The document is a letter from the Treasurer of The Ohio University Foundation to Annie Laurie Cadmus regarding the Foundation's initiative to increase transparency of its endowment portfolio investments. It provides an asset allocation report for the portfolio as of December 31, 2014, showing the investment funds, market values, and weights by asset class. Most investments are through commingled funds for diversification. Detailed holdings of the funds are available through quarterly SEC filings on the HC Capital Trust website. The Foundation is undertaking this disclosure as part of its broader sustainability initiative.

1.
TO: Annie Laurie Cadmus
FROM: Stephen T. Golding, Treasurer
DATE: March 16, 2015
RE: Investment Transparency
With the inaugural publication of the Sustainable Tracking, Assessment and Rating System (STARS)
report, I wanted to bring to your attention an initiative that The Ohio University Foundation
(“Foundation”) and its Investment Sub-Committee discussed last fall and we are implementing this
month. The Foundation is pleased to provide retrospective disclosure of the Foundation’s endowment
portfolio’s investments upon request from interested constituents. These disclosures are offered on a
60-day lag to align with due dates associated with Securities and Exchange Commission (“SEC”)
filing deadlines.
For a list of the endowment portfolio’s investment positions as of December 31, 2014, please see the
attached asset allocation report. This report provides the name of each investment fund, the market
value of the position, and the weight of each position relative to the portfolio’s total market value.
The report also provides subtotals by asset class and a grand total for the entire portfolio. Please note
that, in order to properly diversify the investment portfolio and gain access to the best investment
managers, the Foundation participates in many commingled investment vehicles rather than making
direct investments in individual securities. As a result, the asset allocation report provides high level
information about how the investments are managed, but it does not include information about
individual holdings within each investment fund.
Much of the Foundation’s investment portfolio is invested through the HC Capital Trust (the
‘‘Trust’’). The Trust is a diversified open-end management investment company that consists of
several separate investment funds (the ‘‘funds’’). The funds’ individual holdings are disclosed quarterly
and made available to the public through SEC filings. The most recent report provides information
as of December 31, 2014, and it was filed on March 9, 2015.
The report is available at http://www.secinfo.com/d12TC3.meFe.htm#1090, and each fund’s
individual holdings are disclosed in the “Portfolios of Investments” section of the document. The
Foundation has undertaken this disclosure as a part of its broader Sustainability Initiative which has
been championed by the Student Investment Groups and the Sustainable Investment Advisory Group
that is housed in your office.

2. Investment Fund Name Market Value % of Total
Fixed Income
Cash - Dreyfus Government Cash Management (DGCXX) 22,954,097.31$ 3.7%
HC Capital Trust - The US Corporate Fixed Income Securities Portfolio (HCXSX) 10,410,468.75 1.7%
HC Capital Trust - The US Government Fixed Income Securities Portfolio (HCUSX) 12,672,320.31 2.1%
HC Capital Trust - The US Mortgage/Asset Backed Fixed Income Securities Portfolio (HCASX) 12,220,991.19 2.0%
Ohio University Student Fixed Income Management Group - Sustainable 621,739.35 0.1%
Ohio University Student Fixed Income Management Group - Traditional 2,132,025.44 0.3%
PIMCO Total Return Instl (PTTRX) 0.78 0.0%
HC Capital Trust - The Fixed Income Opportunity Portfolio (HCHYX) 20,311,596.01 3.3%
HC Capital Trust - The Inflation Protected Securities Portfolio (HCPBX) 20,643,251.16 3.4%
Subtotal - Fixed Income 101,966,490.30 16.6%
Domestic Equity
HC Capital Trust - The Institutional Growth Equity Portfolio (HCIGX) 74,820,177.34 12.2%
HC Capital Trust - The Institutional Value Equity Portfolio (HCIVX) 52,384,220.21 8.6%
HC Capital Trust - The Institutional Small Capitalization - Mid Capitalization Equity Portfolio (HCSCX) 14,358,359.76 2.3%
Ohio University Student Equity Management Group - Sustainable 517,427.36 0.1%
Ohio University Student Equity Management Group - Traditional 2,691,651.02 0.4%
Subtotal - Domestic Equity 144,771,835.69 23.6%
International Equity
HC Capital Trust - The Institutional International Equity Portfolio (HCINX) 122,330,805.26 19.9%
Aberdeen Emerging Markets Equity Fund 15,619,531.09 2.6%
HC Capital Trust - The Emerging Markets Portfolio (HCEMX) 43,284,853.31 7.1%
Subtotal - International Equity 181,235,189.66 29.6%
Hedge Funds
Arden Alternative Advisers SPC USD Series A Tranche 1 28,314,835.63 4.6%
Beach Point Total Return Offshore Fund II Ltd. 28,417,387.42 4.6%
Federal Street Associates Offshore Fund, Ltd. Class S 427,609.11 0.1%
Hirtle Callaghan Total Return Offshore Fund II Ltd. 29,832,358.42 4.9%
LibertyView Plus Fund, Ltd. Class B 2,065,515.48 0.3%
Mariner Select International, Ltd. Class A 44,634.88 0.0%
Subtotal - Hedge Funds 89,102,340.94 14.5%
Commodities
Commonfund Institutional Multi-Strategy Commodities Fund, Ltd. 4,699,466.15 0.8%
HC Capital Trust - The Commodity Related Securities Portfolio (HCCSX) 35,874,638.02 5.9%
Wellington Trust Company, NA CTF Diversified Inflation Hedges Portfolio 5,589,401.54 0.9%
Subtotal - Commodities 46,163,505.71 7.6%
Real Estate Investment Trusts
HC Capital Trust - The Real Estate Securities Portfolio (HCREX) 6,513,344.79 1.1%
Subtotal - Real Estate Investment Trusts 6,513,344.79 1.1%
Special Opportunities
Hirtle Callaghan Special Opportunities SPC Closed-End 1 6,190,937.80 1.0%
Hirtle Callaghan Special Opportunities SPC Closed-End 2 1,591,932.56 0.3%
Subtotal - Special Opportunities 7,782,870.36 1.3%
Private Equity
Altus Capital Partners I, L.P. 385,381.00 0.1%
Athenian Venture Partners I L.P. 322,456.00 0.1%
Athenian Venture Partners II L.P. 1,416,715.00 0.2%
Athenian Venture Partners III L.P. 1,676,292.00 0.3%
CRM 2000 Enterprise Fund IV, LLC 416,206.83 0.1%
Highstar Capital Fund III, L.P. 4,128,398.00 0.7%
Hirtle Callaghan Private Equity Offshore Fund VIII Limited 3,492,809.48 0.6%
Hirtle Callaghan Private Equity Offshore Fund IX Limited 4,036,792.09 0.7%
Hirtle Callaghan Private Equity Offshore Fund X Limited 468,122.83 0.1%
Kirtland Capital Partners IV L.P. 1,756,689.00 0.3%
Lexington LCP VI-A Offshore, L.P. 2,575,833.00 0.4%
Lighthouse Capital Partners VI, L.P. 1,838,537.00 0.3%
Mesirow Financial Private Equity Partnership Fund IV, L.P. 2,128,373.00 0.3%
OCM Real Estate Opportunities Fund III, L.P. 272,154.00 0.0%
Oaktree Real Estate Opportunities Fund IV, L.P. 4,273,494.00 0.7%
Paul Capital Healthcare III-A, L.P. 672,720.77 0.1%
Pearlmark Mezzanine Realty Partners III, L.L.C. 1,879,249.00 0.3%
PineBridge Private Equity Portfolio II, L.P. 760,488.00 0.1%
Siguler Guff Distressed Opportunities Fund II, LP 826,868.57 0.1%
Siguler Guff Distressed Opportunities Fund III, LP 1,371,251.04 0.2%
Subtotal - Private Equity 34,698,830.61 5.7%
TOTAL PORTFOLIO 612,234,408.06$ 100.0%
OHIO UNIVERSITY AND THE OHIO UNIVERSITY FOUNDATION
LONG-TERM INVESTMENT PORTFOLIO - ASSET ALLOCATION AS OF DECEMBER 31, 2014