Disclosures

FEG Investment Advisors (also known as Fund Evaluation Group, LLC) is a federally registered investment adviser under the Investment Advisers Act of 1940, as amended, providing non-discretionary and discretionary investment advice to its clients on an individual basis. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. Fund Evaluation Group, LLC, Form ADV Part 2A & 2B can be obtained by written request directed to: Fund Evaluation Group, LLC, 201 East Fifth Street, Suite 1600, Cincinnati, OH 45202 Attention: Compliance Department. Neither the information nor any opinion expressed on this website constitutes an offer, or an invitation to make an offer, to buy or sell any securities.

As of September 30, 2025. Assets under Advisement (AUA) include discretionary and non-discretionary assets of FEG and its affiliated entities. Some asset values may not be readily available at the most recent quarter-end; therefore, the previous quarter's values were used and may be higher or lower depending on current market conditions. Of the $100.4bn in assets under advisement, FEG's total assets under management (AUM) of $19.6bn includes discretionary ($17.0bn) and non-discretionary AUM ($2.6bn). Although FEG has an advisory relationship with these clients, they are all maintained via a single third-party relationship with a financial intermediary. Inclusion of these clients would materially change the total number of clients shown above. FEG predominately focuses on servicing institutional clients. Totals may not equal due to rounding.

The Community Foundations data is obtained from the proprietary FEG 2026 Community Foundation Survey. The study includes a survey of 121 U.S. community foundations. The survey was open for responses online from January 14 - March 6, 2026. Participants did not pay to be included in the survey. Participants also had the option to complete as a word document and email the results back to FEG. The data from this survey was grouped into between five and seven categories based on assets of the community foundation with assets ranging from less than $25 million to greater than $1 billion. The information in this study is based on the responses provided by the participants and is meant for illustration and educational purposes only.

The National Association of College and University Business Officers (NACUBO) is a membership organization representing more than 1700 colleges, universities and higher education service providers across the country. The NACUBO data was obtained from the 2024 NACUBO-Commonfund Study of Endowments (NCSE), an independent third-party. The study includes a survey of 658 U.S. colleges and universities. The study divided the data into seven categories according to size of endowment, ranging from institutions with endowment assets under $50 million to those with assets in excess of $5 billion. The survey data is for the 2024 fiscal year (July 1, 2023 - June 30, 2024) and based on the responses provided by the participants and is meant for illustration and educational purposes only. The NCSE average and median returns presented in this presentation are net of all management fees and expenses are taken directly from the NACUBO study and were not calculated by or achieved by FEG or its clients. FEG is not affiliated with the organization and did not pay for the survey data.

Institutional clients include corporate, charitable, community foundations, healthcare, higher education, independent schools, insurance, Native American Tribes, private foundations, public funds, religious organizations, and Taft Hartley.