THE UNIVERSI TY OF MI CHI GAN REGEN T S COMM UNIC ATI O N

ITEM FOR INFORMATION

S101i:>ie.£~~ Monthly Investment Report

Attach dis the Monthly lnver.:tment Report ior tho Long Term Portfolio as o'f March 31, 2015.

• Page 1 summarizes the assets a.s of MBrch 31, 2015. Allocations to alternative assets (Illiquid) reflect market value., as oi December ~n , 201 4, the most recent date svailable, adjus,ed for c.:intributions and distributions ~hrvugl1 March.

• Pag6 2 reports the performance of Mr~iketable Secwitias by asset class for select periods ending March 3~, 201 5.

• Page 3 reports the parformance for the entire portfolio by asset class as of December 31, 201 4. The investment performance of Alterna~ive Assels is repartee with this one quarter lag in order to g~ther tht:~ requisite information from the limilad partnerships.

• Page 4 summarizes the assets as of December 31, 2014.

! .,espectfully submitted,

May 2015 Attachment

LONG TERM PORTFOLIO

Asset Allocation As of March 31, 2015

Market Value

MARKETABLE SECURITIES in millions Allocat!on ========:=:=========:;.:: """""'====-~============-=..:=

Equities $ 2,819.7 28.1%

Fixed lncome

MARKE:rABLE SECURITIES ·=- -

LONG TERM PORTFOLIO Performance

Marketable Securities Only (a) As of March 31, 2015

Market Value in mlllions 3 Months

:~~;.:.O:::..-"'i!.,

TOTAL MARKETABLE SECURITIES $ 6,054.1 2.82

Custom 9enchmJr!~ for Marf,eteble Securities 2.65

Equities $ 2,819.7 3.56

RUSS'::;ll 3000/Citigroup BMJ EX US/IFC-1 2.94

Fixed Income ·t,051.7 2.27

2arclays Aggragr:te/Lt.mg Bond 2.51

Cash 445.8 0.2'2

Tre;;:sury Bills 0.00

Absolute Return 1,737.0 2.51

1-IFRI fund or funds Index 2.45

Return in Percent Fiscal YTD C· lendar YTD

' 0.85 2.82

2.45 2.65 -~-

-1.64 3.56

0.08 ?.94

6.33 2.27

6.94 2.51

0.36 0.22

0.02 0.00

2.84 ?.51

3.e"f 2.45

(a) Thsets (ll!iquid) return~ a:id tot.I porti'ol!o returns therefore will ba rcpo;tifd qu1:1ri0rly whi.;n th~ data becomes available.

2

Performance Summary LONG TERM PORTFOLIO

As of December 31 , 2014

Market Valuo Return In Percent

LONG TERM PORTFOLIO In millions Fiscal YTD Calendar VTO Tm"AL LONG TERM PORTFOLIO

Custorn Benchmark for Long Tarrn Portfolio

Blended P~csive lndox Index

TOTAL ALTERNATIVE ASSETS {Uliquld) Custom Benchm::irk - Alternative Assets (llliquld)(bl

,lll;'llll""~~~~-~~=~~~~-~Z.V.."1..~~s: ... 11.-=: -

Venture Capit?.I CA Venture Cepltal lndex(b)

Private Equi y CA Piivate Equi'ly lnde~:\bl

Real Eatate CA Real Estate lndex(b)

N;;tural Resources

Blended Natural Resources Index

$ 2,759.2

979.4

625.5

1,-405.7

Market Value

$ 4,101.3

$ 1,285.4

1,257.5

954.0

604.3

-5.02 0.18

-2.78 3.60

3.97 13.45

4.32 12.47

0.14 0.65 0.01 0.03

0.32 6.14 1.36 3.26

'Retum In Percent

1.41 11.26

2.07 £1.83

11.61 23.82

12.49 21.56

1.17 11.35

1.80 10.13

6.03 l0.29 6.48 13.19

-19.Z9 ··5.42 -1·4.16 -7.29

Porformance for all assets is shown as of December 31, 2014, to be consistent with the most recent valuation date for al ternative li£·sets.

(a) The beochm;1rk has been modlil

LONG TERM PORTFOLIO Asset Allocation

As of December 31 ! 2014

Market Value MARKETABLE SECURITIES in millions Allocatlon

- ----======·======,,.===-==---== ===--='""== Equities

Fixed Income

Cash - -----·----Total Traditional Asf,ets

-~--------·O ___ _ Absolute Reium

TOTAL MARKET ABLE SECURITIES

$ 2,759.2

979.4

625.5

$ 4,364.1

1,405.7

$ 5,769.S ----·-·--~-- ----·-·-----

~L TE~NA_Tl~E ASSETS fllllguld) Venture Capital

Privste Equity

R.e