Investment Performance Summary

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Investment Performance Summary

As of 3/31/2015

Individual Investment Options YTD 1 Month 3 Month 1 Year 3 Years 5 Years 10 Years Equity Pool TR

Blended Equity Benchmark S&P 500 TR USD

MSCI ACWI Ex USA NR USD

Intermediate-Term Fixed Income Pool TR Intermediate-Term Fixed Income Benchmark Short-Term Fixed Income Pool TR Short-Term Fixed Income Benchmark Money Market Pool TR

USTREAS T-Bill Auction Ave 3 Mon

0.95 3.49 0.00 -1.58 -1.62 0.00 0.95 3.49 0.00 12.73 -1.01 0.02 16.11 6.40 0.06 14.47 4.82 0.07 8.01 5.46 1.44 2.40 2.31 2.08 2.07 1.00 0.99 0.00 -1.18 -1.15 0.51 0.50 0.36 0.34 0.00 2.40 2.31 2.08 2.07 1.00 0.99 0.00 9.42 9.42 5.85 5.97 2.38 2.45 0.02 13.91 14.40 3.67 1.73 0.01 11.94 12.59 5.50 2.55 0.05 7.22 7.73 1.58

Individual investment options allow donors to recommend a custom allocation strategy, which can include one or more Investment Pools. Please refer to the quarterly Investment Performance Supplemental Report for benchmark definitions

Investment Mix Options YTD 1 Month 3 Months 1 Year 3 Years 5 Years 10 Years Aggressive Mix TR

Aggressive Mix Benchmark Moderately Aggressive Mix TR Moderately Aggressive Mix Benchmark Moderate Mix TR

Moderate Mix Benchmark Conservative Mix TR Conservative Mix Benchmark Risk Averse Mix TR

USTREAS T-Bill Auction Ave 3 Mon 0.00 0.00 0.00 0.02 0.06 0.07 1.44

2.27 2.19 2.00 1.94 1.66 1.62 1.30 1.28 0.00 -0.86 -0.84 -0.56 -0.55 -0.28 -0.28 0.00 -0.01 0.00 2.27 2.19 2.00 1.94 1.66 1.62 1.30 1.28 0.00 8.40 8.42 7.02 7.05 5.51 5.55 3.98 4.03 0.02 11.89 12.01 9.60 9.42 7.16 6.77 4.73 4.13 0.01 10.63 11.01 9.02 9.17 7.10 7.05 5.14 4.88 0.05 7.10 7.34 6.45 6.50 5.75 5.60 4.95 4.60 1.58

Investment Mix options offer a simple, one-stop approach to an investment strategy that best reflects your charitable goals. Donors recommend one option, which Greater Horizons rebalances.

The Long Term I Mix TR has been renamed the Moderately Aggressive Mix TR

The Aggressive Mix TR inception date is 6/30/14; performance prior to that date is pro-forma. Returns for periods greater than 1 year are compound annual returns.

TR = Total Return Equity Pool 80% 60% 40% 20% 0% Interm-Term Fixed Income Pool 10% 14% 18% 22% 0% Short-Term Fixed Income Pool 10% 21% 27% 33% 0% Money Market Pool 0% 5% 15% 25% 100% Current Investment Mix Allocations Aggressive Moderately Aggressive Moderate Conservative Risk Averse Aggressive Moderately Aggressive Moderate Conservative Risk Averse 0.07% 0.08% 0.10% 0.11% 0.14% Estimated Investment Management Fees

for the Investment Mix Options

Performance is presented gross of Greater Horizons administrative fees but net of all investment management fees, brokerage, consulting and other transaction costs.

Customer Service

If you have any questions about your fund or wish to request a change in your investment mix, please contact Donor Services at [email protected] or 866.627.3440.

Contact David Anderson at [email protected] or 816.627.3407 for more information on the pools, including their component funds and blended benchmarks, the Board of Directors Investment Committee, or the Investment Policy Statement.

1055 Broadway Blvd., Suite 130, Kansas City, MO 64105 866.719.7886 www.greaterhorizons.org

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Equity Pool - Top Holdings

Portfolio Date: 3/31/2015

Total Market Value: $386,938,184 MarketValue (mil)

Portfolio Weighting % Vanguard Instl Ttl Stk Mkt Idx InstlPls

Vanguard Developed Markets Idx Instl Vanguard Emerging Mkts Stock Idx I

292 75

76 20

19 5

Top Stock Holdings

1.

2.

3.

4.

5.

6.

7.

8.

9.

10. Apple Inc.

Exxon Mobil Corp.

Microsoft Corp.

Johnson & Johnson

Wells Fargo & Co.

Berkshire Hathaway Inc. Cl B

General Electric Co

Proctor & Gamble Co.

JPMorgan Chase & Co.

Pfizer Inc.

Purpose

The purpose of the Equity Pool is to facilitate the

funding of current and future charitable needs of

participating charitable funds and organizations.

The long term investment objective of the Equity

Pool is to obtain broad equity market exposure

utilizing a passive, cost effective approach that is

diversified across market capitalizations and

regions. A secondary objective is to provide cash

flows to fund distributions and to preserve the

purchasing power of the funds to meet charitable

needs now and in the future.

As of 3/31/2015

Equity Pool

Trailing Returns

Equity Pool & Blended Benchmark YTD Quarter 1 Year _Annualized3 Years _Annualized5 Years _Annualized10 Years Equity Pool TR

Equity Benchmark TR 2.31 2.31 9.42 14.40 12.59 7.73

2.40 2.40 9.42 13.91 11.94 7.22

Trailing Returns

Equity Pool Holdings & Benchmarks YTD Quarter 1 Year _Annualized3 Years _Annualized5 Years _Annualized10 Years Vanguard Instl Ttl Stk Mkt Idx InstlPls

CRSP US Total Market TR USD

Vanguard Developed Markets Idx Instl FTSE Developed ex North America NR USD Vanguard Emerging Mkts Stock Idx I FTSE Emerging NR USD

1.79 1.81 5.55 5.03 2.08 1.88 1.79 1.81 5.55 5.03 2.08 1.88 12.37 12.33 -0.87 -0.75 3.08 3.24 16.48 16.41 8.95 8.72 0.60 0.84 14.83 14.74 6.22 6.15 1.87 1.94 8.64 8.64 5.16 5.26 8.22 9.06

Equity Pool - Equity Sectors (Morningstar)

Portfolio Date: 3/31/2015 % Basic Materials 4.6 Consumer Cyclical 11.7 Financial Services 16.2 Real Estate 3.7 Consumer Defensive 9.0 Healthcare 13.7 Utilities 3.1 Communication Services 4.0 Energy 6.9 Industrials 11.6 Technology 15.4 Total 100.0

Performance is presented gross of administrative fees but net of all investment management fees, brokerage, consulting and other transaction costs. Estimated Pool Investment Management Fee: .06% Equity Benchmark 2003-2011

Wilshire 5000 80% MSCI EAFE 20% Equity Benchmark Current

CRSP US Total Stock Market 75% FTSE Developed ex North Amer. 20% FTSE Emerging Markets 5%

Equity Benchmark 01/14 - 03/15 CRSP US Total Stock Market 75% FTSE Developed ex North Amer. 15% FTSE Emerging Markets 10%

Equity Benchmark 2011-2013 Wilshire 5000 78.5% MSCI EAFE 16.5% MSCI Emerging Markets 5.0%

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Equity Pool

Investment Growth

Time Period: 1/1/2000 to 3/31/2015 2001 2003 2005 2007 2009 2011 2013 2015 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0

Equity Pool TR Equity Benchmark TR

Calendar Year Returns

Return -45.0 ₂₀₀₃ ₂₀₀₅ ₂₀₀₆ ₂₀₀₇ ₂₀₀₈ ₂₀₀₉ ₂₀₁₀ ₂₀₁₁ ₂₀₁₂ ₂₀₁₃ ₂₀₁₄ -37.5 -30.0 -22.5 -15.0 -7.5 0.0 7.5 15.0 22.5 30.0 37.5

Equity Pool TR Equity Benchmark TR

Equity Pool TR - Quarterly Returns

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2.40 1.59 5.04 -1.13 2.89 9.26 1.43 7.25 8.64 12.55 -4.32 5.76 1.77 5.36 -0.29 -16.92 9.50 4.97 -11.22 12.30 10.87 -10.40 19.30 16.60 4.70 -9.92 -0.77 -13.02 -22.99 2.50 6.29 1.88 -2.06 7.19 -2.21 3.35 8.35 -1.52 2.08 4.97 1.92 8.56 29.12 15.90 -4.43 16.03 30.49 -40.13 8.71 17.37 7.54

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Intermediate-Term Fixed Income Pool

As of 3/31/2015

Purpose

The purpose of the Intermediate-Term Fixed Income Pool is to provide capital preservation and current income to help meet spending requirements of donor portfolios. The Pool will utilize a passive, cost effective approach with a secondary objective to provide broad exposure to U.S. income markets. The Pool is diversified across U.S. Treasuries notes and bonds, corporate bonds, bank loans, mortgaged-backed securities and U.S. Treasury Inflation-Protected Securities. The average effective duration and interest rate risk of the Pool will be commensurate with broad fixed income benchmarks such as the Barclays U.S. Aggregate Bond Index.

Trailing Returns

Int-Term Fixed Income Pool & Blended Benchmark _{to Date}Year Quarter 1 Year _Annualized3 Years _Annualized5 Years _Annualized10 Years Intermediate-Term Fixed Income Pool TR

Intermediate-Term Fixed Income Benchmark

2.08 2.08 5.85

2.07 2.07 5.97 3.67 5.50

Trailing Returns

Int-Term Fix. Income Pool Holdings & Benchmarks _{to Date}Year Quarter 1 Year _Annualized3 Years _Annualized5 Years _Annualized10 Years Vanguard Interm-Term Bond Index I

Barclays US 5-10Y GovCredit FlAdj TR USD Vanguard Mortgage-Backed Sec Idx I Barclays US MBS TR USD

Vanguard Shrt-Term Infl-Prot Sec Idx Adm Barclays U.S. Treasury TIPS 0-5Y TR USD SPDR® Barclays High Yield Bond ETF Barclays VLI High Yield TR USD

2.46 2.45 1.05 1.06 0.33 0.38 2.40 2.59 2.46 2.45 1.05 1.06 0.33 0.38 2.40 2.59 6.94 7.03 5.28 5.53 -1.02 -0.93 0.58 1.64 4.04 4.06 2.54 -0.44 6.14 6.98 6.11 6.12 3.63 1.38 7.62 8.57 4.87 3.04 8.28

Intermediate-Term Fixed Income Pool Holdings

Portfolio Weight % Vanguard Interm-Term Bond Index I

Vanguard Mortgage-Backed Sec Idx I Vanguard Shrt-Term Infl-Prot Sec Idx Ins SPDR® Barclays High Yield Bond ETF Fidelity® Instl MM Fds Prime MMkt I

59 70

17 20

4 5

0 0

Inception Date: January 1, 2014

Performance is presented gross of

administrative fees but net of all investment management fees, brokerage, consulting and other transactions costs.

Estimated Pool Investment Management Fee: .11%

Fixed Income Pool Statistics

Average Yield to Maturity 2.63% Average Effective Duration 5.70 years SEC Yield 2.19%

Percent

70% 20% 5% 5%

Int.-Term Fixed Income Benchmark Weights

Barclays US 5-10Y Gov/Credit FlAdj TR USD Barclays US MBS Float Adjusted TR USD Barclays VLI High Yield TR USD

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Short-Term Fixed Income Pool

As of 3/31/2015

Purpose

The purpose of the Short-Term Fixed Income Pool is to provide capital preservation and current income to help meet spending requirements of donor portfolios. The Pool will utilize a passive, cost effective approach with a secondary objective to provide broad exposure to U.S. income markets. The Pool is diversified across U.S. Treasury notes and bonds, corporate bonds, bank loans, mortgaged-backed securities and U.S. Treasury Inflation-Protected Securities. The Pool will have a lower average effective duration than broad fixed income market benchmarks such as the Barclays U.S. Aggregate Bond Index, hence limiting overall interest rate risk.

Trailing Returns

Short-Term Fix. Inc. Pool & Blended Benchmark _{To Date}Year Quarter 1 Year _Annualized3 Years _Annualized5 Years _Annualized10 Years Short-Term Fixed Income Pool TR

Short-Term Fixed Income Benchmark

1.00 1.00 2.38

0.99 0.99 2.45 1.73 2.55

Trailing Returns

Short-Term Fix. Inc. Pool Holdings & Benchmarks _{to Date}Year Quarter 1 Year _Annualized3 Years _Annualized5 Years _Annualized10 Years Vanguard Short-Term Bond Idx I

Barclays US 1-5Y GovCredit FlAdj TR USD Vanguard Mortgage-Backed Sec Idx I Barclays US MBS Float Adjusted TR USD Vanguard Shrt-Term Infl-Prot Sec Idx Adm Barclays U.S. Treasury TIPS 0-5Y TR USD PowerShares Senior Loan ETF

S&P/LSTA U.S. Leveraged Loan 100 TR USD

1.02 0.97 1.05 1.01 0.33 0.38 1.39 1.85 1.02 0.97 1.05 1.01 0.33 0.38 1.39 1.85 1.89 1.99 5.28 5.09 -1.02 -0.93 1.15 1.83 1.37 1.46 2.50 -0.44 4.02 4.58 2.18 3.54 1.38 4.79 3.04 4.92

Short-Term Fixed Income Benchmark Weights

Barclays US 1-5Y GovCredit FlAdj TR USD Barclays US MBS Float Adjusted TR US Barclays U.S. Treasury TIPS 0-5Y TR USD S&P/LSTA U.S. Leveraged Loan 100 TR USD

Percent

70% 20% 5% 5%

Inception Date: January 1, 2014

Performance is presented gross of

administrative fees but net of all investment management fees, brokerage, consulting and other transactions costs.

Estimated Pool Investment Management Fee: .12%

Short-Term Fixed Income Pool Holdings

Portfolio Weight % Vanguard Short-Term Bond Idx I

Vanguard Mortgage-Backed Sec Idx I Vanguard Shrt-Term Infl-Prot Sec Idx Ins PowerShares Senior Loan ETF

Fidelity® Instl MM Fds Prime MMkt Instl

87 70

25 20

6 5

0 0

Fixed Income Pool Statistics

Average Yield to Maturity 1.16% Average Effective Duration 2.91 years SEC Yield 1.22%

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As of 3/31/2015

Money Market Pool

Money Market Trailing Returns

Time Period Money Market Pool 90 Day Treasury Bills

3 Months 0.00% 0.00%

1 Year 0.02% 0.02%

3 Years 0.01% 0.06%

5 Years 0.05% 0.07%

10 Years 1.58% 1.44%

Performance periods greater than 12 months are annualized.

Performance is net of investment management fees but not the

Foundation's administrative fees.

Estimated Current Yield: 0.02%

Purpose

The purpose of the Money Market Pool is to provide liquidity for participating charitable funds and organizations in funding grant making and payment of fees and

administrative costs while providing desired principal stability. The long term investment objective of the Money Market Pool is to seek a competitive market

return to preserve and grow the portfolio, provide cash flows to meet charitable needs now and those in the future. The performance objective of the Money

Market Pool is to meet or exceed the performance of the 90-Day Treasury Bill, a truly “liquid” money market benchmark. As such, the Money Market Pool is

highly liquid, which enables donors to access funds for grants in a timely manner.

The Money Market Pool invests primarily in bank deposits and high-quality institutional money market funds. The money market fund's holdings include U.S.

dollar denominated money market securities of domestic and foreign issuers rated in the highest category by at least two nationally recognized rating services,

U.S. Government securities, and repurchase agreements.

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On March 31, 2015 the Investment Committee adjusted the

weightings within the Equity Pool. The Committee, in consultation

with its advisor continues to designate 25% as an appropriate

weighting for international equities in the Equity Pool. Within that

weighting for international stocks, the allocation to developed markets

was increased to 20% from 15% of the Equity Pool while the allocation

to emerging markets was reduced from 10% to 5% of the Equity Pool.

This change is designed to bring the weightings of the developed and

emerging markets into line with their weightings relative to one another

in the MSCI All Country World Index.

The surprise factors of 2014 continued their run into the first quarter of

2015 as U.S. Treasury yields and the price of oil declined during the

quarter while the trade weighted value of the dollar increased against

other major currencies as depicted in the chart below.

The one trend that did reverse was the bond market’s expectations for

inflation over the next five years. The bond market’s estimate of

inflation (as measured by the Consumer Price Index) over the next five

years accelerated from 1.27% in December 31

st

to 1.51% on March

31

st

even as the price of oil continued to fall and economic data pointed

to weakness in the first quarter. This change in inflation expectations,

should it continue, could be the catalyst that enables the Federal

Reserve to increase short term interest rates sometime this year and

begin the process of normalizing monetary policy in the United States.

In the first quarter the Equity Pool had a total return of 2.40%. Unlike

last year, the Equity Pool was led by the overseas developed markets

as the FTSE Developed Markets ex North America stock index

rebounded 5.03%. Small company stocks also outperformed their

larger brethren as the CRSP Small Cap Index gained 4.79% compared

with a return of .95% for the S&P 500.

The Intermediate-Term Fixed Income Pool gained 2.08% during the

quarter as bond yields continued their decline. Investors view the ten

year U.S. Treasury note as a benchmark for the overall bond market.

The ten year Treasury note’s yield-to-maturity declined from 2.17% at

the end of the year to 1.94% at the end of the first quarter. It should be

noted that the yield of 1.94% on March 31

st