estate Sector and the International Sector of such fund as there is not a Real Estate Sector or an International Sector offered in PAPEF X. The total PAPEF IV Gross IRR and Net IRR with all of its Sectors, including the Real Estate Sector and the International Sector, as of June 30, 2018 is 8.0% and 6.6%, respectively. For sake of consistency and providing an equivalent comparison across the PAPEF funds: (i) the total PAPEF V IRR shown excludes the U.S. Middle Market Buyout Class and the European Buyout Class and (ii) the PAPEF VI IRR shown excludes the U.S. Middle Market Buyout Class, the Europe & Rest of World Middle Market Buyout Class and the Distressed Class. With respect to PAPEF V, the total PAPEF V Gross IRR and Net IRR including the U.S. Middle Market Buyout Class and the European Buyout Class, as of June 30, 2018, is 12.5% and 10.8% respectively. With respect to PAPEF VI, the total PAPEF VI Gross IRR and Net IRR including the U.S. Middle Market Buyout Class, the Europe & Rest of World Middle Market Buyout Class and the Distressed Class, as of June 30, 2018, is 15.0% and 12.6%, respectively. With respect to PAPEF VII, the total PAPEF VII Gross IRR and Net IRR including the U.S. Middle Market Buyout Class, the Europe & Rest of World Middle Market Buyout Class, Distressed Class and Co-Investment, as of June 30, 2018, is 16.3% and 14.5%, respectively. With respect to PAPEF VIII, the total PAPEF VIII Gross IRR and Net IRR including the U.S. Middle Market Buyout Class, the Europe & Rest of World Middle Market Buyout Class, Secondaries and Co-Investment, as of June 30, 2018, is 21.9% and 18.2%, respectively. Additional information is available upon request.

2) IRR Methodology (including Model Net IRR Methodology). “IRR” (the internal rate of return) is defined as the implied discount rate that will make the net present value of a stream of cash flows sum to zero. The total PAPEF fund IRRs shown are weighted based on drawn capital only. With respect to the PAPEF fund IRRs presented, the “Gross IRR” is calculated based on all of the cash flows between the underlying portfolio funds and the specified PAPEF fund and the “Net IRR” is calculated based on all of the cash flows between the specified PAPEF fund and the limited partners of such PAPEF fund. The actual Net IRR to any individual investor in any PA-sponsored fund would however differ slightly from the Net IRR presented based on certain factors including as applicable the closing in which such investor participated, the fee series selected and/or the sectors/classes selected. The Gross IRRs and Net IRRs are based on Reported Value as of June 30, 2018. The “Model Gross IRR” presented is based on the actual cash flows between the underlying portfolio funds and the specified PAPEF fund for each Primary Sector and weighted by the corresponding Model Portfolio allocation percentage. The “Model Net IRR” is calculated based on all of the cash flows between the specified PAPEF fund and the limited partners of such PAPEF fund and the Net IRR for each Primary Sector is then weighted by the corresponding Model Portfolio allocation percentage. "Reported Value" represents the value of each respective fund’s or sector’s, as applicable, underlying fund investments' net assets, as of June 30, 2018, as reported on the underlying fund's financial statements. The value of a fund's assets on its financial statements reflects the "fair value", as determined by each underlying fund's general partner, in almost all cases, in accordance with U.S. Generally Accepted Accounting Principles or International Financial Reporting Standards, and includes valuations of unrealized investments. Prospective clients and/or investors must understand that (i) such valuations may be materially higher or lower than the cost of such investments and may vary over time, (ii) such valuations may or may not be based on valuations provided or verified by third parties independent of the underlying fund's general partner, and (iii) the ultimate realized value of any investment may be materially different than the fair value reported on the underlying fund's financial statements.

3) Model Portfolio. The “Model Portfolio” is comprised of the “Primary Sectors” (i.e., Buyout, Venture Capital and Special Situations) of the specified PAPEF fund in the allocation percentages recommended to investors. Investors, however, were free to select alternate allocation percentages, and frequently did so. Each PAPEF fund’s Model Portfolio is being presented in order to show how the fund would have performed if all investors had selected recommendations made by Portfolio Advisors. In PAPEF I, however, no limited partners elected to make commitments to the Special Situations Sector. Accordingly, the PAPEF I Model Gross IRR and Model Net IRR were weighted as follows: 50% Buyout and 20% Venture Capital and further adjusted pro rata so as to bring the denominator to 100%. The factor for weighting Special Situations by 30% was not taken into account.

4) Access to Information. The PAPEF funds’ performance figures are generally only available as of a date approximately four to six months behind the current date because, as a fund-of-funds, the PAPEF funds are largely dependent upon the underlying portfolio funds to provide such information and because PAPEF information generally may not be finalized until all such reports are received and processed.

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Endnotes PAPEF I-VIII Performance Endnotes (continued) 5) Certain Defined Terms. “Committed” represents the total commitments to underlying investments in each PAPEF Fund as a percentage of that Funds’ total limited

partner commitments. “Invested” represents the total capital contributed from the PAPEF Fund to underling investments as a percentage of the Fund’s total capital commitments to underlying investments. “Distributed to LPs” represents the total distributions credited to the capital accounts of limited partners of the PAPEF fund as a percentage of their total contributed capital. “Net TVPI” or “Investment Multiple” represents (i) the total distributions received by the partners plus the Reported Value (as defined above), divided by (ii) the total contributions made by the partners. See Note 1 for a description of the Primary Sectors and Note 3 for a description of the Model Portfolio (with respect to the “Model Net TVPI”).

6) Model MSCI World performance figures provided with respect to each PAPEF fund are calculated using the direct alpha method and correspond to the cash flows of the Primary Sectors of each respective PAPEF fund. Such figures are then further weighted by the corresponding Model Portfolio allocation percentage. The composite performance of the MSCI World Index (a broad global equity benchmark that represents large and mid-cap equity performance across 23 developed markets countries), is shown as a general indicator of market health. The MSCI World Index is not subject to any of the fees and expenses to which the PAPEF funds are subject. The PAPEF funds have invested in other market investment vehicles and have not attempted to replicate the performance of the MSCI World Index. The MSCI World Index is a broad global equity benchmark that represents mid and large-cap equity performance across 23 developed markets countries. Given the global nature of the PAPEF funds and their focus on mid and large-cap companies, PA believes the MSCI World Index is a more appropriate public markets benchmark than the S&P 500, which is a U.S. index comprised of large cap companies only. Additionally, the S&P 500 is comprised of approximately 500 companies whereas the MSCI World Index covers more than 1,600 companies. As such, the MSCI World Index provides a better comparison to the number of holdings in a fully invested PAPEF fund. As of August 2017, PA began using the MSCI World Index in place of the S&P 500 as its primary public markets benchmark for the PAPEF funds.

Miscellaneous Endnote PAREF I and PAREF II are discrete real estate sectors within Portfolio Advisors Private Equity Fund III, L.P. and Portfolio Advisors Private Equity Fund IV, L.P., respectively.

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Secondary Performance Endnotes 1) Inclusions and Exclusions. “PA Secondary Track Record by Vehicles” refers to the Closed Deals (as defined below) that were executed in the PAPEF, PAREF, PASF and Asia

Select Vehicles. PASF I and PASF II includes the Closed Deals (as defined below) that were executed by Portfolio Advisors on behalf of PASF I and PASF II and the co-investments to which PASF I and PASF II have made a commitment, as of June 30, 2018. The PA Secondary Track Record by Vehicles excludes the commitments of clients for which Portfolio Advisors provides advisory services. “Closed Deal” refers to a secondary transaction for which a specific purchase and sale agreement or a similar agreement has been executed, and in this performance record, a deal is only considered closed once the applicable counterparties exchange economic interests.

2) IRRs. “IRR” (the internal rate of return) is defined as the implied discount rate that will make the net present value of a stream of cash flow sum to zero. The IRRs shown are weighted based on drawn capital only. The “Gross IRRs” shown in this performance are net of underlying fees, expenses and carried interest charged by underlying portfolio funds, but are gross of fees, expenses and performance compensation charged by Portfolio Advisors. The Gross IRRs are calculated based on the last Reported Value received from the underlying portfolio funds. Additional information is available upon request.

3) Estimated Net IRR Methodology. The “Estimated Net IRRs” for PAPEFs II – VII and Asia Funds I – III are calculated by reducing each of the Gross IRRs by 3.75% (which figure is based upon the following assumptions: (i) 1.25% of management fees; (ii) 0.50% of expenses, which Portfolio Advisors believe is very conservative; and (iii) a 10% performance allocation applied to a 20% gross return, i.e., a 2% fee) for funds with a Net Fund IRR greater than 10%. For the three funds with Net IRRs below 10%, the Estimated Net IRRs are calculated by reducing each of the Gross IRRs by 1.75%, which excludes the 10% performance allocation (i.e., a 2% fee) because the Net Fund IRRs do not exceed the required 10% preferred return. A change in assumptions would lead to a change in the Estimated Net IRRs. The actual Net IRR to any individual investor in any Portfolio Advisors’- sponsored fund would differ from the Estimated Net IRRs presented based on certain factors, including, as applicable, the actual fees and expenses the investor is paying which could be higher or lower than the estimated assumptions, whether or not the investor qualified for early closer or large commitment discounts, etc., the primary or other investments in such funds, the closing in which such investor participated and whether or not the investor took advantage of an opt-out election. The “Estimated Net IRRs” for PAPEF VIII, PAAF IV, PASFs I & II, and PAREFs IV-VI reflect actual Gross and Net IRRs. PAREF IV and PASF I net IRRs are net of carried interest.

4) Certain Definitions. “Total Exposure” is calculated with adjustments made to account for any contributions and/or distributions after the “pricing date,” but prior to the final closing, and represents (i) the total commitments to underlying secondary transactions (and co-investments, if applicable) in a given portfolio at a stated time for which a purchase and sale agreement and/or letter of intent was signed, valuing such investments at the purchase price stated in the applicable document, plus (ii) the unfunded commitment. With respect to the PASF I Total Exposure, please note that in April 2011, PASF I committed $100 million to PAPEF VII-D, L.P. (the “co-investment sector” of PAPEF VII). With respect to the PASF II Total Exposure, please note that in December 2012, PASF II committed $50 million to PAPEF VII-D, L.P. Furthermore, PASF II committed in September 2013 and June 2014, $35 million and $52 million to PAPEF VIII-D (the “Co-Investment Sector” of PAPEF VIII). With respect to the PASF III Total Exposure, please note than in April 2017, PASF III committed $64 million to PAPEF IX-D. “Contributions” represents the total contributed capital by the client or applicable fund to the underlying secondary investments (and co-investments, if applicable). “Distributions” represents total distributions received from underlying secondary investments (and co-investments, if applicable) after closing the transaction. “Reported Value” represents the value of the underlying secondary investments’ net assets (and co-investments’ net assets, with respect to PASF I and PASF II), as of June 30, 2018, as reported on the underlying funds' financial statements. The value of a fund's assets on its financial statements reflects the ‘fair value’, as determined by each underlying fund's general partner, in almost all cases, in accordance with U.S. Generally Accepted Accounting Principles or International Financial Reporting Standards, and includes valuations of unrealized investments. Prospective investors must understand that (i) such valuations may be materially higher or lower than the cost of such investments and may vary over time, (ii) such valuations may or may not be based on valuations provided or verified by third parties independent of the underlying fund's general partner, and (iii) the ultimate realized value of any investment may be materially different from its fair value as reported in the underlying fund's financial statements. “Total Value” represents the sum of Distributions received and the Reported Value. “Gross Multiple” is the Total Value divided by Contributions inside of commitment. All numbers are “gross of fees” and do not reflect the deduction of any expenses, taxes, management fees or carried interest borne by investors, which may be substantial in the aggregate and which will reduce any returns presented. “Total” excludes PAPEF IV, PAPEF V and PAPEF VI investments into PASF I and the Recent Vehicles.

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Endnotes

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Endnotes Secondary Performance Endnotes (continued) 5) “Total Gross and Net IRRs” represents the simple average of the Gross and Net IRRs of the secondary investments in each PAPEF, Asia, PAREF and PASF vehicles and

excludes PASF III and PAAF V due to the funds being in their early stages. 6) Recent Vehicles Gross and Net IRRs are "Not Meaningful” as they are above 50% or all underlying investments were made within a year or less. 7) PAPEF VII and VIII Co-Investment Sector Commitment In April 2011, PASF I committed $100 million to PAPEF VII-D, L.P. (i.e., the “Co-Investment Sector” of PAPEF VII). In

December 2012, PASF II committed $50 million to PAPEF VII-D, L.P. In September 2013 and September 2014, PASF II committed $35 million and $52 million, respectively. In March 2016 , PASF III committed $31 million to PAPEF VIII-D. In April 2017, PASF III committed $64 million to PAPEF IX-D. No additional management fees or performance allocation are being charged by PAPEF VII-D, VIII-D and IX-D to PASF I, PASF II and PASF III with respect to these commitments.

8) PASA Commitment. Please note that PASF I and PASF II achieved its exposure to certain secondary transactions cited herein through its investment in Portfolio Advisors Secondary Aggregator, L.P. (“PASA”), and Portfolio Advisors Secondary Aggregator II, L.P. (“PASA II”) a Portfolio Advisors-sponsored special purpose aggregator vehicle which consummates certain secondary transactions in order to maximize efficiencies and minimize expenses. With the foregoing in mind, PASF I and PASF II’s portfolios are presented as including its respective portion of each underlying PASA and PASA II investments and transaction notwithstanding the fact that the exposure is indirect (via PASA and PASA II).

Manager Performance Endnotes 1) As part of its normal primary due diligence process and prior to making an investment in a given fund, Portfolio Advisors examines the funds previously sponsored by

each fund manager and compares the performance of such prior funds to the performance of comparable funds by strategy and vintage year in Thomson One (“Thomson”). (See http://vx.thomsonib.com/NASApp/VxComponent/VXMain.jsp). PAPEF III made primary commitments to 57 private equity funds across all of its classes and sectors. At the time these 57 private equity fund commitments were made, the sponsors of these funds had collectively previously sponsored 202 predecessor funds. PAPEF IV made primary commitments to 53 private equity funds across all of its classes and sectors. At the time these 53 private equity fund commitments were made, the sponsors of these funds had collectively previously sponsored 177 predecessor funds. PAPEF V made primary commitments to 60 private equity funds across all of its classes and sectors. At the time these 60 private equity fund commitments were made, the sponsors of these funds had collectively previously sponsored 217 predecessor funds. PAPEF VI made primary commitments to 61 private equity funds across all of its classes and sectors. At the time these 61 private equity fund commitments were made, the sponsors of these funds had collectively previously sponsored 221 predecessor funds. PAPEF VII made primary commitments to 58 private equity funds across all of its classes and sectors. At the time these 58 private equity fund commitments were made, the sponsors of these funds had collectively previously sponsored 213 predecessor funds. PAPEF VIII made primary commitments to 87 private equity funds across all of its classes and sectors. At the time these 87 private equity fund commitments were made, the sponsors of these funds had collectively previously sponsored 278 predecessor funds. PAPEF IX made primary commitments to 66 private equity funds across all of its classes and sectors. At the time these 66 private equity fund commitments were made, the sponsors of these funds had collectively previously sponsored 235 predecessor funds. Thus, at the time each of these 442 primary investments were made, the sponsors of each of these funds had previously sponsored a total 1,543 prior funds (not accounting for or removing duplicate prior funds).

2) As mentioned above, the foregoing calculation involves duplicative counting which arises when, in certain instances, a particular PAPEF fund invested in a portfolio fund with the same sponsor as a later fund (e.g., a successor portfolio fund). For example, since both PAPEF III and PAPEF IV invested in funds sponsored by Bain Capital, certain historical funds sponsored by Bain Capital were counted more than once in the calculation of 1,308 prior funds.

3) By eliminating duplicate funds, at the time each of these 442 primary investments were made, the sponsors of each of these funds had previously sponsored a total 794 prior funds that were benchmarked. Of these 794 previously sponsored funds, at the time of such PAPEF fund’s commitment to the applicable fund being evaluated, approximately 69.1% met the benchmark for 1st Quartile performers, approximately 21.3% met the benchmark for 2nd Quartile performers, approximately 6.5% met the benchmark for 3rd Quartile performers and approximately 3.0% met the benchmark for 4th Quartile performers for their respective strategy and vintage year (or, 549 funds, 169 funds, 52 funds and 24 funds, respectively).

4) The following classifications: “1st Quartile” “2nd Quartile” “3rd Quartile” and “4th Quartile” reflect where each of the aforementioned predecessor funds fell within the top, second, third and bottom quartile annual composite internal rate of returns for the given vintage year and strategy. With respect to the foregoing data, primary commitments made by PAPEF IX through August 15, 2018 were included. Additional information is available upon request.

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Page 49

Endnotes Co-Investment Performance Endnotes 1) Inclusions and Exclusions. Portfolio Advisors Co-Investment Funds Track Record includes PAPEF VIII-D (the co-investment sector of Portfolio Advisors Private Equity Fund

VIII, or Fund II), PAPEF VII-D (the co-investment sector of Portfolio Advisors Private Equity Fund VII, or Fund I), and six co-investment transactions entered into on behalf of the Portfolio Advisors Secondary Fund I (the vehicle in which the Pre-Fund Co-Investments are held). Portfolio Advisors sponsors other funds that make and have made co-investments which are not detailed in this presentation. More specifically, the Portfolio Advisors aggregate IRR reported herein excludes: (i) co-investments in emerging markets made by Portfolio Advisors’ Pan-Asia funds because PCIF III will not make co-investments in emerging markets; (ii) co-investments made by Portfolio Advisors in real estate as PCIF III will not make co-investments in real estate; (iii) co-investments in energy Exploration & Production (E&P) businesses as PCIF III will not make E&P investments; (iv) co-investments made by separate account clients of Portfolio Advisors as these clients had different investment objectives from that of PCIF III. Additional information available upon request.

2) IRR Methodology. “IRR” (the internal rate of return) is defined as the implied discount rate that will make the net present value of a stream of cash flow sum to zero. “Gross IRR” is the compound IRR on Realized Proceeds and/or on Unrealized Value of Unrealized Investments as of June 30, 2018, before deducting management fees, carried interest, organizational expenses, taxes and other expenses. “Net IRR” is ‘pro forma’ calculated using a methodology intended to generally correspond to the terms of the Fund by applying to the Gross IRR cash flows: (i) a management fee of 1.0% per annum (paid on a quarterly basis) based on Invested Capital (or remaining cost basis where applicable), (ii) Carried Interest of 10% subject to a preferred return of 8% (with any Unrealized Investments assumed to be liquidated and any associated carried interest for these Investments paid on the valuation date of June 30, 2018); (iii) organizational and operating expenses of the prior Funds, pro-rated where necessary. Certain assumptions were necessary to calculate the Net IRR of particular categories of performance in the instance that the included investments spanned over separate funds. The Net IRR calculation also includes the assumption of a 3% General Partner Commitment in each of the prior funds. Specifically with regard to the Pre-Fund Co-Investments, the Net IRR calculation assumes the aforementioned fee schedule is applied to the cash flows of the six Pre-Fund Co-Investments (it does not assume the fee schedule of Portfolio Advisors Secondaries Fund I, in which the six co-investments were made) and assumes that organizational and operating expenses borne by the PASF I vehicle are allocated pro-rata to these six co-investments based on committed capital. “NM” indicates the investment IRR is considered “not meaningful” as such investment is less than a year old. Additional information is available upon request.

3) Certain Defined Terms. “Realized/Substantially Realized/Publicly Traded” reflects transactions where 80% or more of either (i) Total Capital Invested or (ii) Total Value has been returned to the applicable fund, or where the underlying securities are publicly traded following an Initial Public Offering. Fund I’s investment in Triton (NYSE: TRTN) is excluded from the category due to: (i) Fund I’s interest in Triton became publicly traded when the private equity sponsors, Vestar Capital Partners and Warburg Pincus, merged Triton with a publicly traded company in hopes of enhancing shareholder value through cost savings and other efficiencies – it was not indicative of an intent to exit the investment as a result of the merger. “Unrealized” includes all investments for which less than 80% of invested capital has been distributed and is comprised of two categories: (i) transactions one year and older and (ii) transactions aged less than one year. “Date of Initial Investment” represents the date that the applicable Portfolio Advisors fund initially contributed all or a portion of the capital. In certain circumstances, capital may have been contributed after the “initial” date. “Total Capital Invested” represents the total capital committed and contributed by the applicable Portfolio Advisors fund to each corresponding company or portfolio. “Realized Proceeds” represents the capital returned to the applicable Portfolio Advisors fund by each corresponding company or portfolio. “Unrealized Value” represents the "fair value," in accordance with U.S. Generally Accepted Accounting Principles or International Financial Reporting Standards, of the applicable Portfolio Advisors fund’s interest in each corresponding company or portfolio as of the most recent reporting date. Prospective investors must understand that (i) such valuations may be materially higher or lower than the cost of such investments and may vary over time, (ii) such valuations may or may not be based on valuations provided or verified by third parties independent of the underlying portfolio fund's general partner, and (iii) the ultimate realized value of any investment may be materially different than its fair value as reported in the underlying portfolio fund's financial statements. “Total Value” represents the Realized Proceeds received, plus the Unrealized Value. “Gross Multiple” represents the Total Value divided by Total Capital Invested. All numbers are “gross of fees” and do not reflect the deduction of any expenses, taxes, management fees or carried interest borne by investors, which may be substantial in the aggregate and which will reduce any returns presented herein. its fair value as reported in the underlying portfolio fund's financial statements. “Total Value” represents the Realized Proceeds received, plus the Unrealized Value. “Net Multiple” represents (Realized Proceeds – Carried Interest) / (Total Capital Invested – Management Fees and Expenses).

4) Fund I and Fund II Secondaries Commitment. Fund I and Fund II each had a 20% hardwire commitment to certain Portfolio Advisors secondaries vehicles (Portfolio Advisors Secondaries Aggregator I, II, III and IV). PCIF III will not similarly invest in secondaries.

191


Mezzanine Track Record Endnotes 1) Inclusions and Exclusions. The foregoing Track Record of certain investments (the “Investments”) were made by DLJ Investment Partners, L.P. (“DLJIP I”), DLJ Investment

Partners II, L.P. (“DLJIP II”) and DLJ Investment Partners III, L.P. (“DLJIP III,” together with DLJIP I and DLJIP II, the “DLJIP Funds”), which were previously managed by affiliates of Credit Suisse Group AG (“CS”) through December 13, 2013. Portfolio Advisors, LLC assumed management of the DLJIP Funds effective December 13, 2013. The Investments include all investments for which certain members of the Team (i.e., Messrs. DaCosta, Harper and Staub, the “Senior Team”) were involved while at CS since the sourcing and diligence phase and in the decision on whether to pursue a given investment (that is, all investments for DLJIP III, certain investments for DLJIP II and one investment from DLJIP I). Other CS personnel were involved in the management of the DLJIP Funds, including sitting on an investment committee for the DLJIP Funds. Excluded from the Investments in the Team’s Track Record are all deals in DLJIP Fund I and DLJIP Fund II for which the Senior Team were not involved while at CS during the sourcing and diligence phase and in the decision on whether to pursue a given investment. Information contained herein has been prepared solely by Portfolio Advisors and CS makes no representation regarding, and expressly disclaims any liability or responsibility for such information.

2) Certain Defined Terms. “Realized Investments” represents classes of instruments of the Investments for which 100% of the underlying invested security has been realized and capital has been returned to the applicable DLJIP Fund by each corresponding Investment as of June 30, 2018. Investments are also considered ‘realized’ if 100% of the underlying invested security has been fully realized for tax purposes or have no associated value. “Unrealized Investments” represents classes of instruments of the Investments for which any portion of the underlying invested security has not been realized or has not been fully realized for tax purposes, as of June 30, 2018. “Invested Capital” represents the total capital invested and contributed by the applicable DLJIP Fund to each corresponding investment. “Realized Proceeds” represents all capital returned to the applicable DLJIP Fund by each corresponding Investment as of June 30, 2018, including any interest and dividends. “Unrealized Value” represents the estimated value (including accrued and unpaid interest, where applicable) of the applicable DLJIP Fund’s remaining interest in each corresponding Unrealized Investment as of June 30, 2018. Prospective investors must understand that (i) such valuations may be materially higher or lower than the cost of such investments and may vary over time, (ii) such valuations may not be based on valuations provided or verified by third parties, and (iii) the ultimate realized value of any investment may be materially different than its fair value as estimated in the applicable DLJIP Fund’s financial statements. “Gross Multiple” represents the (Realized Proceeds plus Unrealized Value) divided by Invested Capital. Such numbers are “gross of fees” and do not reflect the deduction of any expenses, taxes, management fees or carried interest borne by investors, which may be substantial in the aggregate and which will reduce any returns presented herein. “IRR” (the internal rate of return) is defined as the implied discount rate that will make the net present value of a stream of cash flow sum to zero. “Gross IRR” is the compound IRR on Realized Proceeds and/or on Unrealized Value of Unrealized Investments as of June 30, 2018, before deducting management fees, carried interest, organizational expenses, taxes and other expenses. The Gross IRRs do not reflect the use of leverage by the DLJIP Funds. “Gross Proceeds Received” includes interest and dividends. “Original Investment Date” represents the date that the applicable DLJIP fund initially contributed all or a portion of the capital. In certain circumstances, capital may have been contributed after the “initial” date. Additional information is available upon request.

3) Net IRR Methodology. The “Net IRR” is ‘pro forma’ calculated using a methodology intended to generally correspond to the terms of the Fund by applying to the Gross IRR cash flows: (i) a management fee of 1.5% per annum (paid on a quarterly basis) based on Invested Capital, (ii) “European-style” Carried Interest of 20% (see “Glossary of Defined Terms” for a description of the foregoing term) and a preferred return of 8% (with any Unrealized Investments assumed to be liquidated and any associated carried interest for these Investments paid on the valuation date of June 30, 2018); (iii) organizational expenses incurred by DLJIP II and DLJIP III; (iv) estimated legal, audit, administrative and other fees and expenses. Additional information is available upon request. These assumptions would result in a Net IRR of 15.0%. Each of DLJIP II and DLJIP III charged management fees of 1.75% based on committed capital during its commitment period. The actual IRR to a limited partner in DLJIP II was 20.3% Gross and 10.7% Net and to a limited partner in DLJIP III was 18.8% Gross and 8.0% Net, in each case as of June 30, 2018. In addition to DLJIP II and DLJIP III charging a higher management fee than that contemplated for the Fund and having a different management fee structure than that contemplated for the Fund, DLJIP II includes certain investments in which Messrs. DaCosta and Harper were not involved.

Prospective investors should bear in mind that the DLJIP funds were previously managed by affiliates of Credit Suisse Group AG (together, “Credit Suisse”) and not by

Portfolio Advisors. Information contained herein has been prepared solely by portfolio advisors and credit Suisse makes no representation regarding, and expressly disclaims any liability or responsibility for such information. While the general partner believes in good faith that the members of the investment team that were incorporated into portfolio advisors as part of the acquisition process of DLJIP investment partners were primarily responsible for the performance of the investments of the DLJIP funds shown herein, investors should bear in mind that such prior performance was achieved by a third party.

Endnotes

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“Average Investment Size” represents the average invested capital in the investments included in the Track Record. “Debt / EBITDA” is an average of total net leverage at issuance based on realized and partially realized investments included in the Track Record. “European-style’ Carried Interest” refers to carry deferred pending return of all invested capital and preferred return on realized investments. “Gross IRR” is the compound IRR on Realized Proceeds and/or on Unrealized Value of Unrealized Investments as of June 30, 2018, before deducting management fees, carried interest, organizational expenses, taxes and other expenses. “Gross Multiple” represents the (Realized Proceeds plus Unrealized Value) divided by Invested Capital. Such numbers are “gross of fees” and do not reflect the deduction of any expenses, taxes, management fees or carried interest borne by investors, which may be substantial in the aggregate and which will reduce any returns presented herein. “Invested Capital” represents the total capital invested and contributed by the applicable DLJIP Fund to each corresponding investment. “IRR” (the internal rate of return) is defined as the implied discount rate that will make the net present value of a stream of cash flow sum to zero. “J-curve” is the curve realized by plotting the returns generated by a fund against time (from a fund’s inception to measurement date). The curve shows the effect of the common practice of paying management fees and start-up costs out of early draw-downs, before the portfolio has been fully-assembled and has had time to recognize value enhancement at its underlying investments. When the first positive portfolio realizations or write-ups in valuations are made, a fund’s return starts to rise. “Median LTM EBITDA” represents the median earnings before interest, taxes, depreciation and amortization for the most recent trailing twelve month period at the time of each investment’s original investment date. Calculation of the Median LTM EBITDA is based on realized and partially realized investments included in the Track Record. The remaining four investments therein are excluded from this figure since EBITDA is not a relevant statistic of such investments due to the structuring thereof. Additional information is available upon request. “Realized Investments” represents classes of securities of the Investments for which 100% of the underlying invested security has been realized and capital has been returned to the applicable DLJIP fund by each corresponding Investment as of June 30, 2018. Investments are also considered ‘realized’ if 100% of the underlying invested security has been fully realized for tax purposes or have no associated value. “Realized Proceeds” represents all capital returned to the applicable DLJIP fund by each corresponding Investment as of June 30, 2018, including any interest and dividends. “Track Record” represents the Team’s track record as set forth in Section II. Please see the “Track Record Endnotes”, as well as the Disclosure Statement, for important information regarding the relevant periods, defined terms, included and excluded investments, assumptions and risks relating to the performance information. “Unrealized Investments” represents classes of securities of the Investments for which any portion of the underlying invested security has not been realized or has not been fully realized for tax purposes, as of June 30, 2018. “Unrealized Value” represents the estimated value by the Team (including accrued and unpaid interest, where applicable) of the applicable DLJIP Fund’s remaining interest in each corresponding Unrealized Investment as of June 30, 2018. “Weighted Average Closing Net Leverage” represents the ‘weighted average multiple of net debt’ (i.e., total leverage through the debt investment, less available cash) pro forma for the transaction (based on the capital structure at the close of such transaction), divided by the ‘LTM EBITDA’ (i.e., the currently available EBITDA for the twelve month period subsequent to each investment’s original investment date), and then weighted by invested capital. Calculation of the Weighted Average Closing Net Leverage is based on realized and partially realized investments included in the Track Record. The remaining four investments therein are excluded from this figure since EBITDA is not a relevant statistic of such investments due to the structuring thereof. Additional information is available upon request. “Weighted Average Debt Hold Period” represents the average period of time debt securities have remained outstanding, weighted by invested capital. Calculation of the Weighted Average Debt Hold Period is based on the realized and partially realized investments included in the Track Record and includes all debt investments in the Track Record that have been realized (i.e., 100% fully-repaid or 100% written off) and excludes debt investments that are still outstanding as of June 30, 2018. “Weighted Average Equity Cushion” is the amount of invested equity in the company, divided by the total enterprise valuation (i.e., the theoretical takeover price of a company in the event of a buyout, including debt and equity) of the company. Statistic is based on realized and partially realized investments included in the Track Record and weighted by invested capital.

Mezzanine Slides Glossary of Terms

Page 51 193


Disclosure Statement General Disclaimer

Past performance does not guarantee future results. The past performance presented in this document reflects the particular objectives and constraints of Portfolio Advisors’ advisory clients and/or managed funds of funds at different points in time and is based on the actual historical performance of the private equity funds, co-investments or any other investments, as applicable (collectively or individually, as the context requires, “investments”), committed to on their behalf. No representation is made that the investments would have been selected for any Portfolio Advisors-sponsored fund during the period shown or that the performance of any Portfolio Advisors-sponsored fund would have been the same or similar to the performance reflected. Portfolio Advisors-sponsored funds make investments in different economic conditions than those prevailing in the past and in different investments than those reflected in the performance record(s) shown herein. Additionally, the performance described herein reflects the performance of certain investments over a limited period of time and does not necessarily reflect any such investments’ performance in different market cycles. The performance record(s) shown herein were compiled, and reflect certain subjective assumptions and judgments, by Portfolio Advisors. It has not been audited or reviewed by any independent party for accuracy or reasonableness. Prospective investors should understand that the use of different underlying assumptions and judgments, and comparisons to different information, could result in material differences from the performance record(s) herein. Additional information can be provided by Portfolio Advisors upon request.

General Disclosure

The summary description of any Portfolio Advisors-sponsored fund (each, the “Fund”) included herein, and any other materials provided to you, are intended only for discussion purposes and are not intended as an offer to buy or a solicitation of an offer to buy or sell with respect to the purchase or sale of any security and should not be relied upon by you in evaluating the merits of investing in any securities. These materials are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to local law or regulation.

This summary is not intended to be complete and the description of the terms of any fund herein is qualified in its entirety by the terms contained in such fund’s confidential private placement memorandum, partnership agreement and subscription agreement (the “Fund documents") similarly, any summaries of Portfolio Advisors’ policies are qualified in their entirety by the terms of the actual policies. Material aspects of the descriptions contained herein may change at any time and if you express an interest in investing in the Fund you will be provided with a copy of the Fund documents. You must review the Fund documents and risk factors disclosed in the Fund documents prior to making a decision to invest. You should rely only on the information contained in the Fund documents in making your decision to invest.

The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the matters discussed herein.

The Fund will not register as investment companies under the U.S. Investment Company Act of 1940, as amended (the “Company Act") in reliance upon the exemption under section 3(c)(7) thereunder, and, accordingly, the provisions of the company act will not be applicable to the Fund.

An investment in the Fund will be suitable only for certain sophisticated investors who have no need for immediate liquidity in their investment. Such an investment will provide limited liquidity because interests in the Fund will not be freely transferable and may generally not be withdrawn. There will be no public or secondary market for interests in the Fund, and it is not expected that a public or secondary market will develop.

Investing in financial markets involves a substantial degree of risk. There can be no assurance that the Fund’s investment objectives or any of the Fund’s (or its sectors’ and sub-sectors’, if any) investment objectives will be achieved or that there will be a return of capital. Investment losses may occur with respect to any investment in the Fund and investors could lose some or all of their investment. Nothing herein is intended to imply that an investment in the Fund or the Fund's investment strategies may be considered "conservative," "safe," "risk free" or "risk averse." No regulatory authority has passed upon or endorsed this summary or the merits of an investment in the Fund.

Page 52 194


Distribution of this information to any person other than the person to whom this information was originally delivered and to such person's advisors is unauthorized and any reproduction of these materials, in whole or in part, or the disclosure of any of the contents, without the prior consent of Portfolio Advisors, LLC. In each such instance is prohibited. Notwithstanding anything to the contrary herein, each recipient of this summary (and each employee, representative or agent of such recipient) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of (i) the Fund and (ii) any of its transactions, and all materials of any kind (including opinions or other tax analyses) relating to such tax treatment and tax structure.

Certain information contained herein constitutes forward-looking statements. Due to various uncertainties and actual events, including those discussed herein and in the Fund documents, actual results or performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. Any target objectives are goals only, are not projections or predictions and are presented solely for your information. No assurance is given that the Fund will achieve its investment objectives.

Examples of investments described herein do not necessarily represent all or any of the investments that will be made by the Fund. It may not be assumed that any investments described herein would be profitable if implemented. Investment allocations may be changed or modified at any time without notice to you at the sole discretion of Portfolio Advisors, LLC. The information herein may not be relied on in making any investment decision. Investment decisions may only be made in reliance upon the information set forth in the Fund documents.

If the recipient of this document is or becomes subject to: (i) section 552(a) of Title 5 of the United States Code (commonly known as the “Freedom of Information Act”) or any public disclosure law, rule or regulation of any governmental or non-governmental entity that could require similar or broader public disclosure of confidential information provided to such recipient; (ii) any public disclosure law, rule or regulation of any public company that could require similar or broader public disclosure of confidential information provided to such recipient; or (iii) any public disclosure law, rule or regulation of any pension fund (or similar entity) that could require similar or broader public disclosure of confidential information provided to such recipient (collectively, all such laws, rules or regulations, “FOIA”), then, to the extent that any such recipient receives a request for public disclosure of this document, such recipient agrees that: (i) it shall use its best efforts to (x) promptly notify Portfolio Advisors of such disclosure request and promptly provide Portfolio Advisors with a copy of such disclosure request or a detailed summary of the information being requested, (y) inform Portfolio Advisors of the timing for responding to such disclosure request, (z) consult with Portfolio Advisors regarding the response to such public disclosure request, including Portfolio Advisors’ consideration of whether such disclosure is in the best interest of the fund and, to the fullest extent permitted by law, whether all or any part of this document may be withheld from such public disclosure request.

Nothing set forth in this document is intended to constitute a recommendation that any person take or refrain from taking any course of action within the meaning of U.S. Department of Labor Regulation §2510.3-21(b)(1), including without limitation buying, selling or continuing to hold any security. No information contained herein should be regarded as a suggestion to engage in or refrain from any investment-related course of action as none of Portfolio Advisors, LLC nor any of its affiliates is undertaking to provide investment advice, act as an adviser to any plan or entity subject to the Employee Retirement Income Security Act of 1974, as amended, individual retirement account or individual retirement annuity, or give advice in a fiduciary capacity with respect to the materials presented herein. You are advised to contact your own financial advisor or other fiduciary unrelated to Portfolio Advisors, LLC about whether any given course of action may be appropriate for your circumstances.

None of the information contained herein was prepared, reviewed or approved by the underlying portfolio funds identified herein, if any, the general partners thereof or any of their respective affiliates.

By accepting these materials, you hereby acknowledge and agree to all of the terms and conditions in this disclosure statement, specifically that the information contained herein is highly confidential and that you shall not disclose or cause to be disclosed any such information without the prior written consent of Portfolio Advisors, LLC.

Disclosure Statement (continued)

Page 53 195

Private Markets Fundraising Schedule

Updated February 4, 2019

Q2 2019 Q3 2019 Q4 2019 Q1 2020

Portfolio Advisors Private Equity Fund X (06/2018 - 12/2019)

Portfolio Advisors Asia Fund VI

(01/2018 - 06/2019)

Portfolio Advisors Secondary Fund IV (Launching 2019/2020)

Ascension Impact III (launching in the second half of the year, expect first close on 9/30)

Golub Capital Partners Fund 12 (expect to fundraise through 2019)

Portfolio Advisors Senior Loan Fund (Launching 2019)

Portfolio Advisors Direct Credit Opportunities Fund III (Launching 2019)

Portfolio Advisors Real Estate Fund VII

(01/2018 - 06/2019)

Harbert US Real Estate Fund VII (06/2019 - 06/2020)

Blackstone Real Estate Partners IX

PGIM Real Estate U.S. Impact Value Partners (expect to have final close in early 2020)

Blackstone Total Alternatives Solution VI (will start marketing mid-2019)

Approved

Meeting Complete/Scheduled

Meeting Not Yet Scheduled

For illustrative purposes only. Funds shown here do not indicate a recommendation for investment.

Multi-

Asset

Class

Private

Credit

Private

Equity

Private

Real

Estate

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STATEMENT OF POLICY AND INVESTMENT OBJECTIVES

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

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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

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I. INTRODUCTION The purpose of these assets is to further the over all 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. II. INVESTMENT OBJECTIVE 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 400 570 basis points (4%5.7%) 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

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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

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met and that policy and guidelines are being followed; Communication on a structured and ongoing basis with those persons responsible

for investment results.

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

Investment Policy Asset Allocation Manager Selection Performance Evaluation Other Investment Matters

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

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

limitations. VI. ASSET ALLOCATION AND STYLE DIVERSIFICATION Research suggests that the decision to allocate total assets among various asset classes will far outweigh security selection and other decisions that impact portfolio performance. The Investment Committee recognizes the strategic importance of asset allocation and style diversification in the investment performance of the assets over long periods of time. Domestic and international equities both large and small capitalization, fixed income, cash equivalent securities, real estate and hedge fund exposure in the form of diversified fund of hedge funds have been determined to be acceptable vehicles for these assets. Additional asset classes and style strategies may be incorporated into the investment philosophy in the future. A. Summary of Asset Allocation Guidelines: After reviewing the long-term performance and risk characteristics of various asset classes, the following asset allocation strategy is incorporated to achieve the objectives of these assets:

Asset Category

Minimum Target Maximum

Cash 0.00% 0.00% 5.00% 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%

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Equity 45.00% 65.00% 70.00% 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% 5.00% 10.00% Alternative Assets 10.00% 20.00% 25.00% Real Estate (Private and/or Public) 0.00% 5.00% 15.00% Fund of Hedge Funds / Specialty Strategies 0.00% 10.00% 15.00% Private Equity 0.00% 3.00% 5.00% Private Credit 0.00% 2.00% 5.00%

*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

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• How well each proposed investment complements other assets in the portfolio 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:

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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.

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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.

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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.

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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:

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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

211

“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

213

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.

214

theatlantaconsultinggroup.com | 309 East Paces Ferry Road, Suite 600 | Atlanta, GA 30305 | 404.240.6747

ACG Education:Private Markets

215

WHAT ARE PRIVATE MARKETS?

• Private Markets can refer to private investments such as Private Equity, PrivateCredit or Private Real Estate

• Private Equity is a type of equity investment in companies not publicly traded on astock exchange that can also broadly encompass buyouts, growth equity, venturecapital and special situations

• Private Credit, also known as Private Debt or Direct Lending, is a debt investment tonon public companies

• Private Real Estate is considered the direct ownership of office, multi-family,residential, land, etc. and can be in the form of equity or debt of the underlying asset

Source: ACG

216

PRIVATE MARKETS VS. PUBLIC MARKETS

Source: ACG, Goldman Sachs

Concept Public Markets Private Markets

Informational Advantages

Few, as information is readilyavailable

Frequently present as information ismuch less transparent and moreavailable to those with knowledgeand resources

Liquidity riskLimited as the prices/values forpublic securities are usuallyreadily available

Frequently present as there is lesscompetition and information onmarket prices

Short-term investor pressures

Significant as management livesunder the quarterly scrutiny ofinvestors

Reduced as investors have a fairlylong term view of the investment

• Compared to investors of stocks and bonds, private markets investors aim to createvalue in assets through driving operational and strategic changes within companiesor properties

217

BENEFITS OF PRIVATE MARKETS

RETURNS

• Private markets have experienced strong long-term absolute returns that haveoutperformed public markets• Private markets are vastly less efficient compared to public markets• Private markets offer potential of liquidity premium for investors• Private markets investors have ability to create value in assets through driving

operational and strategic changes within companies or properties

Diversification

• Private markets have displayed low correlation with traditional asset classes whichcan dampen volatility in a broader portfolio

Source: ACG

218

RISKS OF PRIVATE MARKETS

Source: ACG, Preqin, Morningstar Direct

• Long-term returns can varysubstantially from vintage to vintageand from manager

• Fund manager and fund selection iscritical as the gap in performancebetween top quartile and bottomquartile funds has widened since theglobal financial crisis

• An investor will experience a cashoutflow (and negative IRR) duringthe initial investment period, beforereturns are realized in the lateryears of the life of the fund

219

STRUCTURE OF PRIVATE MARKET FUNDS

• Investors providing capital are the Limited Partners while the firm managing the fundis the General Partner

• Capital commitments are raised during the fundraising period and pooled together

• The investment period generally lasts between 1-5 years

• Investments generally will be “harvested” during years 6-10

• The total life of the partnership is expected to be 8 to 10 years

• Funds typically have an option to extend their terms in order to sell any remainingassets

Source: ACG

220

FEES

• As the investment manager, the General Partner charges a management fee to cover costs in managing the committed capital

• The management fee can be charged on either the total commitment size, or on drawn capital, and is paid quarterly for the life of fund and may be tapered or curtailed in the later stages of the fund’s life

• “Carried Interest” or “Incentive Fee” is the term used to specify the split of proceedsto the general partner

• “Preferred Return” or “Hurdle Rate” is the minimum rate or return LPs must receivebefore the carried interest begins

Source: ACG

221

SUMMARY

• Private Market strategies can provide diversification benefits when added to atraditional portfolio of equity and fixed income investments

• Not all general partners are created equal as returns can vary significantly increasingthe importance of due diligence and manager selection

• Private Market investments target higher rates of return but are in less liquid assetswhich can present more risk to principal than traditional public market investments

• Managers of private market funds charge higher fees than their traditional assetmanager counterparts

Source: ACG

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C:\Users\gbattist\Downloads\Earnings vs Expenses 12.31.18

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

As of December 31, 2018

Investment Earnings 9/30/2018 12/31/18 To DateInterest Income 21,441.96$ 24,148.23$ 45,590.19$ Dividend Income 233,603.47 649,101.02 882,704.49 Realized Gain/Loss 3,176,980.43 1,648,431.68 4,825,412.11 Unrealized Gain/Loss (1,147,538.25) (11,180,414.91) (12,327,953.16) Rental Income - -

Other Charges & Fees (1,341.57) (934.00) (2,275.57) Investment Fees (36,726.23) (35,137.81) (71,864.04) Consultant Fees (22,869.66) (23,194.07) (46,063.73)

Total 2,223,550.15$ (8,917,999.86)$ -$ -$ (6,694,449.71)$

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 $ (6,694,449.71) $ 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 (11,258,395.09)$ 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 12/31/2018:

Cornerstone 2,783,304.53$

Annuitant 1 -$

Annuitant 2 13,389.63$

Annuitant 3 2,697,499.77$

Annuitant 4 72,415.12$

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.

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 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 6/30/2019 Notes

Revenues

97-42113 INTEREST INCOME - HOUSING $9,158.94 $2,250.00 $6,908.94 307.06% $17,255.41 $7,665.00 $9,590.41 125.12% $14,500.00 97-42114 INTEREST INCOME - SPIA $28,313.57 $34,320.00 ($6,006.43) (17.50%) $47,248.00 $56,760.00 ($9,512.00) (16.76%) $132,000.00 1 97-43012 RENTAL INCOME - HOUSING $455,657.03 $487,266.45 ($31,609.42) (6.49%) $4,228,237.84 $4,588,516.93 ($360,279.09) (7.85%) $9,268,907.27 2 97-44000 CONCESSIONS REVENUE $14,497.28 $17,226.48 ($2,729.20) (15.84%) $19,670.31 $20,636.48 ($966.17) (4.68%) $45,000.00 97-45000 OTHER INCOME - HOUSING $63,687.23 $32,526.80 $31,160.43 95.80% $107,985.09 $89,822.00 $18,163.09 20.22% $200,000.00Total Revenues $571,314.05 $573,589.73 ($2,275.68) (0.40%) $4,420,396.65 $4,763,400.41 ($343,003.76) (7.20%) $9,660,407.27

Expenses

97-51010 SALARIES - FACULTY & STAFF $182,655.08 $243,000.00 $60,344.92 24.83% $341,535.50 $440,000.00 $98,464.50 22.38% $1,020,979.29 97-51137 OPS - STAFF $150,486.11 $164,055.19 $13,569.08 8.27% $258,419.38 $316,622.07 $58,202.69 18.38% $1,292,519.99 97-52110 TRAVEL $1,857.26 $6,480.00 $4,622.74 71.34% $2,516.86 $16,480.00 $13,963.14 84.73% $23,690.00 97-53150 CONCESSION EXP - HOUSING $10,880.44 $13,671.10 $2,790.66 20.41% $25,534.14 $35,998.71 $10,464.57 29.07% $67,618.00 97-54100 PROFESSIONAL DEVELOPMENT $1,936.00 $1,500.00 ($436.00) (29.07%) $2,886.00 $3,772.00 $886.00 23.49% $6,750.00 97-54110 MEMBERSHIPS & DUES $270.00 $0.00 ($270.00) 0.00% $270.00 $1,200.00 $930.00 77.50% $1,800.00 97-55100 RECRUITMENT - TRAVEL $0.00 $0.00 $0.00 0.00% $0.00 $1,500.00 $1,500.00 100.00% $3,000.00 97-55110 RECRUITMENT - MEALS $117.07 $0.00 ($117.07) 0.00% $199.56 $1,300.00 $1,100.44 84.65% $2,150.00 97-70100 OFFICE EXPENSES - COPYING $582.53 $1,070.77 $488.24 45.60% $1,342.42 $2,409.06 $1,066.64 44.28% $4,000.00 97-70110 OFFICE EXPENSES - POSTAGE $33.26 $500.00 $466.74 93.35% $69.76 $800.00 $730.24 91.28% $1,500.00 97-70120 OFFICE EXPENSES - PRINT/DUPL $302.22 $900.00 $597.78 66.42% $1,517.03 $1,700.00 $182.97 10.76% $3,000.00 97-70130 OFFICE EXPENSES - MKTG COMM $4,785.49 $6,500.00 $1,714.51 26.38% $4,920.49 $15,000.00 $10,079.51 67.20% $30,000.00 97-70140 OFFICE SUPPLIES $1,168.79 $1,152.69 ($16.10) (1.40%) $2,509.06 $3,192.67 $683.61 21.41% $6,000.00 97-70200 COMPUTER SUPPLIES $0.00 $150.00 $150.00 100.00% $0.00 $300.00 $300.00 100.00% $420.00 97-70220 COMPUTER - SOFTWARE SUPPORT $52,105.75 $51,740.69 ($365.06) (0.71%) $62,025.63 $61,389.40 ($636.23) (1.04%) $83,500.00 97-70300 TELEPHONE $2,550.11 $3,200.00 $649.89 20.31% $5,287.26 $7,450.00 $2,162.74 29.03% $13,000.00 97-71100 EQUIPMENT - GENERAL $0.00 $650.00 $650.00 100.00% $139.41 $1,900.00 $1,760.59 92.66% $2,500.00 97-71200 EQUIPMENT - COMPUTER $0.00 $1,250.00 $1,250.00 100.00% $3,609.29 $5,500.00 $1,890.71 34.38% $8,000.00 97-72110 CLEANING SUPPLIES $6,183.09 $2,666.36 ($3,516.73) (131.89%) $12,712.91 $9,290.74 ($3,422.17) (36.83%) $20,000.00 3 97-72200 HSG REPAIR & MAINT. - MISCELLANEOUS $5,341.03 $5,000.00 ($341.03) (6.82%) $8,968.40 $10,800.00 $1,831.60 16.96% $20,000.00 97-72210 HSG REPAIR & MAINT.- TOOLS $992.26 $500.00 ($492.26) (98.45%) $992.26 $1,500.00 $507.74 33.85% $2,000.00 97-72215 HSG REPAIR & MAINT. - LOCKS & KEYS $776.02 $500.00 ($276.02) (55.20%) $776.02 $2,600.00 $1,823.98 70.15% $3,600.00 97-72220 HSG REPAIR & MAINT. - LANDSCAPING $459.97 $2,304.55 $1,844.58 80.04% $1,085.29 $9,782.98 $8,697.69 88.91% $15,000.00 97-72225 HSG REPAIR & MAINT. - PLUMBING $225.00 $0.00 ($225.00) 0.00% $225.00 $700.00 $475.00 67.86% $1,200.00 97-72230 HSG REPAIR & MAINT. - FIRE ALARM $573.56 $200.00 ($373.56) (186.78%) $573.56 $400.00 ($173.56) (43.39%) $1,000.00 4 97-72235 HSG REPAIR & MAINT. - AIR HANDLERS $3,131.62 $2,066.85 ($1,064.77) (51.52%) $5,474.94 $5,723.48 $248.54 4.34% $13,000.00 97-72240 HSG REPAIR & MAINT. - ELEVATORS $0.00 $0.00 $0.00 0.00% $0.00 $500.00 $500.00 100.00% $1,000.00 97-72245 HSG REPAIR & MAINT. - ELECTRICAL & HVAC $66.71 $3,301.12 $3,234.41 97.98% $66.71 $5,490.29 $5,423.58 98.78% $10,000.00 97-72250 HSG REPAIR & MAINT. - PEST CONTROL $15.78 $2,323.11 $2,307.33 99.32% $15.78 $4,234.47 $4,218.69 99.63% $9,000.00 97-72255 HSG REPAIR & MAINT. - UNIFORMS $0.00 $0.00 $0.00 0.00% $1,723.45 $1,650.00 ($73.45) (4.45%) $3,000.00 97-72310 HOUSING - VEHICLE GAS $1,209.37 $1,712.61 $503.24 29.38% $2,902.16 $4,468.00 $1,565.84 35.05% $8,000.00 97-72320 HOUSING - VEHICLE REPAIR & MAINT. $3,624.74 $2,638.14 ($986.60) (37.40%) $6,048.79 $5,406.40 ($642.39) (11.88%) $9,000.00 5 97-72400 OPER EXP - HOUSING SUPPLIES $5,771.26 $12,630.97 $6,859.71 54.31% $11,648.81 $27,805.60 $16,156.79 58.11% $45,000.00 97-72900 RENEWAL & REPLACEMENT $316,213.22 $90,950.00 ($225,263.22) (247.68%) $435,476.05 $222,656.50 ($212,819.55) (95.58%) $500,000.00 6 97-72910 CONTINGENCY & IMPROVEMENT EXP $110,821.70 $108,000.00 ($2,821.70) (2.61%) $314,032.38 $353,000.00 $38,967.62 11.04% $623,199.36 97-73100 DEPREC/AMORT EXPENSE - OFFICE $1,845.33 $1,845.33 $0.00 0.00% $3,690.66 $3,690.66 $0.00 0.00% $7,381.30 97-73200 DEPRECIATION EXP - SOUTHSIDE $11,287.97 $18,338.46 $7,050.49 38.45% $30,473.39 $37,523.88 $7,050.49 18.79% $72,506.94 97-73205 DEPRECIATION EXP - VILLAGE WEST $119,184.96 $76,203.51 ($42,981.45) (56.40%) $195,388.47 $152,407.02 ($42,981.45) (28.20%) $304,813.99 7 97-73210 DEPRECIATION EXP - VILLAGE EAST $150,275.27 $119,390.82 ($30,884.45) (25.87%) $269,666.09 $238,781.64 ($30,884.45) (12.93%) $477,563.23 7

Quarter Ending Year to Date

Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 12/31/2018 6/30/2019

97-73215 DEPRECIATION EXP - ARGO HALL $57,685.37 $52,319.91 ($5,365.46) (10.26%) $110,005.28 $104,639.82 ($5,365.46) (5.13%) $209,279.62 7 97-73220 DEPRECIATION EXP - MARTIN $83,061.06 $76,972.02 ($6,089.04) (7.91%) $160,033.08 $153,944.04 ($6,089.04) (3.96%) $307,888.11 7 97-73225 DEPRECIATION EXP - PACE HALL $56,032.26 $50,586.00 ($5,446.26) (10.77%) $106,618.26 $101,172.00 ($5,446.26) (5.38%) $202,344.03 7 97-73230 DEPRECIATION EXP - HERITAGE $133,993.34 $133,526.88 ($466.46) (0.35%) $267,520.22 $267,053.76 ($466.46) (0.17%) $534,107.46 7 97-73235 DEPRECIATION EXP - PRESIDENTS $189,378.68 $188,940.93 ($437.75) (0.23%) $378,319.61 $377,881.86 ($437.75) (0.12%) $755,763.68 7 97-74150 AMORTIZATION EXPENSE - HOUSING $10,467.87 $10,467.87 $0.00 0.00% $20,935.74 $20,935.74 $0.00 0.00% $41,871.47 97-74200 INTEREST EXPENSE - HOUSING $839,560.78 $864,871.30 $25,310.52 2.93% $687,333.76 $716,158.63 $28,824.87 4.02% $1,697,247.00 97-74300 HOUSING - MISC. OPERATING ADMIN FEES $2,364.65 $568.51 ($1,796.14) (315.94%) $2,858.87 $2,078.54 ($780.33) (37.54%) $3,000.00 8 97-74310 HOUSING - OTHER MISC. OPER EXP $27,491.21 $450.00 ($27,041.21) (6009.16%) $29,661.34 $32,800.00 $3,138.66 9.57% $36,950.00 97-74315 HOUSING - MEAL PLANS $0.00 $6,000.00 $6,000.00 100.00% $5,400.00 $15,000.00 $9,600.00 64.00% $15,000.00 97-75005 HOUSING UTILITIES - ELECTRICAL $204,747.63 $203,294.30 ($1,453.33) (0.71%) $404,687.03 $414,632.90 $9,945.87 2.40% $781,000.00 97-75010 HOUSING UTILITIES - GAS $8,062.28 $8,093.00 $30.72 0.38% $12,502.32 $12,456.00 ($46.32) (0.37%) $30,000.00 97-75015 HOUSING UTILITIES - SEWER $34,162.22 $45,774.30 $11,612.08 25.37% $47,916.42 $67,653.30 $19,736.88 29.17% $143,000.00 97-75020 HOUSING UTILITIES - WATER $721.85 $1,408.06 $686.21 48.73% $962.64 $2,150.96 $1,188.32 55.25% $4,600.00 97-75025 HOUSING UTILITIES - GARBAGE $13,349.32 $13,500.00 $150.68 1.12% $35,743.25 $29,000.00 ($6,743.25) (23.25%) $56,000.00 9 97-75030 HOUSING UTILITIES - CABLE $44,081.34 $42,000.00 ($2,081.34) (4.96%) $73,338.70 $84,000.00 $10,661.30 12.69% $165,000.00 97-75100 HOUSING - INSURANCE $0.00 $12,600.00 $12,600.00 100.00% $8,718.15 $12,600.00 $3,881.85 30.81% $12,600.00 97-75110 INSURANCE - BOND $0.00 $70,000.00 $70,000.00 100.00% ($4,080.00) $70,000.00 $74,080.00 105.83% $70,000.00 10 97-75115 INSURANCE - AUTOMOBILE $0.00 $0.00 $0.00 0.00% $0.00 $0.00 $0.00 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 $13,231.25 $9,712.50 ($3,518.75) (36.23%) $13,231.25 $13,475.00 $243.75 1.81% $21,000.00 97-76060 PROFESSIONAL SERVICES $0.00 $1,500.00 $1,500.00 100.00% $0.00 $10,500.00 $10,500.00 100.00% $24,000.00 97-76110 BANK SERVICE CHARGES $316.13 $666.37 $350.24 52.56% $894.33 $2,016.37 $1,122.04 55.65% $4,500.00 97-76115 ADMINISTRATIVE FEE - SPIA $1,681.20 $2,770.31 $1,089.11 39.31% $2,783.97 $4,165.17 $1,381.20 33.16% $11,000.00 97-76117 ADMINISTRATIVE FEE - HSG $48,113.53 $53,537.02 $5,423.49 10.13% $34,104.14 $53,537.02 $19,432.88 36.30% $120,755.09

97-77300 UNIVERSITY SUPPORT $300,276.62 ($300,276.62) 0.00% $300,276.62 ($300,276.62) 0.00% $0.00 11Total Expenses $3,216,507.56 $2,795,951.55 ($420,556.01) (15.04%) $4,804,155.64 $4,673,776.68 ($130,378.96) (2.79%) $10,077,598.56

Notes1 INTEREST INCOME - SPIA Housing utilized a larger amount of reserve funds for summer projects than originally projected, resulting in less interest.2 RENTAL INCOME - HOUSING Occupancy is lower than projected. Housing will control expenses to compensate for lower revenues.3 CLEANING SUPPLIES Cleaning costs were high due to the high amount of summer projects. We will control costs over the next several months to stay within budget for this line item.4 HSG REPAIR & MAINT. - FIRE ALARM A scheduled power outage for new construction caused multiple problems in our fire control boxes. 5 HOUSING - VEHICLE REPAIR & MAINT.6 RENEWAL & REPLACEMENT Costs for our summer projects were transferred to the renewal and replacement account this period.

7DEPRECIATION EXP - Mulitple buildings

8 HOUSING - OTHER MISC. OPER EXP Advertising costs to fill vacant positions.9 HOUSING UTILITIES - GARBAGE Extra dumpsters were required for the replacement of furniture in Village East

10 INSURANCE - BOND This was a rebate from the insurance company for an overcharge.

11UNIVERSITY SUPPORT

Quarter Ending Year to Date

Periodic maintenance of older vehicles. We will monitor this line very closely and it will be within budget for the year.

Ownership of Six South Side units were transferred from the Foundation to the University of West Florida. This results in a transfer of the remaining net asset value of the six buildings and a positive budget variance in depreciation.

Costs for our summer projects were transferred and added to the depreciable value of the buildings. Village East and Village West were the highest dollar value but most buildings were effected to some extent.

Actual Other Program Student HSG Expenses Budget

Scholarship Services System Fundraising General & Admin 12/31/2018 12/31/2018 Variance % Unspent Operating Budget

Advancement Services $0.00 $0.00 $0.00 $0.00 $224.28 $224.28 $13,650.00 $13,425.72 98.36%

Alumni Relations $0.00 $0.00 $0.00 $0.00 $47,616.92 $47,616.92 $49,499.94 $1,883.02 3.80%

Board of Directors $0.00 $0.00 $0.00 $0.00 $16,107.78 $16,107.78 $18,649.98 $2,542.20 13.63%

Campaign $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $55,000.02 $55,000.02 100.00%

Development $2,265.60 $0.00 $0.00 $201,394.07 $0.00 $173,806.42 $202,138.50 $28,332.08 14.02%

Foundation $0.00 $0.00 $0.00 $0.00 $186,738.42 $186,738.42 $219,493.02 $32,754.60 14.92%

Community Engagement $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9,825.00 $9,825.00 100.00%

Total Adv. Division Lines $2,265.60 $0.00 $0.00 $201,394.07 $250,687.40 $424,493.82 $568,256.46 $143,762.64 25.30%

Executive $0.00 $0.00 $0.00 $0.00 $111,054.11 $111,054.11 $115,102.98 $4,048.87 3.52%

Total $0.00 $0.00 $0.00 $0.00 $111,054.11 $111,054.11 $115,102.98 $4,048.87 3.52%

Total of Operating Budget $2,265.60 $0.00 $0.00 $201,394.07 $361,741.51 $535,547.93 $683,359.44 $147,811.51 19.85%

Non-Endowed Budget

Non-Endowed Budget $0.00 $16,006.09 $0.00 $3,500.00 $66,979.60 $86,714.59 $360,471.42 $273,756.83 75.94%

Total Non-Endowed Budget $0.00 $16,006.09 $0.00 $3,500.00 $66,979.60 $86,714.59 $360,471.42 $273,756.83 75.94%

Other Areas

Admistrative Fee $0.00 $0.00 $0.00 $0.00 $0.00 $60,148.39 $85,000.00 $24,851.61 29.24%

Housing $0.00 $0.00 $0.00 $0.00 $0.00 $4,804,103.64 $4,804,103.64 $0.00 0.00%

Other University Accounts $3,750.00 $253,175.24 $0.00 $0.00 $120,762.43 $3,494,721.49 $3,494,721.49 $0.00 0.00%

Total $3,750.00 $253,175.24 $0.00 $0.00 $120,762.43 $8,358,973.52 $8,383,825.13 $24,851.61 0.30%

Total Other Areas $3,750.00 $253,175.24 $0.00 $0.00 $120,762.43 $8,358,973.52 $8,383,825.13 $24,851.61 0.30%

Grand Total $6,015.60 $269,181.33 $0.00 $204,894.07 $549,483.54 $8,981,236.04 $9,427,655.99 $446,419.95 4.74%

University of West Florida FoundationA COMPONENT UNIT OF THE UNIVERSITY OF WEST FLORIDA

BUDGETED STATEMENT OF FUNCTIONAL EXPENSES

P:\FOUNDATION -Board Stuff\FDN - Audit Budget Committee\2019 Audit Budget Minutes and Agendas\02.21.19 Audit Budget Cmte Mtg Materials\Prior Years Unspent Budget Report 2018.12.31

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) 32,798.75 - Capitol Days 346.60 - 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

Total FY 18/19 Expenses to Date 116,349.40 Total FY 18/19 Expenses to Date -

Net FY 18/19 Activity 243,896.80 Net FY 18/19 Activity -

Net Carry Forward FY 18/19 243,896.80$ 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 December 31, 2018

Nominating Committee

Reports

Nominating Committee Charge - 2019

Each year the Nominating Committee is charged with nominating “Directors as well as the officers of the Foundation. All such nominations are to be advanced to the President of the Foundation thirty (30) days prior to the Board’s June meeting.” Pursuant to the Bylaws, “The number of Elected Directors must be no fewer than five (5) or more than twenty-two.” Ten are elected upon nomination of the University President, ten are elected by the other members of the Board of Directors, and the remaining two are elected upon nomination by the Alumni Association. Process: In accordance with the Bylaws, “the Nominating Committee shall consist of no fewer than six (6) Directors with the Foundation’s Immediate Past Chair acting as the Chair. The Nominating Committee shall meet and nominate Directors as well as the officers of the Foundation. All such nominations are to be advanced to the President of the Foundation thirty (30) days prior to the Board’s June meeting.” Committee members review the Board Member Position Description and consider potential names they would be willing to recommend for service. Staff may also provide potential names for Committee consideration. Once a list of potential members is agreed upon, Nominating Committee members or the Foundation President will follow-up with the nominees to gage their interest in serving. In this process, the potential Board members should be provided with a copy of the Board Member Position Description, and their interest in serving on the Board would be assessed. At the May meeting, the Nominating Committee will consider and vote on which names to put forward for membership at the June meeting of the full Board of Directors. Officer and Committee Assignments: Upon consideration of the experience, qualifications, and preferences of Board members, the Chair of the Foundation Board, in consultation with the President of the Foundation and the Foundation CFO, will make committee assignments for each year. Officers are recommended by the Nominating Committee each year at the June meeting for approval by vote of the full Board. Summary of Board Composition: As of June 30, 2019, the Board will have the following open positions.

Foundation Board Appointments The Foundation Board has 3 Board positions to fill. Jason Crawford Eligible for reappointment Full 4 year term (7/1/19 - 6/30/2023) Kathie Jeffcoat Eligible for reappointment Full 4 year term (7/1/19 - 6/30/2023) Trip Maygarden Eligible for reappointment Full 4 year term (7/1/19 - 6/30/2023)

Presidential Appointments President Saunders has 1 Board position to fill. Vacancy (Doug Dobson) Not eligible for reappointment Full 4 year term (7/1/19 - 6/30/2023)

Alumni Board Appointment

The Alumni Board has 1 open Board position. Vacancy (Richard Peterson) Not eligible for reappointment Full 4 year term (7/1/19 - 6/30/2023) Resulting Composition of the Board 10 positions appointed by the Board 10 positions appointed by the President 2 positions appointed by the Alumni Association

Officers:

• Chair – Gail Dorsey has moved into this position for a two-year term. • Vice Chair – Jason Crawford has been appointed by Chair Gail Dorsey • Secretary – Richard Peterson currently holds this position. He is completing the

second year of a third two-year term. • Treasurer – David Hightower currently holds this position. He is completing the

second year of his second two-year term. • Immediate Past Chair –Gordon Sprague has moved into this position for a two-year term.

Terms of office:

Chair and Vice Chair – shall be two years or until a successor is chosen and qualifies. Secretary and Treasurer – shall be within the limits of the term of their appointment and is two years or until a successor is chosen and qualifies.

Other Business

UWF Events and Happenings Updated 03.06.19 March 2019 5 UWF Foundation Grant Committee Meeting 12 – 3 pm in Bldg. 12 Alumni Conf. Rm. 8 UWF Foundation Fellows Announcement Breakfast*: John L. Hutchinson 835 Tanglewood Dr – UWF President’s Club – 8:30 a.m. 13 UWF Foundation Board Meeting *

Downtown – UWF Historic Trust, Bowden Building Classroom #1 first floor 3:30 pm

20 UWF Board of Trustees – Full Board Meeting, 9:00 AM Emerald Coast Campus, FWB 20 UWF Men’s Baseball vs University of Wisconsin-Whitewater at Blue Wahoos – 5 pm * 22 Donor Legacy Event Usha Kundu, MD College of Health to honor donors Dr. Usha Kundu,

Dr. D.W. McMillan and the Honorable Earl and Nancy Hutto; 4:30 – 6 pm Bldg 234, Univ. Park Center; Donor Plaque unveiling and reception*

29 UWF Archaeology and Foundation – Exclusive afternoon featuring the Latest Developments of

Luna Settlement Site and Shipwreck. Lunch and Tour: 12:30 – 4 pm at Voices of Pensacola, 117 E Government St.

April 2019 10 UWF Endowed Scholarship Luncheon, 11:00 a.m. – 1 p.m. at UWF Conference Center

(program starts at 11:30 a.m.) *

15-18 UWF Founders Week* 15 Grand Opening – UWF Center for Cybersecurity, 5 – 7 pm

220 W Garden St. Studer Community Institute Complex 18 UWF Day of Giving* (online and on campus) 24 Athletic Donors & Student Athletes Banquet* Skopelos at New World 6:30 pm

UWF Events and Happenings continued pg. 2 of 2 May 2019 4 Spring 2019 Commencement Pensacola Bay Center 15 UWF Board of Trustees Committee Meetings: 9 a.m. – 2 p.m. UWF Conference Center Bldg. 22 16 Investment Mgr. Breakfast (TBD) & UWF Foundation Committee Meetings* Downtown – FPAN Building – 2nd Floor Classroom June 2019 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 *Denotes committee members presence requested

UWF Foundation, Inc. Board Calendar FY18-19 updated 03.04.19 - lfm Date: 2018-2019 Meeting Time Location Attendees

August 17, Friday Board Orientation Workshop 8:30 a.m. – 10:00 a.m. Bowden 2nd Flr Boardroom New Board Members August 30, Thursday Investment Committee 9:30 a.m. – 12:00 p.m. Historic Trust Bowden Bldg.

120 Church St 2nd flr. Alumni Board Room

Committee Member August 30, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested August 30, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member September 25, Tuesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Bldg. 12 Alumni Conf. Rm. All Board Members & Requested November 15, Thursday Donor Dinner 5:30 – 9:00 p.m. Sanders Beach-C. Jones Ctr All invited November 16, Friday Investment Managers Breakfast 7:30 – 9 a.m. A.B. E. Café Investment Cmte members November 16, Friday Investment Committee 9:30 a.m. – 12:00 p.m.

FPAN, 207 E Main St Committee Member

November 16, Friday Nominating Committee 1:00 p.m. – 2:00 p.m. Committee Member November 16, Friday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested November 16, Friday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member November 29, Thursday Grant Committee Meeting 12:00 p.m. – 2:00 p.m. UWF Bldg. 12 Conf. Rm. Committee Member & Requested December 3, Monday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Bldg. 12 Alumni Conf. Rm. All Board Members & Requested December 11, Tuesday UWF 2018 Holidayfest 5:30 – 7:30 p.m. PNS Historic Village All invited December 15, Saturday Fall 2018 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies February 21, Thursday Investment Manager Breakfast 7:30 – 9:00 a.m. PNS Yacht Club All invited to this breakfast February 21, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.


February 21, Thursday Nominating Committee 1:00 p.m. – 2:00 p.m. Committee Member February 21, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested February 21, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member March 5, Tuesday Grant Committee Meeting 12:00 p.m. – 2:00 p.m. UWF Bldg. 12 Conf. Rm. Committee Member & Requested March 13, Wednesday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. UWF Bldg. 12 Conf. Rm. All Board Members & Requested March 14, Thursday Breakfast with the President FWB

Emerald Coast Campus 8:00 a.m. – 9:30 a.m. 1170 Martin Luther King Jr

Blvd FWB Invites: Donors, alumni and key industry partners

May 4, Saturday Spring 2019 Commencement 9:30 a.m. – 7 p.m. PNS Bay Center All invited to three ceremonies May 16, Thursday Investment Committee 9:30 a.m. – 12:00 p.m.


May 16, Thursday Nominating Committee 1:00 p.m. – 2:00 p.m. Committee Member May 16, Thursday Audit / Budget Committee 2:00 p.m. – 3:15 p.m. Committee Member & Requested May 16, Thursday Executive Committee 3:30 p.m. – 5:00 p.m. Committee Member June 17, Monday Board of Directors Meeting 3:30 p.m. – 5:00 p.m. Bldg. 12 Alumni Conf. Rm. All Board Members & Requested

O:uwffoundation/FOUNDATION-Board Stuff/Calendars

Documents

UWF Foundation, Inc. Board of Directors Meeting Alumni ......2019/03/13 · Mrs. Dorsey introduced Mrs. Lisa Mrahi to the Executive Committee. Mrs. Mrahi will join the Division of