presented to nevada system of higher education

Presented to

Nevada System of Higher Education

Presented on June 16, 2011

Jeffrey T. Long, CFA, Managing Director, Head of EquitiesDavid S. Hertan, CFA, Managing Director, Fixed IncomeDavid D. Main, Managing Director, Commonfund Securities, Inc.

(INVESTMENT AND FACILITIES COMMITTEE 09/08/11) Ref. IF-7, of 54

Commonfund ProfileAs of March 31, 2011

Focused On Investment Needs of Long-Term Investors

� Nonprofit membership organization founded in 1971

� 1,503 clients with $26.2 billion1 in assets under management

� Serving the investment management needs of endowments, foundations, healthcare organizations and other institutional investors

1 Combined assets of The Common Fund for Nonprofit Organizations ("Commonfund") and other investment programs managed by Commonfund's subsidiaries Commonfund Asset Management Company, Inc., Commonfund Capital, Inc. and Commonfund Realty, Inc.

2 Includes Distressed Debt assets under management.3Programs available through private placement only to eligible investors.4 Real Estate assets under management as of 12/31/2010.5 Percentages based on discretionary AUM as of 3/31/2011.

19%

7%

17%

2%

22%

14%

8%

<1%10%

Distribution of assets by asset category 5

U.S. Equities

International Equities

Fixed Income

Commodities

Private Equity

Venture Capital

Natural Resources

Real Estate

Marketable Alternatives

2

3

3,4

3

3

3

3 32%

39%

30%

Distribution of assets by client size

<$100MM

$100-500MM

$501MM+


1. Includes crossfund exposure. Direct fund investment is $535 million.Cash averages 0-5 percent in the portfolio but may significantly exceed 5 percent for temporary periods when there are large purchases or redemptions of the fund's securities.The International Equity Fund was previously organized in two currency hedging alternatives – More Hedged and Less Hedged. The More Hedged version was launched on July 1, 1983 and terminated July 1, 1999. The Less Hedged version was launched November 1, 1993 and is the predecessor fund to the existing International Equity Fund.

International Equity Fund | Objective and StrategyMarch 31, 2011

Objective Outperform its benchmark, the Morgan Stanley Capital International (MSCI) World ex-U.S. Net Index, over a full market cycle while reducing risk through diversification of manager allocations

Benchmark MSCI World ex-U.S. Net Index

Inception November 1993

Assets Managed $654 Million1

Investment Vehicle Commingled Fund

Eligible Investors Educational Institutions

Minimum Investment

$50,000

10-40%

5-30%10-40%

10-40%

0-5%

Strategy Ranges

GLG, Inc.

Japan Advisory

JP Morgan

Odey

Symphony

34%

10%33%

20%

3%

Actual Weights

GLG, Inc.

Japan Advisory

JP Morgan

Odey

Symphony


International Equity Fund Managers

GLG Partners of London, was founded in 1995 and was appointed a manager of the International Equity Fund in March 2010. GLG employs multiple sources of alpha, including bottom up fundamental company research, macro research and quantitative research to dynamically build portfolios ranging from 50 -150 securities.

J.H. Whitney (Japan Advisory), of New York, NY was appointed a manager of the International Equity Fund in August 2008. As sub-advisor to J.H. Whitney Investment Management, Japan Advisory, which was founded in 2000, directs portfolio strategy. Japan Advisory seeks to capitalize on investment opportunities in changing market conditions using a combination of tools: bottoms up stock selection; sector rotation based on credit and macro factors; analysis of funds flows; and trading execution of best ideas. The relative use of each tool depends on current market conditions. In all cases, the firm relies on the basis of a fundamental analysis of management quality and a company's ability to grow its earnings, generate free cash flow, and earn a return in excess of the cost of its capital. Portfolios will range from 80-120 names.

JP Morgan Asset Management of New York, NY is a wholly owned subsidiary of the bank initially founded in 1799. JP Morgan was appointed as a manager in the International Equity Fund in February 2008. The EAFE Opportunities strategy is a large cap core strategy that invests in the most attractive stocks within each global sector. Reflecting the fund’s MSCI World ex-US benchmark, the strategy includes an allocation to Canadian equities. The strategy relies on the firm’s global research framework, which uses a proprietary Dividend Discount Model to evaluate stocks by sectors. Portfolio managers, working in close partnership with the analysts, select stocks from among the top 2 most attractive quintiles of valuation that possess both a catalyst and an reasonable time frame to achieve their upside potential. Portfolios range from 70-100 stocks.

Odey Asset Management of London was formed in 1991 and was appointed as a manager of the International Equity Fund in February 2008. Odey is a European specialist that pursues an absolute return oriented strategy driven by themes at the sector and stock level. Investment opportunities are identified using two distinct both top-down macroeconomic evaluation and bottom-up stock specific analysis. The best opportunities from both methodologies compete for space in the portfolio. The portfolio is highly opportunistic; holdings can range from 40-100 stocks, and cash can be used selectively as a tool.

Symphony Financial Partners began operations in 2000 and was appointed a manager of the International Equity Fund in July 2008. Symphony seeks to acquire significant minority positions in Japanese companies that its research has deemed undervalued and, where appropriate, work in a co-operative manner with management to accelerate value recognition in the market. Symphony finds opportunities in operationally profitable companies trading at discounts to true book value with a high percentage of liquid assets and where managements are receptive to partnering. Symphony combines value investing principles with private equity techniques to create portfolios of assets with high probability of significant price appreciation with limited downside risk. Symphony takes concentrated positions in a limited number of companies with whom they work to unlock and realize value.


IEF Manager Visits and Portfolio Review CallsSince Year End 2008

JP Morgan GLG Odey Japan Advisory SymphonyMar-29-11 Mar-28-11 Mar-28-11 Mar-24-11 Mar-22-11

Oct-19-10 Feb-14-11 Oct-19-10 Jan-18-11 Jan-18-11

Jun-9-10 Oct-21-10 Jun-10-10 Dec-2-10 Dec-2-10

May-18-10 Jun-8-10 Jan-20-10 Jul-20-10 Aug-17-10

Oct-14-09 May-12-10 Nov-18-09 Mar-29-10 Mar-29-10

Sep-25-09 Jan-20-10 Jun-4-09 Jan-29-10 Feb-23-10

May-26-09 Nov-16-09 Jan-28-09 Sep-30-09 Sep-30-09

Mar-19-09 Oct-13-09 July-9-09 Jul-16-09

Feb-10-09 Sep-9-09 Feb-12-09 Jul-1-09

Jan-27-09 May-13-09 Feb-9-09

Jan-26-09 Jan-5-09

Note: Non-Italics represents in-person meeting. Italics represents Portfolio Review Call,


Quantitative and Qualitative Risk ManagementPosition-Based Data Transparency

Separate Accounts

Vast majority –98% -- of IEF equity assets are in separate accounts

Separate account assets are custodied at State Street for Commonfund

Daily reporting of all trades, cash positions and holdings

Analytic Tools

Factset

Thompson

Northfield

Partnership with Custodian

State Street monitors on a daily basis compliance with IMAs

Immediate notification of violations

Regular warnings of potential violations

Enables an active dialog with managers to ensure compliance at manager and fund level


* Net returns are total returns net of all fees and expenses either charged to the fund or paid directly by Commonfund members. For more information on fees and expenses, see Information for Members. Returns for periods of one year or greater are annualized. Past performance is no guarantee of future results.

International Equity Fund | PerformanceMarch 31, 2011

12.78%

-2.42%

1.08%

11.60%

-2.23%

1.99%

10.42%

-3.01%

1.30%

1 Year 3 Year 5 Year

Net Performance*

International Equity FundMSCI World ex-U.S. Net IndexMSCI EAFE Index

5 Year Risk Characteristics International Equity FundMSCI World ex-U.S. Net

IndexStandard Deviation 20.43% 21.52%Sharpe Ratio -0.05 -0.01R2 98.29 100.00Beta 0.94 1.00Up Capture 93% 100%Down Capture 98% 100%

Net Performance* | March 31, 2011 Fiscal Year ended June 30Quarter CYTD FYTD 2010 2009 2008 2007 2006

International Equity Fund 2.19% 2.19% 27.88% 6.46% -30.35% -10.31% 25.38% 24.28%MSCI World ex-U.S. Net Index 3.82% 3.82% 29.22% 7.03% -31.62% -8.81% 27.09% 26.89%

MSCI EAFE Index 3.36% 3.36% 28.36% 5.92% -31.35% -10.61% 27.00% 26.56%

Calendar Year ended December 312010 2009 2008 2007 2006

International Equity Fund 12.91% 26.89% -43.41% 13.31% 22.29%MSCI World ex-U.S. Net Index 8.95% 33.67% -43.56% 12.44% 25.71%

MSCI EAFE Index 7.75% 31.78% -43.38% 11.17% 26.34%


International Equity Fund | Attribution March 31, 2011

Source: Factset 1. May not add to 100 percent due to rounding.2. Excludes cash. Cash generally averages 0-10 percent in the portfolio but may significantly exceed 10 percent for temporary periods when there are large purchases or

redemptions of the fund's securities

17%

6%

8%

24%

4%

16%

6%

11%

4%

2%

9%

9%

11%

25%

7%

12%

5%

12%

5%

4%

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Information Technology

Materials

Telecommunication Services

Utilities

Sector Weighting1,2

International Equity Fund

MSCI World ex-U.S. Net Index

Portfolio Characteristics2 International Equity FundMSCI World ex-U.S. Net

IndexWeighted Avg Mkt Cap ($mm) $43,803 $51,546Japan Weight 20.5% 18.1%Emerging Markets Exposure 6.0% 0.7%P/E Using FY1 Est 11.5x 11.9xP/B Ratio 1.4x 1.1xDividend Yield 2.1% 3.1%Est 3-5 Yr EPS Growth 10.9% 9.9%

Capitalization1,2 International Equity FundMSCI World ex-U.S. Net

Index>$100bn 9% 14%$50-$100bn 25% 26%$10-$50bn 43% 41%$2-$10bn 17% 19%<$2bn 7% 0%

Top 10 Holdings %Company Country WeightRio Tinto PLC UNITED KINGDOM 2.6Compagnie Financiere Richemont S.A. SWITZERLAND 1.8BG Group PLC UNITED KINGDOM 1.7KDDI Corp. JAPAN 1.7ING Groep N.V. NETHERLANDS 1.7Allianz SE GERMANY 1.5Weir Group PLC UNITED KINGDOM 1.4Swatch Group AG SWITZERLAND 1.3Novo Nordisk A/S DENMARK 1.3Vodafone Group PLC UNITED KINGDOM 1.3Total 16.3


International Equity Fund | Country Weighting2

As of March 31, 2011

Source: FactSet1. Cash/Other includes cash and private equity investments. Cash generally averages 0-10 percent in the portfolio but may significantly exceed 10 percent for temporary periods

when there are large purchases or redemptions of the fund's securities2. May not add to 100 percent due to rounding.

39%

23%

7%

21%

8%

3%


Europe (ex-U.K.)

U.K.

Asia/Pacific Basin (ex-Japan)

Japan

Americas/Other

Cash

39%

19%

12%

18%

12%


Europe (ex-U.K.)

U.K.


Japan

Americas/Other

Country Weightings International Equity FundMSCI World ex-U.S. Net

IndexAustria 0.2% 0.3%Belgium 1.3% 0.8%Denmark 1.2% 1.0%Finland 0.9% 1.0%France 9.9% 8.7%Germany 8.6% 7.6%Greece 0.0% 0.2%Ireland 0.0% 0.2%Italy 3.3% 2.5%Netherlands 4.3% 2.5%Norway 1.2% 0.8%Portugal 0.2% 0.2%Spain 1.8% 3.2%Sweden 1.1% 2.8%Switzerland 4.6% 7.0%United Kingdom 23.3% 18.9% Total Europe 62.1% 57.8%Australia 0.9% 7.8%China/Hong Kong 4.9% 2.6%India 0.3% 0.0%Japan 20.5% 18.1%New Zealand 0.0% 0.1%Singapore 0.1% 1.4%South Korea 0.3% 0.0%Taiwan 0.3% 0.0%Total Asia/Pacific Basin 27.3% 29.9%Brazil 0.5% 0.0%Canada 3.8% 11.0%Other 3.7% 1.2%Total Americas/Other 8.0% 12.2%

Cash1 2.6% 0.0%Total Fund 100% 100%


CFI Real Return Bond Fund, Ltd | Objective and Strategy As of March 31, 2011

Objective To invest primarily in investment grade inflation-indexed securities, including U.S. Treasury inflation-indexed securities and non-U.S. dollar denominated inflation-indexed securities.

Benchmark Barclays U.S. Inflation-Linked Index

Inception August 2004

Assets Managed $153 Million

Investment Vehicle Cayman Islands Exempted Company

Eligible Investors Pre-qualified Not-for-Profit Institutions

Minimum Investment

$1,000,000 initial; $100,000 subsequent

Offering Monthly, 5 business days notice

Redemptions Monthly, 5 business days notice

Valuations Daily Net Asset Value (NAV)

Value-Add Focus

Duration

Term Structure

Security Selection


CFI Real Return Bond Fund, Ltd | Portfolio Construction As of March 31, 2011

Portfolio Construction

Western Asset Management Company (WAMCO)

Value-oriented

Emphasis on adding value through duration, term structure and security selection


Manager GovernanceRelationship and Oversight

Commonfund – WAMCO Relationship

6 separate portfolios, $1,175 million in assets

Portfolio Manager / CIO Access

Quarterly calls, Annual onsite visits, Ad-hoc meetings/calls

18 documented meetings in last 2 years

Competitive fees

State Street

Custody

Daily reports – Compliance, Trades, etc.

Independent pricing and performance

Commonfund

Blackrock Solutions portfolio analytics

Independent oversight by Risk Management


* Net returns are total returns net of all fees and expenses either charged to the Fund or paid directly by Commonfund Investors. For more information on fees and expenses, see Confidential Offering Memorandum. Returns for periods of one year or greater are annualized.

CFI Real Return Bond Fund, Ltd | Performance As of March 31, 2011

Net Performance* | March 31, 2011 Fiscal Year ended June 30

Quarter CYTD FYTD 2010 2009 2008 2007 2006

CFI Real Return Bond Fund, Ltd 2.00% 2.00% 3.10% 8.99% 0.04% 14.73% 4.14% -1.36%

Barclays U.S. Inflation Linked Index 2.06% 2.06% 3.93% 9.53% -1.19% 15.14% 3.95% -1.61%

Calendar Year ended December 31

2010 2009 2008 2007 2006

CFI Real Return Bond Fund, Ltd 5.36% 10.19% -0.55% 10.79% 1.34%

Barclays U.S. Inflation Linked Index 6.33% 10.48% -1.71% 11.78% 0.50%

6.96%

3.78%

6.21%

7.95%

3.89%

6.22%

1 Year 3 Years 5 Years

Net Performance* CFI Real Return Bond Fund, LtdBarclays U.S. Inflation Linked Index 5 Year Risk Characteristics

CFI Real Return Bond Fund, Ltd

Barclays U.S. Inflation Linked Index

Standard Deviation 4.92% 4.79%

Sharpe Ratio 1.39 1.63

R20.98 1.00

Beta 1.02 1.00

Up Capture 96% 100%

Down Capture 115% 100%


1. May not add to 100 percent due to rounding.

CFI Real Return Bond Fund, Ltd | Attribution As of March 31, 2011

98%

2%

100%Government

Foreigns

Cash Equivalents

Sector Allocations1



Portfolio CharacteristicsCFI Real Return Bond

Fund, LtdBarclays U.S. Inflation

Linked Index

Effective Duration (yrs) 7.8 7.7

Average Quality Govt Govt

Weighted Average Life (yrs) 9.5 9.2

Yield to Maturity 2.9% 2.8%

Average Coupon 2.0% 2.0%

98%

2%

100%

Government

AAA

Credit Quality1




10-Year Treasury Yields: Nominals vs. RealsAs of April 30, 2011

Source: Bloomberg

0.71

3.29

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2.58

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Breakeven Inflation


Important Notes | For Eligible Investors Only

The Common Fund for Nonprofit Organizations (“Commonfund”) was established in 1971 and manages investment funds primarily for nonprofit institutions and other qualified investors.

The following Commonfund affiliate organizations are registered with the Securities and Exchange Commission as investment advisers: Commonfund Asset Management Company, Inc. (“Comanco”), CommonfundCapital, Inc. (“CCI”), and Commonfund Realty, Inc. (“CRI”)

Additional information regarding Commonfundand its affiliates’ policies and procedures for calculating and reporting performance is available upon request.

Comanco and CRI claim compliance with the Global Investment Performance Standards (GIPS®). To obtain a presentation that complies with GIPS requirements and/or a list and description of Commonfund’s composites, please contact Commonfund at 888-823-6246 or 203-563-5000.

This document is intended only for qualified, pre-existing investors in CCI, CRI, and Comancoprograms, Members of The Common Fund For Nonprofit Organizations (“Commonfund”), or other eligible institutional investors approved by Commonfund Securities, Inc. It is not intended to constitute an offer to sell, nor the solicitation of an offer to buy, securities. Any such offerings will be made only by means of information

memoranda and related subscription documents that will be made available by Commonfund Securities, Inc. (a broker-dealer affiliate of CCI, CRI and Comanco) only at the time an offering is in progress and only to investors qualified and eligible to invest.

Past performance is not indicative of future results. All investments have the potential for profit and the possibility of loss. Similarly, our access to particular managers may vary in the future and cannot be guaranteed.

Returns on funds are presented net of all fees. Performance includes reinvestment of dividends. Internal Rates of Return should be evaluated in light of information on the investment program of the partnership, the risks associated therewith, and performance of the partnership as disclosed in the Information Memorandum for the partnership, the Annual Reports of Commonfund Capital, Inc. and the partnership and the Quarterly Reports of the partnership. Commonfund Capital, Inc. presents return information for its partnerships on a dollar-weighted (e.g., internal rate of return) rather than the time-weighted (e.g., annual or other period rate of return) basis, which is used principally to report performance of publicly-traded securities. The internal rate of return since inception is the most commonly used calculation methodology used for presentation of performance in the private capital business.

Comparison of returns calculated on an IRR basis with returns on a time-weighted basis is not

appropriate. For a description of the two return calculation methods see “Measuring Investment Returns, Time vs. Dollar-Weighted – What’s the Difference?”, a copy is available from Commonfund Capital.

Gross performance results do not reflect the deduction of investment advisory fees and other fees as disclosed in Form ADV on file with the SEC.

The information provided in this presentation is confidential, and is presented solely for the use of the recipient. Commonfund requests that the recipient not copy or make any further use of this material without its prior written consent.

Important Information About Procedures for Opening a New Account:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each customer who opens an account. What this means for you: When you open an account, we may ask for documents or information related to: your principal place of business, local office or other physical location; taxpayer identification number; and other documents demonstrating your lawful existence such as certified articles of incorporation, a government-issued business license, a partnership agreement, or a trust instrument, and other identifying documents.

Securities offered through Commonfund Securities, Inc., a member of the FINRA


Important Notes | Market Commentary

Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to printing and do not reflect current, up-to-date, market or economic conditions. Commonfund disclaims any responsibility to update such information, opinions, or commentary.

To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated in this material. Forecasts of experts inevitably differ. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this material make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this material may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund managers.

Market and investment views of third parties presented in this material do not necessarily reflect the views of Commonfund and Commonfund disclaims any responsibility to present its views on the subjects covered in statements by third parties.



Nevada System of Higher Education 1(INVESTMENT AND FACILITIES COMMITTEE 09/08/11) Ref. IF-7, of 54

Source: Bloomberg, Bureau of Labor Statistics

Target Fed Funds Rate and CPIAs of April 30, 2011

FOMC Policy Range0.00 - 0.25%0%

2%

4%

6%

8%

10%

1984

1985

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Fed Funds Rate


U.S. Treasury Yield CurveAs of April 30, 2011

Source: Bloomberg

12/31/2010

4/29/2011

0.0

0.5

1.0

1.5

2.0

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3.0

3.5

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4.5

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6mo 1 2 3 5 7 10

30

Yie

ld (%

)

Years

-0.08-0.09-0.08

0.01 0.00

-0.04-0.03

-0.01

0.06

Cha

nge

in Y

ield

(%)


2-Year vs. 10-Year U.S. Treasury YieldAs of April 30, 2011

Source: Bloomberg

0.60

3.29

0

1

2

3

4

5

6

7

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10

1990

1991

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1994

1995

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1997

1998

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Yie

ld (

%)

2 Year

10 Year

2.69

-1

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Yie

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2/10 Year Treasury


10-Year Treasury Yields: Nominals vs. RealsAs of April 30, 2011

Source: Bloomberg

0.71

3.29

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10-year OTR TIIS

10-year OTR Treasury

2.58

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CFI Real Return Bond Fund, Ltd | Objective and Strategy As of March 31, 2011

Objective To invest primarily in investment grade inflation-indexed securities, including U.S. Treasury inflation-indexed securities and non-U.S. dollar denominated inflation-indexed securities.

Benchmark Barclays U.S. Inflation-Linked Index

Inception August 2004

Assets Managed $153 Million

Investment Vehicle Cayman Islands Exempted Company

Eligible Investors Pre-qualified Not-for-Profit Institutions

Minimum Investment

$1,000,000 initial; $100,000 subsequent

Offering Monthly, 5 business days notice

Redemptions Monthly, 5 business days notice

Valuations Daily Net Asset Value (NAV)

Value-Add Focus

Duration

Term Structure

Security Selection


CFI Real Return Bond Fund, Ltd | Portfolio Construction As of March 31, 2011


Western Asset Management Company (WAMCO)

Value-oriented

Emphasis on adding value through duration, term structure and security selection


* Net returns are total returns net of all fees and expenses either charged to the Fund or paid directly by Commonfund Investors. For more information on fees and expenses, see Confidential Offering Memorandum. Returns for periods of one year or greater are annualized.

CFI Real Return Bond Fund, Ltd | Performance As of March 31, 2011

Net Performance* | March 31, 2011 Fiscal Year ended June 30

Quarter CYTD FYTD 2010 2009 2008 2007 2006

CFI Real Return Bond Fund, Ltd 2.00% 2.00% 3.10% 8.99% 0.04% 14.73% 4.14% -1.36%

Barclays U.S. Inflation Linked Index 2.06% 2.06% 3.93% 9.53% -1.19% 15.14% 3.95% -1.61%

Calendar Year ended December 31

2010 2009 2008 2007 2006

CFI Real Return Bond Fund, Ltd 5.36% 10.19% -0.55% 10.79% 1.34%

Barclays U.S. Inflation Linked Index 6.33% 10.48% -1.71% 11.78% 0.50%

6.96%

3.78%

6.21%

7.95%

3.89%

6.22%

1 Year 3 Years 5 Years

Net Performance* CFI Real Return Bond Fund, LtdBarclays U.S. Inflation Linked Index 5 Year Risk Characteristics



Standard Deviation 4.92% 4.79%

Sharpe Ratio 1.39 1.63

R20.98 1.00

Beta 1.02 1.00

Up Capture 96% 100%

Down Capture 115% 100%


1. May not add to 100 percent due to rounding.

CFI Real Return Bond Fund, Ltd | Attribution As of March 31, 2011

98%

2%

100%Government

Foreigns

Cash Equivalents

Sector Allocations1



Portfolio CharacteristicsCFI Real Return Bond

Fund, LtdBarclays U.S. Inflation

Linked Index

Effective Duration (yrs) 7.8 7.7

Average Quality Govt Govt

Weighted Average Life (yrs) 9.5 9.2

Yield to Maturity 2.9% 2.8%

Average Coupon 2.0% 2.0%

98%

2%

100%

Government

AAA

Credit Quality1




Commonfund Investment Staff | Fixed Income and CommoditiesCommonfund Asset Management Company

Alec C. Rapaport, Managing Director, Head of Fixed Income and Commodities, oversees all aspects of the fixed income, distressed debt and commodities investment programs including investment strategy, portfolio management, due diligence and manager selection. Prior to joining Commonfund in 2000, Alec was Director of Fixed Income and Currency Research at Evaluation Associates, an investment consulting firm. At Evaluation Associates, he was responsible for the oversight of domestic and global fixed income, emerging markets debts and currency asset classes. Alec conducted asset allocation studies, manager due diligence and manager searches for Evaluation Associates’ clients. He received his A.B. in Economics from Vassar College and his M.B.A. in Finance with a concentration in International Studies from New York University’s Stern School of Business.

David S. Hertan, CFA, Managing Director, joined Commonfund in 2006. David has over 20 years of investment management and capital markets experience. Prior to joining Commonfund, David held leadership positions in fixed income portfolio management at Standish Mellon Asset Management, The Boston Company Asset Management, and State Street Global Advisors. Earlier in his career, David served in key capacities in the Treasurer’s Office at Ford Motor Company and at Sallie Mae. He received his B.A. in Economics from Duke University and his M.B.A in Finance and Accounting from Columbia University Graduate School of Business. David is a CFA charterholder and is a member of the Boston Security Analysts Society and the CFA Institute.

Claudio Phillips, Managing Director, joined Commonfund in 2006. He brings a depth of experience in the credit markets most recently from The Seaport Group where he was responsible for running the performing and non-performing bank loan trading group. Prior to joining Commonfund, Claudio was a Managing Director at Citigroup/Salomon Smith Barney where he was in charge of all non-European Global Performing Loan (including emerging markets) trading. He was also with Nationsbank and Midland Plc where he focused on emerging markets and was responsible for establishing and building out proprietary loan trading teams in each of those organizations. He also served as an Assistant Executive Director at Habitat for Humanity for 2 years. He received his A.B from Harvard University.

Tyler Stevens, Managing Director, joined Commonfund in 2005. He shares responsibility for fund structure, portfolio research and analysis, manager identification, due diligence and investment monitoring with a focus on commodities. Prior to joining Commonfund, Tyler worked for Arlington Hill Investment Management, a Fixed Income Arbitrage Fund. He has 15 years of trading experience in commodities, foreign exchange and fixed income derivatives for Louis Dreyfus and JP Morgan Chase and he was also involved with the building of two internet startups in New York and London during the internet boom. Tyler has also spent time as a Math teacher at The Forman School in Connecticut. He received his B.A. in Economics and Sociology from Northwestern University and received his M.B.A. in Finance and Organizational Behavior from the Kellogg Graduate School of Management.

Ivo C. Nenin, CFA, Associate Director, serves as a commodity analyst supporting the CFI Multi-Strategy Commodities Fund. Prior to joining the Fixed Income and Commodities Team, Ivo worked in the Fund Accounting Analytics Department of Commonfund for two and a half years, focusing on valuation and reporting for the Commodities and Domestic and International Equity Funds. He also worked at AIG in their Domestic Brokerage Treasury Department before coming to Commonfund. Ivo received his B.S in Finance and Accounting from the University of Bridgeport and is a CFA charterholder.


Commonfund Investment Staff | Fixed Income and CommoditiesCommonfund Asset Management Company

Olga Chiriac, Senior Analyst, joined Commonfund in 2005 and serves as a generalist, supporting all areas of the Fixed Income and Commodities Team. Prior to joining Commonfund, Olga was with Telekurs Financial USA from 1998 through 2005 most recently as an Assistant Manager for Corporate Fixed Income. While at Telekurs she was responsible for the oversight of corporate bond market coverage, corporate actions and pricing support. Olga received her B.S. and her M.B.A. from the University of Bridgeport.

Vincent Kravec, Senior Analyst, joined Commonfund in 2006 and serves as a generalist, supporting all areas of the Fixed Income and Commodities Team. Prior to joining Commonfund, Vincent was with Lazard Asset Management from 1999 through 2006 most recently as a member of the Fixed Income operations staff. While at Lazard he was responsible for allocating trades and resolving trade problems for corporates, treasuries, municipals, asset backs and FX trading desks. He was also a supervisor in Fixed Income Accounting and a trading assistant on the Emerging Markets team. Previous experience includes positions at Morgan Stanley, Alliance Capital and Evaluation Associates. Vincent received his B.A. from Fairfield University and his M.B.A. from NYU.

Shashank Shringi, CFA, Senior Analyst joined Commonfund in 2007 and serves as a generalist, supporting all areas of the Fixed Income and Commodities Team. Prior to joining Commonfund, Shashank worked as Manager, Financial Analysis at RVI Group. While at RVI he was responsible for review of the investment portfolio, CDO surveillance and financial modeling such as pricing, real estate valuation and capital charge across line of business. He was also with BlackRock Financial Management as an Analyst in the Portfolio Analytics Group. In that capacity he worked as a portfolio analyst to perform quantitative analysis on fixed income securities and portfolios. He also worked on the index team at BlackRock modeling, rebalancing and researching various customized fixed income indices. He received his B.E. from University of Pune, India and received his M.S. in Management Information Systems and M.B.A. in Finance from the University of Illinois at Chicago.

Howard Wen, Analyst, supports all areas of quantitative analysis as a part of the rotational program in Marketable Investments group at Commonfund. Prior to joining the firm in July 2008, Howard was an intern in the interest rate derivatives group at Calyon - Credit Agricole, in New York and was a business information services summer analyst at Morgan Stanley in New York. He received his B.S. degree from New York University’s Stern School of Business with a double major in Finance and Information Systems.


1. Includes crossfund exposure. Direct fund investment is $535 million.Cash averages 0-5 percent in the portfolio but may significantly exceed 5 percent for temporary periods when there are large purchases or redemptions of the fund's securities.The International Equity Fund was previously organized in two currency hedging alternatives – More Hedged and Less Hedged. The More Hedged version was launched on July 1, 1983 and terminated July 1, 1999. The Less Hedged version was launched November 1, 1993 and is the predecessor fund to the existing International Equity Fund.

International Equity Fund | Objective and StrategyMarch 31, 2011

Objective Outperform its benchmark, the Morgan Stanley Capital International (MSCI) World ex-U.S. Net Index, over a full market cycle while reducing risk through diversification of manager allocations

Benchmark MSCI World ex-U.S. Net Index

Inception November 1993

Assets Managed $654 Million1

Investment Vehicle Commingled Fund

Eligible Investors Educational Institutions

Minimum Investment

$50,000

10-40%

5-30%10-40%

10-40%

0-5%

Strategy Ranges

GLG, Inc.

Japan Advisory

JP Morgan

Odey

Symphony

34%

10%33%

20%

3%

Actual Weights

GLG, Inc.

Japan Advisory

JP Morgan

Odey

Symphony


International Equity Fund | Portfolio Construction As of March 31, 2011


GLG, Inc.J.H. Whitney Investment

ManagementJP Morgan Asset

ManagementOdey Asset

ManagementSymphony Financial

Partners

GLG employs multiple sources of alpha, including bottom up fundamental company research, macro research and quantitative research to dynamically build portfolios ranging from 50 -150 securities.

Japan Advisory, as sub-advisor to J.H. Whitney Investment Management, directs portfolio strategy. Japan Advisory is an opportunistic manager using bottom-up fundamental research and top down macro views combined with an evaluation of market fund flows to invest in Japanese equities.

Using a fundamental global research framework, the team seeks to identify stocks based on valuation, a catalyst and an appropriate time line to achieve their upside potential to build a 70-100 stock portfolio.

A specialist European manager combining elements of top down research with solid bottom up fundamental research to build an opportunistic portfolio of 75-100 European securities.

Symphony seeks to acquire significant minority positions in Japanese companies deemed undervalued through its research and where appropriate work in a co-operative manner with management to accelerate value recognition in the market.


* Net returns are total returns net of all fees and expenses either charged to the fund or paid directly by Commonfund members. For more information on fees and expenses, see Information for Members. Returns for periods of one year or greater are annualized. Past performance is no guarantee of future results.

International Equity Fund | PerformanceMarch 31, 2011

12.78%

-2.42%

1.08%

11.60%

-2.23%

1.99%

10.42%

-3.01%

1.30%

1 Year 3 Year 5 Year

Net Performance*

International Equity FundMSCI World ex-U.S. Net IndexMSCI EAFE Index

5 Year Risk Characteristics International Equity FundMSCI World ex-U.S. Net

IndexStandard Deviation 20.43% 21.52%Sharpe Ratio -0.05 -0.01R2 98.29 100.00Beta 0.94 1.00Up Capture 93% 100%Down Capture 98% 100%

Net Performance* | March 31, 2011 Fiscal Year ended June 30Quarter CYTD FYTD 2010 2009 2008 2007 2006

International Equity Fund 2.19% 2.19% 27.88% 6.46% -30.35% -10.31% 25.38% 24.28%MSCI World ex-U.S. Net Index 3.82% 3.82% 29.22% 7.03% -31.62% -8.81% 27.09% 26.89%

MSCI EAFE Index 3.36% 3.36% 28.36% 5.92% -31.35% -10.61% 27.00% 26.56%

Calendar Year ended December 312010 2009 2008 2007 2006

International Equity Fund 12.91% 26.89% -43.41% 13.31% 22.29%MSCI World ex-U.S. Net Index 8.95% 33.67% -43.56% 12.44% 25.71%

MSCI EAFE Index 7.75% 31.78% -43.38% 11.17% 26.34%


International Equity Fund | Attribution March 31, 2011

Source: Factset 1. May not add to 100 percent due to rounding.2. Excludes cash. Cash generally averages 0-10 percent in the portfolio but may significantly exceed 10 percent for temporary periods when there are large purchases or

redemptions of the fund's securities

17%

6%

8%

24%

4%

16%

6%

11%

4%

2%

9%

9%

11%

25%

7%

12%

5%

12%

5%

4%

Consumer Discretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Information Technology

Materials

Telecommunication Services

Utilities

Sector Weighting1,2



Portfolio Characteristics2 International Equity FundMSCI World ex-U.S. Net

IndexWeighted Avg Mkt Cap ($mm) $43,803 $51,546Japan Weight 20.5% 18.1%Emerging Markets Exposure 6.0% 0.7%P/E Using FY1 Est 11.5x 11.9xP/B Ratio 1.4x 1.1xDividend Yield 2.1% 3.1%Est 3-5 Yr EPS Growth 10.9% 9.9%

Capitalization1,2 International Equity FundMSCI World ex-U.S. Net

Index>$100bn 9% 14%$50-$100bn 25% 26%$10-$50bn 43% 41%$2-$10bn 17% 19%<$2bn 7% 0%

Top 10 Holdings %Company Country WeightRio Tinto PLC UNITED KINGDOM 2.6Compagnie Financiere Richemont S.A. SWITZERLAND 1.8BG Group PLC UNITED KINGDOM 1.7KDDI Corp. JAPAN 1.7ING Groep N.V. NETHERLANDS 1.7Allianz SE GERMANY 1.5Weir Group PLC UNITED KINGDOM 1.4Swatch Group AG SWITZERLAND 1.3Novo Nordisk A/S DENMARK 1.3Vodafone Group PLC UNITED KINGDOM 1.3Total 16.3


International Equity Fund | Country Weighting2

As of March 31, 2011

Source: FactSet1. Cash/Other includes cash and private equity investments. Cash generally averages 0-10 percent in the portfolio but may significantly exceed 10 percent for temporary periods

when there are large purchases or redemptions of the fund's securities2. May not add to 100 percent due to rounding.

39%

23%

7%

21%

8%

3%


Europe (ex-U.K.)

U.K.


Japan

Americas/Other

Cash

39%

19%

12%

18%

12%


Europe (ex-U.K.)

U.K.


Japan

Americas/Other

Country Weightings International Equity FundMSCI World ex-U.S. Net

IndexAustria 0.2% 0.3%Belgium 1.3% 0.8%Denmark 1.2% 1.0%Finland 0.9% 1.0%France 9.9% 8.7%Germany 8.6% 7.6%Greece 0.0% 0.2%Ireland 0.0% 0.2%Italy 3.3% 2.5%Netherlands 4.3% 2.5%Norway 1.2% 0.8%Portugal 0.2% 0.2%Spain 1.8% 3.2%Sweden 1.1% 2.8%Switzerland 4.6% 7.0%United Kingdom 23.3% 18.9% Total Europe 62.1% 57.8%Australia 0.9% 7.8%China/Hong Kong 4.9% 2.6%India 0.3% 0.0%Japan 20.5% 18.1%New Zealand 0.0% 0.1%Singapore 0.1% 1.4%South Korea 0.3% 0.0%Taiwan 0.3% 0.0%Total Asia/Pacific Basin 27.3% 29.9%Brazil 0.5% 0.0%Canada 3.8% 11.0%Other 3.7% 1.2%Total Americas/Other 8.0% 12.2%

Cash1 2.6% 0.0%Total Fund 100% 100%


International Equity | Developed x-US Large Cap Equity Universe | Quartile Ranking Period Ending March 31, 2011

Universe Source: (c) Russell/Mellon Analytical ServicesAs of the March 2010 quarter, Russell has reclassified its non-US universes. The Developed x-US Large Cap Equity Universe includes portfolios utilizing developed market only benchmarks (EAFE or MSCI World ex-US) with limited (less than 5%) exposure to emerging markets, consistent with the International Equity Fund. Past performance does not assure future results.

Maximum

25th Percentile

75th Percentile

Minimum

-10%

-5%

0%

5%

10%

15%

20%

-10%

-5%

0%

5%

10%

15%

20%

Quarter 1 Year 3 Years 5 Years 10 Years

Per

cent

Ret

urn

(%)

Maximum

25th Percentile

Median

75th Percentile

Minimum

International Equity (Gross)

MSCI World Ex-US Index

Performance and Percentile Ranking Quarter Percentile 1 Year Percentile 3 Years Percentile 5 Years Percentile 10 Years Percentile# of Portfolios in Universe 40 40 39 29 15� � � � International Equity (Gross) 2.5% 88 14.4% 27 -1.0% 28 2.3% 30 6.6% 57� MSCI World Ex-US Index 3.8% 49 11.6% 69 -2.2% 45 2.0% 47 6.0% 75

International Equity Fund (Net) 2.2% 12.8% -2.4% 1.1% 5.6%

Universe Performance Quarter 1 Year 3 Years 5 Years 10 Years Maximum 6.8% 17.3% 1.3% 6.0% 8.9%

25th Percentile 4.6% 14.4% -0.8% 2.6% 8.2%Median 3.7% 12.9% -2.6% 1.6% 6.7%

75th Percentile 3.1% 11.2% -4.0% 0.6% 5.9%Minimum 0.9% 4.8% -7.2% -2.1% 4.7%


Commonfund Asset Management Company | Equities Investment StaffJeffrey T. Long, CFA, Managing Director and Head of Equities, joined Commonfund in 2004 and oversees all aspects of the marketable equity investment programs, including investment strategy, portfolio management, due diligence and manager selection. Prior to joining Commonfund, Jeff was Managing Director, Associate Director of Equity Research for Citigroup Asset Management since 2002. He managed equity research analysts covering more than 600 companies globally through quantitative systematic, traditional growth and value, and research analyst driven strategies. Before joining Citigroup in 1998 as a Senior Equity Analyst, Jeff was Vice President, Senior Equity Analyst for J. P. Morgan Securities, Inc. in New York. Earlier, he was Vice President, Head of Financial Advisory for J. P. Morgan Australia, Ltd. in Melbourne, Australia and also held positions with Morgan Guaranty Trust Company in Seoul, Korea and New York. He is a CFA charterholder, holds a B.S., Applied Mathematics and Economics from Brown University and is a member of the CFA Institute.

Mark A. Bennett, CFA, Managing Director, joined Commonfund in 1998 and specializes in evaluating and monitoring managers. Prior to joining Commonfund, Mark was an Investment Consultant for defined benefit services at CIGNA Retirement and Investment Services. From 1993 to 1996, he was an asset allocation analyst and consultant for CIGNA-Connecticut General Pension Services, Inc. Previously, from 1989 to 1993, Mark was a benefit technician for CIGNA Retirement and Investment Services. He received a B.S. from Bryant College and his M.B.A. from the University of Hartford. Mark is a CFA charterholder and is a member of the Hartford Society of Financial Analysts and the CFA Institute.

Michele Ward, CFA, Managing Director, joined Commonfund in 2005 and is responsible for the Core Equity, All Cap Equity and Equity Opportunities portfolios, as well as assisting the Equities team manage the Multi Strategy funds. Prior to joining Commonfund, Michele was Managing Director and Portfolio Manager at Barrett Associates in New York, where she also served as Director of Research. Previously, Michele was CIO and Portfolio Manager for Retirement Systems Investors in Fairfield, CT, responsible for the firm’s internally managed growth portfolios as well as selecting and overseeing its external equities managers. In addition, she spent nine years at Columbus Circle Investors, initially as a securities analyst and most recently as mid-cap portfolio manager. Earlier in her career, Michele was a consultant at Greenwich Associates, working with money center and regional banks on their wholesale banking strategies. Michele received her B.A in political science from Yale and her Masters in Public and Private Management from Yale’s School of Management. She is a CFA charterholder and a member of the New York Society of Securities Analysts and the CFA Institute.

Jeffrey P. Boris, Director, joined Commonfund in 2001 and shares responsibility for fund structure, portfolio research and analysis, manager identification, due diligence and investment monitoring. Jeff is also responsible for Commonfund’s direct equity management trade execution. Prior to joining Commonfund, Jeff was a Vice President of Institutional Equity Sales & Trading for EVEREN Securities, which is now Wachovia Securities. Starting in San Francisco in 1995 and then in Boston from 1996 until 2000, Jeff was responsible for managing investment relationships with large asset management firms. He also worked as an equity research analyst at State Street Research and Management in Boston. Jeff received his undergraduate degree from Boston College and his M.B.A from the Kellogg Graduate School of Management at Northwestern University.

Betsy Wilson, CFA, Director, joined Commonfund in 2005 and serves as a generalist, supporting all areas of the Equities Team. Prior to joining Commonfund, she was an analyst for a consumer-based long/short equity hedge fund. While in Dallas, she was an Assistant Vice President and analyst with Westwood Management, a large cap value fund with over $4 billion in assets under management. At Westwood, she was responsible for industry/company analysis and issuing stock recommendations across multi-cap products. Betsy is a CFA charterholder and is a member of the Stamford CFA Society and the CFA Institute. She received her undergraduate degree and M.B.A. from Southern Methodist University in Dallas, Texas.


Commonfund Asset Management Company | Equities Investment Staff Suzanne Connor, Associate Director, joined Commonfund in 2006 and serves as a generalist, supporting all areas of the Equities Team. Prior to joining Commonfund, Suzanne was with Putnam Investments working as a Product Manager focused on non-U.S. quantitative strategies. Suzanne received her B.S. from the University of Southern California with a focus in Business Administration.

Christopher Dziubasik, Senior Analyst, joined Commonfund in 2007 and serves as a generalist, supporting all areas of the Equities Team. Chris has six years experience in manager research and portfolio analytics, most recently at 3D Asset Management in Hartford. Prior to this he spent time at Advest and CRA RogersCasey in similar roles. Earlier he spent 8 years in the Air Force. He received his B.S. in Finance from Central Connecticut State University and is currently working on his M.B.A. from the University of Hartford.

Vineet Naik, Analyst, joined Commonfund in 2009 and supports all areas of quantitative analysis as a part of the rotational program in Marketable Investments group at Commonfund. Vineet’s responsibilities include assisting teams with analysis of risk, returns and fulfilling reporting requirements. Prior to joining Commonfund, he was an analyst in the Citi Capital Markets program. Vineet received a B.S. degree from Boston College’s Carroll School of Management with a major in Finance and a minor in Mathematics.


Account TitleMarketable Securities

Equity Fixed IncomeNon-Marketable SecuritiesPrivate Real EstateCash Equivalents

Endowment Fund-01 $35,623,924.08 $14,564,796.40NSHE Operating-04 $162,509,894.76Operating Fund-03 $57,030,879.62 $63,616,437.17

$92,654,803.70 $63,616,437.17 $162,509,894.76 $14,564,796.40Total Nevada System of Higher Education27.80% 19.08% 48.75% 4.37%% Allocation*

Nevada System of Higher Education Total Market Value

Marketable InvestmentsPrivate ProgramsReal Estate

Market Value Value Date*$318,781,135.63$14,564,796.40

$0.00

04/29/1103/31/11

Market Value % Allocation$50,188,720.48

$283,157,211.5515.06%84.94%

Endowment/Plan PoolOperating Pool

$333,345,932.03

Institution SummaryAs of 04/30/11

* Investments in Programs of Commonfund Capital and Commonfund Realty are carried as of the most recent valuation date which may not correspond to the marketable securities valuation dates.

Nevada System of Higher Education1


Institution SummaryAs of 04/30/11

Explanatory Notes:· Past performance is no assurance of future results. · For questions, inquiries, concerns or to report any discrepancies or inaccuracies with your report, please call the Account Services team at 888-TCF-

FUND.

* Investments in Programs of Commonfund Capital and Commonfund Realty are carried as of the most recent valuation date which may not correspond to the marketable securities valuation dates.



(a) JP Morgan Prime MM Fund(b) State Street Inst US Govt MM Fund - TA(c) International Equity Fund(d) CFI Real Return Bond Fund(e) Emerging Markets Fund(f) Int'l Private Equity Partners IV(g) Private Equity Partners V(h) Energy Partners IV(i) Private Equity Partners IV(j) Venture Partners V(k) Other

$81,259,267 24.37%$81,250,628 24.37%$79,531,678 23.86%$63,616,437 19.08%$13,123,125 3.94%$3,728,890 1.12%$3,451,249 1.04%$2,535,763 0.76%$2,429,260 0.73%$1,232,777 0.37%$1,186,858 0.36%

Market ValuePercentOf Total**

Investment Portfolio by Commonfund FundFor All AccountsAs of 04/30/11 Total Portfolio Value: $333,345,932

* Investments in Programs of Commonfund Capital and Commonfund Realty are carried as of the most recent valuation date which may not correspond to this date.** Due to rounding, percentages may not total to 100%.For the Short Term and Evergreen Funds, reported values include transactions pending at current month end.



Market Value Of Total**Percent

(a) Fixed Income $226,126,332 67.84%(b) International Equity $79,531,678 23.86%(c) Emerging Markets $13,110,002 3.93%(d) Domestic Private Equity $5,880,509 1.76%(e) Private Capital $4,955,397 1.49%(f) International Private Equity $3,742,013 1.12%

Investment Portfolio by Asset ClassFor All AccountsAs of 04/30/11 Total Portfolio Value: $333,345,932

* Investments in Programs of Commonfund Capital and Commonfund Realty are carried as of the most recent valuation date which may not correspond to this date.** Due to rounding, percentages may not total to 100%.*** For the Short Term and Evergreen Funds, reported values include transactions pending at current month end.



$162,509,895Cash 48.75%$79,531,678International Equity 23.86%$63,616,437US Fixed Income 19.08%$13,110,002Emerging Market Equity 3.93%$5,880,509Private Equity 1.76%$3,742,013International Private Equity 1.12%$2,535,763Energy 0.76%$2,419,635Venture Capital 0.73%

Investment Portfolio by Asset StyleFor All AccountsAs of 04/30/11 Total Portfolio Value: $333,345,932

Total Asset StyleMarket Value

Percent ofPortfolio**Asset Style

* Investments in Programs of Commonfund Capital and Commonfund Realty are carried as of the most recent valuation date which may not correspond to this date.** Due to rounding, percentages may not total to 100%.For the Short Term and Evergreen Funds, reported values include transactions pending at current month end.



Market Value

07/01/10Beginning

TransactionsNet*

WithdrawnParticipant fees

AppreciationUnrealized **

Market Value

04/30/11Ending

Investment FundENDOWMENT FUNDEndowment Fund-01

$10,490,441.17Emerging Markets Fund ($13,632.60) $2,493,871.00 $13,123,125.22$152,445.65$16,613,294.79International Equity Fund ($21,738.43) $5,668,385.09 $22,500,798.86$240,857.41$27,103,735.96Total Equity ($35,371.03) $8,162,256.09 $35,623,924.08$393,303.06$27,103,735.96Total Endowment Fund-01 ($35,371.03) $8,162,256.09 $35,623,924.08$393,303.06$27,103,735.96TOTAL ENDOWMENT FUND ($35,371.03) $8,162,256.09 $35,623,924.08$393,303.06

OPERATING FUNDNSHE Operating-04

$0.00Demand Deposit Account (Cash Platform) $0.00 $0.00 $0.00$0.00$33,001,460.91JP Morgan Prime MM Fund $0.00 $0.00 $81,259,267.06$48,257,806.15

$0.00SS Inst Liquid Reserves Fund Cash Sweep $0.00 $0.00 $0.00$0.00$32,997,557.95State Street Inst US Govt MM Fund - TA $0.00 $0.00 $81,250,627.70$48,253,069.75$65,999,018.86Total Fixed Income $0.00 $0.00 $162,509,894.76$96,510,875.90$65,999,018.86Total NSHE Operating-04 $0.00 $0.00 $162,509,894.76$96,510,875.90

Operating Fund-03$42,108,318.59International Equity Fund ($55,098.59) $14,367,178.63 $57,030,879.62$610,480.99$42,108,318.59Total Equity ($55,098.59) $14,367,178.63 $57,030,879.62$610,480.99

Marketable Investments Account SummaryFor Date Range 07/01/10 - 04/30/11For All Accounts

$60,374,710.75CFI Real Return Bond Fund ($50,900.05) $2,234,210.93 $63,616,437.17$1,058,415.54

* Net Transactions includes all contributions, withdrawals, and reinvestments.** Unrealized Appreciation does not include income distributed. See Income Summary for details.


6(INVESTMENT AND FACILITIES COMMITTEE 09/08/11) Ref. IF-7, of 54

Market Value

07/01/10Beginning

TransactionsNet*

WithdrawnParticipant fees

AppreciationUnrealized **

Market Value

04/30/11Ending

Investment Fund $60,374,710.75CFI Real Return Bond Fund ($50,900.05) $2,234,210.93 $63,616,437.17$1,058,415.54$60,374,710.75Total Fixed Income ($50,900.05) $2,234,210.93 $63,616,437.17$1,058,415.54

$102,483,029.34Total Operating Fund-03 ($105,998.64) $16,601,389.56 $120,647,316.79$1,668,896.53$168,482,048.20TOTAL OPERATING FUND ($105,998.64) $16,601,389.56 $283,157,211.55$98,179,772.43

$195,585,784.16 ($141,369.67) $24,763,645.65 $318,781,135.63$98,573,075.49Institution Totals

Total Marketable InvestmentsTotal Operating Fund

Total Endowment FundTotal Equity

Total Fixed Income

$168,482,048.20 ($105,998.64) $16,601,389.56 $283,157,211.55$98,179,772.43$27,103,735.96 ($35,371.03) $8,162,256.09 $35,623,924.08$393,303.06$69,212,054.55 ($90,469.62) $22,529,434.72 $92,654,803.70$1,003,784.05

$126,373,729.61 ($50,900.05) $2,234,210.93 $226,126,331.93$97,569,291.44






Explanatory Notes:· For questions, inquiries, concerns or to report any discrepancies or inaccuracies with your report, please call the Account Services team at 888-TCF-

FUND.




ENDOWMENT FUNDSEndowment FundEmerging Markets FundMSCI Emerging Markets Free NetMSCI Emg Mkts Free Gross Div

1.933.103.12

1.933.103.12

1.555.215.29

25.1033.2933.56

13.4620.6721.00

1.012.692.98

6.869.85

10.17

8.30N/A9.01

01/31/95

International Equity FundMSCI World Ex-US Net Index

5.855.45

5.855.45

8.199.47

35.4436.25

20.4119.46

-1.94-2.26

1.422.11

6.375.62

01/31/94

Total Equity 4.39 4.39 5.74 31.63 17.93 -1.00 2.94 7.10 09/30/87Total Endowment Fund 4.39 4.39 5.74 31.63 17.93 5.40 5.95 8.02 09/30/87

TOTAL ENDOWMENT FUNDS 4.39 4.39 5.74 31.63 17.93 5.40 5.95 8.02 09/30/87

OPERATING FUNDSNSHE OperatingJP Morgan Prime MM FundML 0-3 Month Treasury BillIMoney Net

0.010.010.00

0.010.010.00

0.030.050.00

0.100.120.02

0.120.150.02

N/AN/AN/A

N/AN/AN/A

0.110.140.02

01/31/10

State Street Inst US Govt MM Fund - TAML 0-3 Month Treasury BillIMoney Net

0.000.010.00

0.000.010.00

0.010.050.00

0.050.120.02

0.070.150.02

N/AN/AN/A

N/AN/AN/A

0.050.140.02

01/31/10

Investment Performance ReportAs of 04/30/11Time Weighted Returns After Fees

For All Accounts

CURMONTH

CURQTD

CALENDARYTD

FISCAL6/30YTD

1YEAR

3YEAR

5YEAR

SINCEINCEPTION

PERF.INCEPTION



Operating FundInternational Equity FundMSCI World Ex-US Net Index

5.855.45

5.855.45

8.199.47

35.4436.25

20.4119.46

-1.94-2.26

1.422.11

3.493.45

06/30/00

CFI Real Return CompositeBarclays Capital U.S. TIPS

2.152.51

2.152.51

4.214.64

5.376.55

6.728.06

5.455.54

6.696.81

7.187.27

12/31/00

TOTAL OPERATING FUNDS 1.45 1.45 2.30 7.58 5.23 2.28 3.58 5.39 09/30/87


For All Accounts

CURMONTH

CURQTD

CALENDARYTD

FISCAL6/30YTD

1YEAR

3YEAR

5YEAR

SINCEINCEPTION

PERF.INCEPTION

TOTAL INSTITUTION 1.74 1.74 2.63 10.01 6.43 2.44 3.79 6.31 09/30/87




For All Accounts

· Absolute Return Investors Company ("ARIC") and Absolute Return Fund ("ARF") have been in liquidation since March 31, 2009. Please note that in accordance with GIPS, the performance for ARIC in its liquidation phase ("Absolute Return Liquidation") is reported separately from the performance of ARIC and ARF, whose historical performances ended on March 31, 2009. Absolute Return Liquidation performance is presented as time weighted but may also be presented as dollar weighted. From April 30, 2009 through October 31, 2010 the dollar weighted performance of Absolute Return Liquidation was approximately 8.35 percent.

· Group performance returns include all accounts, both current and closed. Only current accounts are shown as individual line items. Refer to the "Performance - Closed Accounts" query in Portfolio Access for a complete list of closed accounts.

· Endowment fund returns are not available prior to October 1987. · Performance is calculated monthly. Therefore, returns for investments in any fund for less than a full month are not included in these performance figures. · Past performance is no assurance of future results. · For questions, inquiries, concerns or to report any discrepancies or inaccuracies with your report, please call the Account Services team at 888-TCF-FUND.

Explanatory Notes:



Age ofFund

CapitalCommitted Capital Called Capital

Distributions Capital BalanceOverallReturn

MultipleRemaining

Capital to beCalled Value DateIRR

Endowment Fund-01Private Capital

International Private EquityCIP IV 4,000,000 3,720,000 2,325,840 3,728,8909.8 yrs 280,000 1.63 12/31/1015.67

Total International Private 4,000,000 3,720,000 2,325,840 3,728,890280,000 1.63 15.67Natural Resources

EE IV 4,000,000 3,910,228 11,020,922 2,535,76312.9 yrs 89,772 3.47 12/31/1026.29Total Natural Resources 4,000,000 3,910,228 11,020,922 2,535,76389,772 3.47 26.29U. S. Private Equity

EPEP IV 5,000,000 4,855,000 6,464,369 2,429,26011.0 yrs 145,000 1.83 12/31/1016.90CEP V 4,000,000 3,480,000 1,618,720 3,451,2499.8 yrs 520,000 1.46 12/31/1010.86

Total U. S. Private Equity 9,000,000 8,335,000 8,083,089 5,880,509665,000 1.68 15.00Venture Capital

EVP IV 5,000,000 4,900,000 3,925,490 1,283,64412.3 yrs 100,000 1.06 12/31/101.14EVP V 2,640,000 2,545,481 1,287,551 1,291,81411.0 yrs 94,519 1.01 12/31/100.25

Total Venture Capital 7,640,000 7,445,481 5,213,041 2,575,458194,519 1.05 0.84Total Private Capital 24,640,000 23,410,709 26,642,892 14,720,6191,229,291 1.77 13.80

24,640,000 23,410,709 26,642,892 14,720,619Grand Total 1.771,229,291 13.80

Non-Marketable Investments Account SummaryInception Through December 31, 2010For All Accounts

CEP V - Private Equity Partners V CIP IV - Int'l Private Equity Partners IV EE IV - Energy Partners IVEPEP IV - Private Equity Partners IV EVP IV - Venture Partners IV EVP V - Venture Partners V



Non-Marketable Investments Account SummaryInception Through December 31, 2010For All Accounts

· All performance data set forth herein is net of all fees and carried interest. Internal Rates of Return (IRR) should be evaluated in light of information on the investment program of the partnership, the risks associated therewith, and performance of the partnership as disclosed in the Offering Memorandum for the partnership, the Audited Annual Reports of the partnership and the Quarterly Reports of the partnership. Return information is presented for these partnerships on a dollar-weighted (e.g., internal rate of return) basis, which is standard for the private capital industry, rather than the time-weighted (i.e., annual or other period rate of return) basis, which is used principally to report performance of publicly-traded securities. The IRR since inception is the most commonly used calculation methodology for presentation of performance in the private capital business. Comparison of returns calculated on an IRR basis with returns on a time-weighted basis is not appropriate. For a description of the two return calculation methods see Measuring Investment Returns, Time vs. Dollar-Weighted - What’s the Difference?, a copy is available from Commonfund.

· Also Referred to as Net Multiple, total value to invested capital net of the general partner’s carried interest = (Distribution + Ending Capital Balance)/Capital Drawdown).

· Net annualized internal rate of return since inception through value date. · Performance information is not shown for liquidated funds or for funds where the information is not yet meaningful due to the youth of the fund.

Transaction flows and capital for these funds are not included in the appropriate totals. · Past performance is no assurance of future results. · For questions, inquiries, concerns or to report any discrepancies or inaccuracies with your report, please call the Account Services team at 888-TCF-

FUND.

Explanatory Notes:



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