NOTE
1: Endowment and Similar Funds
The
major portion of the University's endowment and similar funds
is maintained in a single investment pool named the University
Pooled Endowment Fund. The University has adopted an investment
objective whereby the average annual return of the University
Pooled Endowment Fund over rolling five-year periods should equal
the rate of inflation (measured by the Consumer Price Index) plus
its average level of spending from endowment income. The annual
return for the Pooled Endowment Fund was 43.7 percent in 2000
and 18.4 percent in 1999. These percentages have been computed
using realized and unrealized
gains and losses and investment income. The rate of inflation
plus the average level of spending from endowment income was 8.3
percent in 2000 and 7.0 percent in 1999.
The
Pooled Endowment Fund is pooled using a market value basis, with
each individual fund subscribing to or disposing of units (permanent
shares) on the basis of the market value per unit at the beginning
of the calendar month within which the transaction takes place.
A summary of endowment and similar funds at market value follows:
ENDOWMENT AND SIMILAR FUNDS AS OF JUNE 30, 2000 (in
thousands)
|
Pooled
Endowment Assets*
|
Separately
Invested Assets
|
Total
|
| Mutual
and Money Market Funds |
$403,169
|
$55,128
|
$458,297
|
| U.S.
Government Securities |
223,121
|
12,609
|
235,730
|
| Corporate
and Municipal Bonds |
43,355
|
2,076
|
45,411
|
| Corporate
Notes |
--
|
375
|
375
|
| Common
and Preferred Stock |
404,345
|
20,469
|
424,814
|
| Advances
to Foundations (Note 3c) |
--
|
36,578
|
36,578
|
| Real
Estate and Other Tangible Property |
--
|
27
|
27
|
| Mortgages |
3,397
|
--
|
3,397
|
| Private
Placement Investments |
609,847
|
--
|
609,847
|
Total
Assets
*Includes $32.0 million of trust assets. |
$1,687,214
|
$127,262
|
$1,814,476
|
| Investment
Income |
27,180
|
5,245
|
32,425
|
| Realized
Net Gain |
267,863
|
1,825
|
269,688
|
| Unrealized
Net Gain/(Loss) |
220,026
|
(1,732)
|
218,294
|
|
|
|
|
| Pooled
Endowment Funds |
|
|
|
|
|
|
|
| Number
of Permanent Shares |
690,193
|
|
|
| Number
of Participating Shares |
695,866
|
|
|
| Market
Value Per Share |
$2,487.71
|
|
|
| Earnings
Per Share |
$45.02
|
|
|
| Distribution
Per Share -- Class A |
$68.76
|
|
|
| Distribution
Per Share -- Class B |
$94.43
|
|
|
ENDOWMENT
AND SIMILAR FUNDS AS OF JUNE 30, 1999 (in
thousands)
|
Pooled
Endowment Assets*
|
Separately
Invested Assets
|
Total
|
| Mutual
and Money Market Funds |
$
321,726
|
$
8,486
|
$
330,212
|
| U.S.
Government Securities |
149,814
|
2,992
|
152,806
|
| Corporate
and Municipal Bonds |
47,601
|
2,539
|
50,140
|
| Corporate
Notes |
438
|
--
|
438
|
| Common
and Preferred Stock |
322,648
|
16,640
|
339,288
|
| Advances
to Foundations (Note 3c) |
--
|
36,351
|
36,351
|
| Real
Estate and Other Tangible Property |
--
|
1,280
|
1,280
|
| Mortgages |
4,198
|
--
|
4,198
|
| Private
Placement Investments |
399,580
|
--
|
399,580
|
Total
Assets
*Includes $32.0 million of trust assets. |
$
1,246,005
|
$
68,288
|
$
1,314,293
|
| Investment
Income |
$
24,902
|
$
5,640
|
$
30,542
|
| Realized
Net Gain |
191,877
|
2,466
|
194,343
|
| Unrealized
Net Gain/(Loss) |
(26,167)
|
378
|
(25,789)
|
|
|
|
|
| Pooled
Endowment Funds |
|
|
|
|
|
|
|
| Number
of Permanent Shares |
691,303
|
|
|
| Number
of Participating Shares |
698,357
|
|
|
| Market
Value Per Share |
$
1,766.38
|
|
|
| Earnings
Per Share |
$
33.76
|
|
|
| Distribution
Per Share -- Class A |
$
64.95
|
|
|
| Distribution
Per Share -- Class B |
$
87.87
|
|
|
|
