Bellarmine University Investment Group

Sustainable Equity Balanced Fund

Annual Report For the Year Ended December 31, 2015

Table of ContentsI. Executive Summary..……………………………

II. History of BUIG………………..……….……..…

III. New Year - New BUIG……………………….…

IV. Organizational Structure…………………..….

V. Investment Philosophy & Process……….…

VI. FY 2015 Performance……………………………

VII. FY 2015 Realized Gains & Losses…….…….

VIII.Portfolio Snapshot………………………………

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As 2015 came to an end, the Bellarmine University Investment Group (BUIG) recorded its first full calendar year of performance. I am pleased to announce that the Sustainable Equity Balanced Fund (SEBF) had an absolute return of 1.45% over the period. Compared to our benchmark, a 70/30 weighted blend of the S&P 500 and Barclay’s Aggregate Bond Index, we contributed 1.81% of outperformance over 2015. In addition, we compare our absolute return to 958 professionally managed mutual funds in the balanced asset allocation category tracked by Morningstar Direct. In this balanced fund category, the SEBF’s performance placed in the top 5th percentile for 2015.

By staying true to our disciplined investment philosophy and process, we were able to successfully manage the SEBF in light of volatile market conditions stemming from a strong U.S. dollar, depressed commodity prices, global growth worries, weak corporate earnings and uncertainty surrounding Fed policy. We believe the top-down approach incorporated into our investment decisions, coupled with consistent fundamental analysis and portfolio due diligence, tactically positions our portfolio to consistently outperform its benchmark and the broader market over the long term. Placing prudent sector bets and strategically altering our asset allocation also contribute to our added value. Although our market sentiment shifts towards a more pessimistic outlook for the first half of 2016, we are confident that our investment approach will allow the SEBF to continue its outperformance.

With strong tailwinds headed into the new year, the future of the BUIG and SEBF looks promising. I would like to extend a special thank you to everyone dedicated to and involved with this invaluable experience. Our success could not have been possible without the untethered support from our advisor Carl Hafele, the Executive Officers, general members and all colleagues.

Best Regards,

Rich Dvorak - President

Executive Summary

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Getting the BUIG off the ground was a rigorous process that consisted of drafting a constitution and bylaws, creating a mission statement and recruiting members. This journey began in September 2013 when we became an official registered student organization under Bellarmine University’s Student Government Association. We formally established our group as a professional student organization designed to contribute to the betterment of the investing and financial experience of Bellarmine’s students. Overall, our aim is to educate BUIG members on the topics of security analysis, business fundamentals and portfolio management.

In the early stages of our organization, we focused on tackling three main objectives: gaining recognition across campus, building a reputation in the local business community and establishing our credibility. In order to gain recognition on campus, we participated in school-wide recruiting events and vigorously advertised our regularly held meetings. As for building a reputation in the business community, we hosted local speakers from Morgan Stanley, INVESCO, Northwestern Mutual, Guggenheim Partners, Commonwealth Bank & Trust and River Road Asset Management among others to discuss a wide-array of finance related subjects. Lastly, we began establishing our credibility by creating a trial-run portfolio that allowed us to test our defined investment philosophy and process with faux-money.

After tracking six months of performance, this trial-run equity portfolio outperformed the S&P 500 by 2.96% over the period. As a result, BUIG Executive Officers were given the opportunity to present our philosophy, process and portfolio performance to Bellarmine University’s Finance Committee who oversees the school’s endowment. At this meeting, we requested a $90,000.00 reallocation of Bellarmine’s endowment to accompany our advisor professor Carl Hafele’s $10,000.00 donation in order to establish a $100,000.00 real-money student-managed investment fund. Our request was generously approved on December 18, 2014 and the Sustainable Equity Balanced Fund was off to the races.

History of BUIG

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The BUIG Executives have been in the process of restructuring our organization in order to provide members with additional opportunities to be involved with the SEBF. Looking to be implemented at the beginning of 2016, we hope to reduce the barriers between Executive Officers and general members so that our group can better capitalize on our collective efforts when managing the portfolio. We are optimistic that this will only further contribute to the outstanding hands-on experience that members gain from the fundamental research, technical analysis and portfolio management opportunities our organization offers.

Changes that will be made include consolidating the previous seven member investment panel into three remaining positions: President, Vice President of Investment Relations and Vice President of Investment Strategy. Concentrating these roles will lead to a more efficient and effective investment decision making process as these three Executive Officers will have final voting rights on any proposed transaction, which requires a unanimous decision. We are also introducing new positions of Senior and Junior Analysts into our structural hierarchy. There will be six Senior Analysts who will specifically cover one or two sectors of the market. Senior Analyst will maintain a watch list for his or her sector(s) and remain up to date on any changes within the companies that we currently hold. Also, Senior Analysts will prepare and present any transaction proposals to the Executive Officers. As for the Junior Analysts, they will be assigned specific stocks to cover that we currently hold in our portfolio. They will prepare a weekly report on their stocks and present it along with any investment proposals to the Senior Analyst who heads their respective sector.

We are also excited to announce our plan to now meet weekly instead of bi-weekly. During our meetings we will conduct collaborative research among all members for a better hands-on experience. We believe that collaborative research will bring our members closer together, encourage the sharing of investment ideas and facilitate more elaborate security analysis providing everyone the chance to stay up to date on and involved with the entire portfolio. We will continue to invite guest speakers to visit campus and speak to our organization. We are confident in these changes and believe that everyone involved will have a more valuable experience under this new structure.

New Year - New BUIG

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President: Rich Dvorak Acts as the Chief Executive Officer of the

organization and head Portfolio Manager of the Sustainable Equity Balanced Fund. The president oversees all BUIG members and activity to ensure operations run smoothly.

VP Investment Strategy: Max Clemons Responsible for accounting for the

Sustainable Equity Balanced Fund’s holdings and balancing the portfolio within the clearly

defined constraints of our organization’s philosophy and strategy.

VP Investment Relations: Mike Adkerson Serves as the liaison between our

organization and the Bellarmine University Administration, Executives and the student

body. Also responsible for coordinating events and raising investment capital.

Advisor: Carl Hafele The advisor is a mentor to the organization

and serves as a consultant to the Sustainable Equity Balanced Fund by providing insight

from a professional background in the investment industry.

Organizational Structure

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As an investment institution, our philosophy focuses on discovering companies that are trading at a discount to their fair market value, in a healthy financial position and provide long-term sustainable qualities. The Sustainable Equity Balanced Fund’s investment portfolio seeks to achieve superior returns in a risk controlled fashion. This comprehensive and disciplined process includes a mix of 70% equities and 25% fixed income with a targeted cash position of 5%, all of which can fluctuate +/-5% depending on market conditions. Our portfolio utilizes a benchmark with a 70% blend of the S&P 500 and a 30% blend of Barclays Aggregate Bond Index.

We believe that a disciplined investment process is essential to run a well-managed portfolio. The Sustainable Equity Balanced Fund is formed by using fundamental, qualitative, quantitative and technical screeners to reduce the universe of stocks to a manageable watch list through collective research across the broader market. This watch list is actively monitored by Senior Analysts with the help of Junior Analysts. Once an attractive investment opportunity presents itself, Senior Analysts will make a formal buy or sell proposal to the Executive Officers who must unanimously approve a transaction in order to execute a trade.

Investment Philosophy

Investment Process

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The SEBF set the bar high in its first full year of performance amidst market uncertainty revolving depressed commodity prices, a strong U.S. dollar, weak global market growth, declining corporate earnings and looming monetary policy decisions from the Federal Reserve. The risks associated with these macroeconomic conditions strongly influenced our sector allocations and security selections throughout the year. Our top-down strategy positioned our portfolio to capitalize on market inefficiencies while limiting downside risks during this volatile environment. This approach ultimately allowed the SEBF to outperform its custom benchmark by 1.81% in 2015.

Amidst the uncertainty instilled to markets at the start of the year, our tactical investment decisions allowed us to capture a great deal of added value by taking advantage of investor complacency. Healthcare, consumer discretionary and energy were our conviction overweight sectors for the period, each with their own respective value propositions. We saw a great deal of innovation and growth prospects within select healthcare companies, such as Gilead Sciences ($GILD), Biogen ($BIIB) and Amgen ($AMGN). The domestic consumer experienced marginal savings at the pump and saw incentives to travel abroad given the strong dollar and thus we looked favorably on media giant Walt Disney ($DIS) and online travel agency Priceline ($PCLN) to be direct beneficiaries inside the discretionary sector. Hoards of money managers were attempting to find the bottom in oil prices, but we focused on natural gas and midstream logistics within the energy sector to protect us from the commodity pressures by holding positions in Cheniere Energy Partners ($CQP) and Enbridge ($ENB). As for fixed income, the ten-year treasury yield began 2015 at 2.17%, which in our view was relatively high for its range at the time. We decided to step out into the

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FY 2015 Performance

1Q 2015 2Q 2015 3Q 2015 4Q 2015 FY 2015 InceptionSEBF 2.17% 0.14% -5.05% 4.42% 1.45% 1.63%

Benchmark 0.76% -0.71% -4.45% 4.36% -0.36% -0.90%Over / Under 1.41% 0.85% -0.59% 0.06% 1.81% 2.53%

S&P500 0.44% -0.23% -6.94% 6.45% -0.73% -0.84%Barclay's AGG 1.53% -1.83% 1.34% -0.52% 0.48% -1.04%This table details the quarterly and annual returns for the Sustainable Equity Balanced Fund during 2015. The Sustainable Equity Balanced Fund was initiated on December 18, 2014 and its performance is benchmarked to a 70/30 weighted average of the S&P 500 and Barclay’s Aggregate Bond Index.

intermediate portion of the curve to capture more of the medium-term bullish trend in rates, but remained underweight bonds due to our long-term bias.

Overall, we saw healthy returns from Biogen ($BIIB), Disney ($DIS), Apple ($AAPL) and Alphabet ($GOOGL) offset by heavy losses in Alcoa ($AA) and Microsoft ($MSFT) at the end of the quarter. Although we were not entirely sheltered from the volatile markets, our disciplined strategy led to the SEBF outperforming more than 80% of 956 publicly traded mutual funds tracked in the balanced asset allocation category by Morningstar Direct during the first quarter of 2015. Strong, quality focused stock selection inside our strategically targeted sector weights provided the majority of our alpha, outperforming our benchmark by 1.41% with an overall return of 2.17% during the period.

Going into the second quarter of 2015, we further positioned the SEBF for limited downside risk in anticipation of additional market volatility. Our conservative outlook was echoed by continuing to invest in high quality companies and holding a heavy cash allocation. We were able to capitalize on rocky market conditions that stemmed from economic turmoil within China and Greece, a

slowly recovering U.S. economy, stronger greenback and historically low oil prices. These economic factors were the focal points for setting our sector bets in the second quarter, with the improving U.S. economy being the overarching component. This led to our conviction to overweight financials as we saw an increase in the likelihood of future interest rate hikes from the Federal Reserve, ultimately leading to our added position in Bank of America ($BAC) as they looked posed to benefit most among large financial institutions from normalizing rates. We rode out strong performance in our technology holdings,

allowing the positions to grow to an overweight allocation for the sector. Additionally, we reiterated our overweight allocation to healthcare while reducing energy and consumer discretionary to market weight seeing less upside potential in the latter two sectors.

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This pie chart illustrates the Sustainable Equity Balanced Fund’s asset allocation at the end of the year.

Overall, the SEBF recorded an absolute return of 0.14% in the second quarter, which translated to 85 basis points of added value relative to our benchmark. Ranking our returns relative to the 958 publicly traded and professionally managed mutual funds with a balanced asset allocation tracked by Morningstar Direct, the SEBF fell in the top 11th percentile. Our strong performance was mainly attributable to significant returns from holdings in Apple ($AAPL), Biogen ($BIIB), Disney ($DIS) and Gilead Sciences ($GILD) up 11%, 17%, 23% and 22% respectively at the end of the period. These gains were offset by a 29% unrealized loss in Alcoa ($AA) due to weak demand for aluminum and a 22% decline in value on our investment in Southwest Airlines ($LUV), which was caused by accusations made by the Department of Justice that the company was involved in price collusion with other major airliners.

The global setting jolted investors in the third quarter as increased pessimism driven by heightened concerns over China mixed with further uncertainty as to

when the Federal Reserve would begin to normalize i n t e r e s t r a t e s . I n response, we were more active with managing the SEBF during the period. We accredit our decision f o r m o r e a c t i v e m a n a g e m e n t t o t h e Federal Reserve delaying its hand despite markets a n t i c i p a t i n g l e s s

accommodative policy, combined with the new norm of low commodity prices and reports of slowed economic growth.

Ultimately these conditions caused a large market pullback and we used this opportunity to lower our cost basis on some underperforming positions that we still saw long-term upside in such as Alcoa ($AA), Biogen ($BIIB) and Bank of America ($BAC). We increased our exposure to the consumer discretionary sector with added positions in Chipotle Mexican Grill ($CMG) and L Brands ($LB) reflecting our view that the continued decline in gas prices will benefit

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Sector Sector Target

S&P500 Weight

SEBF Allocation

Technology OW 20.9% 26.7%Financials OW 16.6% 24.0%

Consumer Staples OW 9.6% 14.5%Consumer Discretionary EW 13.1% 13.2%

Healthcare EW 14.6% 13.0%Energy UW 7.1% 4.4%

Industrials UW 10.1% 4.2%Materials UW 2.9% 0.0%Utiltiies UW 2.8% 0.0%

Telecommunications UW 2.3% 0.0%

This table shows the sector weightings of the Sustainable Equity Balanced Fund at year end. We set our sector allocations relative to the S&P 500 given our top-down approach.

consumers and translate to increased spending in the restaurant and retail segments. We reiterated our overweight allocation to financials and healthcare while reducing the technology sector to market weight as we realized gains in Alphabet ($GOOGL) that were offset by selling Alibaba Group ($BABA) and LinkedIn ($LNKD) aiming to limit further losses. Due to our asset allocation underweighting fixed income, however, we lost value relative to our benchmark for the period as the Barclay’s Aggregate Bond Index experienced a 1.34% rally. This lead to the SEBF underperforming its benchmark by 0.59% with our portfolio recording a -5.05% return over the third quarter. On a not-so dismal note, our performance ranked among the top 34th percentile of the 958 portfolios tracked by Morningstar Direct with a balanced asset allocation for the period.

The increasing likelihood of a Federal Reserve decision to raise interest rates for the first time in nine years became the major theme during the fourth quarter of 2015. We began tailoring our portfolio going into the period in anticipation of a market rally over the holiday season balanced by the expectation of the Federal Reserve finally beginning the normalization of interest rates. Despite expecting a modest rally in markets after experiencing a rough selloff in the third quarter, we remained conservative with a heavy cash allocation and continued to invest in holdings that possess durable competitive advantages sustainable over the long-term. Incorporating this into our top-down approach, we positioned our portfolio

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This graph illustrates returns of the SEBF relative to our 70/30 weighted benchmark comprised of the S&P 500 and Barclay’s Aggregate Bond Index, showing the week-by-week over/under performance.

-2.75%

-2.25%

-1.75%

-1.25%

-0.75%

-0.25%

0.25%

0.75%

1.25%

1.75%

2.25%

2.75%

3.25%

1/5/15 2/5/15 3/5/15 4/5/15 5/5/15 6/5/15 7/5/15 8/5/15 9/5/15 10/5/15 11/5/15 12/5/15

Weekly Performance vs. Benchmark

to capitalize on market opportunities by altering our sector allocations, adding new holdings to further diversify and doubling down on positions that we believed were trading at a discount to their fair values.

We reduced exposure to the healthcare sector by fully exiting Gilead Sciences ($GILD) in light of negative sentiment injected by presidential candidates wanting to crack down on biopharmaceutical companies that price gouge consumers. We also reduced our consumer discretionary holdings by realizing gains in L Brands ($LB) and Home Depot ($HD) after receiving consistently disappointing data on the sector throughout the period. Additionally, we reduced our allocation in energy to underweight as ultra-low oil prices continued to drag down the entire sector.

With the holiday season approaching, however, we returned to an overweight allocation in technology. We also increased our allocation to the consumer staples sector, which we expect to outperform the market in 2016. This led to our added holdings in tobacco company Reynolds American ($RAI) and premium organic grocer Whole Foods Market ($WFM) given their strategic market positioning. As for fixed income, we wanted to reduce our exposure from rising interest rates. Consequently, we substituted our intermediate corporate bond fund for a short-

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-22.50% -20.00% -17.50% -15.00% -12.50% -10.00%

-7.50% -5.00% -2.50% 0.00% 2.50% 5.00% 7.50%

10.00% 12.50% 15.00% 17.50%

AAPL

CT

SH

GOOG

L FB

MSF

T CS

CO

SBUX

BA

C DI

S DF

S RA

I BB

T BR

K/B

BUD

HON

W

FM

VRSK

M

CK

BIIB

AM

GN

BABA

BL

K UA

HAL

Security Unrealized Gain/Loss

At the end of 2015, our top-performing holdings were Anheuser-Busch Inbev ($BUD), Alphabet ($GOOGL) and Microsoft ($MSFT) showing unrealized gains of 17.3%, 15.8%, 15.6% respectively. These gains were partially offset by unrealized losses of 21.8% in Halliburton ($HAL), 11.8% in Discover Financial Services ($DFS) and 10.9% in Berkshire Hathaway ($BRK/B).

term equivalent. These decisions were made at a critical point in the year that allowed our portfolio to benefit from the market’s year-end rally to finish 2015 in the green. The SEBF returned 4.42% over the quarter compared to the benchmark return of 4.36%, which ranks our performance in the top 9th percentile of 958 comparable balanced allocation style funds tracked by Morningstar Direct. Our performance was mainly attributable to gains in Alphabet ($GOOGL), Facebook ($FB), Microsoft ($MSFT) and Anheuser-Busch Inbev ($BUD) while our worst performing positions, Discover Financial Services ($DFS), Berkshire Hathaway ($BRK/B) and Halliburton ($HAL) negatively impacted our overall returns.

Our dynamic and disciplined top-down approach executed throughout the year helped us hedge risk, capitalize on down markets and exploit inefficiencies. We saw sustainable returns in excess of the benchmark by staying true to our philosophy of investing in high quality companies with a healthy financial position that trade at a discount to their fair value. These methods, paired with active research and diligent portfolio management, drove the SEBF to outperform its benchmark by 1.81% in 2015. With an absolute return of 1.45% for the year, our portfolio ranks in the top 5th percentile of 958 professionally managed mutual funds categorized and tracked by Morningstar Direct with a balanced asset allocation.

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This graph shows the week-by-week dollar value of our portfolio from inception on December 18, 2014 to December 31, 2015. We initiated our portfolio with $100,000 and ended 2015 with a total portfolio balance of $101,811.14 for an absolute return of 1.81%.

Symbol Description ST vs. LT Proceeds Tax Cost Gain / LossAA ALCOA INC ST $7,635.89 $7,841.93 ($206.04)

BABA ALIBABA GRP SP ADR (CAYMAN ISLANDS) ST $3,800.45 $3,964.40 ($163.95)BUD ANHEUSER BUSCH INBEV (BELG) ST $4,207.23 $4,018.00 $189.23BAC BANK AMER CORP ST $1,311.41 $1,500.34 ($188.93)BIIB BIOGEN IDEC ST $2,446.95 $2,070.52 $376.43BA BOEING CO ST $2,475.52 $2,034.52 $441.00

CQP CHENIERE ENERGY PARTNERS LP ST $3,726.55 $4,026.00 ($299.45)CMG CHIPOTLE MX GRL ST $5,951.88 $6,044.00 ($92.12)CMI CUMMINS ENGINE CO ST $1,959.97 $1,988.00 ($28.03)DVA DAVITA HEALTHCARE PARTNERS INC ST $3,726.88 $4,085.68 ($358.80)ENB ENBRIDGE INC (CANADA) ST $3,982.93 $4,017.99 ($35.06)FB FACEBOOK INC CL A ST $2,008.25 $1,968.28 $39.97GE GENERAL ELECTRIC CO ST $2,066.72 $1,927.00 $139.72

GILD GILEAD SCIENCES INC LT $4,266.47 $4,018.00 $248.47GOOGL GOOGLE INC ST $5,014.25 $4,087.00 $927.25

HAR HARMAN INTERNATIONAL INDUSTRIES ST $4,769.36 $3,983.02 $786.34HD HOME DEPOT INC ST $2,404.96 $2,025.70 $379.26

HON HONEYWELL INTERNATIONAL INC ST $1,042.99 $1,023.50 $19.49JNJ JOHNSON & JOHNSON ST $3,636.06 $3,904.94 ($268.88)LB L BRANDS INC COM ST $4,328.25 $3,948.28 $379.97

LNKD LINKEDIN CORP ST $3,076.17 $3,949.00 ($872.83)MA MASTERCARD CL A ST $2,118.17 $1,996.50 $121.67

MRK MERCK & CO INC ST $3,970.94 $3,968.00 $2.94MET METLIFE INC ST $3,558.25 $4,030.75 ($472.50)MSFT MICROSOFT CORP ST $2,017.61 $1,823.40 $194.21PCLN PRICELINE GROUP INC ST $4,594.50 $4,407.00 $187.50

PG PROCTER & GAMBLE COMPANY ST $4,102.45 $4,014.75 $87.70SRE SEMPRA ENERGY ST $3,741.23 $4,035.70 ($294.47)LUV SOUTHWEST AIRLINES ST $3,147.18 $4,002.00 ($854.82)VFC V. F. CORP ST $3,608.73 $3,837.96 ($229.23)VCIT VANGUARD INT-TERM CORPORATE ETF ST $13,934.77 $14,181.94 ($247.17)VRSK VERISK ANALYTICS INC CL A ST $4,312.58 $4,027.50 $285.08

DIS WALT DISNEY CO ST $4,109.57 $3,594.35 $515.22$127,055.12 $126,345.95 $709.17

FY 2015 Realized Gain / Loss

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FY 2015 Realized Gain / Loss Transactions

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($49.6

0)-0.

50%

Secu

ritire

s$9

3,548

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4,409

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)-0.

91%Ca

sh$8

,262.8

0 To

tal Fu

nd Ba

lance

$101

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4

Susta

inable

Equit

y Bala

nced

Fund

16

Portfolio Snapshot