University of South Carolina Development Foundation

Transcription

1 COMPOSITE PERFORMANCE REVIEW Report for Periods Ending March 31, 2018 University of South Carolina Development Foundation Presented by: Scott B. Harsh President & CEO Stephen M. Hodson, CFA, CAIA Senior Vice President Douglas M. Harrell Vice President

2 Table of Contents Description Page Market Summary 1 Development Foundation Composite 2-12 Large Cap Composite SMID Cap Composite Small Cap Composite International Equity Composite Hedge Fund Composite Fund Evaluation Group, LLC 201 East Fifth Street, Suite 1600 Cincinnati, Ohio information@feg.com Dallas Detroit Indianapolis

3 2018 Fund Evaluation Group, LLC 1a Confidential Not for Redistribution 20% First Quarter 2018 Market Returns Global Equity Global Fixed Income Real Assets Diversifying Strategies 15% 14.0% 13.3% 16.4% 10% 9.7% 5% 0% -5% -0.8% -1.3% 5.9% 5.7% 0.6% -1.5% 1.8% 1.2% -0.9% 5.0% 3.8% -1.1% 6.7% -0.4% 3.7% 6.1% 5.9% 4.2% 3.4% 0.1% 0.6% -10% -6.7% -5.8% -8.3% -11.1% -15% -20% -20.1% -25% S&P 500 Index MSCI ACWI ex-u.s. HFRI Equity Hedge Index Blmbrg Barclays U.S. Agg Index Blmbrg Barclays HY Index FTSE NAREIT All Equity Index Alerian MLP Index Blmbrg Cmdty Index HFRI Fund Wtd Comp. Index HFRI Fund of Fund Index Quarter -0.8% -1.3% 0.6% -1.5% -0.9% -6.7% -11.1% -0.4% 0.1% 0.6% 1 Yr 14.0% 16.4% 9.7% 1.2% 3.8% -1.1% -20.1% 3.7% 6.1% 5.9% 5 Yrs Annualized 13.3% 5.9% 5.7% 1.8% 5.0% 6.7% -5.8% -8.3% 4.2% 3.4% Data sources: Lipper and Hedge Fund Research

4 First Quarter 2018 Market Overview The S&P 500 Index declined 0.8% for the quarter but gained 14.0% for the trailing year. The Bloomberg Barclays U.S. Aggregate Bond Index fell 1.5% for the quarter but gained 1.2% for the year. International developed market equity returns were -1.7% for the quarter when converted to U.S. dollar terms; returns were -4.3% measured in local currency. Emerging market equities gained 1.3% for the quarter and 24.8% for the trailing year, both in U.S. dollar terms. U.S. real estate investment trusts (REITs) declined 6.7%, commodity futures fell 0.4%, and master limited partnerships (MLPs) dropped 11.1% for the quarter. Stocks vs. Bonds U.S. and International Equities 16% 14% 12% 10% 14.0% 10.8% S&P 500 Index Bloomberg Barclays U.S. Aggregate Bond Index 13.3% 9.5% 30% 25% 20% 24.8% Russell 3000 Index MSCI EAFE Index MSCI EMF Index 8% 6% 4% 2% 0% -2% -4% 3.6% 1.2% 1.2% 1.8% -0.8% -1.5% Qtr 1 Yr 3 Yr 5 Yr 10 Yr 15% 10% 5% 0% -5% 13.8% 14.6% 13.0% 10.2% 8.8% 9.6% 5.5% 6.5% 5.0% 2.7% 3.0% 1.3% -0.6% -1.7% Qtr 1 Yr 3 Yr 5 Yr 10 Yr Data Sources: Standard & Poor s and Barclays Data Sources: MSCI Barra and Russell 2018 Fund Evaluation Group, LLC 1b Confidential Not for Redistribution

5 Large Cap, Mid Cap, & Small Cap First Quarter 2018 Global Equity, U.S. 15% 5% -5% Russell 1000 Index Russell Mid Cap Index Russell 2000 Index 14.0% 13.2% 12.2% 11.8% 12.1% 11.5% 10.4% 9.6% 10.2% 9.8% 8.0% 8.4% -0.1% -0.7% -0.5% Qtr 1 Yr 3 Yr 5 Yr 10 Yr The total U.S. equity market, represented by the Russell 3000 Index, declined slightly with a -0.6% return during the first quarter, which was a reversal from the strong performance of the previous quarter. As measured by the Russell Indices, large cap stocks (-0.7%) underperformed both mid cap stocks (-0.5%) and small cap stocks (-0.1%) for the first quarter. Value stocks (-2.8%) continued their 2017 weakness against growth stocks (+1.5%), as measured by the Russell 3000 Style Indices. Technology (+4.1%) led sector returns for U.S. equities overtaking consumer discretionary (+1.7%), which was the prior quarter s leading sector. Telecommunication services (-7.3%) and consumer staples (-6.7%) were the lowest returning sectors for the quarter. Data Source: Russell Russell 3000 Index Quarterly Returns Russell 3000 Style Indices Returns TECHNOLOGY 4.1% Growth Value CONSUMER DISCRETIONARY 1.7% 30% HEALTH CARE FINANCIALS -0.3% -0.4% 20% 21.1% INDUSTRIALS UTILITIES MATERIALS -5.2% -3.3% -1.9% 10% 6.8% 12.6% 7.9% 15.3% 10.7% 11.3% 7.8% ENERGY -6.1% 1.5% REAL ESTATE -6.2% 0% CONSUMER STAPLES -6.7% -2.8% TELECOMMUNICATION SERVICES -7.3% -8% -6% -4% -2% 0% 2% 4% 6% Data Source: Russell -10% Data Source: Russell Qtr 1 Yr 3 Yr 5 Yr 10 Yr 2018 Fund Evaluation Group, LLC 1c Confidential Not for Redistribution

6 MSCI EAFE Style Indices Returns 20% 10% 0% -10% -1.3% -2.1% Data Source: MSCI Barra Growth 17.2% 12.1% 6.6% First Quarter 2018 Global Equity, Non-U.S. 4.3% 7.1% 5.7% 3.4% 2.0% Qtr 1 Yr 3 Yr 5 Yr 10 Yr MSCI EAFE Regional Quarterly Returns Value The MSCI EAFE Index fell -4.3% in local currencies but only -1.7% when measured in U.S. dollars. For the trailing one-year period, the index gained 5.3% in local currencies and 14.6% in U.S. dollars. The MSCI EAFE Value Index (-2.1%) declined more than the MSCI EAFE Growth Index (-1.3%) for the first quarter. In local currency, Japanese equities (-4.8%) lagged many other Asia-Pacific developed markets (-2.8%) but outperformed in U.S. dollar terms. European-ex U.K. developed markets (-3.2%) outperformed the U.K. market (-7.3%). The MSCI Emerging Markets Index rose 0.7% in local currencies and 1.3% in U.S. dollars. For the trailing one-year period, emerging market equities gained 22.0% in local currencies and 24.8% in U.S. dollars. Latin America outperformed the other emerging market regions with a 6.0% local currency return and 8.0% U.S. dollar return. The Europe, Middle East, and Africa region fell -2.9% in local currency and -0.9% in U.S. dollars. Frontier markets returned 4.5% in local currencies (+5.0% in U.S. dollars). Over the trailing one-year, returns were 26.2% in local currencies (+27.1% in U.S. dollars). MSCI Emerging Markets Regional Quarterly Returns Quarter (local) Quarter ($) Quarter (local) Quarter ($) Europe (ex-uk) -3.2% -1.2% Latin America 6.0% 8.0% United Kingdom Japan -7.3% -4.8% -3.9% 0.1% Asia 0.6% 0.6% Pacific (ex-japan) -3.7% -2.8% Europe, Middle East, and Africa -2.9% -0.9% -10% -5% 0% 5% -5% 0% 5% 10% Data Source: MSCI Barra Data Source: MSCI Barra 2018 Fund Evaluation Group, LLC 1d Confidential Not for Redistribution

7 Global Private Equity / Median Venture Capital & Buyout Vintage Year Internal Rate of Return As of September 30, 2017 Net IRR 20% 15% 10% 5% 15% 2% 1% 11% 4% 11% 11% 10% 10% 8% 8% 8% 6% Venture Capital First Quarter 2018 Global Equity, Private 15% Buyout 13% 11% 15% 14% 14% 16% 15% 13% 12% 12% 0% Vintage Year Data Source: Thomson One Global Private Equity / Venture Capital & Buyout Fundraising Activity As of March 31, 2018 Commitments (billions) $350 $300 $250 $200 $150 $100 $ Venture Capital $ Vintage Year YTD Data Source: Pitchbook Buyout The most recent private equity return information available is through September 30, Median private equity returns for both venture capital and buyout funds have been positive since the 2003 vintage year. Venture fund performance rose steadily from 2004 to 2011, while buyout fund performance has remained relatively stable since Recent vintage year returns are lower due to the shorter holding periods. Buyout fundraising experienced a strong first quarter, representing an extension of the robust fundraising environment witnessed over the past several years. In contrast, venture fundraising weakened during the first quarter relative to the last three years. Initial public offering (IPO) exit activity declined from the fourth quarter. When compared to the same period last year, the number of venture capital-backed IPOs decreased by 28% and that of private equity-backed IPOs fell by 4%. However, aggregate capital raised across all IPOs during the first quarter remained in line with recent levels. Global Private Equity / VC-backed & PE-backed IPO Exit Activity As of March 31, 2018 Number of IPOs Venture Capital-backed Private Equity-backed YTD Exit Year Data Source: Pitchbook 2018 Fund Evaluation Group, LLC 1e Confidential Not for Redistribution

8 Bloomberg Barclays U.S. Fixed Income Index Returns 0% -1% -2% -1.5% -0.8% -1.1% -1.1% First Quarter 2018 Global Fixed Income -1.2% -3% Aggregate TIPS Treasuries Municipal Mortgage- Backed Data Source: Barclays -2.1% Credit -0.9% High Yield The Bloomberg Barclays U.S. Aggregate Bond Index declined 1.5% for the quarter. All U.S. fixed income sectors posted negative returns, with investment-grade corporate credit suffering the weakest performance. Rates rose across the yield curve term structure, detracting from bond returns and maintaining the curve s flat profile. The 10-year U.S. Treasury note yield increased to 2.7%, and the 10-year U.S. TIPS yield increased to 0.7%, which resulted in returns of -1.1% and -0.8%, respectively. U.S. credit fell 2.1% over the first quarter. Within credit, utilities (-2.9%) performed worst, followed by industrials (-2.3%) and financials (-2.2%). Yields on high yield bonds increased 36 bps to 6.6% and option-adjusted spreads increased 9 bps to 372 bps, leading to a -0.9% return. Local currency non-u.s. bonds gained 4.5% and dollar-denominated emerging market bonds declined 1.8%. U.S. TREASURY YIELD CURVE Broad Fixed Income 4% March 2017 December 2017 March % 12% Bloomberg Barclays U.S. Aggregate JPM Non-U.S. (Unhedged) 12.6% Bloomberg Barclays U.S. Corporate High Yield JPM Emerging Markets Bond Index+ 3% 10% 8% 2% 6% 4% 4.5% 3.8% 5.2% 5.1% 5.1% 5.0% 3.6% 1% 2% 2.2% 1.2% 1.2% 1.8% 1.4% 0% 1 Mth 5 Yr 10 Yr 30 Yr Data Source: Bloomberg LP 0% -2% -0.9% -1.5% -2.0% -4% Qtr 1 Yr 3 Yr 5 Yr Data Sources: Barclays and JP Morgan 2018 Fund Evaluation Group, LLC 1f Confidential Not for Redistribution

9 Public Real Assets - Real Estate, Commodities, and MLPs -10% -20% -30% FTSE NAREIT All Equity Index Bloomberg Commodity Index 20% 10% 0% -6.7% -0.4% -0.8% -11.1% -1.1% 13.7% 3.7% -20.1% First Quarter 2018 Real Assets FTSE EPRA/NAREIT Developed Property ex-u.s. Index Alerian MLP Index 6.7% 2.9% 3.9% 3.7% -3.2% -11.2% Qtr 1 Yr 3 Yr 5 Yr -5.8% -8.3% U.S. Real Estate Investment Trusts (REITs) declined 6.7% in the first quarter and 1.1% over the trailing 12-months. The timber sector (+1.8%) was the only sector to post positive returns; sectors that held up better than most were manufactured homes (-1.0%) and self-storage (-2.4%). International real estate securities declined 0.8% for the quarter but rose 13.7% over the past year. Private real estate, as measured by the NCREIF Property Index (one-quarter lag), gained 1.8% in the fourth quarter, with all sectors posting positive returns. Commodity futures were essentially flat, declining 0.4% for the quarter amid volatility in both the agricultural and energy spaces. MLPs 11.1% decline was due in part to the negative impacts of Federal Energy Regulatory Commission s tax allowance announcement. Data Sources: NAREIT, Bloomberg, and Alerian FTSE NAREIT All Equity Index Sector Returns Timber 1.8% NCREIF National Property Index Sector Returns Fourth Quarter 2017 Manufactured Homes -1.0% Industrial 3.3% Self-Storage -2.4% Industrial -3.4% Office 1.7% Lodging/Resorts -5.0% Apartments -5.1% Apartment 1.6% Index -6.7% Office -7.3% Retail 1.3% Health Care -10.9% Retail -11.2% Hotel 1.0% Diversified -15.8% -18% -16% -14% -12% -10% -8% -6% -4% -2% 0% 2% 4% Data Source: NAREIT Data Source: NCREIF % 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 2018 Fund Evaluation Group, LLC 1g Confidential Not for Redistribution

10 Major HFRI Indices Performance Returns in U.S. dollars 7% 6% 5% 4% 3% 2% 1% 0% 12% 10% 8% 6% 4% HFRI Fund Weighted Composite Index 0.1% 0.6% Data Source: HedgeFund Research First Quarter 2018 Diversifying Strategies, Hedge Funds 5.2% 6.1% Secondary HFRI Indices Performance Returns in U.S. dollars HFRI Event-Driven (Total) Index HFRI Relative Value (Total) Index 3.2% 5.9% 9.7% HFRI Fund of Funds Composite Index 4.1% 3.5% 2.0% HFRI Macro (Total) Index HFRI Equity Hedge (Total) Index 3.6% 5.3% 4.2% QTD 1 Yr 3 Yr 5 Yr 4.7% 3.4% 4.1% 5.7% The HFRI Fund Weighted Composite Index and the HFRI Fund of Funds Composite Index gained 0.1% and 0.6%, respectively. Hedge fund returns were generally positive across strategies. Relative value and long/short equity strategies tended to generate the strongest returns. Long/short equity manager returns were positive, outperforming global equity markets. The HFRI Equity Hedge (Total) Index returned 0.6%. Managers focused on Russia/Eastern Europe and Latin America generated strong returns amid volatility in Europe and strong public market performance in Latin America. The HFRI Event Driven (Total) Index returned 0.1%. Positive performance from credit arbitrage strategies outweighed losses from activist strategies. The HFRI Relative Value (Total) Index was up 0.3%, with generally positive performance across sub-indices except the volatility index, which struggled with the sudden spike in volatility during the quarter. The HFRI Macro (Total) Index returned -1.3%. The HFRI Macro: Systematic Diversified Index detracted from returns as systematic macro managers faced headwinds due to reversals within the commodities sector, especially energy. 2% 0% 0.1% 0.3% 0.6% 1.0% 0.9% -2% -1.3% -0.8% QTD 1 Yr 3 Yr 5 Yr Data Source: HedgeFund Research 2018 Fund Evaluation Group, LLC 1h Confidential Not for Redistribution

11 Composite Performance Review Report for Periods Ending March 31, 2018 Annualized Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Development Foundation Composite 0.7% 9.5% 12.8% 7.6% 10.1% 9.2% 6.9% 6.0% 6.4% Broad Policy Index Target Weighted Index CPI + 5.5% /01 7/97 Footnotes: 1 Broad Policy Index is currently comprised of: 62.5% Russell 3000 Index, 22.5% MSCI AC World Index ex-u.s., and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history. 2 Target Weighted Index is currently comprised of: 45.0% Russell 1000 Index, 12.5% Russell 2000 Index, 17.5% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history. 3 CPI + 5.5% is currently comprised of: 10% CPI + 5.5% Index, + 5.5%. Please see Appendix for benchmark history. $49.04 Portfolio Value Over Time (In Millions) $41.03 Dollars (in Millions) $33.03 $25.03 $17.02 $9.02 7/97 3/98 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/18 Development Foundation Composite Broad Policy Index Target Weighted Index CPI + 5.5% Ending Value $25.30 $29.45 $31.66 $ Fund Evaluation Group, LLC 2

12 Summary of Investment Performance Report for Periods Ending March 31, 2018 Annualized Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01 Inception Date Market Value Development Foundation Composite 0.7% 9.5% 12.8% 7.6% 10.1% 9.2% 6.9% 6.0% 6.4% 7/97 $25,296,811 Broad Policy Index Target Weighted Index CPI + 5.5% Large Cap Composite /01 8,027,165 S&P 500 Index ishares S&P 500 Index /08 610,244 S&P 500 Index Harbor Capital Appreciation /12 2,870,583 Russell 1000 Growth Index S&P 500 Index Becker Capital Management /09 2,130,219 Russell 1000 Value Index S&P 500 Index WEDGE Capital Management /09 2,416,119 Russell 1000 Value Index S&P 500 Index SMID Cap Composite /14 1,269,089 Russell 2500 Index NewSouth SMID Value /14 1,269,089 Russell 2500 Value Index Russell 2500 Index Small Cap Composite /01 4,455,275 Russell 2000 Index Westfield Capital Management /01 1,892,088 Russell 2000 Growth Index Russell 2000 Index Vulcan Small Cap Value /15 1,294,098 Russell 2000 Value Index Russell 2000 Index Fund Evaluation Group, LLC 3

13 Summary of Investment Performance Report for Periods Ending March 31, 2018 Annualized Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01 Inception Date Market Value International Equity Composite 0.5% 11.6% 18.6% 6.5% 7.2% 5.8% 3.9% 6.2% 6.2% 5/01 $7,851,517 MSCI AC World Index ex-u.s Artisan International /01 1,957,473 MSCI EAFE Growth Index MSCI EAFE Index EuroPacific Growth /01 1,123,809 MSCI AC World Index ex-us MSCI EAFE Index Dodge & Cox International /07 2,199,782 MSCI EAFE Value Index MSCI EAFE Index DFA Emerging Markets Value /11 1,328,822 MSCI Emerging Markets Value Index Harding Loevner Emerging Markets /12 1,241,631 MSCI Emerging Markets Index Fund Evaluation Group, LLC 4

14 Summary of Investment Performance Report for Periods Ending March 31, 2018 Annualized Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01 Inception Date Market Value Hedge Fund Composite 0.9% 3.1% 3.4% 1.5% 3.8% 4.4% 3.7% - 5.0% 6/04 $4,263,669 Bloomberg Barclays US Aggregate Index HFRI Fund of Funds HBK Fund, L.P /07 1,334,378 HFRI Relative Value Index Bloomberg Barclays US Aggregate Index Och Ziff Master Fund, Ltd /07 1,457,727 DJ/CS HFI Multi-Strategy Bloomberg Barclays US Aggregate Index Fir Tree International Value Fund, L.P /14 534,489 HFRI Fund Weighted Composite Index Bloomberg Barclays US Aggregate Index MKP Opportunity Offshore /14 425,848 HFRI Macro Index Bloomberg Barclays US Aggregate Index Graham Capital Proprietary Matrix /14 509,476 HFRI Global Macro Index Bloomberg Barclays US Aggregate Index Claren Road Credit Master Fund - liquidating /14 1,751 Footnotes: * Performance returns are net of investment management fees. * Calculated returns may differ from the manager's due to differences in security pricing and/or cash flows. * Manager and index data represent the most current available at the time of report publication. * Hedge fund and private capital manager market values and rates of return may be based on estimates and may be revised until completion of an annual audit by the manager. * For managers and indices that report returns on a lag, % is utilized for the most recent time period until the actual return data are reported. * The fiscal year ends in June. 1 Broad Policy Index is currently comprised of: 62.5% Russell 3000 Index, 22.5% MSCI AC World Index ex-u.s., and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history. 2 Target Weighted Index is currently comprised of: 45.0% Russell 1000 Index, 12.5% Russell 2000 Index, 17.5% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history. 3 CPI + 5.5% is currently comprised of: 10% CPI + 5.5% Index, + 5.5%. Please see Appendix for benchmark history Fund Evaluation Group, LLC 5

15 Schedule of Asset and Style Allocation Current Target Target Asset Class Weight Weight Range Large Cap Equity 31.7% 45.0% 35.0% % Small Cap Equity 17.6% 12.5% 7.5% % International Equity 20.9% 17.5% 12.5% % Emerging Markets 10.2% 5.0% % - 1% Fixed Income % % Hedge Fund 16.9% 15.0% 1% - 2% Private Natural Resources 2.1% 5.0% % - 1% FOF - Private Equity 0.7% % % - 1% Cash % % Total 10% 10% 2018 Fund Evaluation Group, LLC 6

16 Schedule of Asset and Style Allocation Portfolio Portfolio Market Current Asset Class - Style Manager Invested Cash Value Weight Large Cap Equity - Broad ishares S&P 500 Index 10% % $610, % Large Cap Equity - Growth Harbor Capital Appreciation 10% % $2,870, % Large Cap Equity - Value Becker Capital Management 95.5% 4.5% $2,130, % Large Cap Equity - Value WEDGE Capital Management 96.9% 3.1% $2,416, % Small Cap Equity - Growth Westfield Capital Management 96.3% 3.7% $1,892, % Small Cap Equity - Value NewSouth SMID Value 94.5% 5.5% $1,269, % Small Cap Equity - Value Vulcan Small Cap Value 10% % $1,294, % International Equity - Growth Artisan International 10% % $1,957, % International Equity - Value Dodge & Cox International 10% % $2,199, % International Equity - Value EuroPacific Growth 10% % $1,123, % Emerging Markets - Core Harding Loevner Emerging Markets 10% % $1,241, % Emerging Markets - Value DFA Emerging Markets Value 10% % $1,328, % Hedge Fund - Absolute Return Fir Tree International Value Fund, L.P. 10% % $534, % Hedge Fund - Diversified Claren Road Credit Master Fund - liquidating 10% % $1,751 % Hedge Fund - Managed Futures Graham Capital Proprietary Matrix 10% % $509, % Hedge Fund - Managed Futures MKP Opportunity Offshore 10% % $425, % Hedge Fund - Multi-Strategy Och Ziff Master Fund, Ltd. 10% % $1,457, % Hedge Fund - Relative Value HBK Fund, L.P. 10% % $1,334, % Private Natural Resources - Energy Kayne Anderson Energy Fund VI 10% % $91, % Private Natural Resources - Energy Natural Gas Partners XI, L.P. 10% % $290, % Private Natural Resources - Energy VIA Energy III 10% % $149, % FOF - Private Equity - Distressed Siguler Guff Distressed Opport. III 10% % $167, % Total $25,296,811 10% 2018 Fund Evaluation Group, LLC 7

17 Summary of Illiquid Investments Report for Periods Ending March 31, 2018 Committed Capital Called Capital % Called Distributed Capital Fair Market Value Multiple of Called Capital Fair MV as a % of Total Fund Target MV as a % of Total Fund Private Equity $885,380 $852,132 96% $1,095,007 $167, % % Private Natural Resources 861, , , , Total Illiquid Investments $1,747,150 $1,488,306 85% $1,370,087 $699, % % * Fair Market Value estimate based on the most recent valuation, adjusted for capital calls and distributions after the valuation date Fund Evaluation Group, LLC 8

18 Summary of Private Equity Report for Periods Ending March 31, 2018 Committed Called Distributed Fair Multiple of Capital Capital % Called Capital Market Value Called Capital IRR * Vintage Year Private Equity Siguler Guff Distressed Opport. III $885,380 $852,132 96% $1,095,007 $167, %2007, 2008, 2009, 2010, 2011 Private Equity $885,380 $852,132 96% $1,095,007 $167, % * Fair Market Value estimate based on the most recent valuation, adjusted for capital calls and distributions after the valuation date. * Manager IRR is calculated through previous quarter-end and will not be calculated for the first two years; Summary IRR includes all managers Fund Evaluation Group, LLC 9

19 Summary of Private Natural Resources Report for Periods Ending March 31, 2018 Committed Called Distributed Fair Multiple of Capital Capital % Called Capital Market Value Called Capital IRR * Vintage Year Private Natural Resources Kayne Anderson Energy Fund VI $241,819 $219,022 91% $218,019 $91, % 2012 VIA Energy III 309, , , , Natural Gas Partners XI, L.P. 310, , , , Private Natural Resources $861,770 $636,174 74% $275,080 $531, % * Fair Market Value estimate based on the most recent valuation, adjusted for capital calls and distributions after the valuation date. * Manager IRR is calculated through previous quarter-end and will not be calculated for the first two years; Summary IRR includes all managers Fund Evaluation Group, LLC 10

20 Investment Metrics Report for Periods Ending March 31, 2018 Performance Objectives Result Objective Achieved Measurement Period: Moving 5 Year Return > Benchmark Return over benchmark = -0.3% No Beta < 1.20 Beta = 0.97 Yes Alpha > % Alpha = % No Peer Group Rank > 50th Percentile Ranks in Top 50th Percentile Yes Statistical Measures Sharpe Ratio Standard Deviation Tracking Error Information Ratio Development Foundation Composite % 1.6% -0.2 Broad Policy Index Target Weighted Index Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 25,107 $ 26,992 Net Contributions/(Distributions) $ 15 $ (4,003) Market Appreciation/(Depreciation) $ 175 $ 2,308 Ending Market Value $ 25,297 $ 25,297 * Risk Statistics are based on monthly data. * Broad Policy Index is currently comprised of: 62.5% Russell 3000 Index, 22.5% MSCI AC World Index ex-u.s., and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history. * Target Weighted Index is currently comprised of: 45.0% Russell 1000 Index, 12.5% Russell 2000 Index, 17.5% MSCI EAFE Index, 5.0% MSCI Emerging Markets Index, 5.0% CPI + 3% Index, and 15.0% DJ/CS HFI Multi-Strategy. Please see Appendix for benchmark history Fund Evaluation Group, LLC 11

21 Development Foundation Composite Blended Universe For Report Periods Ending March 31, % 20% - Development Foundation Composite - Broad Policy Index - Target Weighted Index - CPI + 5.5% % Return 15% 10% 5% 5th 25th 50th 75th 95th Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01 7/ % 15.9 % 23.1 % 11.3 % 13.1 % 12.0 % 10.1 % 8.1 % 8.6% % -5% Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01 7/97 0.7% 9.5% 12.8% 7.6% 10.1% 9.2% 6.9% 6.0% 6.4% % 20% 15% Report From March 31, 1999 to March 31, Year Rolling Periods Blended Universe 55.0% Broad Large Cap 12.5% Broad Small Cap 17.5% International Equity 15.0% Core Fixed Income % Return 10% 5% 0% -5% 3/04 3/06 3/08 3/10 3/12 3/14 3/16 3/ Fund Evaluation Group, LLC 12

22 ishares S&P 500 Index Summary of Performance and Statistics Report For Periods Ending March 31, 2018 Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr Inception Inception Date ishares S&P 500 Index -0.8% 10.6% 14.0% 10.7% 13.3% 12.6% 14.6% 12/08 S&P 500 Index Risk Statistics (5 years) Beta Alpha R² Standard Deviation Tracking Error Information Ratio ishares S&P 500 Index % % % -2.5 S&P 500 Index Portfolio Statistics Trailing P/E Trailing P/B Wtd Avg Mkt Cap Current Yield Equity Annual Turnover ishares S&P 500 Index ,05M 2.0% --% S&P 500 Index , Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 583 $ 487 Net Contributions/(Distributions) $ 33 $ 69 Market Appreciation/(Depreciation) $ (6) $ 54 Ending Market Value $ 610 $ 610 * Risk Statistics are based on monthly data. * Manager data represents the most current available at the time of report publication Fund Evaluation Group, LLC 13

23 ishares S&P 500 Index Equity Sector Report For Periods Ending March 31, 2018 Sector Allocation Information Technology Consumer Discretionary Financials Healthcare Industrials Utilities Real Estate Materials Energy Consumer Staples Sector Weightings Market Total Returns Primary Sector Manager Benchmark 3 Months 12 Months Information Technology 25% 25% 3.5% 27.7% Consumer Discretionary Financials Healthcare Industrials Utilities Real Estate Materials Energy Consumer Staples Telecommunication Services Other Telecommunication Services Top Five Holdings Weighting Other 0% 5% 10% 15% 20% 25% 30% Manager Primary Benchmark APPLE INC 3.8% MICROSOFT CORP 3.1 AMAZON COM INC 2.6 BERKSHIRE HATHAWAY INC CLASS B 1.7 FACEBOOK CLASS A INC 1.7 Number of Holdings: 505 * Sector weightings may not add up to 100% due to rounding. * Manager data represents the most current available at the time of report publication. * Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long enough track record is available from the index provider Fund Evaluation Group, LLC 14

24 ishares S&P 500 Index Broad Large Cap Universe For Report Periods Ending March 31, % 25% - ishares S&P 500 Index - S&P 500 Index % Return 19% 13% 7% 5th 25th 50th 75th 95th Qtr FYTD 1Yr 3Yr 5Yr 7Yr 12/ % 19.5 % 27.5 % 13.7 % 16.5 % 14.5 % 17.6% % -0.8% 10.6% 14.0% 10.7% 13.3% 12.6% 14.6% -5% Qtr FYTD 1Yr 3Yr 5Yr 7Yr 12/ % Report From March 31, 2009 to March 31, Year Rolling Periods 21% 18% % Return 15% 12% 9% 6% 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/ Fund Evaluation Group, LLC 15

25 Harbor Capital Appreciation Summary of Performance and Statistics Report For Periods Ending March 31, 2018 Performance Results Qtr FYTD 1Yr 3Yr 5Yr Inception Inception Date Harbor Capital Appreciation 4.3% 21.5% 28.8% 14.0% 17.2% 17.8% 12/12 Russell 1000 Growth Index S&P 500 Index Risk Statistics (5 years) Beta Alpha R² Standard Deviation Tracking Error Information Ratio Harbor Capital Appreciation % % 4.6% 0.4 Russell 1000 Growth Index S&P 500 Index Portfolio Statistics Trailing P/E Trailing P/B Wtd Avg Mkt Cap Current Yield Equity Annual Turnover Harbor Capital Appreciation ,310.8M 0.8% 52.0% Russell 1000 Growth Index , S&P 500 Index , Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 2,751 $ 2,361 Net Contributions/(Distributions) $ 0 $ 0 Market Appreciation/(Depreciation) $ 120 $ 510 Ending Market Value $ 2,871 $ 2,871 * Risk Statistics are based on monthly data. * Manager data represents the most current available at the time of report publication Fund Evaluation Group, LLC 16

26 Harbor Capital Appreciation Equity Sector Report For Periods Ending March 31, 2018 Sector Allocation Utilities Financials Consumer Discretionary Information Technology Industrials Healthcare Real Estate Consumer Staples Materials Energy Sector Weightings Market Total Returns Primary Sector Manager Benchmark 3 Months 12 Months Utilities 0% 0% 7.3% 79.7% Financials Consumer Discretionary Information Technology Industrials Healthcare Real Estate Consumer Staples Materials Energy Telecommunication Services Other Telecommunication Services Top Five Holdings Weighting Other 0% 10% 20% 30% 40% 50% Manager Primary Benchmark Apple, Inc. 5.9% Amazon.com, Inc. 4.4 Microsoft Corporation 4.1 Alibaba Group Holding Ltd - ADR 4.0 Facebook, Inc. Class A 4.0 Number of Holdings: 52 * Sector weightings may not add up to 100% due to rounding. * Manager data represents the most current available at the time of report publication. * Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long enough track record is available from the index provider Fund Evaluation Group, LLC 17

27 Harbor Capital Appreciation Large Cap Growth Universe For Report Periods Ending March 31, % 28% 22% - Harbor Capital Appreciation - Russell 1000 Growth Index - S&P 500 Index % Return 16% 10% 5th 25th 50th Qtr FYTD 1Yr 3Yr 5Yr 12/ % 21.3 % 30.4 % 15.1 % 18.2 % 18.9% th % 95th % Qtr FYTD 1Yr 3Yr 5Yr 12/12 4.3% % % % % % % Report From December 31, 2012 to March 31, Year Rolling Periods 21% 19% % Return 17% 15% 13% 11% 12/17 3/ Fund Evaluation Group, LLC 18

28 Becker Capital Management Summary of Performance and Statistics Report For Periods Ending March 31, 2018 Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr Inception Inception Date Becker Capital Management -1.7% 7.5% 8.5% 7.4% 11.4% 11.1% 15.7% 2/09 Russell 1000 Value Index S&P 500 Index Risk Statistics (5 years) Beta Alpha R² Standard Deviation Tracking Error Information Ratio Becker Capital Management % % 2.5% 0.2 Russell 1000 Value Index S&P 500 Index Portfolio Statistics Trailing P/E Trailing P/B Wtd Avg Mkt Cap Current Yield Equity Annual Turnover Becker Capital Management M 2.3% 3% Russell 1000 Value Index , S&P 500 Index , Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 2,166 $ 3,718 Net Contributions/(Distributions) $ 0 $ (1,748) Market Appreciation/(Depreciation) $ (36) $ 160 Ending Market Value $ 2,130 $ 2,130 * Risk Statistics are based on monthly data. * Manager data represents the most current available at the time of report publication Fund Evaluation Group, LLC 19

29 Becker Capital Management Equity Sector Report For Periods Ending March 31, 2018 Sector Allocation Information Technology Financials Healthcare Consumer Discretionary Utilities Industrials Materials Energy Telecommunication Services Real Estate Sector Weightings Market Total Returns Primary Sector Manager Benchmark 3 Months 12 Months Information Technology 16% 9% 6.1% 23.8% Financials Healthcare Consumer Discretionary Utilities Industrials Materials Energy Telecommunication Services Real Estate Consumer Staples Other Consumer Staples Top Five Holdings Weighting Other 0% 5% 10% 15% 20% 25% 30% Manager Primary Benchmark JPMorgan Chase & Co. 3.1% Johnson & Johnson 2.7 Wells Fargo & Company 2.6 Kroger Co. 2.5 Vodafone Group Plc Sponsored ADR 2.5 Number of Holdings: 57 * Sector weightings may not add up to 100% due to rounding. * Manager data represents the most current available at the time of report publication. * Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long enough track record is available from the index provider Fund Evaluation Group, LLC 20

30 Becker Capital Management Large Cap Value Universe For Report Periods Ending March 31, % 15% 11% - Becker Capital Management - Russell 1000 Value Index - S&P 500 Index % Return 7% 3% 5th 25th 50th Qtr FYTD 1Yr 3Yr 5Yr 7Yr 2/09-0.6% 11.3 % 14.6 % 10.3 % 12.7 % 12.1 % 18.1% th % 95th % Qtr FYTD 1Yr 3Yr 5Yr 7Yr 2/09-1.7% % % % % % % % Report From March 31, 2009 to March 31, Year Rolling Periods 25% 21% % Return 17% 13% 9% 5% 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/ Fund Evaluation Group, LLC 21

31 WEDGE Capital Management Summary of Performance and Statistics Report For Periods Ending March 31, 2018 Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr Inception Inception Date WEDGE Capital Management -4.2% 4.7% 5.9% 8.8% 14.3% 12.8% 16.9% 2/09 Russell 1000 Value Index S&P 500 Index Risk Statistics (5 years) Beta Alpha R² Standard Deviation Tracking Error Information Ratio WEDGE Capital Management % % 4.3% 0.8 Russell 1000 Value Index S&P 500 Index Portfolio Statistics Trailing P/E Trailing P/B Wtd Avg Mkt Cap Current Yield Equity Annual Turnover WEDGE Capital Management ,50M 1.5% 3% Russell 1000 Value Index , S&P 500 Index , Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 2,523 $ 4,069 Net Contributions/(Distributions) $ 0 $ (1,787) Market Appreciation/(Depreciation) $ (107) $ 134 Ending Market Value $ 2,416 $ 2,416 * Risk Statistics are based on monthly data. * Manager data represents the most current available at the time of report publication Fund Evaluation Group, LLC 22

32 WEDGE Capital Management Equity Sector Report For Periods Ending March 31, 2018 Sector Allocation Information Technology Financials Healthcare Consumer Discretionary Utilities Industrials Materials Energy Telecommunication Services Real Estate Sector Weightings Market Total Returns Primary Sector Manager Benchmark 3 Months 12 Months Information Technology 0% 9% 6.1% 23.8% Financials Healthcare Consumer Discretionary Utilities Industrials Materials Energy Telecommunication Services Real Estate Consumer Staples Other Consumer Staples Top Five Holdings Weighting Other 0% 5% 10% 15% 20% 25% 30% Manager Primary Benchmark BERKSHIRE HATHAWAY INC 4.3% MARKEL CORP 4.3 HCA HOLDINGS INC 4.2 LOWES COS INC 4.1 LIBERTY BROADBAND CORP 4.0 Number of Holdings: 31 * Sector weightings may not add up to 100% due to rounding. * Manager data represents the most current available at the time of report publication. * Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long enough track record is available from the index provider Fund Evaluation Group, LLC 23

33 WEDGE Capital Management Large Cap Value Universe For Report Periods Ending March 31, % 19% 14% - WEDGE Capital Management - Russell 1000 Value Index - S&P 500 Index % Return 9% 4% 5th 25th 50th Qtr FYTD 1Yr 3Yr 5Yr 7Yr 2/09-0.6% 11.3 % 14.6 % 10.3 % 12.7 % 12.1 % 18.1% th % 95th % Qtr FYTD 1Yr 3Yr 5Yr 7Yr 2/09-4.2% % % % % % % % Report From March 31, 2009 to March 31, Year Rolling Periods 25% 21% % Return 17% 13% 9% 5% 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/ Fund Evaluation Group, LLC 24

34 NewSouth SMID Value Summary of Performance and Statistics Report For Periods Ending March 31, 2018 Performance Results Qtr FYTD 1Yr 3Yr Inception Inception Date NewSouth SMID Value 1.4% 8.9% 6.8% 4.3% 6.0% 10/14 Russell 2500 Value Index Russell 2500 Index Risk Statistics ( 10/14) Beta Alpha R² Standard Deviation Tracking Error Information Ratio NewSouth SMID Value % % 6.7% -0.3 Russell 2500 Value Index Russell 2500 Index Portfolio Statistics Trailing P/E Trailing P/B Wtd Avg Mkt Cap Current Yield Equity Annual Turnover NewSouth SMID Value ,139.0M 0.9% 12.0% Russell 2500 Value Index , Russell 2500 Index , Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 1,252 $ 1,165 Net Contributions/(Distributions) $ 0 $ 0 Market Appreciation/(Depreciation) $ 17 $ 104 Ending Market Value $ 1,269 $ 1,269 * Risk Statistics are based on monthly data. * Manager data represents the most current available at the time of report publication Fund Evaluation Group, LLC 25

35 NewSouth SMID Value Equity Sector Report For Periods Ending March 31, 2018 Sector Allocation Healthcare Information Technology Financials Consumer Discretionary Utilities Industrials Consumer Staples Materials Telecommunication Services Real Estate Sector Weightings Market Total Returns Primary Sector Manager Benchmark 3 Months 12 Months Healthcare 7% 6% 2.7% 11.3% Information Technology Financials Consumer Discretionary Utilities Industrials Consumer Staples Materials Telecommunication Services Real Estate Energy Other Energy Top Five Holdings Weighting Other 0% 10% 20% 30% 40% 50% Manager Primary Benchmark Zebra Technologies Corp Cl A 6.6% Open Text Corp 6.5 Thermo Fisher Scientific Inc. 6.3 Aerojet Rocketdyne Holdings 5.7 CGI Group Inc - Class A 5.5 Number of Holdings: 23 * Sector weightings may not add up to 100% due to rounding. * Manager data represents the most current available at the time of report publication. * Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long enough track record is available from the index provider Fund Evaluation Group, LLC 26

36 NewSouth SMID Value Small-Mid Cap Value Universe For Report Periods Ending March 31, % 14% 10% - NewSouth SMID Value - Russell 2500 Value Index - Russell 2500 Index % Return 6% 2% 5th 25th 50th Qtr FYTD 1Yr 3Yr 10/ % 10.3 % 13.0 % 9.9 % 10.3% th % 95th % Qtr FYTD 1Yr 3Yr 10/14 1.4% % % % % % Report From December 31, 2014 to March 31, Year Rolling Periods 12% 10% % Return 8% 6% 4% 2% 12/17 3/ Fund Evaluation Group, LLC 27

37 Westfield Capital Management Summary of Performance and Statistics Report For Periods Ending March 31, 2018 Performance Results Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr Inception Inception Date Westfield Capital Management 3.9% 15.6% 19.7% 7.7% 12.3% 10.6% 10.5% 8.3% 5/01 Russell 2000 Growth Index Russell 2000 Index Risk Statistics (5 years) Beta Alpha R² Standard Deviation Tracking Error Information Ratio Westfield Capital Management % % 5.1% -0.1 Russell 2000 Growth Index Russell 2000 Index Portfolio Statistics Trailing P/E Trailing P/B Wtd Avg Mkt Cap Current Yield Equity Annual Turnover Westfield Capital Management ,742.0M 0.5% 72.6% Russell 2000 Growth Index , Russell 2000 Index , Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 1,822 $ 1,636 Net Contributions/(Distributions) $ 0 $ 0 Market Appreciation/(Depreciation) $ 70 $ 256 Ending Market Value $ 1,892 $ 1,892 * Risk Statistics are based on monthly data. * Manager data represents the most current available at the time of report publication Fund Evaluation Group, LLC 28

38 Westfield Capital Management Equity Sector Report For Periods Ending March 31, 2018 Sector Allocation Information Technology Healthcare Financials Materials Telecommunication Services Consumer Discretionary Industrials Consumer Staples Real Estate Utilities Sector Weightings Market Total Returns Primary Sector Manager Benchmark 3 Months 12 Months Information Technology 21% 25% 10.2% 24.5% Healthcare Financials Materials Telecommunication Services Consumer Discretionary Industrials Consumer Staples Real Estate Utilities Energy Other Energy Top Five Holdings Weighting Other 0% 5% 10% 15% 20% 25% 30% Manager Primary Benchmark Cash 4.1% Nektar 2.9 John Bean Technologies Corporation 2.6 RSP Permian, Inc. 2.5 Masimo Corporation 2.1 Number of Holdings: 76 * Sector weightings may not add up to 100% due to rounding. * Manager data represents the most current available at the time of report publication. * Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long enough track record is available from the index provider Fund Evaluation Group, LLC 29

39 Westfield Capital Management Small Cap Growth Universe For Report Periods Ending March 31, % 27% 21% - Westfield Capital Management - Russell 2000 Growth Index - Russell 2000 Index % Return 15% 9% 5th 25th 50th Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/ % 22.0 % 29.2 % 14.1 % 16.0 % 13.5 % 13.0 % 10.5% th % 95th % Qtr FYTD 1Yr 3Yr 5Yr 7Yr 10Yr 5/01 3.9% 15.6% 19.7% % 12.3% 10.6% 10.5% % % Report From March 31, 2002 to March 31, Year Rolling Periods 23% 16% % Return 9% 2% -5% -12% 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16 3/17 3/ Fund Evaluation Group, LLC 30

40 Vulcan Small Cap Value Summary of Performance and Statistics Report For Periods Ending March 31, 2018 Performance Results Qtr FYTD 1Yr Inception Inception Date Vulcan Small Cap Value 2.3% 6.1% 10.1% 7.3% 4/15 Russell 2000 Value Index Russell 2000 Index Risk Statistics ( 4/15) Beta Alpha R² Standard Deviation Tracking Error Information Ratio Vulcan Small Cap Value % % 7.1% -0.2 Russell 2000 Value Index Russell 2000 Index Portfolio Statistics Trailing P/E Trailing P/B Wtd Avg Mkt Cap Current Yield Equity Annual Turnover Vulcan Small Cap Value ,777.0M 1.5% 62.0% Russell 2000 Value Index , Russell 2000 Index , Asset Growth Summary (in thousands) Qtr FYTD Beginning Market Value $ 1,264 $ 1,219 Net Contributions/(Distributions) $ 0 $ 0 Market Appreciation/(Depreciation) $ 30 $ 75 Ending Market Value $ 1,294 $ 1,294 * Risk Statistics are based on monthly data. * Manager data represents the most current available at the time of report publication Fund Evaluation Group, LLC 31

41 Vulcan Small Cap Value Equity Sector Report For Periods Ending March 31, 2018 Sector Allocation Healthcare Financials Industrials Consumer Discretionary Information Technology Materials Utilities Consumer Staples Real Estate Telecommunication Services Sector Weightings Market Total Returns Primary Sector Manager Benchmark 3 Months 12 Months Healthcare 0% 7% 5.5% 24.8% Financials Industrials Consumer Discretionary Information Technology Materials Utilities Consumer Staples Real Estate Telecommunication Services Energy Other Energy Top Five Holdings Weighting Other 0% 5% 10% 15% 20% 25% 30% 35% Manager Primary Benchmark JONES LANG LASALLE INC 8.0% ASPEN INSURANCE HOLDINGS LTD 6.7 AXIS CAPITAL HOLDINGS LIMITED 6.1 NAVIGATORS GROUP INC 4.7 ACI WORLDWIDE INC 4.5 Number of Holdings: 34 * Sector weightings may not add up to 100% due to rounding. * Manager data represents the most current available at the time of report publication. * Effective 9/1/16 Real Estate was moved out from the Financials sector and was promoted to a standalone sector by the Global Industry Classification Standard (GICS). Performance will start being displayed when a long enough track record is available from the index provider Fund Evaluation Group, LLC 32

42 Vulcan Small Cap Value Small Cap Value Universe For Report Periods Ending March 31, % 13% 9% - Vulcan Small Cap Value - Russell 2000 Value Index - Russell 2000 Index % Return 5% 1% 5th 25th 50th Qtr FYTD 1Yr 4/ % 11.1 % 13.2 % 10.7% th % 95th % Qtr FYTD 1Yr 4/15 2.3% % % % % Report From June 30, 2015 to March 31, Year Rolling Periods 29% 20% % Return 11% 2% -7% -16% 6/16 9/16 12/16 3/17 6/17 9/17 12/17 3/ Fund Evaluation Group, LLC 33