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Notes 7 - 14


NOTE 1


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 2.0 percent in 2001 and 43.7 percent in 2000. 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 7.6 percent in 2001 and 8.3 percent in 2000.

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, 2001 (in thousands)

Pooled Endowment Assets*
Separately Invested Assets
Total
Mutual and Money Market Funds
$825,837
$21,818
$847,655
U.S. Government Securities
251,092
3,361
254,453
Corporate and Municipal Bonds
41,347
2,170
43,517
Corporate Notes
--
313
313
Common and Preferred Stock
425,066
15,641
440,707
Advances to Foundations (Note 3c)
--
45,015
45,015
Real Estate and Other Tangible Property
21
358
379
Mortgages
2,910
--
2,910
Private Placement Investments
399,207
--
399,207
Total Assets
*Includes $33.0 million of trust assets.
$1,945,480
$88,676
$2,034,156
       
Investment Income
$42,001
$7,207
$49,208
Realized Net Gain
275,833
943
276,776
Unrealized Net Gain/(Loss)
(283,611)
(2,557)
(286,168)
Pooled Endowment Funds
   
Number of Permanent Shares
683,599
   
Number of Participating Shares
690,111
   
Market Value Per Share
$2,480.25
   
Earnings Per Share
$61.79
Distribution Per Share -- Class A
$90.56
   
Distribution Per Share -- Class B
$125.89


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

43,335

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


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