Oakland University ATTACHMENT A Cash and Investments Report November 30, 2006 Total Return Benchmark Fair Market Value Fair Market Value Total Return Benchmark Qtr. Ending Qtr. Ending November 30, 2005 November 30, 2006 for Month for Month September 30, 2006 September 30, 2006 Pooled Cash Munder Equity $11,535,415 $13,607,297 2.19% 2.35% 4.62% 5.55% Munder Bonds 44,967,011 47,183,064 0.67% 0.65% 2.23% 2.44% Money Market (Dreyfus) 28,950,832 38,377,978 0.41% 0.41% 1.24% 1.26% Pooled Cash Summary $85,453,258 $99,168,339 0.78% 2.18% Invested Loan Proceeds $0 $11,008,751 Fund is invested to return a net of 4.69% during the construction period. Endowment Commonfund: Multi-Strategy Equity Fund $17,834,532 $24,976,839 3.90% 5.67% Equity Index Fund (From OUF) $4,780,072 5.60% 5.67% Multi-Strategy Bond Fund 6,358,416 10,210,004 3.20% 3.81% $24,192,948 $39,966,915 4.40% Comments: Pooled cash is greater than the previous year as cash generated from operations (General, Designated, Auxiliary and Expendable Restricted Funds) was conservatively managed (e.g. hiring freeze), held in reserves and slowly spent on projects due to uncertainty with the State economic situation and appropriate funding levels. In addition, $2.7 million ESA Project funds in pooled cash are not yet expended. Endowment is greater than the previous year primarily because investment earnings exceeded distributions, and the transfer of OUF Endowment funds to the University books and investment accounts. Transferred Foundation investments currently in the Equity Index Fund are being averaged into the equity and bond funds. Additions due to gifts for the 12-month period to OU Endowment funds amounted to $357,812. Benchmarks for Investments are: For Munder Equity: Russell 1000 Value Index, Russell 1000 Growth, MSCI - EAFE International: (Relative Weighted) For Munder Bond Fund: Merrill Lynch Govt/Corp 1 - 5 Yr. A or Better Index For Dreyfus Money Market Fund: Lipper Institutional Money Market Fund Index For Commonfund Equities: S & P Index For Commonfund Bonds: Lehman Aggregate Bond Index Benchmark Performance Comments: Pooled cash and endowment investment funds are all managed funds (not index funds) and are expected to exceed their benchmarks over time. They will not necessarily meet or exceed the benchmarks each month or each quarter. Pooled cash equity investments lagged their benchmark for the month and the quarter, but they exceeded the benchmark for the past fiscal year and have been gaining on the benchmark as expected. Pooled cash bond investments exceeded their benchmark for the month, but not the previous quarter. They exceeded their benchmarks for the previous fiscal year. Pooled cash money market investments equaled the benchmark for the month and were within 0.02% of the benchmark for the quarter. Endowment equity underperformed the benchmark for the previous quarter, but exceeded the benchmarks for the previous year by 2.45% (11.08% vs. 8.63%). The equity index fund performed nearly to the benchmark for the quarter. Endowment bonds underperformed the benchmark for the previous quarter, but exceeded the benchmark for the previous year by 2.17% (1.36% vs. -0.81%) .
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