Western Michigan University
PA-9: Sustainable Investment

The following are descriptions of funds held which include holdings in sustainable industries: Fund of funds: Underlying investments in 10-15 funds. Invests in a diversified portfolio of natural resource funds predominantly in North America Fund of Funds: Underlying investments in 10-15 funds. Invests in a diversified portfolio of natural resource funds predominantly in North America Fixed Income Mutual Fund: High Yield Bond fund; Invests primarily in non-investment grade bonds with maturities of 10 years or less Equity Collective trust fund: Seeks to replicate the performance of the MSCI World Index REIT fund: Invests in companies that operate, develop or manage real estate. Diversified across regions and capitalization structure Private Equity Fund of Funds: Underlying investments in 20-30 funds. Primarily buyout and special situation funds including secondary investments in Europe and Asia Emerging Markets Equity Mutual Fund: Invests in a diversified portfolio of emerging market stocks trading at a discount to the overall market (as measured by price-to-book value) Global Equity Mutual Fund – diversified global stock market portfolio International Equity Mutual Fund - broad exposure across foreign developed markets via a large multi- cap portfolio International Equity Mutual Fund: Invests in a diversified portfolio of international small market capitalization stocks trading at a discount to the overall market (as measured by price-to-book value) US Equity Mutual Fund – diversified domestic core equity portfolio US Equity Mutual Fund: Invests in a diversified portfolio of domestic small market capitalization stocks trading at a discount to the overall market (as measured by price-to-book value) Farmland Fund I: Private fund with experienced management team that opportunistically acquires high quality operating farmland located throughout the U.S. Farmland Fund II: Private fund with experienced management team that opportunistically acquires high quality operating farmland located throughout the U.S. MSCI Brazil ETF – Exposure to large and mid-sized companies in Brazil; Targeted access to the Brazilian stock market Russell 2000 Index ETF – Portfolio of small public U.S. companies; access to 2000 small-cap domestic stocks in a single fund Fixed Income Mutual Fund - Short Duration Bond Fund Core Bond Trust – Portfolio of core bonds Senior Floating Rate Fund – Portfolio of bank loans Royalties Fund 1: Royalty interest investor, primarily of natural gas. Majority of the interests are purchased in the U.S. Royalties Fund 2: Royalty interest investor, primarily of natural gas. Majority of the interests are purchased in the U.S. Royalties Fund 3: Royalty interest investor, primarily of natural gas. Majority of the interests are purchased in the U.S. Micro Cap Equity Fund: A concentrated portfolio of micro cap stocks with favorable cash flow characteristics, earnings improvement and broad sector diversification International Equity Mutual Fund: Invests in international stocks. As opposed to market cap weighting, stocks are weighted based on fundamental measures (cash flow, book value, sales, etc.) US Equity Mutual Fund: Invests in stocks of the S&P 500. As opposed to market cap weighting, stocks are weighted based on fundamental measures (cash flow, book value, sales, etc.) Private Real Estate Fund: Diversified private natural resource strategy investing across agriculture, land, timber and quarry opportunities Russell 2000 Non-Lendable Common Trust Fund - Portfolio of small public U.S. companies; access to 2000 small-cap domestic stocks in a single fund S&P 500 Common Trust Fund - Invests in the 500 stocks that comprise the S&P 500 index, in market cap- weighted proportions S&P Mid Cap Index Fund – CTF tracking the performance of medium-sized U.S. companies Global Real Estate ETF – REIT fund The following are descriptions of the socially responsible mutual funds held with positive screens: US Equity Sustainability Mutual Fund: US fund that introduces screens based on a “companies ratings framework”. The framework includes both negative and positive screens and embraces factors such as: Negative factors: issues relating to hazardous waste, ozone depleting chemicals, regulatory problems etc. Positive factors: environmental management system, pollution prevention, recycling etc. International Equity Sustainability Mutual Fund: International developed fund that introduces screens based on a “companies ratings framework”. The framework includes both negative and positive screens and embraces factors such as: Negative factors: issues relating to hazardous waste, ozone depleting chemicals, regulatory problems etc. Positive factors: environmental management system, pollution prevention, recycling etc.