2022-05-13T14:03:27-05:00 2021-06-30 PricewaterhouseCoopers LLP 655 NEW YORK AVE NW SUITE 1100 WASHINGTON DC 20001 990 2020-07-01 562462804 UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY % ALLISON GILLAM UNIV 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 ALLISON GILLAM CFO 4342184540 2022-05-12 true ALLISON GILLAM 999009999 TRAVIS L PATTON P00369623 2024141000 2022-05-11 2 2020 2022-09-23 18:48:47Z ROBERT DURDEN 701 E WATER STREET 4TH FL CHARLOTTESVILLE VA 22902 6376936298 false X HTTP://WWW.UVIMCO.ORG X 2004 VA UVIMCO IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS(UAOS). 11 10 47 10 21549184 0 0 0 0 0 457345731 961602712 0 0 457345731 961602712 0 0 0 0 14112338 23325945 0 0 0 4999615 4504004 19111953 27829949 438233778 933772763 10038884501 14686772687 10019919571 14669036636 18964930 17736051 THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY (UVIMCO) IS ORGANIZED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS (UAOS). false false 20821616 0 0 UVIMCO PROVIDED HIGH-QUALITY INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (THE UNIVERSITY OR UVA) AND AFFILIATED EXEMPT ORGANIZATIONS DESIGNATED BY THE UNIVERSITY. THE ORGANIZATION IMPROVED THE MANAGEMENT OF THE ENDOWMENT OF THE UNIVERSITY AND THEREBY ENHANCED THE EDUCATIONAL BENEFITS PROVIDED TO THE STUDENTS. 20821616 true false false false false false false false false false true true false false true true true false false true true false false false false false false false false true false false false false false false false false false false false false true true true true true false true 22 0 true 47 true true true true BR IN EI false false false false false false false false true false X 11 10 false false false false false true false true true false false true true true true true true true true false X ALLISON GILLAM 4342184540 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 X ROBERT W DURDEN CEO/CIO 50.0 0.0 X 1747730 0 1233615 E SARGENT MCGOWAN MANAGING DIRECTOR 50.0 0.0 X 1184996 0 623768 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 50.0 0.0 X 1053405 0 556398 LINDSAY R LARSEN MANAGING DIRECTOR 50.0 0.0 X 1034893 0 499777 JASON M LOVE MANAGING DIRECTOR 50.0 0.0 X 998811 0 466811 JONATHAN E EARNHARDT MANAGING DIRECTOR END 6/21 50.0 0.0 X 774663 0 383371 CAITLIN C FITZMAURICE MANAGING DIRECTOR 50.0 0.0 X 654749 0 284297 JOHN M WINN GEN CNSL/CCO & SECRETARY 50.0 0.0 X 432256 0 472174 JENNIFER W DAVIS DIRECTOR 5.0 55.0 X 0 584318 131515 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 50.0 0.0 X 495569 0 111877 J MATTHEW DORCHUCK DIRECTOR 50.0 0.0 X 357068 0 35286 MARILYN K PERKINS SENIOR ASSOCIATE 50.0 0.0 X 252130 0 41525 JEFFERY M BARNES SENIOR ASSOCIATE 50.0 0.0 X 244011 0 47980 LEAH M HALL SENIOR ASSOCIATE 50.0 0.0 X 240355 0 37062 ROBERT S HAMEL SENIOR ASSOCIATE 50.0 0.0 X 234771 0 28218 ERIC J BUNDONIS MANAGING DIRECTOR BEG 11/20 50.0 0.0 X 27610 0 5307 MITCHELL R COHEN CHAIR - BOD 2.0 0.0 X 0 0 0 JOHN B HARRIS JR DIRECTOR 2.0 0.0 X 0 0 0 MEREDITH B JENKINS DIRECTOR 2.0 0.0 X 0 0 0 JOHN G MACFARLANE III DIRECTOR 2.0 0.0 X 0 0 0 MERYL B WITMER DIRECTOR 2.0 0.0 X 0 0 0 TIMOTHY P O'HARA DIRECTOR 2.0 0.0 X 0 0 0 HENRY H MCVEY DIRECTOR 2.0 0.0 X 0 0 0 THOMAS J BALTIMORE DIRECTOR 2.0 0.0 X 0 0 0 JOHN P CONNAUGHTON DIRECTOR 2.0 0.0 X 0 0 0 ANDREW T MULDERRY DIRECTOR 2.0 0.0 X 0 0 0 9733017 584318 4958981 26 false true false DYNAMO INTERNACIONAL GESTO DE RECU AV ATAULFO DE PAIVA 1235 6 ANDAR RIO JE JANEIRO RJ BR 22440-034 INVESTMENT MANAGER 1887673 SHAPIRO CAPITAL MANAGEMENT LLC 3060 PEACHTREE RD NW 1555 ATLANTA GA 30305 INVESTMENT MANAGER 1195796 THE BANK OF NEW YORK MELLON ONE WALL STREET NEW YORK NY 10286 CUSTODIAN 814030 PARAMETRIC PORTFOLIO ASSOCIATES LLC TWO INTERNATIONAL PLACE 8TH FLOOR BOSTON MA 02110 INVESTMENT MANAGER 300736 STANDARD POOR'S FINANCIAL SERVICE 55 WATER ST NEW YORK NY 10041 DATA SERVICES 290890 15 0 0 5658021 -27638546 33296567 0 0 0 0 0 6371278277 5415333586 955944691 955944691 49187730 906756961 0 0 0 0 0 0 0 0 0 0 961602712 21549184 940053528 0 0 0 0 15818256 12740001 3078255 0 4914497 3207131 1707366 672111 477633 194478 1404536 946952 457584 516545 350502 166043 0 89631 69966 19665 393833 393833 0 0 0 1048036 990486 57550 12851 12851 101130 23059 78071 796627 517808 278819 0 547397 355808 191589 4687 4687 0 1959 1874 85 133 133 0 612598 398189 214409 181104 107653 73451 DATA SERVICES 583104 583104 BUILDING SERVICES 41926 41926 BOOKS AND SUBSCRIPTIONS 38507 38507 RECRUITING & MOVING EXPENSES 19080 19080 31401 8256 23145 27829949 20821616 7008333 0 2278434 1917140 129387690 161203593 0 0 3141561 7031589 0 0 0 0 0 0 0 0 550694 506028 5931778 1994918 4522099 3936860 562425414 874793411 9336578609 13637384066 0 0 0 0 0 0 10038884501 14686772687 9994903 17786469 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10009924668 14651250167 10019919571 14669036636 X 18964930 17736051 0 0 18964930 17736051 10038884501 14686772687 X 933772763 3887406053 -4822407695 X false true X true false X X 1 THE RECTOR AND VISITORS OF THE UNVIVERSTY OF VIRGINIA 546001796 2 true 398452656 0 1 398452656 true false false false false true false false false false false false false false false true true true X SCHEDULE A, PART I, LINE 12G OTHER SUPPORT THE EXPENSES INCURRED BY UVIMCO THAT ARE REPORTED ON FORM 990, PART IX WERE EXPENDED TO INVEST FUNDS ON BEHALF OF THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA, ITS SUPPORTED ORGANIZATION. UVIMCO RECEIVES, MANAGES, INVESTS, DISBURSES, AND HOLDS TITLE TO THE UNIVERSITY'S ENDOWMENT AND CERTAIN OTHER FUNDS IN DIRECT FURTHERANCE OF THE UNIVERSITY'S EXEMPT PURPOSE. THESE ARE ACTIVITIES THAT THE UNIVERSITY WOULD NORMALLY BE ENGAGED IN BUT FOR UVIMCO'S INVOLVEMENT. THE DOLLAR AMOUNT SHOWN ON SCHEDULE A, PART I, LINE 12(G)(V) IS THE AGGREGATE AMOUNT OF CASH DISTRIBUTIONS MADE BY UVIMCO TO THE UNIVERSITY DURING THE REPORTING YEAR. THESE DISTRIBUTIONS CONSISTED OF FUNDS DEPOSITED WITH UVIMCO BY THE UNIVERSITY WHICH WERE THEN HELD AND INVESTED BY UVIMCO FOR THE UNIVERSITY'S BENEFIT. SCHEDULE A, PART IV, SECTION A, LINE 6 UVIMCO PROVIDES SUPPORT TO ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF VIRGINIA, AND TO UNIVERSITY-ASSOCIATED ORGANIZATIONS, ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THIS IS A PERMISSIBLE ACTIVITY UNDER SECTION 1.509(A)-4(E)(1) OF THE REGULATIONS. SCHEDULE A, PART IV, SECTION D, LINE 3 THE UVIMCO ARTICLES OF INCORPORATION STIPULATE THAT THE BOARD INCLUDES THREE DIRECTORS APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA AND ONE DIRECTOR APPOINTED BY THE PRESIDENT OF THE UNIVERSITY. THE BOARD IS RESPONSIBLE FOR ESTABLISHING UVIMCO'S INVESTMENT POLICY STATEMENT. THE BOARD MONITORS THE DEVELOPMENT, ANALYSIS, ADOPTION, AND EXECUTION OF INVESTMENT DECISIONS AND ACTIONS BY UVIMCO'S STAFF TO ENSURE COMPLIANCE WITH THE INVESTMENT POLICY STATEMENT. THE BOARD REVIEWS THE INVESTMENT POLICY STATEMENT (INCLUDING THE LIQUIDITY AND INVESTMENT MANAGER DIVERSIFICATION POLICIES CONTAINED THEREIN) ANNUALLY. IN PREPARATION FOR THAT REVIEW, UVIMCO STAFF PROVIDES AN ANALYSIS OF ANY CHANGES IN THE RISK TOLERANCE AND SPENDING PLANS OF THE UNIVERSITY THAT HAVE BEEN REPORTED TO IT AND ON ECONOMIC AND INVESTMENT CONDITIONS. UVIMCO STAFF COMPILES A MONTHLY BOARD REPORT THAT INCLUDES, IN PART, COMMENTARY AND STATISTICS ON THE PERFORMANCE OF THE LONG-TERM POOL, A QUARTERLY COMMENTARY ON THE STATE OF THE MARKET ENVIRONMENT, SUMMARIES OF INVESTMENT ACTIVITY, SHORT-TERM LIQUIDITY AND COMMITMENTS, AND COMPARISONS OF THE LONG-TERM POOL TO POLICY PORTFOLIO RANGES. WHILE THE BOARD HAS DELEGATED MANAGER SELECTION AND RETENTION DECISIONS TO UVIMCO'S CEO/CIO, THE BOARD MONITORS THE CEO/CIO'S DECISION-MAKING PROCESS AND REVIEWS DOCUMENTATION OF DUE DILIGENCE ACTIVITIES IN ANALYZING AND MONITORING INVESTMENT MANAGERS. SCHEDULE A, PART IV, SECTION E, LINE 1C UVIMCO IS OPERATED SOLELY TO PROVIDE INVESTMENT MANAGEMENT ON BEHALF OF THE UNIVERSITY OF VIRGINIA (A VIRGINIA STATE-SUPPORTED EDUCATIONAL INSTITUTION) AND UNIVERSITY-ASSOCIATED ORGANIZATIONS, WHICH ALSO SUPPORT THE UNIVERSITY AND ALL OF WHICH ARE 501(C)(3) PUBLIC CHARITIES AND ARE OPERATED, SUPERVISED, OR CONTROLLED DIRECTLY BY OR IN CONNECTION WITH THE UNIVERSITY. THE UNIVERSITY OF VIRGINIA WOULD NEED TO CARRY OUT INVESTMENT MANAGEMENT ACTIVITIES IN THE ABSENCE OF UVIMCO. 4626919 1156267 3470652 286186 227881 58305 1018673 610770 407903 3936860 LONG/SHORT EQUITY 2467678807 F BUYOUT 494166761 F REAL ESTATE 461045609 F RESOURCES 991704379 F VENTURE CAPITAL 1469222349 F PUBLIC EQUITY 4169320314 F MARKETABLE ALTERNATIVES/CREDIT 1442743713 F GROWTH EQUITY 1855751801 F FIXED INCOME 290485868 F PORTFOLIO OVERLAYS -4735535 F 13637384066 0 AMOUNTS HELD FOR OTHERS - LTP 14500548184 AMOUNTS HELD FOR OTHERS - STP 149682027 DEFERRED RENT AND LEASE INCENTIVE 1019956 14651250167 X 4849008765 3887406053 3887406053 961602712 961602712 4850237644 4822407695 4822407695 27829949 27829949 SCHEDULE D, PART X, LINE 2 FIN 48 (ASC 740) FOOTNOTE PER AUDITED FINANCIAL STATEMENTS U.S. GAAP REQUIRES MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF AN UNCERTAIN POSITION TAKEN, MORE LIKELY THAN NOT, WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE COMPANY, AND HAS CONCLUDED THAT AS OF JUNE 30, 2021 AND 2020, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COMPANY IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE MAJOR TAX JURISDICTIONS FOR THE COMPANY ARE THE UNITED STATES AND COMMONWEALTH OF VIRGINIA AND THE TAX YEARS SUBJECT TO EXAMINATION ARE 2018 TO 2021. SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS WITH EXPENSES PER RETURN: ALLOCATION OF NET GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS $4,822,407,695 THE LONG TERM POOL HAD A RETURN OF 49.0% FOR THIS REPORTING YEAR VERSUS A RETURN OF 5.3% FOR THE PRIOR REPORTING YEAR. Central America and the Caribbean 0 0 Investments 4918473057 Europe (Including Iceland and Greenland) 0 0 Investments 452157778 North America 0 0 Investments 259145315 South Asia 0 0 Investments 23234954 Sub-Saharan Africa 0 0 Investments 492565595 North America 0 1 Program Services INVESTMENT MANAGEMENT 173086 South Asia Program Services TRAVEL 50 0 1 0 1 6145749835 6145749835 true false true true true false SCHEDULE F, PART I, INVESTMENTS THE INVESTMENTS DISCLOSURES IN SCHEDULE F, PART I, INDICATE WHERE EXTERNAL INVESTMENT FUNDS ARE INCORPORATED OR OTHERWISE DOMICILED. ACTUAL UNDERLYING INVESTMENTS ARE TYPICALLY MADE IN OTHER REGIONS OF THE WORLD. X X X X false true false false false false false true false JENNIFER W DAVIS DIRECTOR 0 527180 0 55000 0 2138 0 96085 0 35430 0 715833 0 0 ROBERT W DURDEN CEO/CIO 666979 0 350000 0 730751 0 1206857 0 26758 0 2981345 0 233333 0 E SARGENT MCGOWAN MANAGING DIRECTOR 418151 0 255000 0 511845 0 602082 0 21686 0 1808764 0 197994 0 KRISTINA M ALIMARD CHIEF OPERATING OFFICER 491979 0 250000 0 311426 0 529640 0 26758 0 1609803 0 250000 0 LINDSAY R LARSEN MANAGING DIRECTOR 368388 0 225000 0 441505 0 479415 0 20362 0 1534670 0 105710 0 JASON M LOVE MANAGING DIRECTOR 365452 0 188000 0 445359 0 438527 0 28284 0 1465622 0 205710 0 JONATHAN E EARNHARDT MANAGING DIRECTOR END 6/21 367115 0 150000 0 257548 0 356749 0 26622 0 1158034 0 84568 0 CAITLIN C FITZMAURICE MANAGING DIRECTOR 313939 0 180000 0 160810 0 274972 0 9325 0 939046 0 33855 0 ALLISON P GILLAM CHIEF FINANCIAL OFFICER 243910 0 250000 0 1659 0 87050 0 24827 0 607446 0 0 0 JOHN M WINN GEN CNSL/CCO & SECRETARY 326203 0 0 106053 0 444640 0 27534 0 904430 0 85000 0 J MATTHEW DORCHUCK DIRECTOR 204240 0 152000 0 828 0 23905 0 11381 0 392354 0 0 0 MARILYN K PERKINS SENIOR ASSOCIATE 160184 0 90000 0 1946 0 19860 0 21665 0 293655 0 0 0 JEFFERY M BARNES SENIOR ASSOCIATE 182115 0 60000 0 1896 0 21560 0 26420 0 291991 0 0 0 LEAH M HALL SENIOR ASSOCIATE 169584 0 70000 0 771 0 19780 0 17282 0 277417 0 0 0 ROBERT S HAMEL SENIOR ASSOCIATE 164020 0 70000 0 751 0 19260 0 8958 0 262989 0 0 0 SCHEDULE J, PART I, LINE 4B UVIMCO MADE PAYMENTS FROM THE UVIMCO INCENTIVE COMPENSATION PLAN, A NONQUALIFIED INCENTIVE PLAN UNDER IRC SECTION 457(F). CALCULATION OF LONG-TERM INCENTIVE COMPENSATION IS BASED ON UVIMCO'S NET THREE-YEAR PERFORMANCE, VERSUS POLICY PORTFOLIO. 2020 COMPENSATION REPORTED IN PART II RELATED TO THE UVIMCO INCENTIVE COMPENSATION PLAN IS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) ROBERT W. DURDEN $567,391 $1,022,217 $ 53,539 E. SARGENT MCGOWAN 448,728 572,441 147,994 LINDSAY R. LARSEN 340,965 449,775 105,710 JASON M. LOVE 320,520 408,887 105,710 JONATHAN E. EARNHARDT 256,416 327,109 84,568 CAITLIN C. FITZMAURICE 159,740 245,332 33,855 IN 2020 UVIMCO DEFERRED CERTAIN DISCRETIONARY CASH BONUSES UNDER TERMS OF A DEFERRED COMPENSATION AGREEMENT UNDER IRC SECTION 457(F). AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION, AS DETAILED BELOW: PARTICIPANT PART II, PART II, PART II, COL B(III) COL C COL F OTHER REPORTABLE DEFERRED (REPORTED ON COMPENSATION COMP. PRIOR FORM 990) ROBERT W. DURDEN $189,005 $155,000 $179,794 KRISTINA M. ALIMARD 308,591 500,000 250,000 E. SARGENT MCGOWAN 61,718 - 50,000 JASON M. LOVE 123,436 - 100,000 JOHN M. WINN 104,921 415,000 85,000 ALLISON P. GILLAM - 60,000 - SCHEDULE J, PART II, COLUMN B(III) INCLUDES TAXABLE FRINGE BENEFITS IN ADDITION TO THE IRC SECTION 457(F) AMOUNTS SHOWN ABOVE FOR THE INCENTIVE COMPENSATION PLAN AND DEFERRED COMPENSATION AGREEMENTS. JENNIFER W. DAVIS IS EMPLOYED BY THE UNIVERSITY OF VIRGINIA. SHE PARTICIPATED IN A SUPPLEMENTAL, NONQUALIFIED RETIREMENT PLAN UNDER IRC SECTION 415(M), WHICH IS SPONSORED BY THE UNIVERSITY OF VIRGINIA. AMOUNTS DEFERRED UNDER THE AGREEMENT ARE REPORTED IN COLUMN C, RETIREMENT AND OTHER DEFERRED COMPENSATION. SCHEDULE J, PART I, LINE 7 CURRENT UVIMCO EMPLOYEES LISTED IN FORM 990, PART VII, SECTION A, LINE 1A WERE ELIGIBLE FOR NON-FIXED PAYMENTS IN THE FORM OF DISCRETIONARY CASH BONUSES BASED ON INDIVIDUAL PERFORMANCE DURING FISCAL YEAR 2020, WHICH ARE INCLUDED IN SCHEDULE J, PART II, COLUMN B (II). FORM 990, PART VI, LINE 1A SECTION A: GOVERNING BODY AND MANAGEMENT THE EXECUTIVE COMMITTEE IS ELECTED BY THE BOARD AND INCLUDES AT LEAST THREE BOARD MEMBERS. THE EXECUTIVE COMMITTEE MUST INCLUDE: (I) EITHER A UVA BOARD OF VISITORS' DESIGNEE OR THE UVA PRESIDENT'S BOARD DESIGNEE; (II) AT LEAST ONE DIRECTOR DESIGNATED A UNIVERSITY REPRESENTATIVE IN ACCORDANCE WITH THE UNIVERSITY'S POLICY ON UNIVERSITY-ASSOCIATED ORGANIZATIONS; AND (III) THE CHAIR OF THE AUDIT COMMITTEE. IN ADDITION TO ANY DUTY OR MATTER THAT MAY BE ASSIGNED TO IT BY THE BOARD OF DIRECTORS, THE EXECUTIVE COMMITTEE IS EMPOWERED TO ACT ON BEHALF OF THE BOARD OF DIRECTORS AND IS AUTHORIZED TO TAKE SUCH ACTIONS AS IT MAY APPROVE OR DIRECT ON BEHALF OF THE BOARD OF DIRECTORS, OTHER THAN CERTAIN FUNDAMENTAL ACTIONS SPECIFIED IN THE BYLAWS WHICH REQUIRE APPROVAL OF THE FULL BOARD. FORM 990, PART VI, LINE 7A SECTION A: GOVERNING BODY AND MANAGEMENT THREE BOARD MEMBERS ARE APPOINTED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA UPON THE RECOMMENDATION OF THE RECTOR, AND ONE IS APPOINTED BY THE UNIVERSITY OF VIRGINIA PRESIDENT. FORM 990, PART VI, LINE 11B SECTION B: POLICIES A DRAFT OF FORM 990 IS REVIEWED BY MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. THE FINAL FORM 990, INCLUDING SCHEDULES, IS MADE AVAILABLE TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, LINE 12C SECTION B: POLICIES CONFLICT OF INTEREST POLICY: ALL DIRECTORS AND STAFF OF UVIMCO, AND CERTAIN OTHER AFFILIATED PERSONS, ARE SUBJECT TO UVIMCO'S CODE OF CONDUCT (THE "CODE"). THE CODE COMPRISES A PART OF UVIMCO'S BROADER COMPLIANCE POLICIES AND PROCEDURES MANUAL. AMONG OTHER THINGS, THE CODE PLACES CERTAIN RESTRICTIONS ON PERSONAL TRADING, RECEIPT OF GIFTS, POLITICAL CONTRIBUTIONS, OUTSIDE ACTIVITIES, RELATED-PARTY TRANSACTIONS, AND OTHER CONFLICTS OF INTEREST. THE CODE ALSO CONTAINS CERTAIN PROVISIONS REQUIRING INTERESTED STAFF AND DIRECTORS TO RECUSE THEMSELVES FROM INFLUENCING OR PARTICIPATING IN TRANSACTIONS IN WHICH THEY HAVE A CONFLICT OF INTEREST. UVIMCO'S CHIEF COMPLIANCE OFFICER (CCO) ADMINISTERS UVIMCO'S COMPLIANCE PROGRAM, INCLUDING THE CODE. THE CODE CONTAINS PROVISIONS REGARDING DISCLOSURE AND REMEDIATION OF ANY COMPLIANCE VIOLATIONS. THE CCO IS ASSISTED IN ADMINISTERING THE COMPLIANCE PROGRAM BY MEMBERS OF UVIMCO'S OPERATIONS TEAM AS WELL AS EXTERNAL COMPLIANCE CONSULTING FIRMS. AMONG OTHER THINGS, UVIMCO'S COMPLIANCE CONSULTANTS REVIEW EMPLOYEE BROKERAGE STATEMENTS AND PERFORM AN ANNUAL REVIEW OF UVIMCO'S COMPLIANCE PROGRAM. THE CCO REPORTS ON THE FINDINGS OF THIS REVIEW TO UVIMCO'S AUDIT COMMITTEE. THE CCO ALSO REPORTS ON CONFLICTS OF INTEREST AND OTHER COMPLIANCE MATTERS WHICH ARISE DURING THE COURSE OF THE YEAR TO THE AUDIT COMMITTEE. ALL DIRECTORS AND STAFF MUST SUBMIT AN ANNUAL CERTIFICATION THAT THEY HAVE COMPLIED WITH THE CODE OR NOTE EXCEPTIONS. ANY SUCH EXCEPTIONS ARE INVESTIGATED BY THE CCO. FORM 990, PART VI, LINE 15A SECTION B: POLICIES EXECUTIVE COMPENSATION POLICY: THE COMPENSATION COMMITTEE, COMPRISED OF BOARD MEMBERS WITHOUT POTENTIAL CONFLICTS OF INTEREST CONCERNING COMPENSATION ARRANGEMENTS, MAKES COMPENSATION DECISIONS REGARDING ALL OFFICERS, INCLUDING THE CEO, WITHOUT DISCUSSION OR OTHER PARTICIPATION OF THE STAFF MEMBER WHOSE COMPENSATION IS UNDER CONSIDERATION. THE CEO PROVIDES INDUSTRY SURVEYS, EXPERT COMPENSATION STUDIES, OR OTHER COMPARABLE DATA FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILAR ORGANIZATIONS. THE CEO ALSO PROVIDES PERFORMANCE REVIEWS, ACTUAL COMPENSATION DATA, AND COMPENSATION RECOMMENDATIONS TO ASSIST THE COMPENSATION COMMITTEE IN MAKING DECISIONS. THE CEO DOES NOT PROVIDE RECOMMENDATIONS REGARDING HIS/HER OWN COMPENSATION. THE COMPENSATION COMMITTEE FULLY DOCUMENTS ALL COMPENSATION DECISIONS AND THE BASIS FOR THE DECISIONS. THIS PROCESS FOR COMPENSATION DECISIONS WAS LAST UNDERTAKEN FOR ALL OFFICERS, INCLUDING THE CEO, IN 2021. COMPENSATION DECISIONS FOR NON-SENIOR STAFF MAY BE DELEGATED TO THE CEO. FORM 990, PART VI, LINE 19 SECTION C: DISCLOSURES AVAILABILITY OF DOCUMENTS: UVIMCO PROVIDES FINANCIAL STATEMENTS AND THE CONFLICT OF INTEREST POLICY TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS THROUGH A SECURE PORTION OF THE ORGANIZATION'S WEBSITE, AND ORGANIZATIONAL DOCUMENTS TO UVA AND UNIVERSITY-ASSOCIATED ORGANIZATIONS UPON REQUEST. UVIMCO DOES NOT MAKE THESE DOCUMENTS AVAILABLE TO THE GENERAL PUBLIC. FORM 990, PART VII, SECTION B, INDEPENDENT CONTRACTORS TWO OF THE FIVE HIGHEST COMPENSATED INDEPENDENT CONTRACTORS REPORTED IN PART VII REPRESENT SEPARATE ACCOUNT INVESTMENT MANAGERS PAID DIRECTLY BY UVIMCO. OTHER EXTERNAL MANAGERS ARE PAID INDIRECTLY THROUGH A REDUCTION IN THE NET ASSET VALUES OF INVESTMENT FUNDS IN WHICH UVIMCO INVESTS. THE FINANCIAL RESULTS OF UVIMCO'S OPERATIONS ARE REPORTED NET OF ALL INVESTMENT MANAGEMENT FEES. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSET OR FUND BALANCES ALLOCATION OF NET GAIN ON INVESTMENTS HELD FOR OTHERS REFLECTED AS CHANGE IN NET ASSETS: $ (4,822,407,695) THE LONG TERM POOL HAD A RETURN OF 49.0% FOR THIS REPORTING YEAR VERSUS A RETURN OF 5.3% FOR THE PRIOR REPORTING YEAR. FON I LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 0 94681005 NA DYNAMO BRASIL II LLC 701 E WATER STREET 4TH FLOOR CHARLOTTESVILLE VA 22902 562462804 STRUCT INVEST DE 7434075 18873875 NA RECTOR&VISITORS OF THE UNIV OF VIRGINIA PO BOX 400228 CHARLOTTESVILLE VA 22904 546001796 HIGHER EDU. 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