USF INVESTMENT REPORT As of March 31, 2017

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1 (In Thousands) INVESTMENT PORTFOLIO BALANCES Combined ASSET CLASS USF TOTAL INVESTMENTS FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA/MSSC HPCC RESEARCH ALUMNI SUNDOME Cash and Equivalents (< 80 days) $64,256 $98,259 $34,056 $2,63 $3,984 $82 $5,358 $80 $,074 Fixed Income - Domestic (+ 80 days) $48,493 $45,22 $63,36 $800 $2,56 $433 TOTAL $48,493 $0 $45,22 $0 $63,36 $800 $0 $2,56 $433 $0 Fixed Income - Domestic $4,942 $87,053 $24,300 $2,78 $,909 $5,433 $,45 Equity - Domestic $23,387 $7,322 $54,962 $4,286 $,907 $0,58 $2,253 Equity - Foreign $69,222 $8,97 $45,956 $2,975 $3,409 $6,066 $,564 Real Assets $52,50 $39,56 $,638 $980 $,707 $,688 $55 Alternative Investments $74,779 $38,069 $33,200 $952 $3,50 $,64 $50 TOTAL $642,83 $454,57 $70,056 $0 $,37 $2,442 $0 $25,409 $5,978 $0 TOTAL CASH and INVESTMENTS as of 3/3/207 $,288,580 $454,57 $683,536 $34,056 $95,850 $7,226 $82 $32,923 $6,59 $,074 TOTAL CASH and INVESTMENTS as of 3/3/206 $,2,369 $48,25 $623,77 $33,755 $94,53 $3,762 $84 $38,239 $6,228 $,632 VARIANCE FROM THE PRIOR YEAR $77,2 $36,302 $59,89 $30 $,39 ($4,536) ($2) ($5,36) $363 ($558) FOUNDATION totaling $,37,000 invested in the ENDOWMENT Fund are eliminated in the Combined Investment balances. RESEARCH FOUNDATION totaling $9,593,000 invested in the ENDOWMENT Fund are eliminated in the Combined Investment balances. ALUMNI ASSOCIATION totaling $6,556,000 invested in the Foundation OPERATING and ENDOWMENT Funds are eliminated in the Combined Investment balances. [ Page of 6 ]

2 PORTFOLIO ASSET ALLOCATION Policy LIMITS ASSET CLASS FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA/MSSC HPCC Minimum Maximum RESEARCH ALUMNI SUNDOME Cash Equivalent (< 80 days) 0% 00% 9% 00% 25% 83% 00% 7% 29% 00% Fixed Income - Domestic (80 days +) 0% 90% 8% 75% 7% 29% 7% CASH & 0% 00% 00% 00% 00% 00% 00% 00% 00% Fixed Income - Domestic 5% 40% 9% 5% 9% 5% 2% 9% 0% 20% Equity - Domestic 25% 50% 38% 32% 38% 5% 42% 38% Equity - Foreign 5% 35% 26% 27% 26% 27% 24% 26% Real Assets 0% 20% 9% 7% 9% 4% 7% 9% Alternative Investments 0% 20% 8% 20% 8% 28% 6% 8% TOTAL 00% 00% 0% 00% 00% 0% 00% 00% 0% UMSA/MSSC is in the process of redeeming all of its shares in Forester Diversified, its sole alternative investments manager. [ Page 2 of 6 ]

3 PERFORMANCE OBJECTIVE - YEAR ANNUAL AVERAGE ASSET CLASS FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA/MSSC HPCC RESEARCH ALUMNI SUNDOME Fixed Income - Domestic (80 days +).30%.96%.30%.80%.96% Fixed Income - Domestic 7.02%.30% 7.02%.30% 5.08% 7.02% Equity - Domestic 9.40% 7.0% 9.40% 7.0% 0.42% 9.40% Equity - Foreign 4.90% 4.23% 4.90% 4.23% 4.93% 4.90% Real Assets.50% 0.60%.50% 0.60%.50%.50% Alternative Investments NA 9.90% NA 9.90% NA NA WEIGHTED PORTFOLIO RETURN 2.90% 4.30% NA 3.00% 4.30% NA.33% 2.6% NA POLICY INDEX / WEIGHTED INDEX RETURN 3.80% 4.6% NA 2.40% 4.6% NA 2.20% 3.03% NA RELATIVE PORTFOLIO RETURN (0.90)% 0.4% NA 0.60% 0.4% NA (0.87)% (0.87)% NA COMBINED -YEAR RETURNS 7.25% COMBINED -YEAR INDEX RETURNS 7.47% WEIGHTED -YEAR RELATIVE RETURNS (0.22)% FOUNDATION and Operating Fund Performance and Weighted Index Returns are based on -year average daily balances, not period-end balances. [ Page 3 of 6 ]

4 PRIMARY PERFORMANCE OBJECTIVE - 3 YEAR ANNUAL AVERAGE ASSET CLASS FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA/MSSC HPCC RESEARCH ALUMNI SUNDOME Fixed Income - Domestic (80 days +).80% 2.65%.80% 2.00% 2.65% Fixed Income - Domestic 3.4%.80% 3.4%.80% 3.07% 3.4% Equity - Domestic 6.80% 0.20% 6.80% 0.20% 6.65% 6.80% Equity - Foreign 2.0%.42% 2.0%.42% 2.0% 2.0% Real Assets 0.40% (0.80)% 0.40% (0.80)% 0.40% 0.40% Alternative Investments NA 2.20% NA 2.20% NA NA WEIGHTED PORTFOLIO RETURN 5.90% 2.40% NA 2.60% 2.40% NA 5.25% 5.67% NA POLICY INDEX / WEIGHTED INDEX RETURN 5.90% 2.27% NA 2.60% 2.27% NA 5.63% 5.67% NA RELATIVE PORTFOLIO RETURN 0.00% 0.3% NA 0.00% 0.3% NA (0.37)% (0.00)% NA COMBINED 3-YEAR RETURNS 3.64% COMBINED 3-YEAR INDEX RETURNS 3.58% WEIGHTED 3-YEAR RELATIVE RETURNS 0.06% FOUNDATION and Operating Fund Performance and Weighted Index Returns are based on 3-year average daily balances, not period-end balances. [ Page 4 of 6 ]

5 PERFORMANCE OBJECTIVE - 5 YEAR ANNUAL AVERAGE ASSET CLASS FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA/MSSC HPCC RESEARCH ALUMNI SUNDOME Fixed Income - Domestic (80 days +).80% 2.73%.80% 2.30% 2.73% Fixed Income - Domestic 4.67%.80% 4.67%.80% 4.67% 4.67% Equity - Domestic 4.20% 3.00% 4.20% 3.00% 4.20% 4.20% Equity - Foreign 6.20% 4.74% 6.20% 4.74% 6.20% 6.20% Real Assets.50% 0.0%.50% 0.0%.50%.50% Alternative Investments NA 4.60% NA 4.60% NA NA WEIGHTED PORTFOLIO RETURN 8.80% 3.00% NA 3.00% 3.00% NA 8.29% 8.39% NA POLICY INDEX / WEIGHTED INDEX RETURN 8.60% 2.78% NA 2.70% 2.78% NA 8.2% 8.5% NA RELATIVE PORTFOLIO RETURN 0.20% 0.22% NA 0.30% 0.22% NA 0.7% 0.24% NA COMBINED 5-YEAR RETURNS 5.07% COMBINED 5-YEAR INDEX RETURNS 4.86% WEIGHTED 5-YEAR RELATIVE RETURNS 0.2% FOUNDATION and Operating Fund Performance and Weighted Index Returns are based on 5-year average daily balances, not period-end balances. [ Page 5 of 6 ]

6 SECONDARY PERFORMANCE OBJECTIVE - 5 YEAR ANNUAL AVERAGE ASSET CLASS FOUNDATION UNIVERSITY FINANCING FOUNDATION UMSA/MSSC HPCC RESEARCH ALUMNI SUNDOME Fixed Income - Domestic (80 days +).80% 2.73%.80% 2.30% 2.73% Fixed Income - Domestic 4.67%.80% 4.67%.80% 4.67% 4.67% Equity - Domestic 4.20% 3.00% 4.20% 3.00% 4.20% 4.20% Equity - Foreign 6.20% 4.74% 6.20% 4.74% 6.20% 6.20% Real Assets.50% 0.0%.50% 0.0%.50%.50% Alternative Investments NA 4.60% NA 4.60% NA NA WEIGHTED PORTFOLIO RETURN 8.80% 3.00% NA 3.00% 3.00% NA 8.29% 8.39% NA INFLATION BENCHMARK - CPI INDEX.23%.23% NA.23%.23% NA.23%.23% NA RETURN OBJECTIVE - LONG-TERM 2,4,5 4.60%.37% NA 0.70%.37% NA 4.24% 4.60% NA RETURN OBJECTIVE - ACTIVELY MANAGED 3,4,5 0.40% 0.03% NA 0.06% 0.03% NA 0.37% 0.40% NA RELATIVE PORTFOLIO RETURN % 0.38% NA.0% 0.38% NA 2.45% 2.6% NA COMBINED 5-YEAR RETURNS 5.07% INFLATION BENCHMARK - CPI INDEX.23% COMBINED RETURN OBJECT - LONG-TERM 2.48% COMBINED RETURN OBJECT - ACTIVE MGR 0.7% WEIGHTED 2-MONTH RELATIVE RETURNS.8% FOUNDATION and Operating Fund Performance is based on 5-year average daily balances, not period-end balances. 2 Only Long-Term Funds are subject to the Policy Return Objective of 3.0% for fixed income and 5.0% for all other asset classes. 3 Only Long-Term Funds are subject to the Policy Return Objectives for Actively Managed Portfolios of 0.5%. 4 The Return Objective is calculated based on period-end balances, not 5-year daily average balances. Thus, the Relative Portfolio Return may be affected by changes in asset classes over this period. 5 The Return Objective is weighted between the Short Term Portfolio and the Long Term Portfolio based on period-end balances. 6 All entities employ 5-year index benchmarks to assess investment performance in addition to the Policy's real return Secondary Performance benchmark. [ Page 6 of 6 ]