2021-02-22 OMA Agenda - Board of Trustees (002)

Board of Trustees Meeting February 22, 2021 5:00 pm – 6:30pm

Mountain Standard Time (MST) Via computer, tablet, or smartphone https://obesitymedicine-org.zoom.us/j/94386434761?pwd=ZXVvQnU5T2t4WXl1K2l4ZVhOTmFPZz09 Presiding: Craig Primack, MD, FACP, FAAP, FOMA, President Time Topic Lead Action Doc# 5:00 Call to Order and Opening Remarks Craig Primack Order 5:02 Approval of the Agenda Craig Primack Decision 5:05 Conflict of Interest Disclosures Lydia Alexander Declarations 5:10 2020 Investment Performance 2020 Financial Performance Summary 2020 Financial Performance (preliminary) Holly Baroway, Stifel Katrina Crist Reports Class I docs 1 2 3 5:35 Journal of Obesity Medicine Association (JOMA) Craig Primack Katrina Crist Harold Bays Discussion and Decision Class III docs 4,5,6 6:20 Consent Agenda/Class II Documents • December 15, 2020 Minutes Craig Primack Decision Class II docs 7 6:25 New Business Craig Primack Introduction 6:30 Call to Adjourn and Closing Remarks Craig Primack Adjourn Board of Trustees - Briefing Documents for February 22,2021 meeting Class III Documents – Materials to be thoroughly reviewed in advance of the board meeting in preparation of introducing motions for deliberation and decision-making. 4. Journal Options and Summary 5. OMA Elsevier Journal Publishing Proposal letter 6. Insights to Societal Journal Class II Documents – Materials to be reviewed in advance of board meeting. These requests and documents are considered non-controversial or not needing board discussion, however, they do require formal approval or adoption by the Board of Trustees. Therefore, they are presented as part of a “consent agenda” which means they will be voted on as one motion to approve. If there is an issue/document you believe should be pulled for discussion/deliberation, please notify the President at craigprimack@gmail.com and the Executive Director at katrina@obesitymedicine.org 24 hours in advance of the meeting. Please include your reason for requesting discussion/deliberation on the issue. 7. December 15, 2020 Board of Trustee Meeting Minutes Class I Do u ents – Provided for your information to keep you updated and in the loop of communication on items as needed. 1. 2020 Investment Performance 2. 2020 Financial Performance Summary 3. 2020 Financial Performance (preliminary)

BarowayFinancial Group HollyBaroway 201 Columbine Street Suite 250 Denver, CO 80206 (720)409-5337

Prepared by

OBESITY MEDICINE February 16, 2021

OBESITY MEDICINE ConsolidatedAssetSummary

Unrealized Gain/Loss

Realized Gain/Loss

Est.Annual Income

Name

AccountNumber MoneyMarket

SecurityValue Total Value Adj.CostBasis

CurrentYield

Corporate Accounts Obesity Medicine Association

XXXX-3260 XXXX-2357 XXXX-7968 XXXX-5016 XXXX-8499

$102,603

$3,475,133

$3,577,736

$3,129,141

$448,595 $58,873 $37,105 $28,414

$55,901

$66,011

1.85% 0.00% 3.65% 3.14% 0.00% 1.81% 1.81%

OBESITY MEDICINE ALT

$1

$704,381 $677,256 $620,948

$704,382 $685,443 $633,036 $529,779

$625,485 $648,339 $604,622 $529,779

-

-

OBESITY MEDICINE OBESITY MEDICINE OBESITY MEDICINE

$8,187 $12,088 $529,779 $652,658 $652,658

-$1,131

$25,007 $19,900

- -

-

-

-

Corporate Accounts Total:

$5,477,718 $5,477,718

$6,130,376 $6,130,376

$5,537,365 $5,537,365

$572,987 $572,987

$54,770 $54,770

$110,918 $110,918

Total:

As of February 15, 2021

Page 2 of 20

OBESITY MEDICINE ConsolidatedAssetSummary

UNDERLYING ASSET ALLOCATION

Market Value

%of Portfolio

AssetClass

Liquid Funds

Cash in Accounts Cash from Securities

$652,658 $37,294 $689,952

10.65% 0.61% 11.26% 31.91% 9.51% 41.42% 34.96% 0.86% 0.01% 35.83% 11.49% 0.01% 0.00% 100.00%

Cash in Accounts Cash from Securities Domestic Equity International Equity Domestic (Taxable) International (Taxable) Domestic (Tax-Free) Alternative Investments Other Off-Book

Total Liquid Funds

Equity

Domestic

$1,956,159

International

$582,760

Total Equity Fixed Income

$2,538,919

Domestic Taxable

$2,143,171

International Taxable Domestic Tax-Free

$52,621

$900

Total Fixed Income

$2,196,693

Alternative Investments

$704,381

Other

$431

Off-Book Positions

-

Total Client Assets

$6,130,376

ACCOUNTVALUEFORTHELAST12MONTHS(HELDATSTIFEL)

MARCH 2020 TO FEBRUARY 2021

$6,000,000

$5,500,000

$5,000,000

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

As of February 15, 2021

Page 3 of 20

OBESITY MEDICINE ConsolidatedAssetSummary

PROJECTED INCOME SUMMARY

$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000

Feb2021 Mar2021 Apr2021 May2021 Jun2021 Jul 2021 Aug2021 Sep2021 Oct 2021 Nov2021 Dec2021 Jan2022

Dividends

$2,465 $2,009

$8,607 $2,779

$3,639 $4,326

$2,465 $12,515

$3,484 $4,639

$2,390 $2,105

$8,602 $2,653

$3,639 $4,326

$2,390 $12,170

$3,484 $4,551

Taxable Income Tax Free Income

$3,634

$5,125

$3,634

$5,125

-

-

-

-

-

-

-

-

-

-

-

-

Principal

-

$5,000

-

-

-

$8,000

-

-

-

$7,000

-

$40,000

Total Estimated income

$4,474 $16,386

$7,965 $3,281 $1,045 $3,639 $7,965

$6,099 $17,640 $16,123

$4,495 $11,255

$7,965 $13,025 $17,295 $48,035

XXXX-7968 - OBESITY MEDICINE XXXX-5016 - OBESITY MEDICINE

$1,293

$7,046

$2,063 $1,571

$1,847 $10,080

$1,293

$1,920

$3,281 $1,045 $3,639

$9,063 $1,571

$1,847

$1,992

$716

$733

$3,278

$2,559 $3,484

$811

$733

$3,278 $42,559

XXXX-3260 - Obesity Medicine Association

$2,465

$8,607

$2,465 $12,515

$2,390

$8,602

$2,390 $12,170

$3,484

Total Estimated income

$4,474 $16,386

$6,099 $17,640 $16,123

$4,495 $11,255

$7,965 $13,025 $17,295 $48,035

As of February 15, 2021

Page 4 of 20

OBESITY MEDICINE ConsolidatedAssetSummary

PORTFOLIO INVESTMENT STYLE

EQUITY

FIXED INCOME

Market Value

%of Equity

%of Portfolio

Market Value

%of FixedIncome

%of Portfolio

Large Cap Growth

High Quality Long

$408,170

12.57% 34.37% 14.48% 61.42% 1.75% 7.47% 4.38% 13.60% 0.00% 3.30% 0.00% 3.30%

6.66% 18.21% 7.67% 32.54% 0.93% 3.96% 2.32% 7.21% 0.00% 1.75% 0.00% 1.75%

$328,025 $418,200

11.38% 14.51% 39.01% 64.90% 2.55% 10.97% 11.96% 25.48% 0.00% 3.84% 5.79% 9.63%

5.35% 6.82% 18.34% 30.51% 1.20% 5.16% 5.62% 11.98% 0.00% 1.81% 2.72% 4.53%

Core Value

$1,116,526

Interm

$470,315

Short

$1,124,195 $1,870,420

Total Large Cap

$1,995,011

Total High Quality Medium Quality Long

Mid Cap

Growth

$56,813 $242,487 $142,418 $441,718

$73,364 $316,216 $344,602 $734,182

Core Value

Interm

Short

Total Mid Cap

Total Medium Quality Low Quality/Not Rated Long

Small Cap Growth

-

-

Core Value

$107,190

Interm

$110,716 $166,758 $277,474

-

Short

Total Small Cap

$107,190

Total Low Quality/Not Rated

Other

Other

Other

$704,381

21.68% 100.00%

11.49% 53.00%

Other

-

0.00%

0.00% 47.00%

Total Equity

$3,248,300

Total Fixed Income

$2,882,076

100.00%

EQUITY STYLE BOX

FIXED INCOME STYLE BOX

Large

Market Capitalization

High

14.00% 34.00% 13.00%

39.00% 15.00% 11.00%

Credit Quality

Med Low/NR

Mid Small

4.00% 7.00% 2.00%

12.00% 11.00% 3.00%

0.00% 3.00% 0.00%

6.00% 4.00% 0.00%

Value

Core

Growth

Short

Interm Long Duration

Investment Style

As of February 15, 2021

Page 5 of 20

OBESITY MEDICINE ConsolidatedAssetSummary

INVESTMENT STYLE BY SECURITIES

ResearchRating

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income Cur.Yield

Security

QTY

Price MarketValue %ofTotal

CostBasis

Stifel/KBW

S&P

Large Cap Growth ISHARES S&P 500 GROWTH ETF

IVW 2,568

$67.25 $172,698

2.82% $121,177 $51,521 0.56% $20,541 $14,087

$1,340

0.78% 1.76% 0.00% 0.77% 0.00% 0.00% 0.00% 0.00% 0.00% 0.16% 0.55% 1.90% 1.47% 1.45% 1.68% 2.50% 0.73% 3.31% 0.00% 0.61% 2.37% 3.32% 1.21% 2.05%

QUALCOMM INC ALPHABET INC CL A PAYPAL HOLDINGS INC

QCOM GOOGL

234 $147.98 $34,627 13 $2,095.03 $27,235 89 $298.37 $26,555 156 $142.12 $22,171 166 $128.96 $21,407 87 $240.37 $20,912 6 $3,277.71 $19,666 50 $341.00 $17,050 22 $591.29 $13,008 204 $98.31 $20,056

$608

3 Star 5 Star 3 Star 5 Star

0.44% $18,916

$8,319

- -

Hold

PYPL

0.43% $10,349 $16,206

0.00% Outperform

NIKE INC CL B

NKE

0.36% $15,630 0.35% $14,945 0.34% $13,567 0.33% $15,514 0.32% $11,181 0.28% $16,064 0.21% $6,687 0.21% $6,344

$6,541 $6,463 $7,345 $4,542 $8,485

$172

Buy

LVMH MOET HENNESSY LOUIS VUITTON ADR

LVMUY

- - - -

SALESFORCE.COM INC

CRM

Buy

5 Star

CIE FINANCIERE RICHEMONT AG ZUG NEW

CFRHF AMZN

AMAZON.COM INC

Buy

4 Star 4 Star 4 Star

MASTERCARD INC CL A

MA

$986

$88

0.52% Outperform

SERVICENOW INC

NOW

$6,321 $6,440

-

Buy

TENCENT HOLDINGS LTD UNSPON ADR

TCEHY

129

$99.10 $12,784

$20

SubTotal:

$408,170

7.00% $270,915 $137,255

$2,228

Large Cap Core ISHARES CORE MSCI EAFE ETF VANGUARD S&P 500 INDEX ETF

IEFA VOO SPY IEMG UPS

4,248

$72.45 $307,768

5.02% $276,026 $31,741 3.84% $192,281 $43,124 3.68% $173,142 $52,234 1.27% $58,746 $18,837 0.42% $14,316 $11,499

$5,837 $3,458 $3,267 $1,299

652 $361.05 $235,405 574 $392.64 $225,375

SPDR S&P 500 ETF

ISHARES CORE MSCI EMERGING MARKETS ETF

1,120

$69.27 $77,582

UNITED PARCEL SERVICE INC CL B

158 $163.39 $25,816 76 $290.25 $22,059 30 $722.98 $21,689 117 $178.70 $20,908 85 $242.46 $20,609 152 $135.37 $20,576

$645 $161 $496 $693 $125 $479 $571 $206 $340 $187 $300 -

Buy Buy

5 Star 3 Star 5 Star 4 Star 3 Star 4 Star 3 Star 3 Star

ESTEE LAUDER CO INC

EL

0.36% $15,108 0.35% $16,149 0.34% $16,686 0.34% $19,197 0.34% $12,439 0.33% $12,994 0.28% $18,118 0.28% $15,811 0.27% $16,307 0.25% $14,913 0.24% $16,236

$6,951 $5,541 $4,222 $1,412 $8,137 $7,230 -$942 $1,190

BLACKROCK INC

BLK

2.28% Market Perform

3M COMPANY

MMM BRK/B AAPL

BERKSHIRE HATHAWAY INC CL B NEW

APPLE INC

EMERSON ELECTRIC CO

EMR

237 312 255

$85.33 $20,223 $55.05 $17,176 $66.67 $17,001

UNILEVER PLC SPONSORED ADR NEW

UL

KERING S A ADR

PPRUY NSRGY

NESTLE S A SPON ADR REPSTG REG SHS BROOKFIELD ASSET MANAGEMENT INC HEINEKEN HOLDING N V SPONS ADR

146 $113.23 $16,532

$225 $506

BAM

359 326

$42.95 $15,419 $45.56 $14,853

1.21% Outperform

3 Star

HKHHY

-$1,384

2.02%

As of February 15, 2021

Page 6 of 20

ResearchRating

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income Cur.Yield

Security

QTY

Price MarketValue %ofTotal

CostBasis

Stifel/KBW

S&P

DIAGEO PLC NEW SPON ADR DIGITAL REALTY TRUST INC

DEO DLR

88 $167.08 $14,703 98 $140.06 $13,726

0.24% $14,233 0.22% $12,620 0.15% $7,154

$470

$311 $439

2.12% 3.20% 0.00% 1.68%

3 Star 3 Star 2 Star

$1,106 $1,953

Buy Buy

ALIBABA GROUP HOLDING LTD SPONS ADS

BABA

34 $267.85

$9,107

-

SubTotal:

$1,116,526

18.00% $922,474 $194,052 $18,811

Large Cap Value ISHARES S&P 500 VALUE ETF TRUIST FINANCIAL CORP U S BANCORP DE NEW JPMORGAN CHASE & CO CISCO SYSTEMS INC TE CONNECTIVITY LTD LOCKHEED MARTIN CORP GILEAD SCIENCES INC DUKE ENERGY CORP NEW VERIZON COMMUNICATIONS INC

IVE

1,359 $133.77 $181,793

2.97% $158,835 $22,958

$4,349

2.39%

TFC USB JPM TEL LMT GILD DUK CSCO

510 505

$54.01 $27,545 $47.64 $24,058

0.45% $24,055 0.39% $19,005 0.35% $13,475 0.32% $14,709 0.29% $13,478 0.29% $17,404 0.27% $15,837 0.25% $16,692 0.24% $16,393 0.23% $18,295 0.23% $11,116 0.23% $16,403 0.21% $15,211 0.21% $12,362 0.20% $12,765 0.20% $15,961 0.18% $13,527 0.17% $12,088

$3,490 $5,053 $8,278 $4,775 $4,300

$918 $848 $554 $610 $263 $541 $699 $668 $688

3.33% Market Perform 3.53% Market Perform 2.55% Market Perform

4 Star 4 Star 3 Star 4 Star 4 Star 5 Star 3 Star 4 Star 2 Star 4 Star 3 Star 4 Star 3 Star 5 Star 3 Star 3 Star 3 Star 3 Star

154 $141.25 $21,753

412

$47.29 $19,483

3.13% 1.48% 3.08% 4.25% 4.30% 4.63% 0.00% 4.98% 7.56% 6.89% 5.57% 4.49% 7.22% 5.58% 5.40% 3.42%

137 $129.77 $17,778 52 $337.73 $17,562

Buy Buy

$158 $618

246 173 274

$66.89 $16,455 $89.82 $15,539 $54.20 $14,851

-$1,154 -$1,542 -$4,159 $2,775 -$2,609 -$2,530

VZ BA

BOEING COMPANY

67 $210.98 $14,136 133 $104.44 $13,891

-

ABBVIE INC

ABBV ENB XOM

$692

ENBRIDGE INC

399 251 146 355 427 122

$34.57 $13,793 $50.52 $12,681 $86.12 $12,574 $34.72 $12,326 $28.80 $12,298 $92.55 $11,291

$1,043

EXXON MOBIL CORP

$873 $701 $554 $888 $630 $567

PHILIP MORRIS INTL INC

PM PFE

$212 -$439

Buy

PFIZER INC AT&T INC

T

-$3,664 -$2,236 -$1,578

CHEVRON CORP

CVX IBM

INTL BUSINESS MACHINES CORP

87 $120.80 $10,510

Buy

SubTotal:

$470,315

8.00% $437,610 $32,705 $16,085

Mid Cap Growth VANGUARD MID CAP GROWTH ETF INTUITIVE SURGICAL INC NEW

VOT ISRG

173 $230.34 $39,849 21 $807.81 $16,964

0.65% $29,863 0.28% $8,373

$9,986 $8,591

$204

0.51% 0.00% 0.36%

-

Buy

2 Star

SubTotal:

$56,813

1.00% $38,236 $18,576

$204

Mid Cap Core INVESCO RUSSELL 1000 EQUAL WEIGHT ETF

EQAL

5,768

$42.04 $242,487

3.96% $194,967 $47,520 4.00% $194,967 $47,520

$3,663 $3,663

1.51% 1.51%

SubTotal:

$242,487

Mid Cap Value VANGUARD MID CAP VALUE ETF

VOE

365 $127.71 $46,614

0.76% $43,499

$3,116

$1,026

2.20%

As of February 15, 2021

Page 7 of 20

ResearchRating

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income Cur.Yield

Security

QTY

Price MarketValue %ofTotal

CostBasis

Stifel/KBW

S&P

INTERNATIONAL PAPER COMPANY

IP

506 296 329 298 132

$49.18 $24,885 $80.86 $23,935 $69.86 $22,984 $51.86 $15,454

0.41% $20,570 0.39% $23,764 0.37% $18,404 0.25% $16,115 0.14% $11,531 2.00% $133,882

$4,315

$1,037 $1,362

4.17%

3 Star 4 Star 3 Star 4 Star 3 Star

PRUDENTIAL FINANCIAL INC

PRU

$171

5.69% Market Perform

NETAPP INC

NTAP

$4,580 -$661 -$2,985 $8,535

$632 $579 $517

2.75% 3.75% 6.06% 3.62%

Hold

CARDINAL HEALTH INC VALERO ENERGY CORP

CAH VLO

$64.74

$8,546

SubTotal:

$142,418

$5,153

Small Cap Core VANGUARD RUSSELL 2000 INDEX FD ETF SHARES

VTWO

436 $183.55 $80,028 107 $253.85 $27,162

1.31% $76,763 0.44% $26,149 2.00% $102,912

$3,265 $1,013 $4,278

$638 $315 $953

0.80% 1.16% 0.89%

ISHARES CORE S&P MID CAP ETF

IJH

SubTotal:

$107,190

Other PARTNERS GROUP PRIVATE EQUITY LLC CL A IRONWOOD MULTI-STRATEGY FUND LLC

54,171

$6.69 $362,323

5.91% $317,948 $44,374 5.58% $307,535 $14,499 11.00% $625,484 $58,873

- -

0.00% 0.00% 0.00%

46333A108

289 $1,184.37 $342,059

SubTotal:

$704,381

$0

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income

Call Date / Call Status

Security

QTY

Price MarketValue %ofTotal

CostBasis

Cur.Yield MaturityDate

Long Duration High Quality ISHARES 7-10YR TREASURY BOND ETF

IEF TIP

189

$117.79 $127.65 $62.12 $42.18 $119.83 $108.18 $108.41 $107.10 $106.67 $116.59 $116.58 $169.42 $108.35

$22,262 $7,148 $26,153 $46,398 $11,983 $2,985 $4,596 $3,208 $4,151 $9,373 $1,301 $16,942 $27,087

0.36% $21,482 0.12% $6,780 0.43% $26,165 0.76% $51,638 0.20% $11,812 0.05% $2,926 0.07% $4,648 0.05% $3,125 0.07% $3,951 0.15% $11,818 0.02% $2,239 0.28% $13,062 0.44% $26,972

$781 $368 -$12

$244

1.10% 1.07% 1.11% 1.79%

ISHARES TIPS BOND ETF SCHWAB U S TIPS ETF

56

$76

SCHP SPTL

421

$291 $831 $450

SPDR PORTFOLIO LONG TERM TREASURY ETF CALIFORNIA ST VARIOUS PURP RFDG B/E TXBL

1,100

-$5,240

13063DGD4

10,000

$172

3.76% 04/01/2033 04/01/2028 No Call

FEDL NATL MTG ASSN POOL #BM5279 FEDL NATL MTG ASSN POOL #FM1007 FEDL HOME LOAN MTG CORP POOL #SB0048 FEDL HOME LOAN MTG CORP POOL #SB0100

3140J92M2 3140X4DM5 3132CWBR4 3132CWDD3 31403C6L0 31403DBY4 13063A5G5 386442UZ8

5,000 8,000 5,000 5,000

$59

$109 $165

3.65% 12/01/2033 3.60% 05/01/2034 2.66% 08/01/2034 2.32% 10/01/2034 4.21% 02/01/2036 4.20% 03/01/2036 4.46% 04/01/2039

-$52

$82

$85 $96

$201

FEDL NATL MTG ASSN POOL #745275 FEDL NATL MTG ASSN POOL #745355

336,000 46,000 10,000 25,000

-$2,445 -$938 $3,880

$394

$55

CALIFORNIA ST VARIOUS PURP BABS B/E TXBL GRAND RVR DAM AUTH OK REV TXBL SER B B/E

$755

$115

$1,136

4.20% 06/01/2039 06/01/2024 No Call

FEDL NATL MTG ASSN POOL #AD6437

31418UEK6

21,000 20,000

$116.61 $109.78

$2,837 $21,955

0.05% $3,220 0.36% $22,128

-$384 -$173

$120 $807

4.23% 06/01/2040

SAN FRANCISCO CA CITY & CNTY PUB UTILS COMM 79765RQ44

3.68% 11/01/2041 11/01/2026 No Call

As of February 15, 2021

Page 8 of 20

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income

Call Date / Call Status

Security

QTY

Price MarketValue %ofTotal

CostBasis

Cur.Yield MaturityDate

FEDL NATL MTG ASSN POOL #AJ9332 FEDL NATL MTG ASSN POOL #AL7306

3138E2LN3 3138EQDL3

8,000

$112.00 $112.48 $109.29 $112.43 $111.01 $111.02 $112.80 $119.41 $109.29 $110.51 $110.49

$2,313 $4,551 $2,577 $2,847 $2,503 $2,919 $3,073 $7,164 $2,858 $5,615 $60,771

0.04% $2,395 0.07% $5,101 0.04% $2,352 0.05% $2,815 0.04% $2,733 0.05% $2,864 0.05% $3,229 0.12% $6,225 0.05% $2,939 0.09% $5,770 0.99% $60,992 0.03% $2,393 0.06% $3,501 0.07% $3,940 0.07% $4,215 5.00% $329,764 2.13% $130,528 1.16% $68,897 1.28% $77,118 0.02% $2,212 0.11% $6,114 0.13% $6,334

-$81

$80

3.45% 01/01/2042 3.83% 09/01/2042 3.13% 11/01/2042 3.80% 11/01/2043 3.51% 01/01/2044 3.53% 03/01/2044 3.88% 06/01/2044

13,000

-$550 $225

$174

FEDL HOME LOAN MTG CORP POOL #G61296 GOLD 31335BNM4

4,000 9,000 8,000 9,000 7,000 6,000

$81

FEDL NATL MTG ASSN POOL #AS0910 FEDL NATL MTG ASSN POOL #AV2359 FEDL NATL MTG ASSN POOL #AV7104 FEDL NATL MTG ASSN POOL #AL9243

3138WAAL1 3138XDTR1 3138XJ3N5 3138ERHV5 594918BD5 3138WECG2 3138ERUC2 696543QH3

$32

$108

-$230

$88

$55

$103 $119 $225

-$156 $939

MICROSOFT CORP NOTE

3.14% 02/12/2045 08/12/2044 No Call

FEDL NATL MTG ASSN POOL #AS4570 FEDL NATL MTG ASSN POOL #AL9578

6,000

-$81

$90

3.15% 03/01/2045 3.48% 06/01/2045

13,000 55,000

-$155 -$221

$195

PALM BCH CNTY FL PUB IMPT REV TXBL SER C B/E

$2,584

4.25% 12/01/2045 12/01/2025 No Call 3.37% 12/14/2045 06/14/2045 No Call

VISA INC SR NOTE

92826CAF9

6,000

$127.75

$7,665

$1,331

$258

FEDL NATL MTG ASSN POOL #AL8743 FEDL NATL MTG ASSN POOL #BC1155

3138ETWD4 3140EVH91 31335BNJ1 31335B5H5

5,000 7,000 6,000 6,000

$111.42 $108.82 $108.55 $109.70

$2,080 $3,980 $4,344 $4,383

-$313 $480 $404 $168

$82

3.94% 06/01/2046 2.68% 06/01/2046 2.70% 12/01/2047 3.09% 11/01/2048

$107 $117 $135

FEDL HOME LOAN MTG CORP POOL #G61293 GOLD FEDL HOME LOAN MTG CORP POOL #G61748 GOLD

SubTotal:

$328,025

-$1,739

$10,161

3.10%

Intermediate Duration High Quality ISHARES CORE U S AGGREGATE BOND ETF ISHARES 3-7YR TREASURY BOND ETF SCHWAB INTERMEDIATE TERM U S TREASURY ETF FEDL HOME LOAN MTG CORP MULTICL REMIC K061 CL A2 FEDL HOME LOAN MTG CORP MULTICL REMIC K063 CL A2 FEDL NATL MTG ASSN POOL #AI4871

AGG

1,119

$116.58 $132.26 $57.73 $107.03 $113.44

$130,453 $71,288 $78,340

-$75

$2,775

2.13% 1.13% 1.53%

IEI

539

$2,391 $1,222 -$906

$803

SCHR

1,357

$1,196

3138AJMV1 3137BTUM1

27,000

$1,307 $6,806

$47

3.62% 06/01/2026 2.95% 11/25/2026

6,000

$692

$201

3137BVZ82

9,000

$114.08

$10,267

0.17% $9,221

$1,047

$309

3.01% 01/25/2027

GREENSBORO NC LTD OBLIG TXBL STEVEN B TANGER 395476BF0

10,000

$112.37 $112.31

$11,237 $7,862

0.18% $11,068 0.13% $6,952

$168 $910

$333 $221

2.96% 02/01/2027

KAISER FNDTN HOSPS PERMANENTE TXBL BOND

48305QAC7

7,000

2.81% 05/01/2027 02/01/2027 No Call

FEDL HOME LOAN MTG CORP MULTICL REMIC K071 CL A2

3137FCLD4

6,000

$114.22

$6,853

0.11% $6,334

$520

$197

2.88% 11/25/2027

JOHNSON & JOHNSON NOTE

478160CK8

25,000

$110.90

$27,726

0.45% $28,260

-$535

$725

2.62% 01/15/2028 10/15/2027 No Call

FEDL HOME LOAN MTG CORP MULTICL REMIC K076 CL A2

3137FEZU7

10,000

$118.44

$11,844

0.19% $10,475

$1,368

$390

3.29% 04/25/2028

CALIFORNIA ST UNIV SYSWIDE SER B

13077DFK3

15,000

$117.25

$17,588

0.29% $17,344

$243

$548

3.12% 11/01/2028

As of February 15, 2021

Page 9 of 20

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income

Call Date / Call Status

Security

QTY

Price MarketValue %ofTotal

CostBasis

Cur.Yield MaturityDate

SANTA MONICA CA CMNTY CLLG DIST 2002 ELECT

802385RU0 931142EQ2

15,000 20,000

$101.42 $107.09

$15,212 $21,418

0.25% $15,306 0.35% $21,904

-$94

$148 $475

0.98% 08/01/2029

WALMART INC UNSECD NOTE

-$486

2.22% 09/24/2029 06/24/2029 No Call

SubTotal:

$418,200

7.00% $411,734

$6,466

$8,368

2.00%

Short Duration High Quality Money Market

652,658

$1.00

$652,658 $34,462 $128,700 $26,147 $104,363 $40,678 $20,553 $26,069 $31,812 $31,643 $27,111 $1,124,195

10.65% $652,658 0.56% $33,899 2.10% $127,593 0.43% $25,894 1.70% $103,665 0.66% $39,598 0.34% $20,079 0.43% $25,062 0.52% $30,227 0.52% $29,755 0.44% $24,989 18.00% $1,113,419

-

-

0.00% 0.94% 2.10% 1.16% 1.70%

ISHARES 1-3 YR TREASURY BOND ETF

SHY MBB

399

$86.37 $110.00 $51.37 $53.99 $101.70 $102.77 $104.28 $106.04 $105.48 $108.44

$563

$324

ISHARES MBS ETF

1,170

$1,107

$2,707

SCHWAB SHORT TERM U S TREASURY ETF VANGUARD MORTGAGE BACKED SECURITIES ETF

SCHO VMBS

509

$253 $698

$303

1,933

$1,774

FEDL NATL MTG ASSN NOTE

3135G0S38 912828XQ8 3135G0T94 3137EAEN5 912828U57 3135G0ZR7

40,000 20,000 25,000 30,000 30,000 25,000

$1,080

$800 $400 $594 $825 $638 $656

1.97% 01/05/2022 1.95% 07/31/2022 2.28% 01/19/2023 2.59% 06/19/2023 2.02% 11/30/2023 2.42% 09/06/2024

U S TREASURY NOTE

$474

FEDL NATL MTG ASSN NOTE

$1,007 $1,586 $1,888 $2,121 $10,776

FEDL HOME LOAN MTG CORP MEDIUM TERM NOTE

U S TREASURY NOTE

FEDL NATL MTG ASSN NOTE

SubTotal:

$9,021

0.80%

Long Duration Medium Quality GMAC INC SR GTD NOTE

36186CBY8 544646ZR6 544646XZ0

6,000 5,000 5,000

$145.93 $148.70 $139.48 $107.12

$8,756 $7,435 $6,974 $10,712

0.14% $7,302 0.12% $6,312 0.11% $5,958 0.17% $10,535

$1,454 $1,123 $1,016

$480 $338 $288 $400

5.48% 11/01/2031 4.55% 07/01/2034 4.12% 07/01/2034

LOS ANGELES CA UNI SCH DIST SER RY BABS B/E LOS ANGELES CA UNI SCH DIST BABS REV B/E TXBL

WAYNE ST UNIV MI UNIV REV TXBL RFDG GENL SER B 946303WE0

10,000

$176

3.73% 11/15/2037 05/15/2026 No Call 3.47% 10/01/2044 10/01/2029 No Call 3.98% 07/20/2045 01/20/2045 No Call 3.35% 09/15/2048 03/15/2048 No Call

BROWARD CNTY FL ARPT SYS SER A

114894YR3

20,000

$115.35

$23,069

0.38% $22,743

$327

$800

CVS HLTH CORP SR NOTE

126650CN8

7,000

$128.87

$9,021

0.15% $7,987

$1,034

$359

GEORGE WASHINGTON INIV BOND

372546AW1

6,000

$123.29

$7,398

0.12% $6,031

$1,366

$248

SubTotal:

$73,364

1.00% $66,868

$6,496

$2,912

3.97%

Intermediate Duration Medium Quality ISHARES 5-10 YEAR INVESTMENT

IGIB VCIT

618 870

$61.20 $96.17 $110.94

$37,822 $83,668 $2,219

0.62% $36,459 1.36% $82,705 0.04% $1,873

$1,362

$1,046 $2,133

2.77% 2.55%

VANGUARD INTERMEDIATE TERM CORP BOND ETF

$963 $345

AMERICAN TOWER CORP SR NOTE

03027XAK6

2,000

$68

3.04% 10/15/2026 07/15/2026 No Call 3.14% 11/16/2026 11/16/2025 No Call

GOLDMAN SACHS GROUP INC SR NOTE

38145GAH3

10,000

$111.31

$11,131

0.18% $9,574

$1,557

$350

As of February 15, 2021

Page 10 of 20

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income

Call Date / Call Status

Security

QTY

Price MarketValue %ofTotal

CostBasis

Cur.Yield MaturityDate

AT&T INC GLBL NOTE

00206RDQ2

7,000

$116.05

$8,124

0.13% $7,071

$1,053

$298

3.66% 03/01/2027 12/01/2026 No Call 3.07% 04/01/2027 02/01/2027 No Call 4.96% 05/15/2027 05/15/2025 No Call 4.90% 10/15/2027 10/15/2025 No Call 3.36% 11/15/2027 08/15/2027 No Call 1.01% 03/15/2028 01/15/2028 No Call 3.56% 04/17/2028 01/17/2028 No Call 3.25% 05/15/2028 02/15/2028 No Call 3.59% 10/01/2028 07/01/2028 No Call 3.45% 03/18/2029 12/18/2028 No Call 4.52% 04/15/2029 01/15/2029 No Call 3.85% 07/01/2029 04/01/2029 No Call 2.84% 08/05/2029 05/05/2029 No Call 3.03% 10/01/2029 04/01/2029 No Call 5.63% 02/15/2029

GENL DYNAMICS CORP UNSECD NOTE

369550BL1

20,000

$113.86

$22,772

0.37% $22,850

-$78

$700

EQUINIX INC SR NOTE

29444UAR7

6,000

$108.37

$6,502

0.11% $6,162

$340

$323

WPX ENERGY INC UNSECD SR NOTE

98212BAJ2

7,000

$107.15

$7,501

0.12% $7,100

$400

$368

CNH INDL NV NOTE

12594KAB8

6,000

$114.73

$6,884

0.11% $5,974

$910

$231

COCA COLA CO SR NOTE

191216DD9

25,000

$98.42

$24,604

0.40% $24,976

-$372

$248

GENL MILLS INC UNSECD NOTE

370334CG7

20,000

$117.93

$23,585

0.38% $19,788

$3,797

$840

GENERAL DYNAMICS CORP UNSECD NOTE

369550BC1

20,000

$115.27

$23,054

0.38% $20,455

$2,599

$750

FISERV INC SR NOTE

337738AR9

6,000

$117.05

$7,023

0.11% $6,022

$1,001

$252

NEW JERSEY ECON DEV AUTH ST PENSION FDG REV NPFG

645913AA2

8,000

$131.98

$10,559

0.17% $9,115

$1,443

$594

RELX CAP INC GTD NOTE

74949LAC6

6,000

$115.78

$6,947

0.11% $5,930

$1,016

$240

ENERGY TRANSFER OPER LP SR NOTE

29278NAG8

6,000

$116.05

$6,963

0.11% $6,573

$389

$315

PENTAIR FIN SA SR NOTE

709629AR0

7,000

$116.81

$8,176

0.13% $6,958

$1,219

$315

FEDEX CORP NOTE

31428XBV7

7,000

$109.25

$7,647

0.12% $6,977

$671

$217

COMMONSPIRIT HLTH BOND

20268JAB9

10,000

$110.37

$11,037

0.18% $10,226

$810

$335

SubTotal:

$316,216

5.00% $296,789

$19,427

$9,621

3.04%

Short Duration Medium Quality ISHARES 1-5 YEAR INVESTMENT

IGSB VCSH

1,003

$55.08 $83.13 $100.35 $103.46 $104.56

$55,245 $26,186 $5,017 $25,865 $24,049

0.90% $54,162 0.43% $26,000 0.08% $4,996 0.42% $25,750 0.39% $23,322

$1,083

$1,309

2.37% 2.20%

VANGUARD SHORT TERM CORP BOND ETF

315

$186

$575 $128 $811

AIRCASTLE LTD SR NOTE BP CAP MKTS PLC GTD NOTE TYSON FOODS INC SR NOTE

00928QAM3 05565QBZ0 902494AT0

5,000

$22

2.55% 03/15/2021 3.14% 05/06/2022

25,000 23,000

$114 $727

$1,035

4.30% 06/15/2022 03/15/2022 No Call

HOUSTON TX ARPT SYS REV SUB LIEN

442349EJ1 126650CK4

25,000 20,000

$100.67 $103.94

$25,167 $20,787

0.41% $25,000 0.34% $20,232

$167 $555

$221 $700

0.88% 07/01/2022

CVS HLTH CORP SR NOTE

3.37% 07/20/2022 05/20/2022

As of February 15, 2021

Page 11 of 20

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income

Call Date / Call Status No Call

Security

QTY

Price MarketValue %ofTotal

CostBasis

Cur.Yield MaturityDate

AIRCASTLE LTD SR NOTE

00928QAP6 37045XAL0 68389XAS4 06053FAA7 87612EBD7

4,000 7,000

$107.34 $107.66 $107.96 $109.02 $110.17 $116.10

$4,294 $7,536 $21,592 $27,255 $27,541 $6,966

0.07% $4,132 0.12% $6,915 0.35% $20,589 0.44% $25,581 0.45% $25,029 0.11% $6,180

$161 $621

$200 $298 $725

4.66% 04/01/2023 3.95% 05/15/2023 3.36% 07/15/2023 3.76% 07/24/2023 3.18% 07/01/2024

GENL MOTORS FINL CO INC SR NOTE

ORACLE CORP NOTE

20,000 25,000 25,000

$1,004 $1,674 $2,512

BANK AMERICA CORP SR NOTE

$1,025

TARGET CORP NOTE

$875 $353

CHENIERE CORPUS CHRISTI HLDGS LLC SR SECD NOTE 16412XAC9

6,000

$786

5.06% 03/31/2025 10/02/2024 No Call 4.26% 07/23/2025 04/23/2025 No Call 3.43% 08/15/2025 05/15/2025 No Call 3.56% 09/15/2025 06/15/2025 No Call 3.84% 02/15/2026 11/15/2025 No Call 4.60% 03/01/2026 12/01/2025 No Call 5.11% 03/15/2026 03/15/2024 No Call 4.23% 04/01/2026 01/01/2026 No Call 4.62% 06/01/2026 06/01/2024 No Call 4.72% 06/01/2026 05/31/2024 No Call 3.92% 09/30/2026 03/31/2026 No Call 5.33% 12/15/2026 12/15/2024 No Call 4.37% 06/01/2027 03/01/2027 No Call 4.93% 09/15/2027 03/15/2025 No Call 4.34% 12/15/2027 12/15/2025 No Call 3.10% 3.96% 06/12/2027

CHARTER COMMNS OPER LLC SR SECD NOTE

161175AY0

7,000

$115.24

$8,067

0.13% $7,222

$845

$344

CELGENE CORP SR NOTE

151020AS3

27,000

$113.08

$30,532

0.50% $27,041

$3,491

$1,046

BIOGEN INC SR NOTE

09062XAF0

20,000

$113.84

$22,768

0.37% $20,377

$2,392

$810

AMERICAN TOWER CORP SR NOTE

03027XAJ9

5,000

$114.68

$5,734

0.09% $5,010

$724

$220

SubTotal:

$344,602

6.00% $327,537

$17,065

$10,674

Intermediate Duration Low Quality/Not Rated PULTEGROUP INC SR NOTE

745867AW1

10,000

$119.53

$11,953

0.19% $10,442

$1,512

$550

LEVEL 3 FING INC SR NOTE

527298BM4

10,000

$102.83

$10,283

0.17% $10,231

$52

$525

NEWELL RUBBERMAID INC NOTE

651229AW6

10,000

$111.02

$11,102

0.18% $10,229

$873

$470

ARAMARK SVCS INC SR NOTE

038522AN8

6,000

$102.72

$6,163

0.10% $6,074

$89

$285

TELEFLEX INC SR NOTE

879369AE6

6,000

$103.34

$6,201

0.10% $6,116

$85

$293

CROWN AMER LLC CAP CORP SR NOTE

22819KAB6

2,000

$108.37

$2,167

0.04% $1,870

$297

$85

NUANCE COMMNS INC SR NOTE

67020YAQ3

10,000

$105.63

$10,563

0.17% $10,433

$130

$563

SEAGATE HDD CAYMAN SR NOTE

81180WAR2

20,000

$111.52

$22,304

0.36% $21,509

$795

$975

NOKIA CORP NOTE OLIN CORP SR NOTE

654902AE5 680665AJ5

7,000 7,000

$110.42 $104.00

$7,729 $7,280

0.13% $7,299 0.12% $7,018

$431 $262

$306 $359

SERVICE CORP INTL SR NOTE

817565CD4

7,000

$106.52

$7,456

0.12% $6,959

$497

$324

CIT GRP INC SUB NOTE

125581GX0

6,000

$125.25

$7,515

0.12% $6,557

$958

$368

4.89% 03/09/2028

As of February 15, 2021

Page 12 of 20

Symbol / CUSIP

Unrealized Gain/Loss

Est.Annual Income

Call Date / Call Status

Security

QTY

Price MarketValue %ofTotal

CostBasis

Cur.Yield MaturityDate

SubTotal:

$110,716

2.00% $104,737

$5,979

$5,101

4.61%

Short Duration Low Quality/Not Rated ISHARES IBOXX $ HIGH YIELD CORP BOND ETF

HYG

599

$87.78 $100.13 $103.50 $105.05 $107.65 $105.75

$52,580 $8,010 $7,245 $7,354 $6,459 $6,345

0.86% $52,557 0.13% $7,409 0.12% $7,088 0.12% $6,851 0.11% $6,082 0.10% $5,700

$23

$2,525

4.80%

TEVA PHARM FIN III BV SR NOTE CSC HLDGS LLC SR NOTE CROWN AMER LLC SR NOTE MGM RESORTS INTL SR NOTE TOLL BROS FIN CORP GTD SR NOTE

88167AAC5 126307AF4 228189AB2 552953CC3 88947EAN0

8,000 7,000 7,000 6,000 6,000

$601 $157 $503 $376 $645

$88

1.10% 07/21/2021 6.52% 11/15/2021 4.28% 01/15/2023 5.57% 03/15/2023

$473 $315 $360 $263

4.14% 04/15/2023 01/15/2023 No Call

UNITED CONTL HLDGS INC GTD SR NOTE WYNDHAMWORLDWIDE CORP NOTE

910047AH2 98310WAP3

8,000 6,000

$100.83 $107.00

$8,066 $6,420

0.13% $8,142 0.10% $6,110

-$76 $310

$400 $324

4.96% 02/01/2024

5.05% 04/01/2024 01/01/2024 No Call 5.24% 06/15/2024 06/15/2022 No Call 5.25% 10/15/2024 07/15/2024 No Call 4.96% 12/01/2024 06/01/2024 No Call

WESCO DISTR INC SR NOTE

95081QAM6

7,000

$102.50

$7,175

0.12% $7,083

$92

$376

AECOM GTD SR NOTE

00766TAD2

9,000

$112.00

$10,080

0.16% $9,368

$712

$529

CDW LLC FIN CORP SR NOTE

12513GBA6

6,000

$110.88

$6,653

0.11% $6,164

$488

$330

HCA INC SR NOTE

404119BR9 64110LAL0 02406PAR1

6,000 6,000 8,000

$113.00 $117.00 $103.72

$6,780 $7,020 $8,298

0.11% $6,480 0.11% $6,449 0.14% $7,878

$300 $571 $420

$323 $353 $500

4.76% 02/01/2025 5.02% 02/15/2025

NETFLIX INC SR NOTE

AMERICAN AXLE & MFG INC SR NOTE

6.03% 04/01/2025 04/01/2023 No Call 4.16% 05/30/2025 02/28/2025 No Call

LENNAR CORP SR NOTE

526057BV5

7,000

$114.25

$7,998

0.13% $6,853

$1,145

$333

BALL CORP SR NOTE

058498AT3

9,000

$114.19

$10,277 $166,758

0.17% $9,822 3.00% $160,036

$455

$473

4.60% 07/01/2025

SubTotal:

$6,722

$7,962

4.77%

Grand Total:

$6,130,376

100.00% $5,537,365

$572,987

$110,918

1.81%

As of February 15, 2021

Page 13 of 20

OBESITY MEDICINE ConsolidatedAssetSummary

SECTOR ALLOCATION

Market Value

Current Allocation

S&P500 Allocation

Industrials Health Care Consumer Discretionary Consumer Staples Energy Financials Basic Materials Information Technology Utilities Communication Services Real Estate Miscellaneous

Sector

Industrials Health Care

$276,208 $282,887 $295,500 $220,355 $102,659 $418,679 $101,136 $466,323 $80,264 $208,299 $86,607

10.90% 11.10% 11.60% 8.70% 4.00% 16.50% 4.00% 18.40% 3.20% 8.20% 3.40% 0.00% 100.00%

8.40% 14.80% 10.60% 7.40% 2.80% 13.20% 2.20% 24.00% 3.10% 10.80% 2.80% 0.00% 100.00%

Consumer Discretionary

Consumer Staples

Energy

Financials

Basic Materials

Information Technology

Utilities

Communication Services

Real Estate

Miscellaneous

-

Total:

$2,538,919

% OF HOLDINGS

Current Allocation S&P 500 Allocation Benchmark: S&P 500 Sector Breakdown Source: Standard & Poor's

Industrials HealthCare ConsumerDiscretionary ConsumerStaples Energy Financials BasicMaterials InformationTechnology Utilities CommunicationServices Real Estate Miscellaneous

0%

5%

10%

15%

20%

As of February 15, 2021

Page 14 of 20

OBESITY MEDICINE ConsolidatedAssetSummary

ESTIMATEDMARKET RETURN

Summary

Jan 2021 - Feb 2021

Jan 2020 - Dec 2020

Beginning Balance

$5,567,979

$5,868,233

Deposit/Withdrawals Receive and Deliver

-

-

Cash Transactions

$425,000 $425,000

-$800,000 -$800,000

Total Deposit/Withdrawals

Change in Value Dividend

$3,785 $5,435 $2,682 -$7,307

$66,749 $56,111 $28,188 -$26,972 $375,670 $499,746 $5,567,979

Interest

Principal/Cap Gains

Other/Fees

Security Performance

$132,802 $137,397 $6,130,376

Total Change in Value

Current Balance

Held Away

-

-

TAV

$6,130,376

$5,567,979

Estimated Time Weighted Return (Annualized for periods over 1 year)

2.34%

10.84%

Benchmark(s)

MSCI EAFE PR US Agg Bond TR

3.73% -1.23% 4.76%

5.43% 7.51%

S&P 500 PR

16.26%

$6,100,000

-1 % 0 % 1 % 2 % 3 % 4 % Est.MarketReturn Dec

$6,000,000

$5,900,000

$5,800,000

Values

$5,700,000

$5,600,000

Dec 2020

Jan 2021

Feb 2021

Jan 2021

Feb 2021

2020

Asset Value

Asset Value Net of Performance

Portfolio

US AGG Bond TR

MSCI EAFE PR

S&P 500 PR

As of February 15, 2021

Page 15 of 20

OBESITY MEDICINE ConsolidatedAssetSummary

ESTIMATED MARKET RETURN MONTHLY DETAIL

CumulativePortfolio Performance

BeginningBalance

Deposit /Withdrawals

Change inValue

EndingBalance

PortfolioPerformance

January February

2021 2021

$5,567,979 $5,983,475

$425,000

-$9,504

$5,983,475 $6,130,376

-0.11% 2.46%

-0.11% 2.34%

-

$146,901

Total

$5,567,979

$425,000

$137,397

$6,130,376

Annualized Time Weighted Return: 2.34%

As of February 15, 2021

Page 16 of 20

Important Disclosures The information contained herein is provided for informational purposes and as a courtesy to you, and may include securities owned by you on our records resulting from transactions processed through Stifel, Nicolaus & Company, Incorporated (“Stifel”) or supplemental information supplied by you for assets that Stifel does not hold on your behalf and which are not included on Stifel’s books and records. Assets held outside Stifel may not be covered by SIPC. We rely on the information you provided without further verification, and you represent that such information is true, accurate, and complete as of the date provided. We are not responsible for any analysis report prepared on the basis of information you provided that is incomplete or inaccurate. Prices are obtained from sources we consider reliable but are not guaranteed. The unrealized gain/loss information is for your information and should not be relied on for tax purposes. Please rely on your confirmations and monthly statements to ensure accurate information. The estimated annual income is a forward projection based on historical payment information. Special payments, modifications to dividend levels, or suspension of interest payments may cause material differences to the income estimates contained in these reports. The asset and sector classifications are provided by an independent third party. Questions relating to either asset or sector classifications should be directed to your Financial Advisor. Past performance does not guarantee future results. Note on Research Ratings: These reports are specific to individual clients and are not intended for mass distribution. As such, the information contained herein should not be considered a research report as defined by FINRA. The research ratings contained in these reports are provided for informational purposes and should not be construed as an offer to buy or sell any securities referred to herein. Any evaluation of the research ratings should be performed in conjunction with the underlying report. Opinions expressed are subject to change without notice and do not take into account any particular investment objectives, financial situation, or needs of individual investors. Employees of Stifel or its affiliates may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed within. Stifel’s research analysts receive compensation that is based upon (among other factors) Stifel’s overall investment banking revenues. Please visit the Research Page at www.stifel.com for the current research disclosures applicable to the companies mentioned in this publication that are within Stifel/KBW’s coverage universe. Stifel Stock Ratings: Buy: We expect this stock to outperform the S&P 500 by more than 10% over the next 12 months. For higher-yielding equities such as REITs and Utilities, we expect a total return in excess of 12% over the next 12 months. Hold: We expect this stock to perform within 10% (plus or minus) of the S&P 500 over the next 12 months. A Hold rating is also used for those higher-yielding securities where we are comfortable with the safety of the dividend but believe that upside in the share price is limited. Sell: We expect this stock to underperform the S&P 500 by more than 10% over the next 12 months and believe the stock could decline in value.

S&P Stock Ratings: 5 Stars: Indicates Strong Buy. Total return is expected to outperform the total return of the S&P 500 Index by a wide margin with shares rising in price on an absolute basis. 4 Stars: Indicates Buy. Total return is expected to outperform the total return of the S&P 500 Index with shares rising in price on an absolute basis. 3 Stars: Indicates Hold. Total return is expected to closely approximate the total return of the S&P 500 Index with shares rising in price on an absolute basis. 2 Stars: Indicates Sell. Total return is expected to underperform the total return of the S&P 500 Index, and share price is not anticipated to show a gain. 1 Star: Indicates Strong Sell. Total return is expected to underperform the total return of the S&P 500 Index by a wide margin with shares falling in price on an absolute basis. Additional information is available upon request. Structured Products Information presented in this report related to Structured Products is provided by www.StructuredRetailProducts.com. This information may not be copied or distributed separate from this report; and is not warranted to be accurate, complete, or timely. Performance Reports: The following types of securities are not included in performance reports: variable and fixed annuities, insurance, non-networked mutual funds, and any other securities not physically held at Stifel. A dollar-weighted return takes into consideration the money you subsequently added to the account or withdrew. It represents the rate of return that would make the present value of future cash flows plus the final market value of an investment equal the current market price of the investment. A time-weighted rate of return removes the distorting effects of the inflows of new money to the portfolio by assuming a single investment at the beginning of the period and measuring the performance of that amount at the end of the period. It is the return figure most often used to compare the performance of different accounts over the same time period. The information presented should not be considered a replacement for your trade confirmations and/or monthly statements. Performance is calculated net of any trading expenses and management fees to the extent that those fees are paid by funds from the account. For accounts with margin debit balances, the performance may be a leveraged return, which may not reflect the actual performance net of debit balances. Although the method of calculation is considered reliable, the information’s accuracy is not guaranteed by Stifel, Nicolaus & Company, Incorporated. Performance Definitions: Asset Value reflects the month-end value of all securities held at Stifel, Nicolaus & Company, Incorporated. Asset Value Net of Performance reflects the month-end value of the account net of the

change in value of securities. Performance Benchmarks:

Percentage returns for selected indices are provided for informational purposes only. The major stock indices only include a change in value and do not include dividends. Indices are unmanaged and are not available for direct investment.

As of February 15, 2021

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Dow Jones Industrial Average Total Return The Dow Jones Industrial Average is an index that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock

NASDAQ 100 Total Return The NASDAQ 100 is a modified capalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market. It includes both foreign and domestic companies and does not include any financial or investment companies. Total Return includes all distributions. NASDAQ 100 Price Return The NASDAQ 100 is a modified capalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market. It includes both foreign and domestic companies, and does not include any financial or investment companies. Russell 1000 Total Return The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The average market capitalization is approximately $11 billion, and the median market capitalization is approximately $3.5 billion. Total Return

market. Total Return includes all distributions. Dow Jones Industrial Average Price Return

The Dow Jones Industrial Average is an index that shows how 30 large, publicly owned companies based in the U.S. have traded during a standard trading session in the stock market. S&P 500 Total Return The Standard & Poor's 500 Index (S&P 500) is a capitalization-weighted index that is generally considered representative of the U.S. large capitalization market. Total Return includes all distributions. S&P 500 Price Return The Standard & Poor's 500 Index (S&P 500) is a capitalization-weighted index that is generally considered representative of the U.S. large capitalization market. NASDAQ Composite Total Return The NASDAQ Composite Index is a capitalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market, which includes both domestic and foreign companies. Total The NASDAQ Composite Index is a capitalization-weighted index that is comprised of all stocks listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) System stock market, which includes both domestic and foreign companies. Barclays U.S. Aggregate Bond Total Return The Barclays U.S. Aggregate Bond Index is an index of U.S. dollar-denominated, investment- grade U.S. corporate, government, and mortgage-backed securities. Total Return includes all distributions. Barclays U.S Corporate Investment Grade Total Return The Barclays U.S. Corporate Investment Grade Index covers U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities sold by industrial, utility, and financial issuers. It includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate indices. Total Return includes all distributions. Barclays U.S. Corporate High-Yield Total Return The Barclays U.S. Corporate High-Yield Bond Index covers the U.S. dollar-denominated, non- investment-grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes Emerging Markets debt. The U.S. Corporate High-Yield Bond Index is part of the U.S. Universal and Global High-Yield Indices. Total Return includes all distributions. Barclays Treasury Total Return The Barclays Treasury Index is a measure of the public obligations of the U.S. Treasury. Total Return includes all distributions. Barclays U.S. Government Total Return The Barclays U.S. Government Index is composed of publicly issued, nonconvertible, domestic debt of the U.S. Government or any agency thereof, quasi-federal corporations, or corporate debt guaranteed by the U.S. Government. Flower bonds and pass-through issues are excluded. Total Return includes all distributions. Barclays Municipal Total Return The index measures the performance of the U.S. dollar-denominated long-term tax-exempt Return includes all distributions. NASDAQ Composite Price Return

includes all distributions. Russell 2000 Total Return

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the broader Russell 3000 Index. The average market capitalization is approximately $490 million, and the median market capitalization is approximately $395 million. Total Return

includes all distributions. Russell 3000 Total Return

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of all the investable U.S. equity market. The average market capitalization is approximately $4 billion, and the median market capitalization is approximately $700 million. Total Return includes all distributions. Russell 3000 Price Return The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of all the investable U.S. equity market. The average market capitalization is approximately $4 billion, and the median market capitalization is approximately $700 million. Barclays Municipal 1-Year Total Return The Barclays 1-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 1- year (1-2) component of the Barclays Municipal Bond Index. Total Return includes all distributions. Barclays Municipal 3-Year Total Return The Barclays 3-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 3- year (2-4) component of the Barclays Municipal Bond Index. Total Return includes all distributions. Barclays Municipal 5-Year Total Return The Barclays 5-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 5- year (4-6) component of the Barclays Municipal Bond Index. Total Return includes all distributions. Barclays Municipal 7-Year Total Return The Barclays 7-Year Municipal Bond Index consists of long-term, fixed-rate, investment- grade, tax-exempt bonds representative of the municipal bond market. The index is the 7- year (6-8) component of the Barclays Municipal Bond Index. Total Return includes all

As of February 15, 2021

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