^M The University Record, April 3, 2000

Endowment Fund Report

University Endowment Fund Shareholder’s Report, Dec. 31, 1999

The University Endowment Fund is an investment pool for hundreds of endowment funds and funds functioning as endowment. As with a mutual fund, purchases, redemptions and distributions are all calculated based on a participant’s share holdings. The fund is valued at $2.8 billion. IT is invested in a highly diversified portfolio of stocks, bonds, private equity, real estate, oil and gas, absolute return investments, and cash instruments.

This brief report is to inform University Endowment Fund participants of the market value of their shares and their distributions per share.

Distributions are made at 5.0 percent (annual rate) of the 12-quarter average share value.

For further information about the endowment investment program, contact the Investment Office, (734) 615-4445.

Market value per share

March 31, 1999 $6.1154289
June 30, 1999 6.3893184
Sept. 30, 1999 6.4352164
Dec. 31, 1999 7.4705191

Distribution per share

June 30, 1999 $0.071
Sept. 30, 1999 0.072
Dec. 31, 1999 0.073
March 31, 2000 0.076