Fixed Income Management - Garcia Hamilton & Associates · Organization 1 Asset Breakdown Founded in 1988. Firm is 100% employee-owned and certified as a MBE firm. Firm has 31 employees

Fixed Income ManagementQuarter Ended December 31, 2018

5 Houston Center1401 McKinney, Suite 1600

Houston, TX 77010Tel: (713) 853-2359Fax: (713) 853-2300

Ruby@GarciaHamiltonAssociates.comwww.GarciaHamiltonAssociates.com

Awards/rankings may not represent client experiences and are not indicative of future performance. Go to www.garciahamiltonassociates.com/awards/ for additional information on each award.

Presented By:

Gilbert A. Garcia, CFAManaging Partner

Ruby Muñoz DangPartner

Organization

1

Asset Breakdown

Founded in 1988. Firm is 100% employee-owned and certified as a MBE firm. Firm has 31 employees located in Houston, Texas. The 9 members of the fixed income investment team have 168 years combined investment experience and 76

years combined with the firm. Firm manages approximately $13 billion in assets under management. High quality fixed income strategies designed to prevent “negative surprises.” No litigation. No debt.

Data as of December 31, 2018

Other<1%

Mutual Fund7%

Corp Retirement5%

Insurance3%

Corp Non-Erisa9%

Endowment/Foundation

8%

Jointly Trusteed9%

Public59%

By Client

Fixed Income Aggregate

76%Fixed Income Short Duration

6%

Fixed Income Intermediate Govt/Credit

11%

Fixed Income Enhanced Cash

2%Fixed Income Intermediate Aggregate

3%

Other Fixed Income Products

2%

By Type

Partners

2

GILBERT ANDREW GARCIA, CFAManaging PartnerPortfolio ManagerBA: Yale UniversityYear Hired: 2002Industry Experience: 33 yrsOwnership: 36.4%

RUBY MUÑOZ DANGDirector of Marketing andClient Services

BA: University of Houston – Downtown

Year Hired: 1995Industry Experience: 25 yrsOwnership: 9.3%

NANCY RODRIGUEZPortfolio ManagerBS: University of HoustonYear Hired: 1998Industry Experience: 31 yrsOwnership: 5.3%

BENJAMIN D. MONKIEWICZPortfolio ManagerBA: Sam Houston State UniversityYear Hired: 2010Industry Experience: 8 yrsOwnership: 1.5%

GARY MONTGOMERYIT Systems AdministratorUniversity of Houston – Downtown Year Hired: 2007Industry Experience: 16 yrsOwnership: 1.5%

JANNA HAMILTONMarketing and Client ServicesBA: Florida Atlantic UniversityAIMSE: Wharton School of BusinessYear Hired: 1994Industry Experience: 38 yrsOwnership: 18.5%

KAREN H. TASS, CFAPortfolio ManagerBA: Texas A&M UniversityMBA: University of HoustonYear Hired: 2010Industry Experience: 13 yrsOwnership: 6.2%

BETH L. MCWILLIAMSChief Compliance OfficerPatricia Stevens Secretarial CollegeYear Hired: 1994Industry Experience: 37 yrsOwnership: 5.0%

JEFFREY D. DETWILER, CFA, AAMSPortfolio ManagerBS: University of South FloridaMS: University of HoustonYear Hired: 2007Industry Experience: 22 yrsOwnership: 2.0%

STEPHANIE J. ROBERTSMarketing and Client ServicesBBA: Texas Southern UniversityYear Hired: 2000Industry Experience: 22 yrsOwnership: 7.3%

KEVIN LUNDAY, CPAChief Operating OfficerBBA: Texas Tech UniversityYear Hired: 2007Industry Experience: 17 yrsOwnership: 7.0%

Fixed Income Investment Team

3

GILBERT ANDREW GARCIA, CFAManaging PartnerPortfolio ManagerBA: Yale UniversityYear Hired: 2002Industry Experience: 33 yrs

KAREN H. TASS, CFAPartnerPortfolio ManagerBA: Texas A&M UniversityMBA: University of HoustonYear Hired: 2010Industry Experience: 13 yrsCoverage: Corporates

JEFFREY D. DETWILER, CFA, AAMSPartnerPortfolio ManagerBS: University of South FloridaMS: University of HoustonYear Hired: 2007Industry Experience: 22 yrsCoverage: Short Term

BENJAMIN D. MONKIEWICZPartnerPortfolio ManagerBA: Sam Houston State UniversityYear Hired: 2010Industry Experience: 8 yrsCoverage: MBS/Agencies

REESE WELLERInvestment AnalystBA: Texas Tech University Year Hired: 2017Industry Experience: 18 yrs

YVETTE M. DUEÑASInvestment Analyst BBA: University of Incarnate Word MBA: Our Lady of the Lake University Year Hired: 2016Industry Experience: 11 yrs

CONNIE FALCON DAVISInvestment AssociateBS: University of HoustonYear Hired: 2012Industry Experience: 6 yrsCoverage: Analytics

DON ELSENBROCKPortfolio Manager/ StrategistBS: University of HoustonMA: University of HoustonYear Hired: 2014Industry Experience: 26 yrsCoverage: Strategist/ Short Term

NANCY RODRIGUEZPartnerPortfolio ManagerBS: University of HoustonYear Hired: 1998Industry Experience: 31 yrsCoverage: Team Oversight

Firm Professionals

REGINA PERKINSOperations ManagerSan Antonio Community College Year Hired: 2003Industry Experience: 15 yrs

GARY MONTGOMERYIT Systems AdministratorUniversity of Houston – Downtown Year Hired: 2007Industry Experience: 16 yrs

MORGAN DOYLEClient Relations Manager BS: University of TexasYear Hired: 2014Industry Experience: 4 yrs

JASON SIMPSONMarketing AssociateBA: Texas Tech University Year Hired: 2017Industry Experience: 11 yrs

BRIAN SIMON Marketing AssociateBA: Morehouse CollegeMBA: University of Houston-Victoria Year Hired: 2003-2007, 2018Industry Experience: 20 yrs

4

Public Funds City of Lakeland, FL City of Sarasota Police, FL FSM Development Bank, FM Board of Higher Education and Ministry, District 1199J New Jersey Healthcare City of Annapolis Police and Fire, MD Lantana FF, FL City of Sebring Police, FL John P. McGovern Museum of Health & The United Methodist Church, TN Employers, NJAddison Police, IL Lantana Police Relief, FL City of St. Cloud Police & GE, FL Medical Science, TX The Boyd and Joan Kelley Charitable IBEW Local Union #129, OH Arkansas State Highway Employees, AR Lemont Police, IL City of St. Louis FF, MO KEW Management Investor, NY Foundation, TX IBEW Local Union #351, NJArkansas Local Police & Fire, AR Macon-Bibb County, GA St. Petersburg Police, FL Maryland Insurance Trust, MD Briarwood-Brookwood, Inc., TX Indiana Electrical Workers Pension Buffalo Grove Police, IL Marianas Public Land Trust, MP South Walton Fire Control District FF, FL The Medical Foundation of North Caribbean Biodiversity Fund, UK Trust, IDCity of Atlanta GE, GA Medford Retirement System, MA State Universities RS, IL Carolina, NC Catholic Community Foundation of MARTA/ATU Local 732, GA

City of Atlanta Police & Fire, GA Metropolitan Water Reclamation City of Sunrise Police, FL Micronesia Conservation Trust, FM Minnesota, MN Palm Tran, Inc./ATU Local 1577, GA

Town of Bay Harbor Islands GE, FL District, IL City of Tamarac FF, FL Operators Reinsurance Company, CI Catholic Foundation of Oklahoma, OK Plumbers Local Union #68, TXCity of Bloomington Police, IL City of Melbourne Police & FF, FL City of Tarpon Springs Police, FL Pacific Indemnity Insurance Company, GU Children's Home Foundation, TX Sacramento Area Electrical Workers, CACity of Boynton Beach GE, FL Miami GE' & Sanitation ERS, FL Teachers’ Retirement System, IL Paradigm Indemnity Corporation, OR Children’s Home Society of Florida, FL San Mateo HERE, CACity of Cape Coral Police & FF, FL City of Miramar Police, FL City of Temple Terrace Police & FF, FL Pheasants Forever, MN The Community Foundation for Service Employees International Union Chicago FF Annuity & Benefit, IL Municipality Of Anchorage, AK City of Taylor GE Retirement System, MI Roman Catholic Archdiocese of Atlanta, GA Northeast Florida Inc., FL Health And Welfare Fund, DCChicago Municipal Annunity & Benefit, IL MWRA Employees' RS, MA Village of Tequesta Public Safety Russell Hill Rogers Fund for the Arts, TX E. Rhodes and Leona B. Carpenter Sheet Metal, Air, Rail, and TransportationChicago Public Schools, IL NC Association of County Officers, FL Specialty Equipment Market Assoc., CA Foundation, PA Association Local #33, OHChicago Transit Authority, IL Commissioners, NC City of Titusville Police & FF, FL Stetson University, Inc., FL Embry Riddle Aeronautical University, FL Sheet Metal Workers Health Plan, CA Colorado FF & Police, CO NC League of Municipalities, NC Utrik Atoll, Marshall Islands (MH) Strategic Investment Fund for La Raza, DC Florida A&M University Foundation, FL Teamsters Union Local NO. 35, NJCollege of Micronesia Land Grant, FM City of New Port Richey Police, FL City of Venice FF, FL St. Ignatius College Prep, IL Fort Hays State University, KS WMATA/ Local 922 Retirement Plan, DC City of Coral Springs FF, FL City of North Miami Beach GE, FL City of Venice Police, FL Sweeny Community Hospital, TX Gilbert Family Foundation, MICity of Coral Springs Police, FL City of North Miami Beach Police & FF, FL City of Vero Beach Police, FL Takecare Insurance Risk Management Greater Milwaukee Foundation, MI OtherCity of Corpus Christi FF, TX City of North Miami GE, FL City of West Melbourne Police, FL Services, GU Guam Community College American Beacon Garcia Hamilton Quality Cook County Employees' & Officers' City of North Miami Police, FL City of West Palm Beach Police, FL Terrapin Insurance Company, CI Foundation, GU Bond Fund (Mutual Fund), TX

Annuity & Benefit, IL City of North Port Police, FL City of West Palm Beach GE, FL The Widows Corporation, PA Hartford Foundation for Public Giving, CT Bivium Capital Partners, LLC, CADallas Area Rapid Transit, TX Northern Marianas College, MP City of West Palm Beach FF, FL The Walters Art Gallery, MD Heartspring Methodist Foundation, TX Progress Investment Management, CADFW International Airport, TX City of Oakland Park Police & FF, FL City of Wilton Manors Police & GE, FL University Athletic Association, Inc., GA International Retinal Research Town of Davie Police, FL City of Ocoee Police & FF, FL City of Winston-Salem, NC University of Maryland Medical System Foundation Inc., ALTown of Davie FF, FL Oklahoma FF, OK City of Winter Garden GE, Police & FF, FL Pool, MD Jewish Senior Life Foundation, NYCity of DeLand Police, FL Town of Orange Park Police, FL City of Winter Haven Police, FL United Regional Health Care System, TX Louisiana Baptist Foundation, LADelray Beach Police, FF & GE, FL City of Ormond Beach Police, GE & FF, FL Yap State Trust Fund, FM Marin Community Foundation, CACity of Deerfield Beach Police, FL City of Palm Beach Gardens FF, FL Yorktown Independent School District, TX Corporate ERISA McDaniel College, Inc., MDCity of Deerfield Beach FF, FL Palm Beach County FF, FL Atmos Energy Corporation, TX Medical University of South Carolina Dukes County, MA Town of Palm Beach, FL Corporate Non-ERISA D.W. McMillan Hospital/ Escambia Foundation, SC El Paso County Retirement, CO Village of Palm Springs Police & GE, FL Air Force Association, VA County Healthcare, AL Midwestern State University Foundation, TXEmployees of H.N.S. Management, CT City of Pembroke Pines OPEB Trust, FL American Baptist Home Mission Dimension Assurance LTD, CI Seattle Foundation, WA

ERS of Baltimore County, MD City of Pensacola GE & FF, FL Society, PA Dimensions Health Corporation Pension San Francisco Foundation, CA

ERF of the City of Dallas, TX City of Pinellas Park Police & GE, FL American Speech-Language-Hearing Plan, MD Sarah Campbell Blaffer Foundation, TX

Englewood FF, FL Philadelphia Gas Works, PA Association, MD Integris Health, Inc., OK Shelby County Community Health

City of Evanston Police, IL City of Plantation Police, FL American Quarter Horse Association, TX Millers Group, TX Foundation, ALFairfax County Uniformed RS, VA City of Pontiac Police & FF, MI AOA Deposit and Loan Fund, GA Nissan Motor Co., Ltd., TN Silicon Valley Community Foundation, CAFSM Social Security Administration, FM Prince George’s County Police & FF, MD Archdiocese of Portland, OR Operators Reinsurance Company, KY Southern Baptist Foundation, TNCity of Ft. Walton Beach GE, FL Prince William County Police, VA Attorney’s Liability Assurance Society, IL Roman Catholic Archdiocese of Atlanta, GA Tallahassee Memorial HealthCare City of Ft. Walton Beach Police, FL City of Punta Gorda Police & GE, FL Banner Health, AZ RPC, Inc., GA Foundation, FLCity of Ft. Walton Beach FF, FL Rantoul Police, IL Baptist Health Assets, AR STP Nuclear Operation Company, TX United Methodist Foundation, NCGovernment of Guam, GU Republic of Palau Civil Service Bethesda Inc., OH Sulzer Pumps (US) Inc., TX University of Guam Endowment, GUGreater Orlando Aviation Authority, FL Republic of Palau COFA Trust Fund Brazosport Regional Health System, TX University Athletic Association, GA University of Hartford, CTCity of Hialeah FF, FL River Forest Police, IL Catholic Education of North Georgia, GA University of Maryland Medical System Westminister Canterbury, VACity of Hollywood FF, FL City of Riviera Beach Police, FL Century Insurance Company, GU Trust, MD White’s Residential & Family Services, IN City of Hollywood Police, FL Road Commission for Oakland County, MI Church Extension Fund of the Michigan Wichita Falls Area Community Foundation,Illinois State Board of Investments, IL Retiree Health Care Trust, MI District, MI Endowments/Foundations TXIllinois Student Assistance Commission, IL City of Roanoke, VA City Public Service Decommissioning Arkansas State University Foundation, AR Xavier University of Louisiana, LA Jackson County GE, MI City of Rockledge Police, GE & FF, FL Trust, TX Arkansas Tech University Foundation, ARCity of Jacksonville Beach ERS, FL City of Sanford FF, FL Crime Stoppers of Houston, TX Baptist Health Foundation of Taft – Hartley & UnionCity of Lake Worth FF, FL City of Sanford Police, FL District of Columbia Bar, DC San Antonio, TX Bricklayers of Indiana, IN

5

Representative Client List

Clients who have retained GH&A for 10 years or more are noted in green. This representative client list is provided for informational purposes only and should not be construed as an endorsement of ourservices. These clients were chosen for name recognition and may be invested in products other than those included in the presentation.

Investment Goal

Investment Goal

Our goal is to outperform the benchmark, net of fees, over a full market cycle using a high quality strategy with less risk, and low turnover. By setting realistic expectations, we avoid taking unnecessary risks.

Achieving our goal is centered around several core principles:

Preserve Principal

Maintain Liquidity

Provide High Current Income

Key Tools:

Sector Rotation

Controlled Interest Rate Anticipation

Yield Curve Positioning

6

Investment Style

High QualityPortfolio Dominated by U.S. Treasuries, Agency Debentures and Agency15-Year MBS

Corporate Securities Rated A or BetterSpread Product Exclusively in the Short to Intermediate Maturities to Reduce Volatility

No Big SurprisesNo Foreign Bonds/Yankees

No BBB Rated SecuritiesNo Sin Names - Tobacco, Gambling, Alcohol

No DerivativesNo Leverage/ Dollar Rolls

No Pricing OverridesMaintain a Manageable Number of Securities

No Soft Dollars

FlexibilityActively Rotating Sectors

Actively Managing Yield CurveExploiting Smaller Markets

Risk ControlsPercentage Sector Allocation, Duration Contribution by Sector, Credit Reviews, Yield Curve,

Performance Attribution, and Peer Group Performance Monitoring7

Portfolio Construction

8

Source Ideas for Key Rate Durations

Economic Outlook

Rates Spreads Fed Activity

Yield Curve

Barbelled Neutral Bulleted

Sectors

Treasuries Spread Product

Duration*

Long 10% Neutral Short 10%

*The firm normally operates in a duration range of +/- 10% of the benchmark index. In extreme market environments, the firm operates in a duration range of +/- 25%.

Fixed Income Aggregate Composite Returns

9

QTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception*

GH&A Gross of Fees 1.16% 0.98% 2.39% 2.65% 3.33% 3.85% 5.23% 5.31% 6.15%

GH&A Net of Fees 1.12% 0.81% 2.21% 2.47% 3.14% 3.65% 5.03% 5.11% 5.91%

Bloomberg Barclays Aggregate 1.64% 0.01% 1.76% 2.05% 2.52% 2.10% 3.48% 3.86% 5.34%

0%

1%

2%

3%

4%

5%

6%

7%

*Inception December 31, 1991. Periods longer than 12 months are annualized

Preliminary


Preliminary

Comparative Annualized Rates of Return For periods ending December 31, 2018Preliminary

Source: Barclays Live

Additional information is in the performance disclosure.

The percent weights shown are those of an actual portfolio that is representative of this strategy. The percent weights may vary depending on the dates shown as well as client-imposed restrictions, cash flows, etc.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Cash

MBS

Agcy

Trsy

Corp

10

Fixed Income Aggregate Historical Sector Weightings

We were underweight corporates as we saw no value

Started addingcorporatesafter Bear Stearns

Reduced corporates as spreads narrowed and money supply suggested that economic activity would begin to slow

Increased financials in anticipation of a Trump victory

December 31, 2018

Increased

corporates

significantly

because of

historically wide

spreads/value and

“too big to fail”

Fixed Income Intermediate Govt./Credit Composite Returns

11

QTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 7 Yrs 10 Yrs 15 Yrs Inception*

GH&A Gross of Fees 1.29% 1.33% 1.79% 2.23% 2.57% 3.35% 4.50% 4.62% 6.50%

GH&A Net of Fees 1.24% 1.14% 1.59% 2.02% 2.36% 3.13% 4.26% 4.33% 6.11%

Bloomberg Barclays Int. Gov/Credit 1.65% 0.88% 1.51% 1.70% 1.85% 1.75% 2.90% 3.34% 5.57%

0%

1%

2%

3%

4%

5%

6%

7%

*Inception June 30, 1988. Periods longer than 12 months are annualized

Preliminary


Preliminary

Comparative Annualized Rates of Return For periods ending December 31, 2018Preliminary



Fixed Income Short Duration Oppt. Composite Returns

12

QTD 1 Yr 2 Yrs 3 Yrs 5 Yrs 7 Yrs Inception*

GH&A Gross of Fees 0.59% 1.60% 1.57% 1.85% 1.77% 2.16% 2.78%

GH&A Net of Fees 0.56% 1.46% 1.43% 1.73% 1.65% 2.02% 2.62%

Bloomberg Barclays 1-3 Year Govt. 1.31% 1.58% 1.01% 0.96% 0.82% 0.71% 1.03%

0%

1%

2%

3%

*Inception March 31, 2009. Periods longer than 12 months are annualized.

Preliminary

PreliminaryPreliminary




Comparative Annualized Rates of Return For periods ending December 31, 2018

13

QTD YTD 1 Year 2 Years 3 Years 5 Years 7 Years 10

Years 15

Years Inception

to Date#

PortfoliosAssets in Millions

Short Duration Government – Gross of Fees*Inception December 2003 0.59% 1.60% 1.60% 1.52% 1.66% 1.50% 1.34% 1.78% 2.80% 2.80% 2 68

Short Duration Government – Net of Fees 0.55% 1.46% 1.46% 1.38% 1.52% 1.37% 1.21% 1.65% 2.66% 2.66% 2 68

Bloomberg Barclays 1-3 Year Govt. 1.31% 1.58% 1.58% 1.01% 0.96% 0.82% 0.71% 1.03% 2.05% 2.05% N/A N/A

Intermediate Aggregate – Gross of Fees*Inception December 2007 1.50% 1.60% 1.60% 1.91% 2.34% 2.80% 3.40% 4.63% N/A 4.69% 23 379

Intermediate Aggregate – Net of Fees 1.47% 1.40% 1.40% 1.71% 2.13% 2.60% 3.19% 4.41% N/A 4.47% 23 379

Bloomberg Barclays Intermediate Aggregate 1.80% 0.92% 0.92% 1.59% 1.72% 2.09% 1.85% 3.13% N/A 3.29% N/A N/A

Government /Credit – Gross of Fees*Inception December 2004 1.31% 0.58% 0.58% 2.39% 2.58% 3.37% 3.96% 5.06% N/A 5.19% 5 163

Government /Credit – Net of Fees 1.25% 0.37% 0.37% 2.18% 2.37% 3.15% 3.74% 4.81% N/A 4.96% 5 163

Bloomberg Barclays Govt./Credit 1.46% -0.42% -0.42% 1.77% 2.19% 2.53% 2.14% 3.46% N/A 3.82% N/A N/A

Short Duration Govt./Credit – Gross of Fees*Inception September 2013 0.72% 1.82% 1.82% 1.73% 2.02% 1.83% N/A N/A N/A 1.87% 4 396

Short Duration Govt./Credit – Net of Fees 0.69% 1.73% 1.73% 1.65% 1.94% 1.76% N/A N/A N/A 1.79% 4 396

Bloomberg Barclays 1-3 Year Govt./Credit 1.18% 1.60% 1.60% 1.22% 1.24% 1.03% N/A N/A N/A 1.01% N/A N/A

Unconstrained Bond – Gross of Fees*Inception March 2009 0.44% 1.54% 1.54% 1.55% 2.07% 2.13% 3.44% N/A N/A 5.07% 2 5

Unconstrained Bond – Net of Fees 0.38% 1.31% 1.31% 1.31% 1.81% 1.86% 3.17% N/A N/A 4.79% 2 5

Bloomberg Barclays U.S. Treasury Bellwether 3-Month 0.57% 1.89% 1.89% 1.38% 1.03% 0.64% 0.49% N/A N/A 0.40% N/A N/A

Comparative Annualized Rates of Return – Preliminary

Periods longer than 12 months are annualized.

Fixed Income Composite Performance Summary


For periods ending December 31, 2018

14

Diversity

Our firm directly supports numerous minority organizations in the community

•Our Managing Partner, Gilbert Garcia, serves as a member of the SEC Fixed Income Market Structure Advisory Committee•Our Managing Partner, Gilbert Garcia, serves as trustee on the Dallas Police and Fire Pension System Board of Trustees•Our Managing Partner, Gilbert Garcia, served as Chairman of the Metropolitan Transit Authority of Harris County Board for six years•Our Managing Partner, Gilbert Garcia, was the 2012 Houston Area Urban League Gala Honorary Chair•Our Managing Partner, Gilbert Garcia, was a co-chair of the 103rd NAACP National Convention •Our Managing Partner, Gilbert Garcia, served as a trustee on the Houston Municipal Employees Pension System Board of Trustees•Our Partner and Director of Marketing and Client Services, Ruby Muñoz Dang, served as Trustee for the METRO Texas Non-Union Pension Plan•Our Managing Partner, Gilbert Garcia, was awarded Houston Hispanic Chamber Male Entrepreneur of the Year

Community Service

•National Association of Securities Professionals is a non-profit association of professionals that brings together minorities and women in the fields of asset management, public finance, investment banking, and other finance professions

•Our Partner, Stephanie Roberts, is highly involved with the organization and recently started the Texas chapter

NASP

•SEO is a non-profit organization that mentors young women and minority individuals in the development of careers in investment banking, corporate law, and other leading global companies

•Mr. Garcia is the longest serving board member (since 1988), He conducts interviews for candidates in our offices for placement within investment companies in New York

•Mr. Garcia was awarded the SEO Alumni Leadership Award at the 2015 Awards Dinner in New York City; Other honorees included Michael R. Bloomberg, three-term Mayor of New York City and Founder of Bloomberg LP & Bloomberg Philanthropies, and David M. Rubenstein, Co-Founder & Co-CEO of The Carlyle Group

SEO

•The League of United Latin American Citizens is a non-profit organization created to advance the economic condition, educational attainment, political influence, housing, health and civil rights of the Hispanic population of the United States

LULAC

Diversity is a central theme throughout the entire firm •Certified as a MBE in several states •Almost 91% of the firm owned by minority and female partners•59% owned by minority partners and 55% owned by Hispanic partners•84% of employees are ethnic minorities and women•Executed over 60% of brokerage volume with MBE/MWBE/veteran firms over the past several years•We also work with many minority and women-owned vendors in the areas of:•Office Supplies, Temporary Staffing Services, Travel, Accounting, Auditors

•The firm has a summer internship program for minority undergraduate and high school students •We support and promote the LGBT community

GH&A Giving Back

15

Over

Since 2014Donated

$1 Million

Performance DisclosureFIXED INCOME – AGGREGATE COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End

Annual Composite Performance Results Standard Deviation (3-yr)* Composite Assets Firm Assets

Gross Composite Total Return

(% US$)

Net Composite Total Return

(% US$)

Bloomberg Barclays

Aggregate Index Return (%)

Composite Dispersion

(%) Composite

(%)

Bloomberg Barclays

Aggregate Index (%)

Number of Portfolios

Composite Assets Period End (US$ mil)

Total Firm Assets Period End (US$ mil)

% of Firm Assets

1992 8.2 7.8 7.4 NM - - 2 35 470 7 1993 10.8 10.4 9.8 NM - - 3 62 741 8 1994 -3.3 -3.8 -2.9 NM - - 3 60 1,079 6 1995 18.8 18.5 18.5 NM - - 4 89 1,490 6 1996 3.3 3.1 3.6 NM - - 3 84 1,785 5 1997 8.9 8.7 9.7 NM - - 3 107 2,219 5 1998 9.8 9.5 8.7 NM - - 3 117 3,543 3 1999 -2.1 -2.3 -0.8 NM - - 4 127 3,893 3 2000 11.8 11.6 11.6 NM - - 3 102 3,704 3 2001 7.9 7.7 8.4 NM - - 3 99 3,496 3 2002 10.4 10.2 10.3 NM - - 3 85 3,280 3 2003 4.1 3.9 4.1 NM - - 3 88 4,628 2 2004 4.9 4.8 4.3 NM - - 4 98 4,710 2 2005 3.8 3.6 2.4 NM - - 4 121 4,152 3 2006 4.2 4.0 4.3 NM - - 4 126 3,025 4 2007 8.6 8.4 7.0 0.1 - - 6 184 2,215 8 2008 5.9 5.7 5.2 0.2 - - 9 248 1,538 16 2009 12.1 11.9 5.9 1.7 - - 16 419 1,939 22 2010 8.2 8.0 6.5 0.4 - - 27 653 2,382 27 2011 5.3 5.1 7.8 0.3 3.5 2.8 42 983 2,704 36 2012 10.5 10.3 4.2 0.2 3.1 2.4 47 1,084 3,227 34 2013 0.1 -0.1 -2.0 0.2 3.4 2.7 59 1,372 3,387 40 2014 8.0 7.8 6.0 0.2 2.8 2.6 111 2,485 4,962 50 2015 0.8 0.7 0.6 0.1 3.2 2.9 146 3,768 6,340 59 2016 3.2 3.0 2.7 0.1 3.3 3.0 168 5,080 8,016 63 2017 3.8 3.6 3.5 0.1 3.1 2.8 185 7,135 10,071 71

*Historical information not required prior to 2011. NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. Source: Barclays Live

The GH&A Fixed Income-Aggregate Composite is comprised only of fully discretionary, fee paying institutional portfolios, including those portfolios no longer with the firm. The Fixed Income-Aggregate investment philosophy utilizes high-quality U.S. investment grade fixed income securities. To help control risk, the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities, 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single “A”. The portfolios do not contain derivatives and do not employ leverage. The duration exposure is generally managed within a +/- 10% band around the Bloomberg Barclays Aggregate Index.

The composite benchmark is the Bloomberg Barclays Aggregate Index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. For the period of January 1, 1992, through June 30, 1996, the minimum portfolio size for inclusion in the composite was $1.0 million. Effective July 1, 1996 the minimum for inclusion in the composite was increased to $2.0 million. The composite creation date is October 1, 1999.

Garcia Hamilton & Associates, L.P. (GH&A) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. GH&A has been independently verified for the periods January 1, 1993 through December 31, 2015 by Ashland Partners & Company LLP and from January 1, 2016 through December 31, 2016 by ACA Performance Services, LLC. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

GH&A is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30, 2010, was known as Davis Hamilton Jackson & Associates. GH&A has chosen not to claim compliance prior January 1, 1993. A complete list and description of firm composites is available upon request. Past performance is no guarantee of future results.

The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. Net of fee results are calculated for the period of December 31, 1991 through December 31, 1994 by deducting the highest fee of .0375% from the monthly gross composite returns. Since January 1, 1995, the net of fees performance results are calculated based on actual fees. The management fee schedule for this composite is as follows: 0.25% of the first $25 million, 0.20% of the next $25 million, 0.18% of the next $50 million, 0.15% of the next $100 million, and 0.12% of the balance. Actual investment advisory fees incurred by clients may vary.

Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite dispersion since January 1, 1993, is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year. Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end.

Performance DisclosureFIXED INCOME – INTERMEDIATE GOVERNMENT/ CREDIT COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End

Annual Composite Performance Results Standard Deviation (3-yr)** Composite Assets Firm Assets


(% US$)


(% US$)

Bloomberg Barclays Intermediate Gov’t/Credit

Index Return (%)


(%) Composite

(%)

Bloomberg Barclays Intermediate Gov’t/Credit

Index (%) Number of Portfolios


Total Firm Assets

Period End (US$ mil)

% of Firm Assets

1988* 2.4 2.3 2.3 NM - - 1 30 80 38 1989 15.8 15.2 12.8 NM - - 2 31 157 20 1990 10.3 9.8 9.2 NM - - 5 37 207 18 1991 17.9 17.3 14.7 NM - - 5 66 311 21 1992 7.9 7.4 7.2 0.3 - - 7 85 470 18 1993 11.4 10.9 8.8 NM - - 1 7 741 1 1994 -3.8 -4.3 -1.9 NM - - 4 38 1,079 4 1995 16.7 16.1 15.3 NM - - 3 42 1,490 3 1996 4.0 3.5 4.1 0.1 - - 11 84 1,785 5 1997 7.9 7.4 7.9 0.1 - - 14 289 2,219 13 1998 8.6 8.1 8.4 0.2 - - 15 400 3,543 11 1999 -0.1 -0.6 0.4 0.4 - - 12 284 3,893 7 2000 10.5 9.9 10.1 0.2 - - 11 189 3,704 5 2001 8.7 8.2 9.0 0.3 - - 11 172 3,496 5 2002 9.8 9.3 9.8 0.2 - - 9 154 3,280 5 2003 4.2 3.7 4.3 0.3 - - 12 166 4,628 4 2004 3.9 3.4 3.0 0.2 - - 14 223 4,710 5 2005 2.4 1.9 1.6 0.1 - - 18 294 4,152 7 2006 4.4 4.1 4.1 0.1 - - 18 307 3,025 10 2007 8.3 8.0 7.4 0.1 - - 19 340 2,215 15 2008 5.4 5.1 5.1 0.2 - - 19 269 1,538 17 2009 10.9 10.6 5.2 0.5 - - 28 443 1,939 23 2010 7.3 7.1 5.9 0.2 - - 32 495 2,382 21 2011 3.7 3.4 5.8 0.1 3.5 2.6 34 623 2,704 23 2012 9.6 9.4 3.9 0.2 3.2 2.2 34 651 3,227 20 2013 1.2 1.0 -0.9 0.2 3.3 2.1 32 556 3,387 16 2014 4.7 4.5 3.1 0.2 2.4 1.9 38 774 4,962 16 2015 1.5 1.3 1.1 0.1 2.3 2.1 42 825 6,340 13 2016 3.1 2.9 2.1 0.2 2.4 2.2 48 1,057 8,016 13 2017 2.3 2.1 2.1 0.1 2.2 2.1 51 1,145 10,071 11

*Inception (7/1/88) through 12/31/88. **Historical information not required prior to 2011. NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. Source: Barclays Live

The GH&A Fixed Income-Intermediate Composite is comprised only of fully discretionary, fee paying institutional portfolios, including those portfolios no longer with the firm. The Fixed Income-Intermediate investment philosophy utilizes high-quality U.S. investment grade fixed income securities. To help control risk, the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities, 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single “A”. The portfolios do not contain derivatives and do not employ leverage. The duration exposure is generally managed within a +/- 10% band around the Bloomberg Barclays Intermediate Government/Credit Index.

The composite benchmark is the Bloomberg Barclays Intermediate Government/Credit Index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. For the period of July 1, 1988, through June 30, 1996, the minimum portfolio size for inclusion in the composite was $1.0 million. Effective July 1, 1996 the minimum for inclusion in the composite was increased to $2.0 million. The composite creation date is July 1, 1988.



The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. For the period of July 1, 1988, through December 31, 2005, net of fees results are calculated by deducting the highest fee of 0.12% on a quarterly basis from the monthly gross composite returns and for the period of December 31, 2005 through December 31, 2016 by deducting the highest fee of 0.07% on a quarterly basis from the monthly gross composite returns. Since January 1, 2010, the net of fees performance results are calculated based on actual fees. The management fee schedule for this composite is as follows: 0.25% of the first $25million, 0.20% of the next $25 million, 0.16% of the next $50 million, 0.14% of the next $100 million, and 0.10% of the balance. Actual investment advisory fees incurred by clients may vary.

Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliance presentations are available upon request. Composite dispersion for the period of July 1, 1988, through December 31, 1992, was an equal-weighted standard deviation. Composite dispersion since January 1, 1993, is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year. Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end.

Performance DisclosureFIXED INCOME – SHORT DURATION OPPORTUNISTIC COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End

Annual Composite Performance Results Standard Deviation (3-yr)** Composite Assets Firm Assets

Gross Composite

Total Return (% US$)


(% US$)

Bloomberg Barclays

1-3 Year Gov’t Index Return

(%)


(%) Composite

(%)

Bloomberg Barclays

1-3 Year Gov’t Index (%)



Total Firm Assets


% of Firm Assets

2009* 6.4 6.3 1.1 NM - - 1 80 1,939 4 2010 3.2 3.0 2.4 NM - - 2 72 2,382 3 2011 2.5 2.2 1.6 NM - - 2 74 2,704 3 2012 5.2 5.0 0.5 0.1 1.3 0.7 6 196 3,227 6 2013 1.2 1.0 0.4 NM 1.4 0.5 2 27 3,387 1 2014 2.1 1.9 0.6 NM 1.2 0.4 2 27 4,962 1 2015 1.2 1.2 0.6 NM 1.2 0.6 1 1 6,340 <1 2016 2.4 2.3 0.9 NM 1.1 0.8 3 40 8,016 1 2017 1.6 1.4 0.5 NM 1.0 0.8 1 29 10,071 <1

*Inception (4/1/09) through 12/31/09. **Historical information not required prior to 2011. NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. Source: Barclays Live

The GH&A Fixed Income-Short Duration Opportunistic Composite is comprised only of fully discretionary, fee paying institutional portfolios, including those portfolios no longer with the firm. The Fixed Income-Short Duration Opportunistic investment product utilizes high-quality securities managed with an overall duration exposure roughly equal to the duration of the Bloomberg Barclays 1-3 Year Government Index. The portfolios generally utilize Treasuries, Federal Agency debentures and Agency-Guaranteed 15-year Mortgage-Backed securities. The portfolios may invest opportunistically in high quality domestic Corporate Bonds rated a minimum of single “A”. The portfolios do not contain derivatives and do not employ leverage.

The composite benchmark is the Bloomberg Barclays 1-3 Year Government Index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. For the period of April 1, 2009 to date, the minimum portfolio size for inclusion in the composite was $1.0 million. The composite creation date is January 1, 2010.


GH&A is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30, 2010, was known as Davis Hamilton Jackson & Associates, L.P. GH&A has chosen not to claim compliance prior to January 1, 1993. A complete list and description of firm composites is available upon request. Past performance is no guarantee of future results.

The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. The net of fees performance results are calculated based on actual fees and include incentive fees that are entered when earned. The management fee schedule for this composite is as follows: 0.16% of the first $25 million, 0.14% of the next $25 million, 0.12% of the next $50 million, 0.11% of the next $100 million, and 0.10% of the balance. In addition, some clients pay a percentage of annual outperformance of the portfolio versus the benchmark as agreed in the client specific fee schedule. Actual investment advisory fees incurred by clients may vary.

Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year. Standard deviation is presented as a 3-year annualized standard deviation measure of risk using monthly gross returns as of each annual period end.

Performance DisclosureFIXED INCOME – SHORT DURATION GOVERNMENT COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End



(% US$)


(% US$)

Bloomberg Barclays

1-3 Year Gov’t Index Return (%)


(%) Composite

(%)

Bloomberg Barclays

1-3 Year Gov’t Index (%)



Total Firm Assets


% of Firm Assets

2004 2.9 2.7 1.1 NM - - 1 22 4,710 < 1 2005 2.6 2.5 1.7 NM - - 1 42 4,152 < 1 2006 4.6 4.5 4.1 NM - - 1 44 3,025 1 2007 7.1 6.9 7.1 NM - - 1 47 2,215 2 2008 7.3 7.1 6.7 NM - - 1 50 1,538 3 2009 2.3 2.2 1.4 NM - - 1 51 1,939 3 2010 2.8 2.7 2.4 NM - - 1 56 2,382 2 2011 3.3 3.1 1.6 NM 1.2 1.0 1 56 2,704 2 2012 1.5 1.3 0.5 NM 1.0 0.7 1 29 3,227 < 1 2013 0.4 0.3 0.4 NM 0.9 0.5 2 64 3,387 2 2014 1.5 1.4 0.6 NM 0.9 0.4 1 55 4,962 1 2015 1.1 0.9 0.6 NM 1.1 0.6 1 55 6,340 1 2016 1.9 1.8 0.9 NM 1.1 0.8 1 56 8,016 1 2017 1.4 1.3 0.5 NM 1.0 0.8 2 67 10,071 1


The GH&A Fixed Income-Short Duration Government Composite is comprised only of fully discretionary, fee paying institutional portfolios, including those portfolios no longer with the firm. The Fixed Income-Short Duration Government investment philosophy utilizes high-quality U.S. investment grade fixed income securities. To help control risk, the portfolios purchase Treasuries, Federal Agency debentures and Agency-Guaranteed Mortgage-Backed securities. The portfolios do not contain derivatives and do not employ leverage. The duration exposure is generally managed equal to the duration of the Bloomberg Barclays 1-3 Year Government Index.

The composite benchmark is the Bloomberg Barclays 1-3 Year Government Index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. For the period of January 1, 2004 to date, the minimum portfolio size for inclusion in the composite was $2.0 million. The composite creation date is October 1, 2004.



The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. Net of fees performance results are calculated based on actual fees. The management fee schedule for this composite is as follows: 0.14% of the first $25 million, 0.12% of the next $25 million, and 0.10% of the balance. Actual investment advisory fees incurred by clients may vary.


Performance DisclosureFIXED INCOME - INTERMEDIATE AGGREGATE COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End



(% US$)


(% US$)

Bloomberg Barclays

Intermediate Aggregate

Index Return (%)


(%) Composite

(%)

Bloomberg Barclays

Intermediate Aggregate Index (%)



Total Firm Assets


% of Firm Assets

2008 5.4 5.1 4.9 NM - - 4 136 1,538 9 2009 11.5 11.2 6.5 NM - - 5 130 1,939 7 2010 7.3 7.0 6.2 0.1 - - 7 201 2,382 8 2011 4.0 3.8 6.0 0.3 3.3 2.3 9 203 2,704 8 2012 8.9 8.6 3.6 0.1 3.0 1.9 11 235 3,227 7 2013 1.1 0.9 -1.0 0.1 3.1 2.0 16 250 3,387 7 2014 5.3 5.1 4.1 0.1 2.4 2.0 16 269 4,962 5 2015 1.7 1.6 1.2 0.1 2.4 2.1 18 267 6,340 4 2016 3.2 3.0 2.0 0.1 2.5 2.1 20 287 8,016 4 2017 2.2 2.0 2.3 0.1 2.3 2.0 22 331 10,071 3


The GH&A Fixed Income-Intermediate Aggregate Composite is comprised only of fully discretionary, fee paying institutional portfolios, including those portfolios no longer with the firm. The Fixed Income-Intermediate Aggregate investment philosophy utilizes high-quality U.S. investment grade fixed income securities. To help control risk, the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities, 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single “A”. The portfolios do not contain derivatives and do not employ leverage. The duration exposure is generally managed within a +/- 10% band around the Bloomberg Barclays Intermediate Aggregate Index.

The composite benchmark is the Bloomberg Barclays Intermediate Aggregate Index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. For the period of January 1, 2008 to date, the minimum portfolio size for inclusion in the composite was $2.0 million. The composite creation date is April 1, 2008.



The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. Net of fees performance results are calculated based on actual fees. The management fee schedule for this composite is as follows: 0.25% of the first $25 million, 0.20% of the next $25 million, 0.16% of the next $50 million, 0.14% of the next $100 million, and 0.10% of the balance. Actual investment advisory fees incurred by clients may vary.


Performance DisclosureFIXED INCOME – GOVERNMENT/CREDIT COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End



(% US$)


(% US$)

Bloomberg Barclays

Government/Credit Index Return (%)


(%) Composite

(%)

Bloomberg Barclays

Government/Credit Index (%)



Total Firm Assets


% of Firm

Assets 2005 3.0 2.9 2.4 NM - - 1 101 4,152 2 2006 4.0 3.8 3.8 NM - - 2 105 3,025 3 2007 8.4 8.2 7.2 NM - - 2 9 2,215 < 1 2008 6.8 6.5 5.7 NM - - 3 15 1,538 < 1 2009 8.8 8.5 4.5 NM - - 3 15 1,939 < 1 2010 8.1 7.8 6.6 NM - - 2 11 2,382 < 1 2011 6.1 5.9 8.7 NM 3.8 3.4 2 13 2,704 < 1 2012 11.5 11.2 4.8 NM 3.4 3.0 2 14 3,227 < 1 2013 -0.2 -0.5 -2.4 NM 3.7 3.2 2 12 3,387 < 1 2014 8.5 8.2 6.0 NM 3.2 3.0 1 6 4,962 < 1 2015 0.8 0.6 0.2 NM 3.6 3.3 3 93 6,340 1 2016 3.0 2.8 3.1 NM 3.8 3.5 4 138 8,016 2 2017 4.2 4.0 4.0 NM 3.6 3.3 5 145 10,071 1


The GH&A Fixed Income-Government/Credit Composite is comprised only of fully discretionary, fee paying institutional portfolios, including those portfolios no longer with the firm. The Fixed Income- Government/Credit investment philosophy utilizes high-quality U.S. investment grade fixed income securities. To help control risk, the portfolios purchase spread product (non-Treasuries) with less than 10-year maturities, 15-year Agency Guaranteed Mortgage-Backed securities and Corporate Bonds rated a minimum of single “A”. The portfolios do not contain derivatives and do not employ leverage. The duration exposure is generally managed within a +/- 10% band around the Bloomberg Barclays Government/Credit Index.

The composite benchmark is the Bloomberg Barclays Government/Credit Index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the product. For the period of January 1, 2005 to date, the minimum portfolio size for inclusion in the composite was $2.0 million. The composite creation date is April 1, 2006.



The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. The net of fees performance results are calculated based on actual fees. The management fee schedule for this composite is as follows: 0.25% of the first $25 million, 0.20% of the next $25 million, 0.18% of the next $50 million, 0.15% of the next $100 million, and 0.12% of the balance. Actual investment advisory fees incurred by clients may vary.


Performance DisclosureFIXED INCOME – SHORT DURATION GOVERNMENT/CREDIT COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End

Annual Composite Performance Results Standard Deviation (3-yr)** Composite Assets Firm Assets Gross Composite



(% US$)

Bloomberg Barclays 1-3 Year Gov’t/Credit

Index Return (%)


(%) Composite

(%)

Bloomberg Barclays 1-3 Year Gov’t/Credit

Index (%) Number of Portfolios


Total Firm Assets Period End (US$ mil)

% of Firm

Assets 2013* 0.6 0.6 0.2 NM - - 3 92 3,387 3

2014 2.0 1.9 0.8 NM - - 1 72 4,962 1 2015 1.1 1.1 0.7 NM - - 2 98 6,340 2 2016 2.6 2.5 1.3 NM 1.1 0.8 1 165 8,016 2 2017 1.6 1.6 0.8 NM 1.0 0.7 3 286 10,071 3

*Inception (10/1/13) through 12/31/13. NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. Source: Barclays Live

The GH&A Fixed Income-Short Duration Government/Credit Composite is comprised only of fully discretionary, fee paying institutional portfolios, including those portfolios no longer with the firm. TheFixed Income- Short Duration Government/Credit investment product will generally invest in high quality securities such as U.S. Treasuries, Agency debentures, 15-year Agency Guaranteed Mortgage-Backedsecurities and Corporate Bonds rated a minimum of single “A”. The portfolios will generally operate within a duration range of 1.75 to 2.25 years. The portfolios do not contain derivatives and do not employleverage.

The composite benchmark is the Bloomberg Barclays Capital 1-3 Year Government/Credit Index. The benchmark is used for comparative purposes only and generally reflects the risk or investment style ofthe product. The minimum portfolio size for inclusion in the composite is $2.0 million. The composite creation date is January 1, 2014.

Garcia Hamilton & Associates, L.P. (GH&A) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards.GH&A has been independently verified for the periods January 1, 1993 through December 31, 2015 by Ashland Partners & Company LLP and from January 1, 2016 through December 31, 2016 by ACAPerformance Services, LLC. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards ona firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specificcomposite presentation.

GH&A is defined as an independent investment management firm registered under the Investment Advisers Act of 1940 and prior to June 30, 2010, was known as Davis Hamilton Jackson & Associates, L.P.GH&A has chosen not to claim compliance prior to January 1, 1993. A complete list and description of firm composites is available upon request. Past performance is no guarantee of future results.

The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. The net of fees performance results arecalculated based on actual fees. The management fee schedule for this composite is as follows: 0.16% of the first $25 million, 0.14% of the next $25 million, 0.12% of the next $50 million, 0.11% of the next $100million, and 0.10% of the balance. Actual investment advisory fees incurred by clients may vary.

Additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Composite dispersion is calculated using an asset value-weighted standard deviation of annual gross returns of those portfolios included in the composite the entire year. The 3 year annualized standard deviation will be shown beginning December 31, 2016 when 36 months of composite performance is available.

Performance DisclosureFIXED INCOME – UNCONSTRAINED BOND COMPOSITE (Disclosure Presentation as of December 31, 2017) Garcia Hamilton & Associates, L.P.

Year End

Annual Composite Performance Results Standard Deviation (3-yr) Composite Assets Firm Assets

Gross Composite



(% US$)

Bloomberg Barclays

UST Bellwether 3-Month

Index Return (%)


(%) Composite

(%)

Bloomberg Barclays

UST Bellwether 3-Month

Index (%)


Composite Assets


Total Firm Assets


% of Firm

Assets 2009* 13.4 13.1 0.2 NM - - 2 2 1,939 < 1

2010 8.3 8.0 0.2 NM - - 2 3 2,382 < 1 2011 4.1 3.9 0.1 NM - - 2 3 2,704 < 1 2012 12.6 12.3 0.1 NM 4.1 0.0 2 3 3,227 < 1 2013 1.3 1.1 0.1 NM 4.1 0.0 2 3 3,387 < 1 2014 3.2 2.8 0.1 NM 2.9 0.0 2 5 4,962 < 1 2015 1.3 1.1 0.1 NM 2.2 0.0 2 5 6,340 < 1 2016 3.1 2.8 0.4 NM 1.6 0.1 2 5 8,016 < 1 2017 1.6 1.3 0.9 NM 1.5 0.1 2 5 10,071 <1

*Inception (4/1/09) through 4/30/09. NM = Not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. Source: Barclays Live

The GH&A Fixed Income Unconstrained Bond Composite is comprised only of fully discretionary, fee paying portfolios, including those portfolios no longer with the firm. The Fixed Income Unconstrained Bond investment philosophy will generally invest in high quality securities such as U.S. Treasuries, Agency Debentures, Agency Guaranteed Mortgage-Backed securities, and Investment Grade Corporate Bonds. The Unconstrained Bond product utilizes a domestic fixed income strategy that has the flexibility to adapt to changing markets without sector or duration constraints while maintaining a high quality focus. The flexibility to adapt to changing market conditions without limitation to the constraints of a specific index may result from time to time in the concentration of one or more sectors. The portfolios do not contain derivatives and do not employ leverage.

The Bloomberg Barclays U.S. Treasury Bellwether 3-Month Index, a cash proxy, is provided for comparison purposes. The composite is not managed against an Index. The minimum portfolio size for inclusion in the composite is $500 thousand. The composite creation date is January 1, 2014.



The U.S. dollar is the currency used to express performance. Returns presented above are gross and net of management fees and include the reinvestment of all income. The net of fees performance results are calculated based on actual fees. The management fee schedule for this composite is as follows: 0.25% of the first $25 million, 0.20% of the next $25 million, 0.16% of the next $50 million, 0.14% of the next $100 million, and 0.10% of the balance. Actual investment advisory fees incurred by clients may vary.


Documents

Fixed Income Management - Garcia Hamilton & Associates · Organization 1 Asset Breakdown Founded in 1988. Firm is 100% employee-owned and certified as a MBE firm. Firm has 31 employees