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
|
|
|
|
|
