BUILDING INTEREST &FOSTERING RELATIONSHIPS2012 annual report

TFGTufts Financial

Group

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GIVING STUDENTS ACOMPETITIVE EDGE THROUGH REALINVESTMENT EXPERIENCE

CONTENTSFrom the President

From the Portfolio Manager

From the Faculty Advisor

Fund Objectives and Guidelines

Performance Review

Portfolio Holdings

Economic Forecast

Alumni Involvement

Executive Board

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From the President

From the Portfolio Manager

From the Faculty Advisor

Fund Objectives and Guidelines

Performance Review

Portfolio Holdings

Economic Forecast

Alumni Involvement

Executive Board

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Seven years since our founding, the Tufts Financial Group continues to focus on our three-fold mission: actively managing the Alpha Fund, educating students about financial techniques, and building a finance community at Tufts that encourages students to enter the industry. This year TFG has made great strides in each of these categories.

First, in terms of our portfolio, we have realized more than 18% in returns and in-creased the size of our portfolio to improve our capital allocation. In the fall of 2012, we stated a goal of reaching $100,000 during the 2012-2013 academic year. I am pleased to report that we have reached this year’s goal. This growth is a result of effective portfolio management as well as capital infusions from generous alumni.

Second, on the education front, we have adopted a more structured and compre-hensive curriculum for the analysts to complement our introductory workshops. We also introduced two new technical executive board positions responsible for helping TFG sector groups increase the rigor of their analyses.

Third, TFG has made outstanding progress this year promoting a Jumbo finance community. We initiated formal student mentorship by offering career workshops, individual resume critiques, and mock interviews. We also encouraged members to meet outside of the group; it has been a pleasure to see some of our nearly 100 mem-bers meeting around campus to coach one another or simply to discuss their shared passion for finance.

We also recognize and appreciate the dedication that Tufts alumni have demonstrated to strengthening the finance community at Tufts. This fall we hosted the Wall Street Crash Course, a day-long symposium that featured over 30 alumni from all areas of the financial services industry. The event was a huge success as alumni shared their experiences and offered advice to approximately 200 students.

Tufts alumni also very generously donated their time to participate in the TFG Speaker Series. By the end of the aca-demic year, we will have brought eight alumni to the Hill from various areas of finance and have sponsored four trips to meet with alumni. Countless other alumni have supported TFG more informally by serving as mentors to our members.

The impact of both TFG and the Jumbo financial community is evident in the quality of the internships and full-time job placements that TFG members have secured.

The Tufts Financial Group owes a big thank you to not only the alumni, but also the Executive Board and the Tufts Administration, particularly Chris McHugh, Kristin Casasanto and Jeff Winey. Professor McHugh, our fac-ulty advisor, has provided valuable guidance to the group, encouraging us to be forward thinking and to seek out ways to improve TFG. Mr. Winey, from University Advancement, has been instrumental in helping the group grow its network of alumni. Ms. Casasanto, of Career Services, has helped tremendously with the career efforts of TFG.

As always, there is room for improvement, and I’m confident that next year’s leadership will build upon the group’s strong fundamentals and continue to find new ways to add value to the Tufts Community.

Sincerely,Emily Sillari, PresidentTufts Financial Group

FROM THE PRESIDENT

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FROM THE PRESIDENTDespite fears about the Fiscal Cliff, the Debt Ceiling, an economic slow-down in China and continued wor-

ries about Europe, 2012 was a successful year for the Tufts Financial Group. The Alpha Fund was able to mostly avoid negative market trends in May, November and late December, while capitalizing on the strong periods in between. I believe our ability to handle market volatility is the result of conservative investment strategies and capital allocation. Even though conservatism has limited our absolute return, we believe this is secondary to our goal of capital preservation. The Alpha Fund’s success, in the face of macroeconomic headwinds, is a testament to our value investing philosophy. Unlike other strategies, value investing’s emphasis on fundamentals means there are opportunities in all market conditions. Over the last year, we have seen a number of our value plays appreciate quickly - turning into growth stocks which we think will continue to add to the portfolio’s returns.

I believe the Tufts Financial Group is going through a number of trans-formations that will improve the fund’s investment ability going forward. I strongly believe that every day we hold a stock, it is the same as making the decision to buy that stock. As a result, myself and others have worked hard to constantly review past holdings, and close positions in which we see limited opportunities. In addition, with new capital infusions, we need to expand the portfolio’s holdings. To encourage this, we have added a second executive board pitch, as well as a fixed income pitch for the first time this semester.

This year, TFG has also set in place a number of precedents that will leave a lasting impression. We have started a Fixed Income team in order to better actively manage our fixed income investments. I hope that this will eventu-ally become its own sector as TFG continues to grow in size. In addition, we have created a curriculum for Lead Analysts that not only encourages more Analyst participation, but also fosters more communication between differ-ent branches of TFG. This curriculum is also important, as it creates specific goals for Analysts after they have completed work on their sector’s pitch.

We have speakers who have presented on everything from Master Lim-ited Partnerships to Investment Banking. Additionally, our new curriculum for Lead Analysts has focused on teaching TFG members the fundamentals they need to succeed in the financial world.

I know I have learned so much by working with the Tufts Financial Group. It is an incredible experience to meet and work with such dedicated and knowledgeable people. I would like to thank everyone who makes TFG possible, and gives Tufts students the opportunity to immerse themselves in the world of finance.

Sincerely,Marco Sammon, Portfolio ManagerTufts Financial Group

FROM THE PORTFOLIO MANAGER

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I think there are two main ways that the Tufts Financial Group separates itself from

other student-run investment organizations. First, I believe, is our commitment to quanti-tative valuation. We have two head analysts who are com-

mitted to EV/EBITDA and DCF modeling techniques. These price targets are especially

useful when decidingwhen to close a position

in the portfolio. The secondfactor that sets us apart

is our emphasis on teaching.

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The Tufts Financial Group and its Alpha Fund continued their popularity and success during 2011 and 2012. Improvements were made in investment analysis and portfolio management, and also in operations, compliance and governance. The Fund continues to grow. The combination of good performance and new capital put the Fund at just about $83,000 at the end of 2012 and now about $100,000 at the end of March 2013, an amount which allows the Fund to entertain buying more of the investment recommendations uncovered by the student analysts.

In operations, during 2012, the students reviewed all of the original formation and procedure documents of the Fund, and proposed changing items, including things like the appropriate type of fixed income the Fund should commit to and whether or not the Fund can engage in shorting. At the same time, the students have re-written the compliance manual for the Fund. Another item recently added is a monthly Fund Flash performance report sent by email shortly after the end of each month. All of these improvements make the Fund further re-semble professional money management operations, and this will be a great head start to Fund participants when they commence work at a hedge fund, pension fund, or other investment firm.

Another major recent Fund initiative concerns enhancing Fund governance by reaching out to former Fund members, who are now in careers in money management, to serve as informal mentors and perhaps form an advisory board. I think this project will really upgrade the Fund in both investment issues, in making future busi-ness contacts and raising capital. The students are also looking to add one or two additional Faculty Advisors for the Fund.

I am always impressed by the caliber of the companies TFG members end up joining. This year TFG stu-dents will be working at big names like Goldman, Wellington, BlackRock, Fidelity, JPMorgan, Credit Suisse and Deloitte. Others end up at smaller, but very selective and outstanding, money management firms.

Finally, now that the Fund has operated for a number of years, I am pleased to say that there have been no problems with smooth leadership changes. Since students are only in college for four years and since most of the campus activity leaders will typically be, at least sophomores, if not juniors or seniors, there was some worry that leadership gaps would happen, but the Tufts students have successfully passed the baton year after year.

Sincerely,Christopher McHugh,Faculty AdvisorTufts Financial Group

FROM THE FACULTY ADVISOR

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FUND STRATEGYThe Alpha Fund seeks to invest in companies that have proven management teams, strong competitive advan-

tages, healthy balance sheets, and reliable business models. The Fund invests in companies based both in the United States and abroad (through ADR shares) and is not limited by any geographical allocation requirements. TFG Al-pha Fund plans to maximize return within reasonable and prudent levels of risk. Investment of Fund assets shall be diversified as to minimize the risk of significant losses. Analysts, split among 7 sector groups, perform rigorous fundamental analyses on the company, examine its viability under the current sector and economic environment and then pitch the investment to the Group at a Tuesday night meeting. Group members then vote on the pitch. Pitches that receive a majority of “buy” votes may be added to the fund. All holdings are bought with a long term investment horizon but can be sold more quickly if, in the view of the Portfolio Manager, the investment thesis is no longer valid or the long term fundamentals of the company become less compelling.

FUND OBJECTIVEThe investment objective of the Fund is to maximize total return by investing in a diversified portfolio of eq-

uity and fixed-income securities. The explicit investment objective of the Alpha Fund is to consistently outperform its blended benchmark as measured at the end of each fiscal quarter. The Fund aims to achieve this objective under the supervision of our advisors and the executive board, who will ensure compliance with our risk and investment philosophy. It will provide a challenging and highly relevant educational experience for students who participate in managing the Alpha Fund Portfolio.

PERMITTED SECURITIESThe Alpha Fund is permitted to purchase US stocks, American Depository Receipts, bonds, mutual fund

shares, and shares of Exchange Traded Funds.

TARGET ALLOCATION OF ASSETS80% Equities15% Fixed Income5% Cash

BLENDED BENCHMARKIn light of the aforementioned target allocation, the performance of the Alpha fund will be measured against

the following “Blended Benchmark”85%: Performance of the S&P 50015%: Performance of the iShares Barclay’s Aggregate Bond Index (AGG)

FUND OBJECTIVES &GUIDELINES

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The Tufts Financial Group was very successful in 2012, as we were able to achieve our overarching goal of maximizing total return. Our analysts found companies that they felt were intrinsically undervalued through research of the given sector, sub-sector, and target firm.

Financial markets had a strong year in 2012 and our portfolio was well positioned to take advantage of the economic growth. The United States economy grew through most of 2012, but fell during the fourth quarter as gross domestic product (GDP) dropped by a 0.1% annual rate. Interest rates stayed very low and mortgage rates fell through Quantitative Easing. Our analysts were optimistic as the number of home sales and the value of homes in the United States increased over the course of the year. Finally, although job growth slowed a bit in the fourth quarter, the unemployment rate dropped through most of 2012, another positive sign for the United States economy.

The global economy in 2012 was fairly weak, as global growth dropped from 3.8% in 2011 to 2.9% in 2012. Particularly, the sovereign debt crisis in the Euro-zone had devastating effects on the global economy. In addition, our analysts were concerned with the drop in growth in the large emerging countries—noticeably in Brazil and China, whose overall growth was about 1.5% less than it was in 2011. On the other hand, established economies like Japan and the United States had very strong years, as Japan finally overcame the Fukushima disaster and the United States continued active monetary policy.

During 2012, we scrutinized current holdings to find out which companies we felt were positioned to per-form well in 2013 and beyond. We liquidated a number of positions that had reached their price targets including Tempur-Pedic International and Thompson Creek Metals Company. Eight out of ten sectors in the S&P 500 had growth over 10% this year, with the financials sector posting returns of 28.82%, the consumer discretionary sector achieving 23.92% returns, and the telecommunication services sector returning 18.31%. With a well-diversified portfolio, the Fund was able to take advantage of the high-performing sectors, especially financials, with holdings in Blackstone Group, JPMorgan Chase & Co., and M&T Bank.

As is evident in the table on the following page, it is clear that 2012 was a successful year for the Fund. A number of large successes have been added to the portfolio over the last two semesters including BKS (up 28.17%), HAL (up 32.89%) and AIG (up 25.44%). We have again outperformed our blended benchmark for the past year, which is the case since inception of the Fund in 2007. Although there is uncertainty surrounding the economic outlook for 2013, we feel confident that we will adapt to market volatility and continue to perform well.

PERFORMANCE REVIEW

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2012 Full Year Performance vs. Benchmark and S&P 500

Tufts Alpha Fund Blended Benchmark S&P 500 TRFull Year 2012 18.17% 12.39% 16.00%

2012 Performance vs. Benchmark and S&P 500

Tufts Alpha Fund Blended Benchmark1 S&P 5002

January 3.8% 3.3% 4.4%February 8.1% 6.2% 8.6%

March 14.4% 8.4% 12.0%April 9.6% 8.1% 11.1%May 4.5% 3.8% 4.1%June 9.3% 6.7% 8.3%July 10.5% 8.0% 9.6%

August 12.1% 9.5% 11.8%September 15.9% 11.4% 14.5%

October 15.8% 9.8% 12.2% November 16.8% 10.2% 12.6%December 18.2% 10.6% 13.4%

PERFORMANCE REVIEW

Note: 2012 Blended Benchmark return adjusted for dividends is 12.4% Note: 2012 S&P 500 return adjusted for dividends is 16.0%

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Holdings (as of January 1, 2013)

Tufts Financial Group Alpha Fund

Equity Sleeve Ticker

Consumer Discretionary

Walt Disney Co.General Motors Co.Starbucks Corp.YUM! Brands, Inc.

DISGM

SBUXYUM

Consumer Stables

Coca Cola Co. KO

Energy

Hailliburton Co.Kinder Morgan Man-agementExxon Mobil Corp.

HALKMR

XOM

Financials

American Internation-al Group Inc.JP Morgan Chase & Co.Blackstone Group L.P.M&T Bank Copr.

AIG

JPM

BXMTB

Tufts Financial Group Alpha Fund

Equity Sleeve, continued Ticker

Industrials

Alaska Air Group, Inc.Canadian National RailwayPall CorporationStericycle, Inc.

ALKCNI

PLLSRCL

Materials

BHP Billiton LimitedCF Industries Holdings Inc.Syngenta AG

BHPCF

SYT

Information Technology

Apple Inc.Google Inc.

AAPLGOOG

Telecom & Utilities

American Tower Corp.Dominion Resources Inc.Vodafone Group Plc.

AMTD

VOD

Tufts Financial Group Alpha Fund

Fixed Income Options Ticker

United States

iShares Fixed Income ETF HYG

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GENERAL OUTLOOKWith the S&P 500 up more than 10% through March, U.S. equities have done incredibly well in 2013 so far.

Looking forward to the rest of 2013, while we don’t expect this growth to continue, we do expect U.S. equities to have an above average year. This will be driven by four key factors: the housing recovery, tailwinds from the automobile market, the Federal Reserve, and the improving outlook in Europe.

After the housing crisis in 2008, the housing sector finally saw improvement in 2012 and we expect this im-provement to continue into 2013. Looking at delinquency rates in the U.S., we can see that first time mortgage default rates are lower than they were in early 2007 and haven’t been this low in the past five years. In addition, consumer sentiment levels are once again on the rise, which we expect will continue to increase in 2013. All these factors led to an improvement of CMBS spreads in 2012 and we expect continuing improvement in 2013.

In addition to the housing market, the auto market has also been a huge tailwind in 2012 and we expect this trend to continue into 2013. During the financial crisis and shortly thereafter, consumers in the U.S. constrained their spending on automobiles. This led to an incredible demand for autos in 2012. In fact in 2012, the U.S. had the highest auto sales in over four years. We expect this trend to continue into 2013, as U.S. consumers continue to purchase automobiles going forward.

Finally, we are bullish on Europe. While very clear structural problems still exist, we believe with the cur-rent ECB, the Euro will continue to exist for the coming years and there will be a general economic upturn this year. With rising public sentiment and strong cash reserves on corporate balance sheets, we believe companies based both in Europe and abroad will increase their investments in this previously laggard economy. This in-vestment combined with multiple expansions will help companies that have exposure to the European economy.

Overall, we believe 2013 will be a great year for U.S. equity markets and we have positioned ourselves to benefit from a general improvement in equities, and we have selected specific investments that we believe will outperform the market.

MONETARY CONCERNS The expansion of the open-ended QE3 program from $40 billion to $85 billion of Treasury and MBS pur-

chases per month sparked concerns about the Fed’s ability to maintain its dual mandate of maintaining Core Inflation to “around 2%” and reducing Unemployment to below 7% (which was explicitly identified as top pri-ority by Bernanke). The current consensus for 2013 Core CPI estimates point to 1.9% and Unemployment of 7.7%, which should allow the Fed to maintain its accommodative position going into 2014. Headline inflation concerns have been mitigated by declining commodity prices and the incredibly optimistic outlook on US oil and natural gas production in view of the exploitation of Eagleford. However, forecasts (especially annual ones) go through multiple revisions. This is also one of the main problems hampering the effectiveness of the Fed’s efforts to strengthen confidence in their commitment to control in 2013, the Fed’s commitment to QE3 through 2014 does not seem very credible.

PORTFOLIO MANAGER’SECONOMIC FORECAST

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Borrowing has been booming, but perhaps not through the channels targeted by the Fed: loans from the biggest US banks have only increased by 2.6% YoY as of December 2012, whereas corporate debt issuance has thrived as institutional investors are seeking yields. What is more, FRM Mortgage rates have climbed from their historical lows despite the Fed’s aggressive open-market operations. Perhaps some of this is due to stringent regulatory requirements introduced, paradoxically, by the Federal Reserve itself. Despite significant improve-ment in asset quality (demonstrated by continually decreasing NPLs), strong capital positions (especially in comparison with European peers), banks might be reluctant to extend credit at historically low interest rates. Their decreasing Net-Interest-Margins (resulting from the Fed’s expansionary policies) and strict regulatory requirements might keep banks from engaging in significant releveraging in 2013.

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One of the main objectives of the Tufts Financial Group is to help students interested in finance break into the in-dustry. We are very grateful to the TFN alumni who have gone out of their way to help Tufts students join their ranks.

Summer Networking Lunches: TFN alumni hosted three informal summer lunches with students. The lunches were held in Boston and NYC. They were perfect opportunities for more seasoned Jumbos to share candid advice with current students. Alumni participants: Stephen Demirjian (A83), Rick Henken (A80, AG81), Peter Kamin (A84, A16P), Lawrence Kwon (A99), Kevin Magid (A85), George Mussalli (A95), Aseem Nambiar (A10), Scott Schaevitz (A85), Jerome Shapiro (A03), Alta Yen (J92).

Wall Street Crash Course: Over 30 alums from all areas of finance attended the day-long event with 200 students.Speaker Series:Michael Tonelli (10/9/2012) – Bain & Co.Mr. Tonelli discussed his career path from Tufts. Experienced in both banking and consulting, Mr. Tonelli ex-plained differences between the two fields and the keys for success in each. David Chang (11/27/2012) – Wellington ManagementMr. Chang spoke to the group about his current position as a Commodities PM at Wellington and his career path. Mr. Chang also shared some of his insights about commodities.Doug Rachlin (1/27/2013) – Neuberger BermanMr. Rachlin, a PM of Master Limited Parternships, introduced the group to MLP’s, a less well known type of investment. Mr. Rachlin shared their history, investment appeal, and future outlook.Larry Kwon (2/4/2013) – Moelis & Co.Mr. Kwon spoke about his experience as a founding member of Moelis’s Recapitalization & Restructuring Group. He followed with a case study of a restructuring deal, modeled after a real deal. Paul Schulte (2/7/2013) – China Construction Bank (Fletcher CEME Fellow) Mr. Schulte provided career advice based on his experiences in finance in Asia. He then spoke about the credit cycle, emphasizing its relevance for analyzing companies, industries, and countries.George Mussalli (3/4/2013) – PanAgoraMr. Mussalli spoke about his experience with the asset management at PanAgora and the evolution of Quant groups in general. He explained some of the investment strategies he employs and different analyses he uses. Gregg Felton (4/9/2013) – Liberty Harbor, Goldman SachsMr. Felton presented to the group about his career at Amaranth Advisors and Liberty Harbor. He explained some of the investment opportunities in the distressed debt space and offered valuable career advice.Elaine Bortman (4/10/2013) – Harvard Business School Ms. Bortman spoke about the business school application process. She provided valuable insight on how stu-dents can position themselves to have the strongest applications.Trips: In November, 20 TFG students visited UBS in Stamford. Bill Ortner (A89) gave a tour of the trading floor

and led a discussion about the IBD.In January, the Executive Board attended a PE Conference and MBA workshop at Tuck School of Business at

Dartmoth. Jake Shapiro (A08), MBA candidate, met with the students to discuss his experience at Tuck.

CAREER GUIDANCE FROM ALUMNI

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ALUMNI ADVISORSAs the group has grown over the last several years, so has the alumni base. Members of the executive board keep in touch with several past TFG Presidents and Alpha Fund Portfolio Managers. We plan to continue these connections and hope to grow the net-work of alumni who we may look to help analysts informally learn about markets and industries, provide feedback on stock pitches, discuss research methods, and offer career advice on a semi-regu-lar basis. We welcome any alumna or alumnus interested in being an advisor or mentor to reach out to us.

RESEARCH The Tufts Financial Group has limited access to professional re-search materials. While members have the ability to conduct research on the Bloomberg Terminal in Ginn Library, it would benefit our members tremendously to have access to professional research reports. Not only would high quality research allow us to better manage our portfolio but it would also provide a stronger means of education for students interested in careers in finance.

GOING FORWARD

“WE REGULARLY TELL TFG MEMBERS TO REMEMBER THE TUFTS STUDENTS THAT WILL COME AFTER THEM. WE WILL ALL BE ALUMS ONE DAY AND I HOPE WE WILL ALL BE AS GEN-EROUS WITH OUR RESOURCES AS THE CURRENT ALUMS HAVE BEEN TO US.” -EMILY SILLARI

GUEST SPEAKERSThe Tufts Financial Group

is very grateful to the alumni who have come to speak. All of our speakers

this year have given ex-cellent presentations and great career advice. Next

year, we look to continue a robust Speaker Series and

welcome interested alumni to approach us.

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The executive board is responsible for the day-to-day operations of the group and the development of new initiatives. This year’s executive board was very passionate about the group and regularly met with students out-side of meetings to offer valuation workshops, career workshops (IBD, S&T, AM), resumes critiques, and mock interviews.

EMILY SILLARI, PRESIDENTEmily Sillari is a Senior majoring in Economics and International Relations; she has been a member of the

Tufts Financial Group since her freshman year. Emily spent her Junior year in England studying Economics at the University of Oxford. She has interned in U.S. Senator Scott Brown’s Office, at Simon-Kucher & Partners, a price-strategy consultancy, and most recently in J.P. Morgan’s Private Bank. Upon graduating, Emily will join Deloitte Consulting as a Strategy & Operations Business Analyst. (Emily.Sillari@Tufts.edu)

MARCO SAMMON, PORTFOLIO MANAGERMarco Sammon is a senior studying Quantitative Economics. Last spring, Marco was lead analyst for the

financials sector. This past summer, he worked at Bloomberg in Operations, where he learned about trading com-modities and became more familiar with the terminal. Upon graduating, Marco will join Boston’s Federal Reserve Bank. (Marco.Sammon@Tufts.edu)

NATHANIEL AIKEN, VICE PRESIDENTNathaniel Aiken is a senior majoring in Quantitative Economics and Computer Science. He has been a

member of the Tufts Financial Group since his Sophomore year. He has interned at Merrill Lynch Private Wealth Management in Bedminster, NJ and most recently at BlackRock in the Portfolio Analytics Group. Nate will return to BlackRock when he graduates. (Nathaniel.Aiken@Tufts.edu)

DHIREN SHAH, SENIOR ANALYSTDhiren Shah is a senior majoring in Quantitative Economics and Computer Science. A member of TFG

since his Freshman year, Dhiren was the Lead Analyst for the consumer sector before joining the executive board. Dhiren Shah has interned at Analysis Group and Wellington Management. Dhiren will return to Wellington to join their Equity Product Management Group when he graduates. (Dhiren.Shah@Tufts.edu)

EXECUTIVE BOARD

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MATTHEW FREEDMAN, PRESIDENT-ELECTMatt Freedman is currently a junior majoring in Economics. Matt has been a member of TFG since he was

a sophomore. This semester he will co-lead the healthcare group. Most recently, Matt interned in Cantor Fitzger-ald & Co.’s investment bank in the M&A group. This summer he will intern at Credit Suisse in Equity Research. (Matthew.Freedman@Tufts.edu)

ALEXANDER SCARAMUCCI, PORTFOLIO MANAGER-ELECTAlexander (AJ) Scaramucci is currently a junior at Tufts University majoring in Economics and Music with

a minor in Entrepreneurial Leadership. AJ has been a member of TFG since his sophomore year and was previ-ously a Lead Analyst for both the basic materials and industrials sectors. AJ has interned at an observatory for astrophysics research, an institute for biomedical research, and a fund of funds hedge fund. This past summer AJ studied at Dartmouth’s Tuck School of Business through the Bridge Program. (Alexander.Scaramucci@tufts.edu)

Other members of the executive board include: Soumil Mhaskar (A13), Seungki Kim (A14), Michael Lesser (A14), Katie Murphy (A14), Tyler Epstein (A15) and Akshay Savlani (A15).

FUTURE LEADERSHIP

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We sincerely thank you for your continued interest and support of the Tufts Financial Group and the Alpha Fund.

Please contact the Portfolio Manager, Marco Sammon (Marco.Sam-mon@tufts.edu) with all investor inquiries.

Please contact the President, Emily Sillari (Emily.Sillari@tufts.edu) if you are interested in becoming more involved in the Tufts Financial Group, including the speaker series, Wall Street Crash Course or through other means.

If you are interested in donating to the Alpha Fund please contact Jeff Winey (Jeff.Winey@tufts.edu), Director of Principal & Leadership Gifts, Tufts University Advancement Office.

For more information about the Tufts Financial Group, visitour website at www.tuftsfinancialgroup.com.

Report prepared by Nathaniel Aiken (A13), TFG Vice President

THANKS FOR YOUR SUPPORT

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TFGTufts Financial

Group