Corporate OverviewAs of: 12/31/2019

7250 Woodmont AvenueSuite 310

Bethesda, MD 20814

Company Profile

HCM-20-242

About Hillman Capital Management, Inc.

Hillman Capital Management, Inc. (“HCM”) was founded by Mark A. Hillman in the Spring of 1998. The Firm offers portfolio management services to an international client base of foundations, endowments, corporations, pension plans, and private investors. In addition to its separate accounts, the Firm is the Investment Adviser to the Hillman Capital Management Funds, a family of registered mutual funds available to the general public.

HCM employs a unique portfolio management style through which it endeavors to outperform the capital markets over various economic cycles and generate positive returns for its clients. The Firm prefers equities over other asset classes for long-term results. In selecting equities for client portfolios, HCM invests only in enterprises that they believe have a competitive advantage in their industries or niche markets. While other firms may follow trends, HCM follows a discipline that calls for investment in industry leaders when the investment team believes that their stocks are undervalued using established quantitative measures.

HCM-20-243

About Hillman Capital Management, Inc.

Mark Hillman has continuously managed client accounts as a Registered Investment Adviser Since 1991

● Focused Advantage Value Equity Portfolio

● Offered directly to Institutions and Individuals and through intermediaries (Sub-Advisory and Wrap Fee)

● Continuously managed since 1995

● Advantage Value Equity Portfolio

● Offered directly to Institutions and Individuals and through intermediaries (Sub-Advisory and Wrap Fee)

● Continuously managed since 1996

● Total Return, Balanced and Wealth Management services offered since 1991

● Hillman Capital Management Funds continuously offered since 2001

HCM is an independent entity with the majority ownership controlled by the employees and principals of the corporation.

HCM-20-244

The History of HCM

Mark Hillman launches the Advantage and Focused Advantage Portfolios

HCM is spun off from Menocal Capital Management

HCM launches its family of mutual funds

HCM relocates from Annapolis, MD to Bethesda, MD

HCM is selected for the Wells Fargo (Wachovia) Masters Investment Consulting platform*

HCM selected by a large state Teachers’ Retirement System*

1998 2000 2004 2005 2006 2007

Mark Hillman is featured in the FORTUNE Magazine article “The Bargain Hunter”

2008 2009

HCM is selected to manage institutional accounts for several municipal clients*

HCM is selected as a sub-advisor for a European based mutual fund*

2010

Hillman Capital Management Mutual Funds ten year anniversary

2015

HCM moves to new offices on “Bethesda Row”

HCM hired by Sir John Templeton*

*THE CLIENTS NOTED ABOVE WERE CHOSEN TO NOTE CERTAIN EVENTS IN HCM’S HISTORY, NOT ON PERFORMANCE. IT IS NOT KNOWN WHETHER THE CLIENTS LISTED APPROVE OF HCM OR OF THE ADVISORY SERVICES PROVIDED BY HCM. HCM DOES NOT CURRENTLY MANAGE THESE NOTED ACCOUNTS.

HCM-20-245

Investment Team

Mark A. Hillman, CEO and Chief Investment Officer, founded HCM in 1998, bringing into the firm assets of predecessor companies he established in the early 1990s. His first investment advisory company, Custom Asset Management, merged with Menocal Capital Management in 1993 and he became Chief Investment Officer of the combined firms. Prior to founding his first firm, he was a financial consultant with Shearson Lehman Hutton. A graduate of Tufts University, he has done graduate coursework at Harvard University Extension School. An expert sailboat racer, he has competed successfully in National and World Championships over four decades.

As the architect of the firm’s proprietary investment process and Chief Investment Officer at HCM, Mark Hillman continues to lead the investment process. Since 1994, his investment results have spoken for themselves and have been recognized by investors and media alike. He has appeared in Fortune Magazine, The New York Times, MSN Money, USA Today, Bloomberg News, Dow Jones Marketwatch, The Baltimore Sun, The San Francisco Chronicle, Bloomberg Television, Kiplinger’s and Forbes.com.

Trevor Lee, MBA, Analyst, focuses on assessing the competitive dynamics and valuation of companies. Trevor joined Hillman Capital Management in 2008 and is a member of HCM’s Investment Committee. Trevor evaluates companies from the unique perspective of his solid background in marketing and product development for Fortune 500 companies, including Procter and Gamble, Kraft, and Sara Lee. A graduate of Tufts University, Trevor earned his MBA at The Wharton School of the University of Pennsylvania.

Operations and Compliance TeamPeter W. Beebe, President, has served in leadership roles for institutional investment firms and platforms, including Affiliated Managers Group (AMG) and Jones Lang LaSalle (JLL). Pete has over two decades of experience in the investment management industry, primarily working with boutique investment management firms. He has developed and executed strategic plans that have entailed all aspects of the business lifecycle including launching, scaling, and restructuring various enterprises. Pete serves as a member of the HCM Investment Committee. Mr. Beebe earned an MBA from Stetson University and a B.S. in Finance with a minor in Spanish.

Jeffrey T. Long, Director of Systems and Operations, began consulting HCM in 2002 and joined the team in 2005. Jeff has more than a decade of hands on experiencemanaging trading and operations at HCM and more than three decades of experience as a software development consultant. In addition to extensive expertise in softwaredevelopment for financial management organizations, he has worked on many different hardware platforms for various clients such as FedEx, Jaguar Land Rover, ATKearney, Cadbury Schweppes, Microsoft, Lucent, Mobil and Lever Brothers. Mr. Long holds a Bachelor’s Degree in Computer Science and Management InformationSystems from James Madison University.

C. Frank Watson III, Chief Compliance Officer, has served as the Chief Compliance Officer for Hillman Capital Management, Inc. since 2005. He previously held officerpositions for multiple investment companies and currently serves as Treasurer and Principal Financial Officer for the Hillman Capital Management Investment Trust. Apartfrom Hillman Capital Management, Mr. Watson founded Fairview Investment Services in 2005 which provides compliance support services to over 75 registeredinvestment advisers with assets under management totaling 100 billion. Mr. Watson oversees Fairview’s multiple lines of business, which, in addition to complianceadministration, include private fund administration and regulatory reporting for investment companies. Mr. Watson earned a B.S. in Economics from the University of NorthCarolina, Chapel Hill. HCM-20-24

6

A Commitment to “Best Practices”

• Hillman Capital Management, Inc. claims compliance with GIPS® standards and is verified by an independent 3rd party auditor, The Spaulding Group. Please see full GIPS® disclosure on pages 21 and 22 of this presentation.

• Daily portfolio reconciliation and drift reporting keep the Investment Team informed about the dispersion of portfolios in the HCM models.

• Consistent implementation of the Trade Rotation Policy to ensure all HCM client interests are met in a fair and balanced manner.

HCM-20-247

Equity Investment Philosophy and Process

HCM-20-248

1. We believe that companies with sustainable competitive advantage will outperform the broad market over time.

2. We believe that market volatility can be exploited to purchase companies at a discount to their intrinsic value.

3. We believe that consistent adherence to a discipline based on fundamental valuation techniques will produce results.

Investment Philosophy

HCM-20-249

The Screening Process

RANKING

• The Qualified Universe of Investment Candidates is ranked according to valuation.

•Securities calculated to be overvalued are ineligible for inclusion in client portfolios.

STOCK UNIVERSE QUALITATIVE CONCERNS1. Is the company an industry leader or does it dominate a certain

niche market?

2. Has management been prudent and proactive over various economic cycles?

3. Does the company have pricing power with customers?

4. Does the company have purchasing power with suppliers?

5. Do barriers to entry exist for prospective competitors?

6. Does the company have a strong brand/franchise with brand loyalty?

7. Does the company deliver excellent products or services?

8. Does the company provide outstanding customer service?

9. Does the company have enough financial flexibility to weather short term problems, an economic downturn or increased competitive pressures?

QUALITATIVE SCREEN

• HCM analysts evaluate companies by addressing nine qualitative concerns to identify candidates with sustainable competitive advantage.

• The HCM investment committee reviews analyst findings and companies deemed to have sustainable competitive advantage are added to our Qualified Universe of Investment Candidates.

• All public U.S. Equities with a market capitalization greater than three billion dollars.

QUANTITATIVE SCREEN

• The four quantitative measures are applied to each company in the Qualified Universe of Investment Candidates. QUANTITATIVE MEASURES*

1. Discounted Cash Flow Model

2. Price to Book Model

3. Price to Sales Model

*May include, but not limited to.

HCM-20-2410

Advantage Value Equity Portfolio

PORTFOLIO CONSTRUCTION The 45 securities in our Advantage Value Equity Portfolio are purchased in equal proportion, with each stock representing approximately 2.2% of total portfolio value, subject to the following limitations: No sector may represent more than 25% and no industry may represent more than 10% of the total portfolio at the time of purchase.

SELL DISCIPLINE• Sell all shares if a portfolio holding fails the qualitative screen.• Sell all shares if the price of a security exceeds fair value.• Re-balance each holding to its target weight:

Buy if position < 1.5% of total market value.Sell if position > 2.9% of total market value.

Focused Advantage Value Equity Portfolio

PORTFOLIO CONSTRUCTION The 20 securities in our Focused Advantage Value Equity Portfolio are purchased in equal proportion, with each stock representing approximately 5.0% of total portfolio value, subject to the following limitation: No industry may represent more than 25% of the total portfolio at the time of purchase.

Two Ways of Leveraging our Investment Approach

SELL DISCIPLINE• Sell all shares if a portfolio holding fails the qualitative screen.• Sell all shares if the price of a security exceeds fair value.• Re-balance each holding to its target weight:

Buy if position < 2.5% of total market value.Sell if position > 10.0% of total market value.

HCM-20-2411

Key Factors in Risk ManagementFundamental - The creation of HCM’s Qualified Universe of Investment Candidates

• A competitive analysis is conducted to identify industry leaders with financial flexibility and competitive advantage in their marketplace. We believe that investing exclusively in companies that meet our qualitative criteria can help to mitigate risk.

Diversification - To prevent overexposure to an industry we use two approaches.

• Portfolio Construction – Equal weighted position targets, in conjunction with industry weighting limits are used.

• Qualitative Process – We believe that our pursuit of “best of breed” companies reduces the number of qualified investment candidates in any one industry.

Sell Discipline - Our ongoing investment process helps us to manage security specific risk in our portfolios.

• Company’s that we believe no longer maintain a sustainable competitive advantage or sufficient financial flexibility are removed from the portfolio and qualified universe.

• We have an ongoing portfolio review process with specific triggers for rebalancing to maintain portfolio balance.

HCM-20-2412

Performance and Characteristics

Advantage Value Equity and

Focused Advantage Value Equity Portfolios

HCM-20-2413

A Proven Approach - Advantage Value Equity Portfolio

The graph to the right depicts the growth of $1,000,000 invested in the Advantage Value Equity Portfolio (Net of Fees) at the start of January 1996 versus the same $1,000,000 invested in the Russell 1000 Value Index and the S&P 500 with dividend reinvestment.

At Hillman Capital Management, Inc., we have engineered a discipline through which we seek to invest in strong companies when we believe their stocks are undervalued. The strength of this discipline is derived from our independent research focusing on companies believed to have a sustainable competitive advantage and investing in these companies only when they are trading at a discount to our calculated intrinsic value. Continued adherence to our principles have supported our results.

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Advantage Value Equity Portfolio (Net)

Russell 1000 (Value) Index

S&P 500 with Dividend Reinvestment

THE PORTFOLIO PERFORMANCE SHOWN RELATES TO THE HILLMAN ADVANTAGE VALUE EQUITY COMPOSITE. SEE PAGE 21 FOR DISCLOSURE STATEMENTS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

HCM-20-2414

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Advantage Value Equity Portfolio (Net)

Russell 1000 (Value) Index

S&P 500 with Dividend Reinvestment

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2402086.00048987

2938656.32418616

2183059.73673113

2762336.94473499

2044761.51517218

2930839.49836383

2203660.91697157

3000593.47842489

2218425.20724911

3023698.04820876

2164431.93669023

3005555.85991951

2143124.98579621

2833337.50914612

2008961.64597332

2583153.80708852

1846732.87527682

2699137.41302679

1881948.21865507

2936121.67789054

2026305.42319725

2935828.06572275

2043098.72456259

2973700.24777058

2014227.78085001

2939800.06494599

1975382.54031983

3061801.76764125

2049675.39600173

2972397.15602613

1925407.87736004

3030656.14028424

1911223.14220711

2856393.41221789

1775087.68474399

2628453.21792291

1636711.18450789

2642121.17465611

1647456.82678444

2323217.14887511

1468412.02865505

2444721.40576128

1597656.43741115

2749578.16505971

1691690.59216557

2535935.94163457

1592314.54897594

2522495.48114391

1550599.58941571

2491973.28582207

1527330.62135594

2535333.62099537

1542165.69323344

2764527.78033336

1669191.78528411

2975461.24997279

1757129.04113671

3086743.50072177

1779552.09445964

3139835.48893419

1810926.69328142

3242194.12587344

1846240.47714641

3242842.56469862

1826632.93108194

3476651.51361339

1929973.41050096

3546879.87418838

1946954.83320329

3644419.07072856

2049058.00449976

3745005.03708067

2086669.64630664

3815411.13177779

2115670.63362801

3783743.21938403

2083753.13430348

3653960.82695916

2051040.22261446

3668942.06634969

2079182.6696059

3742320.90767668

2119622.44426432

3670842.57834006

2049462.02347855

3664235.06169905

2057757.03813687

3732389.83384665

2080041.20993584

3795467.22203866

2111819.82773641

4003458.82580638

2197266.05407289

4184815.5106154

2272038.60401342

4070988.52872666

2216650.12713972

4162178.67177014

2263301.69359706

4120973.10291962

2223228.06113817

4105725.50243881

2181058.58022681

4301979.18145539

2250461.46542734

4317896.50442678

2253655.74047841

4521701.21943572

2337464.42739148

4406397.83834011

2316139.80066714

4415210.63401679

2334888.80640168

4366643.3170426

2295964.10291373

4536505.74207556

2382802.93216774

4538773.9949466

2383623.59571841

4609124.99186827

2446751.56115459

4663512.66677232

2453392.62311847

4731133.60044052

2483933.93279649

4735864.73404096

2517278.12413988

4639726.67993992

2444832.47100533

4630911.19924804

2448140.37639418

4566078.44245857

2463240.58572651

4738676.2075835

2521861.21443055

4913533.35964333

2586845.14205055

5110566.04736503

2671133.60150093

5189268.76449445

2721938.98808397

5239085.7446336

2760118.78157976

5331293.65373915

2801858.99232616

5275315.07037489

2747051.29273448

5237860.33337522

2777781.98630881

5435327.66794347

2900818.39094391

5618498.21035317

3002050.39631737

5489272.75151504

2952179.30362279

5302637.47796353

2860643.75374033

5408690.2275228

2903520.26786458

5570410.06532574

3012112.99400789

5688502.75871064

3060027.11977395

5451292.19367241

2932091.985021

5304107.30444325

2911752.15455746

5035189.06410798

2737102.32538173

4920890.27235273

2648192.89886142

4892841.19780032

2636754.11152439

5151672.49716396

2765169.01881466

5116125.95693352

2800987.82640315

4546701.13792682

2564851.35889258

4556703.88043026

2543286.84589959

4677000.86287362

2580077.82415579

4226605.67977889

2350178.39963032

3557534.00066989

1955464.48294409

3155888.41199426

1815156.26696564

3274549.81628525

1834473.42438911

3017497.65570685

1679847.78584974

2764027.85262748

1500981.00858288

3052039.55487126

1632463.93499335

3544943.94298297

1788705.64944788

3658736.64355272

1888750.84907114

3671542.22180516

1892500.65021804

4051546.84176199

2035636.99904803

4191325.20780278

2109130.57640883

4302814.45833034

2187838.52371465

4252901.8106137

2147196.73956684

4577823.50894459

2275990.41464973

4687233.49080837

2319952.72977948

4493650.74763798

2236497.55947286

4604643.92110464

2305774.18874252

4908550.41989755

2444916.51074059

4964998.74972637

2483516.02566531

4598581.84199656

2285205.8350441

4330024.66242396

2165579.60310186

4611043.26301528

2317306.4054684

4387407.66475904

2212693.26626618

4807282.57827648

2410163.85494709

4953904.69691391

2501868.58777691

4895944.01196002

2502189.27784133

5170116.87662978

2669415.25828176

5335560.61668193

2732684.63036051

5467348.96391398

2826303.40310236

5409941.79979288

2827427.58591085

5552764.26330741

2911162.79187215

5507231.59634829

2878209.48889074

5389927.56334607

2830232.23515925

5249789.44669907

2772680.48916598

4961576.00607529

2622063.22391994

4667354.54891503

2437735.12010727

5172362.31110764

2704162.91055272

5139259.19231655

2698186.71232081

5208639.19141282

2725786.89008916

5488343.11599169

2847944.17467761

5654091.07809464

2971094.84093015

5849157.2202889

3068871.47398749

5822836.0127976

3049611.00547698

5449592.22437728

2866325.27062959

5722071.83559614

2984425.06836759

5679156.29682917

3025874.89047298

5831925.60121387

3094027.84195788

5940399.41739645

3173985.72297934

5799017.91126242

3115377.71986839

5789159.58081327

3133444.94357622

5928099.41075279

3162004.03513955

6220947.52164398

3325784.49122648

6382070.06245456

3370931.08698781

6710108.46366472

3497352.41312961

6836258.50278162

3564735.20343618

7124748.611599

3648114.62018428

7049226.27631605

3599127.31900581

6827175.6486121

3782274.17232924

7096166.36916741

3672734.52670439

7293439.79423027

3787905.18684615

7590282.79385544

3962024.74111221

7858219.77647854

4082763.28780544

8096323.83570584

4186078.51603829

7784615.36803116

4041389.21925857

8172289.21335912

4226265.77883496

8281797.88881813

4261781.5722

8298361.4846

4293282.4269

8362258.868

4394072.5366

8550409.6926

4484837.9253

8424718.6701

4422985.1447

8779399.3261

4599932.8318

8687215.6332

4535428.6768

8811442.8167

4646205.6305

9160375.9523

4771161.1253

9189689.1553

4759141.5607

8966379.7088

4616270.3493

9456840.6789

4881584.5624

9419013.3162

4804379.0607

9502842.53470467

4850475.1011

9642534.31996483

4912845.5309

9369650.59870982

4817736.9382

9438166.14643389

4918678.55492512

8917179.37515074

4621913.98940965

8610428.40464556

4507551.36722548

9199381.70752331

4887783.72864065

9245378.61606093

4902315.78628406

9096528.02034235

4824996.65421783

8472506.19814686

4583671.06794842

8636872.81839091

4579378.36629876

9340777.95308977

4890031.08421018

9351986.88663348

4908994.72502721

9350116.48925615

4997146.61596228

9489433.22494607

5010100.47446979

10037862.3946802

5194812.90133604

10170362.17829

5202110.49414046

10097135.5706063

5203082.66480818

9924474.55234895

5108176.08157143

10493146.9441985

5297357.96839056

10645297.5748894

5402062.01186301

10751750.5506383

5504518.69976592

11283962.2028949

5723092.96729214

11260265.8822688

5729759.2804422

11433673.9768558

5788607.1698218

11418810.2006859

5870067.49642064

11546700.8749335

5906706.9675598

11762624.1812948

6028165.173059

11625001.4783737

6046623.79015254

11941201.5185854

6171352.02426134

12126290.1421235

6315359.53901435

12616192.2638653

6509048.76256562

12752447.140315

6581418.66214165

13362014.1136221

6958229.48783019

12798137.1180272

6701778.44104227

12429550.769028

6531459.19029546

12617236.9856404

6556520.99257363

12885984.1334345

6714416.65972259

13142415.2176899

6755740.22589711

13674683.0340063

7007153.66104323

13963218.8460238

7235474.88643279

13968804.1335622

7276659.57108335

13252204.4815

6762949.4395

13558330.405

6917448.8222

12389602.3241

6239075.7056

13432806.8398104

6799052.23749156

13854596.9745804

7017301.81431504

14214816.4959195

7153437.46951276

14845954.3483383

7443151.68702802

13891359.4837402

6970511.55490174

14769293.4031125

7461932.61952232

15120802.5861

7569160.5913

14706492.5952

7449265.0875

15256515.4183

7588640.8373

15660813.0768948

7753314.34345544

16315435.063509

8034759.65412287

16831002.8115158

8277409.39567738

Sheet1

Advantage Value Equity Portfolio (Net)Standard and Poors 500Russell 1000 (Value) Index

Net of Fee

Month End DateCumulative ReturnCumulative Return

12/31/951000000.00001,000,000.00001,000,000.00

1/31/96982700.00001,034,036.07381,031,157.38

2/29/961016504.88001,043,622.68671,038,954.75

3/31/961048931.38571,053,668.87111,056,619.50

4/30/961152880.48601,069,203.40081,060,680.43

5/31/961201647.33051,096,777.69611,073,943.35

6/30/961168962.52321,100,961.81771,074,820.97

7/31/961136348.46881,052,320.45781,034,202.40

8/31/961197029.47701,074,518.77551,063,779.67

9/30/961265738.96901,134,997.89151,106,064.97

10/31/961266878.13401,166,301.78701,148,830.94

11/30/961329968.66511,254,458.72821,232,136.81

12/31/961270120.07521,229,602.72311,216,416.64

1/31/971306191.48531,306,421.88171,275,384.74

2/28/971313114.30021,316,661.23771,294,122.85

3/31/971260195.79391,262,584.55991,247,592.54

4/30/971306823.03831,337,935.36201,300,007.84

5/31/971372033.50791,419,393.16351,372,628.74

6/30/971391379.18031,482,984.40991,431,514.26

7/31/971546239.68311,600,982.01861,539,212.33

8/31/971497069.26121,511,292.33051,484,373.86

9/30/971634051.09861,594,060.66851,574,090.40

10/31/971514765.36841,540,823.59271,530,106.65

11/30/971575810.41271,612,151.88081,597,759.71

12/31/971614890.51101,639,838.54391,644,400.08

1/31/981653163.41611,657,976.47091,621,131.02

2/28/981794839.52081,777,558.51331,730,268.42

3/31/981857658.90411,868,583.98921,836,098.50

4/30/981876978.55671,887,383.49731,848,377.59

5/31/981873412.29741,854,943.29851,820,972.03

6/30/981979822.11591,930,289.05031,844,307.91

7/31/981977842.29381,909,734.58481,811,759.11

8/31/981639631.26161,633,630.53981,542,138.53

9/30/981740468.58411,738,281.55581,630,652.31

10/31/981854469.27641,879,676.83531,756,962.94

11/30/982001343.24311,993,600.08691,838,818.45

12/31/982196674.34362,108,481.62091,901,403.97

1/31/992334625.49242,196,649.92511,916,588.24

2/28/992207388.40312,128,380.81821,889,535.77

3/31/992416207.34602,213,534.13081,928,638.85

4/30/992580026.20412,299,254.33252,108,773.53

5/31/992529973.69572,244,960.49452,085,594.86

6/30/992703023.89652,369,549.84712,146,146.43

7/31/992594362.33582,295,561.34652,083,314.63

8/31/992561673.37042,284,204.62552,005,993.99

9/30/992501730.21352,221,585.47151,935,892.98

10/31/992546511.18442,362,168.92542,047,317.74

11/30/992709742.55132,410,187.84362,031,305.90

12/31/992991555.77662,552,138.64922,041,113.73

1/31/002880269.90172,423,913.12581,974,526.16

2/29/002995192.67082,378,029.19541,827,827.66

3/31/003174904.23112,610,657.01062,050,845.99

4/30/003043463.19592,532,124.55912,026,980.40

5/31/002897072.61622,480,172.76862,048,350.89

6/30/003008030.49742,541,317.25341,954,735.23

7/31/003007128.08822,501,585.77451,979,215.26

8/31/003232662.69482,656,970.21122,089,341.89

9/30/003126954.62472,516,699.91112,108,474.46

10/31/003095059.68752,506,060.28472,160,265.75

11/30/002925450.41672,308,483.64102,080,080.07

12/31/002952072.01552,319,782.28432,184,291.93

1/31/013143956.69652,402,086.00052,192,692.77

2/28/012938656.32422,183,059.73672,131,719.00

3/31/012762336.94472,044,761.51522,056,391.09

4/30/012930839.49842,203,660.91702,157,240.00

5/31/013000593.47842,218,425.20722,205,699.06

6/30/013023698.04822,164,431.93672,156,779.27

7/31/013005555.85992,143,124.98582,152,194.57

8/31/012833337.50912,008,961.64602,065,987.01

9/30/012583153.80711,846,732.87531,920,580.73

10/31/012699137.41301,881,948.21871,904,051.57

11/30/012936121.67792,026,305.42322,014,745.50

12/31/012935828.06572,043,098.72462,062,198.39

1/31/022973700.24782,014,227.78092,046,309.23

2/28/022939800.06491,975,382.54032,049,594.61

3/31/023061801.76762,049,675.39602,146,561.66

4/30/022972397.15601,925,407.87742,072,943.80

5/31/023030656.14031,911,223.14222,083,336.00

6/30/022856393.41221,775,087.68471,963,716.62

7/31/022628453.21791,636,711.18451,781,171.73

8/31/022642121.17471,647,456.82681,794,620.54

9/30/022323217.14891,468,412.02871,595,079.63

10/31/022444721.40581,597,656.43741,713,252.65

11/30/022749578.16511,691,690.59221,821,183.61

12/31/022535935.94161,592,314.54901,742,079.84

1/31/032522495.48111,550,599.58941,699,906.48

2/28/032491973.28581,527,330.62141,654,588.09

3/31/032535333.62101,542,165.69321,657,334.49

4/30/032764527.78031,669,191.78531,803,219.62

5/31/032975461.25001,757,129.04111,919,618.47

6/30/033086743.50071,779,552.09451,943,621.04

7/31/033139835.48891,810,926.69331,972,561.69

8/31/033242194.12591,846,240.47712,003,298.93

9/30/033242842.56471,826,632.93111,983,754.11

10/31/033476651.51361,929,973.41052,105,156.45

11/30/033546879.87421,946,954.83322,133,715.81

12/31/033644419.07072,049,058.00452,265,235.82

1/31/043745005.03712,086,669.64632,305,070.24

2/29/043815411.13182,115,670.63362,354,472.41

3/31/043783743.21942,083,753.13432,333,862.75

4/30/043653960.82702,051,040.22262,276,824.13

5/31/043668942.06632,079,182.66962,300,044.15

6/30/043742320.90772,119,622.44432,354,389.56

7/31/043670842.57832,049,462.02352,321,227.55

8/31/043664235.06172,057,757.03812,354,237.66

9/30/043732389.83382,080,041.20992,390,730.31

10/31/043795467.22202,111,819.82772,430,471.95

11/30/044003458.82582,197,266.05412,553,352.74

12/31/044184815.51062,272,038.60402,638,857.32

1/31/054070988.52872,216,650.12712,592,015.13

2/28/054162178.67182,263,301.69362,677,918.60

3/31/054120973.10292,223,228.06112,641,172.90

4/30/054105725.50242,181,058.58022,593,869.98

5/31/054301979.18152,250,461.46542,656,310.99

6/30/054317896.50442,253,655.74052,685,393.48

7/31/054521701.21942,337,464.42742,763,088.45

8/31/054406397.83832,316,139.80072,751,071.49

9/30/054415210.63402,334,888.80642,789,697.45

10/31/054366643.31702,295,964.10292,718,845.36

11/30/054536505.74212,382,802.93222,807,750.81

12/31/054538773.99492,383,623.59572,824,996.14

1/31/064609124.99192,446,751.56122,934,713.70

2/28/064663512.66682,453,392.62312,952,626.50

3/31/064731133.60042,483,933.93282,992,627.67

4/30/064735864.73402,517,278.12413,068,677.14

5/31/064639726.67992,444,832.47102,991,161.44

6/30/064630911.19922,448,140.37643,010,295.36

7/31/064566078.44252,463,240.58573,083,456.13

8/31/064738676.20762,521,861.21443,135,065.91

9/30/064913533.35962,586,845.14213,197,560.03

10/31/065110566.04742,671,133.60153,302,225.67

11/30/065189268.76452,721,938.98813,377,610.87

12/31/065239085.74462,760,118.78163,453,429.49

1/31/075331293.65372,801,858.99233,497,594.47

2/28/075275315.07042,747,051.29273,443,067.40

3/31/075237860.33342,777,781.98633,496,298.50

4/30/075435327.66792,900,818.39093,625,496.94

5/31/075618498.21043,002,050.39633,756,265.74

6/30/075489272.75152,952,179.30363,668,496.59

7/31/075302637.47802,860,643.75373,498,851.18

8/31/075408690.22752,903,520.26793,538,057.55

9/30/075570410.06533,012,112.99403,659,582.07

10/31/075688502.75873,060,027.11983,659,986.01

11/30/075451292.19372,932,091.98503,481,107.66

12/31/075304107.30442,911,752.15463,447,445.12

1/31/085035189.06412,737,102.32543,309,364.93

2/29/084920890.27242,648,192.89893,170,709.80

3/31/084892841.19782,636,754.11153,146,869.16

4/30/085151672.49722,765,169.01883,300,265.53

5/31/085116125.95692,800,987.82643,295,027.24

6/30/084546701.13792,564,851.35892,979,622.78

7/31/084556703.88042,543,286.84592,968,866.87

8/31/084677000.86292,580,077.82423,019,301.78

9/30/084226605.67982,350,178.39962,797,468.92

10/31/083557534.00071,955,464.48292,313,192.90

11/30/083155888.41201,815,156.26702,147,316.19

12/31/083274549.81631,834,473.42442,177,120.88

1/31/093017497.65571,679,847.78581,926,774.93

2/28/092764027.85261,500,981.00861,669,337.45

3/31/093052039.55491,632,463.93501,812,071.29

4/30/093544943.94301,788,705.64942,006,310.14

5/31/093658736.64361,888,750.84912,130,371.90

6/30/093671542.22181,892,500.65022,114,640.25

7/31/094051546.84182,035,636.99902,287,726.41

8/31/094191325.20782,109,130.57642,407,387.03

9/30/094302814.45832,187,838.52372,500,397.51

10/31/094252901.81062,147,196.73962,423,874.14

11/30/094577823.50892,275,990.41462,560,490.57

12/31/094687233.49082,319,952.72982,605,802.89

1/31/104493650.74762,236,497.55952,532,517.39

2/28/104604643.92112,305,774.18872,612,456.98

3/31/104908550.41992,444,916.51072,782,528.11

4/30/104964998.74972,483,516.02572,854,528.26

5/31/104598581.84202,285,205.83502,619,897.57

6/30/104330024.66242,165,579.60312,472,412.15

7/31/104611043.26302,317,306.40552,639,790.06

8/31/104387407.66482,212,693.26632,526,834.42

9/30/104807282.57832,410,163.85492,722,874.52

10/31/104953904.69692,501,868.58782,804,577.26

11/30/104895944.01202,502,189.27782,789,735.62

12/31/105170116.87662,669,415.25833,009,857.74

1/31/115335560.61672,732,684.63043,077,944.06

2/28/115467348.96392,826,303.40313,191,473.57

3/31/115409941.79982,827,427.58593,204,149.38

4/30/115552764.26332,911,162.79193,289,470.38

5/31/115507231.59632,878,209.48893,254,716.62

6/30/115389927.56332,830,232.23523,187,982.20

7/31/115249789.44672,772,680.48923,082,240.47

8/31/114961576.00612,622,063.22392,889,889.83

9/30/114667354.54892,437,735.12012,671,490.74

10/31/115172362.31112,704,162.91062,977,355.70

11/30/115139259.19232,698,186.71232,961,923.80

12/31/115208639.19142,725,786.89013,021,611.08

1/31/125488343.11602,847,944.17473,135,919.02

2/29/125654091.07812,971,094.84093,260,926.45

3/31/125849157.22033,068,871.47403,357,594.57

4/30/125822836.01283,049,611.00553,323,356.28

5/31/125449592.22442,866,325.27063,128,471.38

6/30/125722071.83562,984,425.06843,283,798.40

7/31/125679156.29683,025,874.89053,317,782.96

8/31/125831925.60123,094,027.84203,389,818.48

9/30/125940399.41743,173,985.72303,497,419.48

10/31/125799017.91133,115,377.71993,480,250.36

11/30/125789159.58083,133,444.94363,478,804.90

12/31/125928099.41083,162,004.03513,550,657.64

1/31/136220947.52163,325,784.49123,781,437.09

2/28/136382070.06253,370,931.08703,835,715.05

3/31/136710108.46373,497,352.41313,987,672.43

4/30/136,836,258.50283,564,735.20344,047,971.81

5/31/137,124,748.61163,648,114.62024,151,865.97

6/30/137,049,226.27633,599,127.31904,115,271.32

7/31/136,827,175.64863,782,274.17234,337,469.52

8/31/137,096,166.36923,672,734.52674,172,921.12

9/30/137,293,439.79423,787,905.18684,277,455.43

10/31/137,590,282.79393,962,024.74114,464,779.17

11/30/137,858,219.77654,082,763.28784,589,338.03

12/31/138,096,323.83574,186,078.51604,705,571.22

1/31/147,784,615.36804,041,389.21934,538,455.28

2/28/148,172,289.21344,226,265.77884,734,710.53

3/31/148,281,797.88884,261,781.57224,847,745.04

4/30/148,298,361.48464,293,282.42694,893,812.23

5/31/148,362,258.86804,394,072.53664,965,483.49

6/30/148,550,409.69264,484,837.92535,095,185.27

7/31/148,424,718.67014,422,985.14475,008,355.97

8/31/148,779,399.32614,599,932.83185,192,439.41

9/30/148,687,215.63324,535,428.67685,085,329.26

10/31/148,811,442.81674,646,205.63055,199,574.71

11/30/149,160,375.95234,771,161.12535,306,038.57

12/31/149,189,689.15534,759,141.56075,338,585.90

1/31/158,966,379.70884,616,270.34935,125,184.57

2/28/159,456,840.67894,881,584.56245,373,188.86

3/31/159,419,013.31624,804,379.06075,300,045.14

4/30/159,502,842.53474,850,475.10115,349,597.33

5/31/159,642,534.32004,912,845.53095,413,886.71

6/30/159,369,650.59874,817,736.93825,305,788.18

7/31/159,438,166.14644,918,678.55495,329,051.27

8/31/158,917,179.37524,621,913.98945,011,671.08

9/30/158,610,428.40464,507,551.36724,860,368.89

10/31/159,199,381.70754,887,783.72865,227,098.25

11/30/159,245,378.61614,902,315.78635,247,103.99

12/31/159,096,528.02034,824,996.65425,134,261.52

1/31/168,472,506.19814,583,671.06794,868,961.38

2/28/168,636,872.81844,579,378.36634,867,731.58

3/31/169,340,777.95314,890,031.08425,218,379.08

4/30/169,351,986.88664,908,994.72505,327,998.51

5/31/169,350,116.48934,997,146.61605,410,753.44

6/30/169,489,433.22495,010,100.47455,457,541.94

7/31/1610,037,862.39475,194,812.90135,616,004.70

8/31/1610,170,362.17835,202,110.49415,659,306.42

9/30/1610,097,135.57065,203,082.66485,647,511.34

10/31/169,924,474.55235,108,176.08165,560,106.30

11/30/1610,493,146.94425,297,357.96845,877,669.06

12/31/1610,645,297.57495,402,062.01196,024,565.68

1/31/1710,751,750.55065,504,518.69986,067,485.31

2/28/1711,283,962.20295,723,092.96736,285,513.56

3/31/1711,260,265.88235,729,759.28046,221,484.13

4/30/1711,433,673.97695,788,607.16986,209,809.18

5/31/1711,418,810.20075,870,067.49646,203,722.07

6/30/1711,546,700.87495,906,706.96766,305,137.03

7/31/1711,762,624.18136,028,165.17316,388,935.01

8/31/1711,625,001.47846,046,623.79026,314,514.62

9/30/1711,941,201.51866,171,352.02436,501,535.91

10/31/1712,126,290.14216,315,359.53906,548,741.10

11/30/1712,616,192.26396,509,048.76266,749,273.59

12/31/1712,752,447.14036,581,418.66216,847,794.86

1/31/1813,362,014.11366,958,229.48787,112,542.00

2/28/1812,798,137.11806,701,778.44106,772,910.77

3/31/1812,429,550.76906,531,459.19036,653,767.83

4/30/1812,617,236.98566,556,520.99266,675,733.64

5/31/1812,885,984.13346,714,416.65976,715,361.86

6/30/1813,142,415.21776,755,740.22596,731,993.08

7/31/1813,674,683.03407,007,153.66106,998,441.19

8/31/1813,963,218.84607,235,474.88647,101,880.67

9/30/1813,968,804.13367,276,659.57117,115,964.88

10/31/1813,252,204.48156,762,949.43956,747,491.44

11/30/1813,558,330.40506,917,448.82226,948,938.90

12/31/1812,389,602.32416,239,075.70566,281,666.01

1/31/1913,432,806.83986,799,052.23756,770,379.63

2/28/1913,854,596.97467,017,301.81436,986,354.74

3/31/1914,214,816.49597,153,437.46957,030,368.77

4/30/1914,845,954.34837,443,151.68707,279,946.87

5/31/1913,891,359.48376,970,511.55496,811,846.28

6/30/1914,769,293.40317,461,932.61957,300,936.84

7/31/1915120802.58617,569,160.59137,361,534.62

8/31/1914706492.59527,449,265.08757,145,105.50

9/30/1915256515.41837,588,640.83737,400,185.77

10/31/1915,660,813.07697,753,314.34357,603,764.14

11/30/1916,315,435.06358,034,759.65417,838,868.47

12/31/1916,831,002.81158,277,409.39577,948,422.88

*Includes dividends.

THE PORTFOLIO PERFORMANCE SHOWN RELATES TO THE HILLMAN ADVANTAGE VALUE EQUITY COMPOSITE. SEE PAGE 21 FOR DISCLOSURE STATEMENTS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Advantage Value Equity PortfolioYEARLY PERFORMANCE – ADVANTAGE VALUE EQUITY PORTFOLIO

ANNUALIZED PERFORMANCE THROUGH DECEMBER 31, 2019

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Advantage Value Equity Portfolio (Net)Russell 1000 (Value) IndexS&P 500 with Dividend Reinvestment

2019 YTD One Year Three Years Five Years Ten YearsInception

(01/01/1996)Advantage Equity (Gross) 37.22% 37.22% 17.67% 13.91% 14.51% 13.31%

Advantage Equity (Net) 35.85% 35.85% 16.50% 12.86% 13.64% 12.48%

Russell 1000 (Value) Index 26.54% 26.54% 9.68% 8.28% 11.79% 9.01%

Standard & Poor's 500 Total Return* 31.49% 31.49% 15.27% 11.70% 13.56% 9.21%

HCM-20-2415

Chart1

354300.179735430

357950.289335795

361600.172936160

365250.06536525

368910.106236891

37256-0.059537256

37621-0.148737621

379860.332637986

383520.144838352

387170.089938717

390820.176839082

39447-0.04339447

39813-0.342139813

401780.352440178

405430.188540543

40908-0.018340908

412740.132341274

416390.244441639

420040.176342004

423690.001842369

427350.237342735

431000.128643100

43465-0.082143465

438300.265443830

Advantage Value Equity Portfolio (Net)

Russell 1000 (Value) Index

S&P 500 with Dividend Reinvestment

0.2701

0.2296

0.2714

0.3336

0.3603

0.2858

0.3619

0.2104

-0.0132

-0.091

-0.0055

-0.1193

-0.1362

-0.2206

0.4371

0.2868

0.1483

0.1088

0.0846

0.0491

0.1543

0.158

0.0124

0.0549

-0.3826

-0.37

0.4314

0.2646

0.103

0.1506

0.0075

0.0211

0.1381282506

0.1600334739

0.3658

0.3239

0.135

0.1369

-0.0099

0.0138

0.1696

0.1196

0.197941819

0.2183160148

-0.0285

-0.052

0.3585

0.3149

Sheet1

Advantage EquityS&P 500Russell 1000 (Value) Index

Net

111

Year Endyearyearyear

12/31/9627.01%22.96%17.97%

12/31/9727.14%33.36%Advantage Value Equity Portfolio (Net)28.93%

12/31/9836.03%28.58%S&P 500 with Dividend Reinvestment17.29%

12/31/9936.19%21.04%6.50%

12/31/00-1.32%-9.10%10.62%

12/31/01-0.55%-11.93%-5.95%

12/31/02-13.62%-22.06%-14.87%

12/31/0343.71%28.68%33.26%

12/31/0414.83%10.88%14.48%

12/31/058.46%4.91%8.99%

12/31/0615.43%15.80%17.68%

12/31/071.24%5.49%-4.30%

12/31/08-38.26%-37.00%-34.21%

12/31/0943.14%26.46%35.24%

12/31/1010.30%15.06%18.85%

12/31/110.75%2.11%-1.83%

12/31/1213.81%16.00%13.23%

12/31/1336.58%32.39%24.44%

12/31/1413.50%13.69%17.63%

12/31/15-0.99%1.38%0.18%

12/31/1616.96%11.96%23.73%

12/31/1719.79%21.83%12.86%

12/31/18-2.85%-5.20%-8.21%

12/31/1935.85%31.49%26.54%

Weighted Average

Market CapPortfolio

BetaDividend

YieldPrice/Book

Price/Cash Flow

Price/EarningsTrailing

Price/EarningsForward

Pre-TaxROA

Debt to Capital

ProjectedLT Earnings

GrowthAdvantage Value Equity Portfolio 186,196 mm 1.04 2.24% 4.53 9.16 14.30 12.92 8.06% 0.41 8.88%

Advantage Value Equity Portfolio Characteristics

STATISTICS AS OF DECEMBER 31, 2019

THE PORTFOLIO CHARACTERISTICS SLIDE IS SHOWN AS SUPPLEMENTAL INFORMATION ONLY AND COMPLEMENTS THE ADVANTAGE VALUE EQUITY COMPOSITE PRESENTATION LOCATED ON PAGE 21.

SECTOR WEIGHTINGS MARKET CAP WEIGHTINGS TOP 10 HOLDINGS

CONSUMER DISCRETIONARY 10.4%

CONSUMER STAPLES 10.9%

ENERGY 3.7%FINANCIALS 11.4%

HEALTH CARE 19.0%

INDUSTRIALS 13.6%

INFORMATION TECH 13.9%

MATERIALS 3.8%

COMMUNICATION 11.3%

UTILITIES 0.0%

REAL ESTATE 2.0%

1. BRISTOL-MYERS SQUIBB

2. CVS HEALTH

3. STERICYCLE

4. AMGEN

5. GENERAL ELECTRIC

6. LAM RESEARCH

7. MICROSOFT

8. CAMPBELL SOUP

9. MICROCHIP

10. NORDSTROM

Small (< $2 billion)Mid ($2-7 billion)Large (> $7 billion)

HCM-20-2416

A Proven Approach – Focused Advantage Value Equity Portfolio

The graph to the right depicts the growth of $1,000,000 invested in the Focused Advantage Value Equity Portfolio (Net of Fees) at the start of January 1995 versus the same $1,000,000 invested in the Russell 1000 Value Index and the S&P 500 with dividend reinvestment.

THE PORTFOLIO PERFORMANCE SHOWN RELATES TO THE HILLMAN FOCUSED ADVANTAGE VALUE EQUITY COMPOSITE. SEE PAGE 22 FOR DISCLOSURE STATEMENTS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

At Hillman Capital Management, Inc., we have engineered a discipline through which we seek to invest in strong companies when we believe their stocks are undervalued. The strength of this discipline is derived from our independent research focusing on companies believed to have a sustainable competitive advantage and investing in these companies only when they are trading at a discount to our calculated intrinsic value. Continued adherence to our principles have supported our results.

0 MM

5 MM

10 MM

15 MM

20 MM

25 MM

30 MM

35 MM

40 MM

45 MM

50 MM

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

Focused Advantage Value Equity Portfolio (Net)Russell 1000 (Value) IndexS&P 500 with Dividend Reinvestment

HCM-20-2417

Chart1

34699100000034699

347301030782.3856348934730

347581071581.2618335134758

347891095156.6603554634789

348191129786.8441947134819

348501177243.0220484934850

348801193190.1484150734880

349111234728.7607646734911

349421252178.7454956334942

349721297461.2716056934972

350031284578.0186893135003

350331349638.7283943135033

350641383560.3371404135064

350951426668.4480547235095

351241437456.5870640735124

351551461896.8362548135155

351851467515.3667623535185

352161485865.4247847135216

352461487079.6616380635246

352771430881.4145239135277

353081471803.3530812935308

353381530307.616197435338

353691589476.9193183935369

353991704735.6257252835399

354301682985.8120075735430

354611764571.7339522435461

354891790497.0439137635489

355201726119.5504794535520

355501798639.29029535550

355811899114.6827093435581

356111980586.349477835611

356422129593.1350393935642

356732053720.8025407735673

357032177849.0441580735703

357342116994.8696023935734

357642210596.9584071335764

357952275126.733036135795

358262242932.5841324135826

358542393930.7518475535854

358852540353.0629695235885

359152557341.9226775835915

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359762551711.274659535976

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360682256105.8572039336068

360992430864.2399071636099

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378642771684.9447260737864

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382913362704.5868197638291

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384113705061.9678739438411

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384723588775.6245037638472

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385643822899.5907897138564

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390824778028.0644964339082

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391414763691.4981982539141

391724837339.9377023139172

392025016093.7702314839202

392335197020.2956086239233

392635075586.3739082639263

392944840871.7217370139294

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393555063252.6048983139355

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395384353883.3567458639538

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396294122487.9008123139629

396604107606.4496427139660

396914177386.1906797839691

397213870467.04330339721

397523200441.9532156639752

397822970941.5134672939782

398133012178.091980739813

398442665809.3751908639844

398722309629.0844683339872

399032507109.9615220239903

399332775851.1268551939933

399642947498.0638856739964

399942925732.3703658539994

400253165207.5184755440025

400563330765.2171257640056

400863459450.8153667640086

401173353576.1253282940117

401473542593.1900079440147

401783605285.5249496140178

402093503890.6187015240209

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404213496027.8751603340421

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405434164319.794784140543

405744258521.3155805340574

406024415596.2438160440602

406334433134.0010993740633

406634551180.7487937540663

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407244410765.7301655240724

407554264465.6690893640755

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408163696168.625175640816

408474119351.2612227540847

408774098000.2931655840877

409084180581.2496182840908

409394338733.1704635740939

409684511688.499358740968

409994645434.6729371540999

410294598063.9345263641029

410604328428.919562741060

410904543333.219324541090

411214590352.9102791241121

411524690018.402247641152

411824838890.8691137941182

412134815136.3586392341213

412434813136.4807915541243

412744912549.0808037641274

413055231846.3690221741305

413335306943.211384641333

413645517185.4089049141364

413945600613.2413119241394

414255744357.0817809841425

414555693726.1772430341455

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416086349626.0673059341608

416396510441.702803441639

416706279226.7208208741670

416986550757.692542641698

417296707147.7554510541729

417596770884.4927624841759

417906870046.0147804341790

418207049496.2560312741820

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418827184053.2217675441882

419127035859.8668539741912

419437193925.340499641943

419737341224.5159714141973

420047386255.7014597242004

420357091002.0949123542035

420637434130.9839369742063

420947332932.242105942094

421247401490.6797776842124

421557490438.9177304142155

421857340878.0858730842185

422167373063.9650644342216

422476933949.3312160342247

422776724613.613876542277

423087232005.8205582442308

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424286734800.3420265142428

424607219942.3196726342460

424907371607.4207536842490

425217486103.8539058242521

425517550838.5634886742551

425827770081.3595553642582

426137829991.9013009242613

426437813672.6928479842643

426747692742.5456544342674

427048132109.7844011542704

427358335350.1252061342735

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427948696387.2656202342794

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428558591645.6788615442855

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429168723537.519086342916

429478839477.0781164142947

429788736511.9770353642978

430088995267.2204238743008

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430699338027.2399682443069

431009474337.366395943100

431319840631.0083674343131

431599370730.7152018643159

431909205889.2567031143190

432209236280.2907225343220

432519291108.3246808743251

432819314118.6099065543281

433129682765.650766543312

433439825880.4128748543343

433739845366.7623526543373

434049335561.5342331943404

434349614276.247480643434

434658691063.9467415843465

434969367228.7217980843496

435249831843.2663992743524

435559894767.0633042243555

4358510246031.294051543585

436169587211.4818440143616

4364610275573.266240443646

4367710360860.524350243677

4370810056251.224934343708

4373810415259.393664543738

4376910701782.141897643769

4379911032675.529378143799

4383011186865.9340143830

Focused Advantage Value Equity Portfolio (Net)

Russell 1000 (Value) Index

S&P 500 with Dividend Reinvestment

1000000

1000000

996400

1025933.42076237

1016527.28

1065915.70335502

1008496.714488

1097367.57540754

994579.459828066

1129680.99981761

1003630.1329125

1174832.59655553

1061740.31760814

1202120.87788016

1110049.50205931

1241986.78142451

1235041.07599118

1245108.17171989

1334091.37028568

1297654.18052648

1356504.10530648

1293016.3886018

1372103.9025175

1349778.09815791

1262198.37992585

1375777.52494767

1187350.01599625

1422603.59038049

1301335.61753188

1435792.63685394

1375381.61416945

1449613.95158979

1568072.57831459

1470986.00845919

1729113.6321075

1508922.10420267

1713378.69805532

1514678.52459159

1791166.09094703

1447758.83481992

2006106.02186067

1478298.78149399

2211330.66789702

1561504.5900244

2246933.09165016

1604571.78589729

2222666.21426034

1725856.12423029

2215331.41575328

1691659.79103881

2442181.35272642

1797345.86289853

2417759.53919915

1811432.93874467

2415100.00370604

1737035.46086972

2221892.00340955

1840701.40089108

2583171.64316395

1952769.21339922

2648267.56857168

2040256.6210125

2820669.78728569

2202595.07907696

2760871.58779524

2079202.02186884

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2910143.24541054

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2217962.32445436

3122385.81258482

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3566422.47063582

2247512.18071755

4131343.78998454

2391488.69646781

4420124.72090446

2586017.14419711

4536374.00106424

2742750.19324133

4943740.38635981

2900801.62583267

5415867.59325717

3022101.59717216

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5628978.89600732

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6993049.76607956

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8099306.54202348

3483640.05871062

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3412165.95304887

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3655399.90099096

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3462419.17475096

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3175959.91002336

8238601.93550099

3191504.3294743

8677719.41866319

3304735.93246541

7947923.21555361

3003404.52141288

7511582.23101972

2813136.93645183

8140301.66375607

3031747.16217507

8329970.69252159

3052059.54091071

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2977776.81277738

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2763884.28101198

6941428.69326471

2540693.58438784

7352361.27190598

2589142.06234096

8279494.02829332

2787745.45991437

8173516.50473117

2810849.30650246

8502091.86822136

2771129.31101866

8313345.42874685

2717686.90214606

8720699.35475544

2819897.3432574

8438148.69566137

2648932.88402915

8587503.92757457

2629417.84420841

8033609.92424601

2442125.74148218

7322635.44595024

2251750.46247644

7359248.62317999

2266534.07561164

6251681.7053914

2020208.26638643

6303570.66354615

2198019.81917823

7455233.02377603

2327389.89586681

6725365.71074836

2190670.56912829

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2133280.06531123

6597036.99001186

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6746130.02598612

2121676.90049591

7422092.25458993

2296436.54302117

8136839.73870694

2417418.64322874

8725946.93578933

2448267.77603113

8918790.36307027

2491432.24394438

9287136.40506507

2540016.1541067

9313140.38699925

2513040.53291182

10059122.9319979

2655214.04191383

10290482.7594338

2678576.70160933

10571412.9387664

2819047.9499049

11140154.954872

2870793.20137918

11327309.5581139

2910692.10793722

11149470.7980515

2866780.729714

10836170.6686262

2821775.04103664

11055061.3161325

2860492.78710451

11441988.4621971

2916128.9201935

11167380.7391044

2819603.79013557

11112660.5734828

2831015.88487159

11528274.078931

2861673.94759469

11466021.3989048

2905394.25573862

12502549.7333658

3022949.25352394

12993899.9378871

3125819.64721515

12592388.4298064

3049617.42559123

13068380.712453

3113799.60222683

12995197.7804633

3058667.19934689

13104357.4418192

3000651.37527032

13928621.5249096

3096134.30489574

14164015.2286806

3100528.9167195

14836805.9520429

3215831.02456987

14511879.9016932

3186493.08239463

14572829.7972803

3212287.54309933

14412528.6695102

3158735.81087536

15025061.1379644

3278206.72045579

15098683.9375404

3279335.77092434

15445953.6681039

3366185.80696711

15540173.9854793

3375322.43075881

15969082.7874785

3417340.4781963

15665670.2145164

3463214.66723409

15222331.7474456

3363545.56587141

15105119.7929903

3368096.50776005

14614203.3997181

3388871.03638148

15163697.4475475

3469519.97985079

15776310.8244284

3558923.40695321

16311127.7613765

3674885.57507751

16689545.9254405

3744782.48408473

17068398.617948

3797309.3858834

17280046.7608105

3854734.62971487

17108974.2978785

3779331.42842254

16889979.4268657

3821610.02596816

17447348.7479522

3990880.74621551

18356355.6177205

4130153.46401369

17875419.1005363

4061541.9355399

17337368.9856101

3935609.38327789

17581825.8883072

3994597.92775814

18053018.8221138

4143997.3597589

18435742.8211427

4209916.53711536

17106525.7637383

4033906.2540711

16627543.0423536

4005923.17245812

16160309.0828635

3765643.8627422

15281188.2687557

3643324.27197957

15030576.7811481

3627587.04544862

15966981.7146136

3804257.38876682

15404943.9582592

3853536.09921748

13527081.2897474

3528664.85439591

13222721.9607281

3498996.88208371

13398584.1628058

3549613.08308943

12291861.110958

3233322.62182889

10274766.7026498

2690284.0864679

9231877.88233087

2497251.19635925

9352815.4825894

2523827.30738833

8551279.19573149

2311096.82910518

7801332.01026584

2065015.93698161

8680542.1278228

2245907.19205148

10080713.5730406

2460861.03125733

10601886.4647668

2598500.9683779

10561599.2962007

2603659.86051884

11563895.0694102

2800583.63224221

11983664.4604297

2901694.44420319

12382720.4869621

3009979.06914131

12122683.3567358

2954065.01593698

12995516.5584208

3131256.45947143

13323003.575693

3191738.82457161

12836713.9451802

3076923.07692308

13030548.3257525

3172232.30647641

13945292.8182203

3363661.18585039

13840703.1220836

3416765.5309577

12954898.1222703

3143934.82773295

12177604.2349341

2979355.74643263

13232184.7616793

3188098.0710607

12585130.9268332

3044173.66533207

13794562.0089019

3315849.26307744

14201501.5881645

3442014.57343605

14171678.4348294

3442455.77161914

15218965.4711633

3672521.51709643

15876424.7795175

3759566.09721993

16449563.7140581

3888364.70067135

16286713.0332889

3889911.3261132

16565215.8261582

4005112.34052162

16242194.1175481

3959775.92690701

15748431.4163746

3893769.89951451

15293301.7484414

3814591.50085547

14383350.2944091

3607375.6524609

13071588.747559

3353781.19001919

14527763.7340371

3720326.55613552

14154400.2060723

3712104.63692342

14368131.649184

3750076.34118168

15467293.7203466

3918137.5878271

16116920.0566012

4087565.50663969

16867968.5312388

4222084.40086503

16623382.9875358

4195586.28116831

15070759.0165

3943425.88652174

15877044.6238827

4105904.93395055

15808773.332

4162930.66761623

16262485.1266284

4256693.966528

16462513.6936859

4366698.22217976

15873155.703452

4286066.64871766

15925537.1172734

4310923.1290331

16339601.0823225

4350214.08533884

17159849.0566551

4575539.55584892

17559673.5396751

4637651.22762526

18471020.5963843

4811578.84680522

18999291.7854409

4904282.57527727

20192447.3095666

5018994.10288255

19897637.5788469

4951598.47491337

20812928.9074738

5203567.79948064

20196866.2118126

5052865.61693923

20719965.0466986

5211314.82269565

21480387.7639124

5450864.59210881

22279458.1887299

5616973.9710442

23021364.1464147

5759112.74003179

22130437.3539484

5560052.45742177

23053276.5916081

5814401.47297661

23447487.6213246

5863263.30325427

23278665.710451

5906601.47123961

23811747.1552203

6045266.23878549

24161779.8384021

6170139.22060778

24036138.5832

6085043.5553

24927879.3247

6328484.2063

24711006.7746

6239740.8395

24819735.2044

6392145.2827

25815006.5861

6564056.2441

25605905.0327

6547519.9972

24545820.5644

6350960.9956

26325392.5553

6715974.3271

25659360.1236

6609756.733

26462498.0955

6673174.6294

26838265.5685

6758982.465

26059955.867

6628134.2007

26493741.7375034

6767007.40830807

24909415.9816007

6358725.38887104

24231879.8669011

6201387.86357596

26766534.500979

6724503.00066874

26696941.5112764

6744495.87896579

26195039.0108644

6638121.95482061

24329952.2332909

6306111.63703633

24120714.6440846

6300205.83458542

25659616.2383772

6727594.86195187

25690407.7778632

6753684.61277911

25685269.6963077

6874962.00310923

26067980.2147826

6892783.63050521

26927169.1447135

7146906.83596634

27032185.1043779

7156946.70013288

26764566.4718446

7158284.19068794

26681596.3157819

7027713.84650125

28421236.3955708

7287986.0345142

29307978.9711126

7432035.50429473

29231778.2257877

7572993.11279214

30707983.02619

7873702.67758661

30373266.0112046

7882874.04139273

30701297.2841256

7963835.64499179

29958325.8898497

8075906.93150138

30296854.972405

8126314.6924206

31142137.2261351

8293414.16176688

30678119.3814657

8318809.11230578

31991142.8909924

8490407.41351908

32490204.7200919

8688529.71573983

33279716.6947902

8955002.99632624

33975262.7737113

9054567.87764567

35850697.2788201

9572975.74278493

34595922.8740614

9220156.1563648

33267439.4356975

8985834.75912142

33959402.17596

9020314.2234304

34937432.9586276

9237543.53358057

35398607.0736815

9294395.56717416

36757913.5853109

9640284.52071808

37029922.1458422

9954403.73107755

36922535.3716192

10011064.6945918

34230882.5430282

9304313.84129024

34614268.4275101

9516870.61950131

31412448.5979654

8583580.13218575

34475162.336267

9354712.18250305

35281881.1349357

9654998.4435614

36474408.7172965

9842305.41336649

37958917.1520905

10240918.7826078

35442240.9449069

9590620.43991223

37827503.7604991

10266759.180926

39026635.6297069

10414292.510356

37840225.9065638

10249330.1169919

39800349.6085239

10441095.0834808

41643105.7953985

10667666.8467924

43246365.3685214

11054903.1533309

44881077.9794515

11388761.2285615

Sheet1

Focused Advantage Value Equity Portfolio (Net)Standard and Poors 500Russell 1000 (Value) Index

Month End DateCumulative ReturnCumulative Return

12/31/941000000.00001,000,000.00001,000,000.00

1/31/95996400.00001,025,933.42081030782.38563489

2/28/951016527.28001,065,915.70341071581.26183351

3/31/951008496.71451,097,367.57541095156.66035546

4/30/95994579.45981,129,680.99981129786.84419471

5/31/951003630.13291,174,832.59661177243.02204849

6/30/951061740.31761,202,120.87791193190.14841507

7/31/951110049.50211,241,986.78141234728.76076467

8/31/951235041.07601,245,108.17171252178.74549563

9/30/951334091.37031,297,654.18051297461.27160569

10/31/951356504.10531,293,016.38861284578.01868931

11/30/951372103.90251,349,778.09821349638.72839431

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