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Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011 (2012)

Chapter: SCHEDULE 2-A Endowment, Trust, and Other Long-term Investments Pool - Change in Valuation and Market Value Summary

« Previous: SCHEDULE 2 Endowment, Trust, and Other Long-term Investments Pool Asset Allocation as of December 31, 2011
Suggested Citation:"SCHEDULE 2-A Endowment, Trust, and Other Long-term Investments Pool - Change in Valuation and Market Value Summary." National Academy of Sciences. 2012. Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011. Washington, DC: The National Academies Press. doi: 10.17226/13445.
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SCHEDULE 2-A

Endowment, Trust, and Other Long-term Investments Pool -
Change in Valuation and Market Value Summary

Change in Valuation from 12/31/10 to 12/31/11
(Dollars in Thousands)

Market Value at 12/31/10 $ 383,929
Realized Capital Gains 4,486
Unrealized Capital Gains (40,448)
Reinvested Income 13,687
Contributions 5,987
Expenditures and Transfers (15,465)
Market Value at 12/31/11 $ 352,176

Holdings and Market Value Summary as of 12/31/11
(Dollars in Thousands)

U.S. Large Cap Equities
Berkshire Hathaway A $ 19,279
Berkshire Hathaway B 34
Oil Service Holders Trust 3,183
Vanguard Institutional Index 804
Vanguard Precious Metals & Mining 5,713
Materials Select Sector SPDR 5,872
Powershares Water Portfolio 2,764
Vanguard Energy Fund 3,811
Wisdomtree Large Cap Dividend 6,534
Subtotal $ 47,994
U.S. Small - Mid Cap Equities
Guggenheim Solar Energy $ 136
First Trust NASDAQ Clean Edge 337
First Trust Global Wind Energy 278
ISHARES S&P Glbl Clean Energy 187
Powershares Cleantech Portfolio 503
Powershares Wilderhill Clean Energy 254
SPDR S&P Biotech ETF 6,374
Vanguard Extended Market Index 7,179
Vanguard Small Cap Index 5,557
Other 188
Subtotal $ 20,993
Non-U.S. Developed Equities
Dodge & Cox International $ 7,396
Driehaus International Discovery 9,877
Templeton Institutional 8,876
Vanguard European Stock Index 693
Vanguard Pacific Stock Index 4 440
Vanguard International Growth 8,721
Vanguard International Value 8,385
Matthews Asia Dividend Fund 2,648
Subtotal $ 51,036
Non-U.S. Emerging Equities
Capital Int’l Emerging Market $ 19,684
Templeton Emerging Market 17,689
Wisdomtree Emerging Markets 5,727
Subtotal $ 43,100
Real Estate Equities
iShares Dow Jones RE Index $ 5,955
Third Avenue RE Fund 4,894
Subtotal $ 10,849
U.S. Fixed Income
PIMCO Funds Total Return $ 16,958
Cash Equivalents 28,429
Other 80
Subtotal $ 45,467
Non-U.S. Fixed Income
PIMCO Foreign Bond $ 15,984
PIMCO Developing 5,880
Subtotal $ 21,864
Hedge Funds
Goldman Sachs Princeton $ 26,540
Tactician Windward 2 448
Makena Capital Associates 11,224
Maverick Fund Ltd 7,725
Platinum Fund 7 963
Tiedmann Global Emerging Markets 3,141
Renaissance Inst’l Equities 14,438
Renaissance Inst’l Futures 11,839
Subtotal $ 85,318
Other Alternative Investments $ 25,555
GRAND TOTAL $ 352,176
Suggested Citation:"SCHEDULE 2-A Endowment, Trust, and Other Long-term Investments Pool - Change in Valuation and Market Value Summary." National Academy of Sciences. 2012. Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011. Washington, DC: The National Academies Press. doi: 10.17226/13445.
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The income that supports the activities of the National Academy of Sciences (NAS) comes from two major sources: program revenue received from sponsors to pay for the myriad studies and other activities undertaken each year by the National Research Council (NRC), and a much smaller sum that is obtained from our endowment under the endowment spending policies adopted by the Council. The goal of the endowment is to provide stable support for the Academy's programs and activities. To achieve this goal, the Council, acting on the recommendations of the Finance Committee, has historically authorized spending from the portfolio at a rate designed to maintain the purchasing power of the endowment over time.

This Report of the Treasure of the National Academy of Sciences presents the financial position and results of operations as well as a review of the endowment, trust, and other long-term investments portfolio activities of our Academy for the year ended December 31, 2011. While this book provides essential financial summary to key personnel, it also serves as a vital informative resource for various members of the public, private, and governmental sectors.

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