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REPORT OF THE TREASURER TO THE COUNCIL OF THE NATIONAL ACADEMY OF SCIENCES: For the Year Ended December 31, 2000
limits annual expenditures to 5% of the 3-year moving average of the market value of the Endowment and Trust Investment Funds.
All Endowment and Trust Investment Funds are pooled for investment purposes. A detailed analysis of the funds in the Endowment and Trust Investment Pool is presented in the Investment section of this report.
The next chart presents the investment structure adopted by the NAS Finance Committee in 1995 for its asset allocation strategy.
Overview of Current Investment Structure
Percent of Portfolio
Dollar Amount (in thousands)
Mortgages (at cost)
U.S. Large Cap Funds
Small Cap Funds
Non-U.S. Developed Markets
Non-U.S. Emerging Markets
Market values of the Endowment and Trust Investment Pool, after withdrawals, for the years ended December 31, 2000 and 1999, are displayed in the following chart:
($ in thousands)
Cash and Fixed-Income Securities
See schedule 2A and schedule 2B for details of specific investments.
Included in the $273.5 million total market value of the Endowment and Trust Investment Pool as of December 31, 2000, are the amounts of $44.8 million, $20.9 million, and $6.8 million for the IOM, TNAC, and Woods Hole Endowment Funds, respectively. TNAC denotes The National Academies' Corporation (Beckman Center), which is equally owned by the National Academy of Sciences and the National Academy of Engineering Fund (see note 1 to the Financial Statements).
A total return of 0.65% before withdrawals was realized from the investment pool in FY2000, exceeding our benchmark composite of −4.7% by 5.3% for the same period. For the ten-year period ending December 31, 2000 the total return for the portfolio was 12.55% exceeding the composite benchmark of 11.83% for the same period. Details are provided in Schedule 2 of the Investment Section.
Withdrawals of $8.4 million were made to fund the President's Committee, NAS General Fund's activity, and prizes and awards for the current period. Additional withdrawals of $2.2 million were made to fund IOM, Woods Hole, and TNAC activity.
NAS General Funds
NAS General Funds account for the activities of the Council, the Officers, and the Members as follows ($ in thousands):
Contributions from Endowments
Interest Income and reimbursements
Committee on Human Rights
Arts in the Academy
Public Understanding Of Science
Frontiers of Science
Multiethnic Conflict Symposium
Issues in Science and Technology
NAS Officer's Expenses
Financial results of the Proceedings of the National Academy of Sciences are shown below for the years ended December 31, 2000, and December 31, 1999: