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University.of Califo~nia,F?¢t::keley,F9µnd(l.tion

 

-

~

'613()f08 %£:ndhwrnent

 
.J\. ' ENDOWED ASSETS . \ Externaily.Managed Funds ! U.S. Equity .• .. ! Dodge &
.J\. ' ENDOWED ASSETS
.
\ Externaily.Managed Funds
! U.S. Equity
.• ..
!
Dodge & Cox-Equity
f
Ark Asset
...
TimesSquare Assef MglJ)t.• ....
Ark
Asset
MgmL - Ig growth
Mgmt, -smvalue
Wetlington Trust Appreciation
SSgA Russell 1000 Growth
Adage Capital
DSM Large Cap GroWth
Advisory Research ..
•••.••
...
International Equity Fun~s
Harborlnternational Funq
LitmanlGregoryMasters:Seledilntl>
Sandersonlntemational Value
;.
.
Acadian - Old Mutual.AssetMgoit
EmergingM~rkets
..
Alliance Bemstein.
City of london
Real Estate
Adelante Capital
Metropolitan Real Estate
E I Ilnt'l Property
..
Fixed Income
Dodge & Cox-Bond
SSgA 3-1 OYearTreasury Index
SSgA lqngTreasuryTreasury Inde~
BrandyWine Global
.
Mondrian Global.Fix~d Income.
EquityNentu~ atpiPlI
~ commonFu.hdf.\lC.IINHI)
, TCV IY,LP
Horsely Bridge,VII
Summit Venture VI
Secj(jolaCwSeecl Fund ..
Horse!y Br'idge,VJII ....
••
..
HorselyBridgeGrowt:h,VIII
Hor:selyBridg~.lntE:rnatiqh<l.1'!II
Horsely Bridge Ihtematio l1
al IY
HorselyBridge,IX ...
•.·d.
Cf!=t:1pov;.{lJ)~l}tYenwre.11-VI·
\
TPG Partn$fcsy&VJ'; ,
Blackstone Capital Partne.rsV
OCMOpportunities Furu:f\y!II.
Legacy yeptUre IV & V
CerberllslntemationaF Pa,rtI1ers Ser
Foundadqn Capital Vllt>
Lone Star Fund VI (US)LP
Varde Fund IX LP
MarketableAlternatives··
,
....
')
,
Energy/Commodities/Other)'
I
Wellington Energy
.
.

MarketValue:

.•.Funds' ./>'

Enciowmentlnvestment ObjeCtives: Maintain the purchasing

,($000)

..--.-,.

power of the current assets and all future contributions; maximi::e

 

return ,,,,ithin reasonable and pmdent.levels of risk; maint.ai.n an

.,50,687· ... •. , 71

5.S%?}

0,0% ..

appropriate asset allocation policy that is compatible 'Nilh the

objectives of GEp, while still having the potential to produce

 

. a··,,! ....

·0.0%

positive real returns: control costs oCadministering the GEP ,,5-

·16875.

·1.8%'

sets and managing the invesnnents; provide investment results

17;000. '

1;7% 1:8% ,.

4.9%

1;8%

equal or superior to an appropriate peer universe: limit the risk

16,(;l2]

45,000

16721

of large losses by diversi.ti.cation among broad asset classes (e.g.,

domestic stocks, international stocks, fL'Cedincome) and among

8'602

/"0.9%

the various styles within individual asset classes (e.g., "growth"

~".~,

and "value" within

dL)mestic equity); achieve a rale

of return which

53,385

 

exceeds that Lifa target-weighted composite index based on the

>.

S~;527

target asset allocation policy adopted as follows -;'0% Global Eq-

28,681••·•

9,659'

Uity 20% ~v'larkerableAlternatives, 10% Pl1vate EqUity. 9% Real

Estate, 9% Energy/Commodities/Other and 12% Fixed Income;

33,85'7

and produce a sufficient toial fund return to pro\ide an annual

32,192

5.090 payout (based

on a J,2-quarter moving average of market

19,90],

value of endov,;ment principal) to GEP benefiCiaries.

 

Ij}~~

EndowmentSpending,Policy: The DC Berkeley Foundation

pays out 5.0% of the 12-quarter mo\ing

average market value

12;675

 

of the endo\vment.

 

79,714

 

8,848.

 

PolicyJor Gift Fees and Administrative Expenses: 1) One-lime

14,?S2'

charge of 2.5% of the initial value of all non-research gifts to the

9;83~·.<>'

Regents and Foundation ~including endowments). The fee is taken

"',)():6%

from the giJt prtncipal unless the speCified department dens w

2;127··· ..

.q.2W··

pay the fee from another allowable source.

2) Recurring charge

3,691· /

........

004%<

of 100% of STIP income on non-endowed

gifts is split 50'10 to

4;271"><05%

an unrestricted fund administered by the Chancellor and 50%

 

8,'

···02%>

t.o Vice Chancellors and Deans. \iCs and Deans may redistribute

".9

0.$%,

their portion of STIP income to departments or activities within

their

control unit. STIP income earned on

nn\' endowment gifts

3;113

..

03%.

7;300'··

··0.8%·

<b~04"

.0.2%'

kept in suspense for sL., months

is paid to the Chancellor's fund

 

100

0:0%

to benefit campus developm.em. 3) An annual administrative fee

8;894

[:0%,

of 50 basis points is charged on endowment funds administered

4,143

·0.4%"·

by the Foundation.

 

3,393

004%

"1;379

0.3%

3;[48

0.3%

5,355

0.6%

 

133

0.0%

Managed Endowment Funds by Asset Class

942

0.1%

as of June 30

1;250

,

....

0,1%

HI72,528

,/ ;v~·'

..

2i9'rci'· .• '..•.........•..••.•.

•.

'•••.>~:6%)i6;

/,~

"~

,. ",' ""'.,'

 

Wellington Diversified Infl.Hedges

23;950

·2.6%>' •

PIMCO Cornmodityl\earl\~Wrn

12,848 >

,., ••·JA%

Commonfund"NaturaJ.R~s6(jrcesVI<···

CommonfundNatUraIRes8&rcesVU··

Natural Gas Parmers IX lP' .

·91'3

.'./."

':;i~.·.'::

0. L%;;: ..

•.

~;~~,.

 

Park Street Cap Nat ResQuq:esHI

4;047

. OA%

'\ . TotaIExternany.Manag~dFundS Regental,>,Manaited Furids", ...

850,476

92:1%

,,'" Highliic6me EndoVilTlenf'Pool'

 

p ShortTerm'lnyestmentPool

f Total Regelltally Managed Funds

f Other EndowedAssets, Cash/Cash Equivalent Other Receivables
0- . SeparatelyJnj,iest~dFunds,

SAM

...

.

",

.\. Total. Other Endowed Assets

i'rOTALENOOWED ASSETS

UC Annual Endowment Report .•

 

2004

• U.S. Equity

o Non-U.s. Equity III Alternative Equity

2005

2006

2007

2008

• U.S. Fixed Income

El Non-U.S, Fixed Income o Absolute Return

F-is.:.tlYC>i, Ended }unl'i3:0, 2~fr '

",

Ell Cash

Large-Cap Equity Funds

Vanguard Winqsor if Fund

JPMorgan.

.....

Cadence Capital Mgmt'

Sman.Cap Equity Funds .•

Thompson,

Siegel & Walmsley.'

AG Asset Management

Balanced Equity'Funds ." .

Berkshire Hathaway

Global Equity Funds.

Brandes ~

.

William Blair'

Bond Funds'

Pimco Instl.Total Return

Pimco Instl.High Yield

Pimco Instl.Low Duration Evergreen.

Real Estate

TIAA-CREF

Alternative Equity

Common Fund ....

PIMCO Bank Loan Oppo

Drum Capital. Mgmt .

Total. Extetnally Managed .Funds .•

UCVintage Year

UC Real Estate

UCAbsolute Return

General Endowm

Short Term loves

Total Jtegentally

Endo""'ment Investment Objective:

The University

of

California, Irvine Foundation's

investment objective for its

endO\vment portfolio is to maximize long-term rotal return.

with a tot,d

return objective (net of fees), measured over a full

market cycle, of not less than the rate of inDation as measured

by the CPl, plus 500 basis points. Ideally, total return should

exceed market performance.

The investment policy is 22 %

U.S. Equity 22% Non-U.S. Equit}~ 209,,; Hedge Funds, 15'\,

Fixed Income, 8% Private Equity & Venture Capital, 8% Real

Estate, 5% Commodities, and 0% Cash.

Endowf11 e nt Spending POlicy: The endow'ment fund spending

policy allows for allocation of income equivalent to 4.5% of

the moving average market value of the endowment portfolio.

This average market value is computed using the previous 36

months of portfolio

activity Income earned in excess of the

spending fate may be reinvested in endo\vment

principal.

Income available for expenditure is calculated according w a predetermined formula.

Policy for Gift Fees andAdrninistrati.ve Expenses: The Irvine

Campus charges a one-time fee of 5% of the initial value of

all Foundation

and Regents' gifts. The fee may be taken 1)

from the principal jf speCified by the donor, 2) by holding gift

in a Suspense aCCOUntuntil fee is earned, or 3) from

another

acceptable fund source. There is also a recurring charge

of 0.5%

of the market value of Foundation endowment funds used to

offset the operating costs of managing the endowment

for the

Foundation. All interest earned on the balances of current use

private gifts and private grants is credited to the Chancellor's

Discretionary Fund and efforts at LTCIrvine.

used to support ongoing fundraising

Managed Endowment Funds by Asset Class as of June 30

100% J

.LWE3

I

80% I

I

6.0% I

I

40% !

20% I

I

I

0%

 

2004

• U.S. Equity o Non-U.S. Equity IIiiI Alternative Equity lEICash

2005

2006

2007

2008

• U.S. Fixed Income fill Non-U.S. Fixed Income o Absolute Retu rn

The UCLA Foundation

-

ENDOWED ASSETS

Externally Managed Funds

6/30/08

Market Value

($ 000)

% Endowment

Funds

Equity Funds

DFA

International Small Co

DFA

Emerging

DFA Emerging

Heitman RJE

Markets Core

Markets Value

UCLA I shares Russel Midcap

Prudential Invest Mgt

State Street G.A. - Russell 1000

Timessquare - Corp. Stocks

PIMCO Fundamental Index Plus

Analytics Core Equity Plus

J P Morgan 130/30 large Cap

T Rowe Price Structured Research

$32,550

21,259

28,571

10,656

20,286

29,219

34.817

31,787

33,201

15,836

16,133

36,329

PIMCO International Stocks Plus TR 14,372

Rockpoint Real Estate III

Global Equity Funds

Capital Guardian

Hansberger Global Investors, Inc.

State

Street GA - MSCI

Bond Funds

OCM Mezzanine Fund

PIMCOTotal Return Fund

PIMCO AllAsset

Private Equity

Bain Capital

Bain Capital

IX

X

Blackstone Capital

Partners V

Brentwood

Partners

III

Brentwood

Partners

IV

Charter Oak Partners

Clearstone

CSAM

GMO Forestry Fund 8-B LP

Lexington

Partners

Lehman

Strategic Commodities

Lightspeed Venture

Morgenthaler

Morgenthaler

MPM Bio IV

Partners VII

Partners VIII

Northgate

Northgate

Private

Private

Equity II

Equity III

Northgate Venture Partners III

Oaktree

Oaktree

Capita! 2

Capita!

3

Oaktree

Oaktree

Capital 4

Capita!

5

Oaktree

Capital 6

Oaktree Capital

Oaktree

Capital

7

7 B

Oaktree

Opportunities Fund 4

Oaktree

Asia Principal Fund

Oaktree/ GF! Power Opp fund II

Panorama Capital

Pantheon USA FundVI

Permal Private Equity Holding IV

Polaris Venture Partners IV

RCP Fund III

Realty Associates VIII

Sevin

Rosen

UCAnnual Endowment

Report

r-i,,;,:~:ly;,~:~; F:ncltd ]urr.c 3G. 2\108

357

8

94,191

44,509

182

65,852

14,475

6,891

1,148

4,295

5,608

3,537

3,708

3,573

25,997

6,001

7,854

10,870

1,992

2,840

2,515

1,841

3,188

1,663

1,476

2,542

10,917

6,194

1,065

6,482

4,384

375

66

2,096

2,569

1,956

9,291

2,479

5,077

2,230

6,560

1,174

3.1%

2.0%

2.7%

1.0%

1.9%

2.8%

3.3%

3.0%

3.1%

1.5%

1.5%

3.4%

1.4%

0.0%

0.0%

8.9%

4.2%

0.0%

6.2%

1.4%

0.7%

0.1%

0.4%

0.5%

0.3%

0.4%

0.3%

2.5%

0.6%

0.7%

1.0%

0.2%

0.3%

0.2%

0.2%

0.3%

0.2%

0.1%

0.2%

1.0%

0.6%

0.1%

0.6%

0.4%

0.0%

0.0%

0.2%

0.2%

0.2%

0.9%

0.2%

0.5%

0.2%

0.6%

0.1%

6/30/08

MarketVaIue

% Endowment

Funds

Sigular & Guff

Sigular & Guff II

Sigular

& Guff

Small Buyout Opp.

Thomas H.lee

EquityV

Thomas

H. lee Equity VI

Three Arch Capital, lP

Three Arch Capital, IV

TIAACREF

Timbervest Partners

Timbervest Partners 1\

1.807

1,920

1,078

6,974

2,511

3,659

1,888

11,291

7,305

8,103

Welsh,

Welsh,

Welsh,

Carson,

Carson,

Carson,

Anderson

Anderson

Anderson

& Stowe

& Stowe

& Stowe

X

4,118

IV 2,081

IX 6.824

Welsh,

Carson,Anderson & Stowe VIII 4,228

Individual Share Holdings

Miscl other Assets

457

441

Absolute Return/Hedge

All Blue

AQR Capital Management

Atticus Global ltd

Avenue Special Situation

BGI Global

Ascent

Black River Global Multi Strategy

Blackstone Kailix Offshore Ltd

Brevan Howard

Canyon Value Realisation

Carl

Marks Strategic Inv

Carl Marks Strategic Opp

Davidson Kempner Instl. Partners

Davidson Kempner Distressed Opp.

EOS Partnership

Eton Park Overseas

Fontana

Highbridge Capital Corporation

Ivy Rising Stars Offshore Fund

Maverick Fund

Oaktree High yield plus-Cayman

Oaktree Japan Fund

O'Connor Global Fundamental

OZAsia Overseas

OZ

OZ

Europe Overseas Fund Ltd 1\

Overseas Fund II,Cayman

Platinum Grove

Taconic Opportunity Fund

Temujin

Tiger Asia Overseas Fund

Tree Line Asia

Vicis Capital Fund Inti

Winton Diversified Futures

Zaxis Offshore Limited

13,079

7,853

6,891

64

11,953

11,781

10,009

10,259

12,585

2,841

257

7,752

4,424

14,154

11,876

4,472

15.138

3,297

9,645

6,183

4,220

8,224

5,453

5,197

6,179

12,088

4,985

7,181

17,951

7,476

11.492

11,366

6.18!

Total Externally Managed Funds $1,042,235

Regentally Managed Funds

UCVintage Equity Fund

General Endowment Pool

Regents Real Estate

4,503

3,810

636

Total Regentally Managed Funds $8,949

Other Endowed Assets

6,187

. TOTAL ENDOWED ASSETS

$1,057,371

0.2%

0.2%

0.1%

0.7%

0.2%

0.3%

0.2%

1.1%

0.7%

0.8%

0.4%

0.2%

0.6%

0.4%

0.0%

0.0%

1.2%

0.7%

0.7%

0.0%

1.1%

1.1%

0.9%

1.0%

1.2%

0.3%

0.0%

0.7%

0.4%

1.3%

1.1%

0.4%

1.4%

0.3%

0.9%

0.6%

0.4%

0.8%

0.5%

0.5%

0.6%

1.1%

0.5%

0.7%

1.7%

0.7%

1.1%

1.1%

0.6%

98.6%

0.4%

0.4%

0.1%

0.8%

0.6%

* Includes net receivables, real estate, securities and other assets.

UC Riverside Foundation ..

Endowment

Investment Objective:

The UC Riverside

Foundation's long-term investment objectives of the endov.'ffient

fund are to produce a relatively predictable and stable payout

stream each year and to grow both the payout 'stream and the

corpus over time at least as fast as the general rate of inflation, as

Externally Managed Funds

measured by the Consumer Price Index. The investment policy

International

Equity Ftlnds. '.

consists of allowable ranges: 50-90% Global Equity and 10-50%

FidelityLatin America

Global Bonds.

Goldman Sachs BRIC

US Global. Region East

;Endowment SpendingPoiicy: The endowment fund payout policy

Balanced Fonds

is 4,75% of the average endowment fund market ~alue computed

TiFF Multi Asset Fund

ivy Asset Strategy

First Eagle Global

using the previous 12 quarters of portfolio

ended on the March 31 of such fiscal year.

activity the last of which

Other Equities

Poli-cy fcirGiftFeesandAdmiriistrative

Expenses: A one-time

Park Street Natural Resotlri;es"

Gift Service Fee of 5% is charged on all cash gifts received by

CGM Focus

the Universit;.~ based on the principal value d' the gifL The fee

is caHeeled either [rom the initial interest/income earned by

the

FidetityLeveraged Co Stoc~ .

Guiness AtkinsonAlternati\i.e Energy

US Global Resources

Cash·shortTermFunds

gift, directly from the gift principal, or the recipient of the gift may

provide the fee from another acceptable fund source.

Fidelity InstitutionarM6Ii~y tjarket

Total ExternaUy Manag'i!d~un(Js

Other EndowedAssets'

.........

.,.

(primarily real estate,art ~~drec~ivabJes)

TOTAL ENDOWEPASSEliS

In FYE08 an Administrative Service Fee was charged against all

existing endO\VInemSbc>okvalue balances and gift fund balances of

51,000 or greater at an annual rate of 1510, The fee was collected

from the interest/income earnings of the fund balance,

Effective July 1, 2008, the Administrative Service Fee was replaced

by an Administration Cost Recovery Fee which will be cbrged

against all existing

endowments and endov,;ment-related gift

funds at an annual

rate of 0.5% of the average rolling market

value of funds eligible invested assets as calculated per the UCR

Foundation spending policy. The campus \\ill charge 100% of

short term c,rdinary income on campus and Foundaticm current

fund balances.

All proceeds from fees become a Chancellorial resource intended

to hcip defray development and gift administration costs.

Managed Endowment Funds by Asset Class

as of June 30

2004

2005

• U.S. Equity

o Non-U.S. Equity

II!I Alternative Equity

EllCash

2006

2007

2008

• U.S. Fixed Income

EllNon-U.S, Fixed Income

EJ Absolute Return

,.•.SanDieg0.F6(I~~~ti~lJ"i

._.

" ._

-__.":

...

·· ....-.U;r'·'

>OWED ASSETS

~rnallyMamtiedFunds .'

.rge_CapU.S.Equit;y,FU nds :

lares s&P SOOlr'ldex "

..

'

..

•.>

d& .small~Cap\j:S.t:.ql.Jity;~lJndS.

mguard"Midc:aP IndexlnstitutiOn(lloSha~~s;;'

wg uard SmaIICaplpdex·E~ndlri~~I.Sh~r:7~ nerging M~ketEquitY.;~un~~>;'

.

anguardEmerging li1arketj' ·.··.·.ji

therEquities>

...

.,/.;

..

.....

;hares ·Cohen.& SteersRE!alty···\'1(li6r:S:,~EJT•.;

;~":'

,."fl~ir·yt

~r\.ldenti3JP:RISAfund:; .

:ash

.... .

: ......

,.,

Cashequivalenr,s hel?inrnanage~~cco~~ts

."

rotalExt~rnany M;ulaged:fund1>' >; •. $S7~849/,

. :-~-~/

~nternaIIyMan'(l\:edFundj

Individual SecllritiesC.

 

Real Property/

.'

•.'.

di

"•

..

'

Total Interna.Jy Manage~~unds' .

Regental!yManagedFund~

Endowmentlnvestm¢nt

Objective:

The U.C San Diego

Foundation's primary investment goal for its endowment is to

maximize long-term total return, utilizing a diversified portfolio

of securities that deliver return in the form of both asset

appreciation and income. Endowment portfolio performance is

expected to preserve or enhance the real value of the endowment

and the purchasing

power of the endowment

spending,

including administrative costs. The investment policy targets, as

ofJune 30, 2008, are: 24% US. Equity; 22% Non-U.S. Equity;

7% Private Equity; 20% Absolute Return; 10% Real Estate; and

17% Fixed Income.

Endowment Spending Policy: The endowment

spending rate

is 4.75% of market value. Market value is defined as the five-

year average unitized value of the endowment investment pool.

Distributions to fund

holders may be from income and realized

or unrealized capital gains.

Policy for Gift Fees andAdrrilnistrative Expenses:

UC

San Diego assesses a one-time charge of 4"(0 on all gifts to

the

Foundation or to The Regents to support the operations of

EXlernal Relations.

An endowment administrative

fee of .40%

is assessed against

all endovvment and quasi-endowment gift

funds. 100°/0 of all annual earnings on Foundation and Regents'

current use gift and grant funds are swept.

.~.St.n,.~~~,:~,~O~~I~~t_~~p6rt

,1,

....~\A

'i.;.,.l.,

:..n""

........;\·nt:

...,\.•

z.t.'Cb

Managed

Endowmen1: Funds by Asse1: Class

 

as of June 30

 

100% r r '.

r "\

f"

1

r'

~

~

_-<c

60%

40%

20%

0%

2004

2005

2006

2007

2008

• U.S. Equi1:Y

Il!I AI1:erna1:iveEqui1:y

 

• U.s. Fixed Income !EI Non-U.s. Fixed Income

o Non-U.s. Equi1:y

Q Absolute Return

 

!EI Cash

University dfCalif9rnja,~Sanf'7<!lidsto ;~9y~gati~~<'

.

.' ".:.:

"'

..

,:,:

,:"'::":;':'..

":::':'

.:>;-<-;,:::>:::->~;:,:'::"":f!<:-'-::

ENDOWEDASSETS.

.

Exterri~I!yManag~dFuhcis Large C~pVaJueH;>

Dodge & Cox

Vanguard S&P500lridex

Mid Cap

Russell Midcap Growth iShares/;

Advisory Research

...

ValueAct Capital Inti II

Mazama

AIICl'IP

'Eagle CapttalManagem~ni

JnternationaJEquityFunds>

Capital Guardian Trust

.

Gryphon lnternational ..

Silchester

Dodge & Cox Intern~tional Fund

Internation Emerging Equ!ty

GMO Emerging Markets

Tiedemann LongQuration;

Real Estate & Hard Assets

MetropolitanREPartners

111

.....

MetropolitanREPartriers Inti. II· •

...

Shorenst~inSRl Nine REIT .......

C()mmoi"lF'ynd Capital Natu~1

..

:.>;-

"'3.3:%

1.8%.

..'e

;~·~,84z:··.·· ", ·,.;O;~~,.

.•

••.

,,·.I;.,$45;L,ICc.,..':>O.r~t'

I. $I,7~T',;;;0:4%I'

"1,$2,169'(

. .

·'::'.:0.5%

DenhamCbmmodity FundV$462 ;,,,Q.I%

Privat;; Equity-Venture Capital, Oistr'essed Debt ,; .

Oaktn~ePrindpal' Opportunltytnc;!fll.; ...,";$5,7'83.'

OaktreePrincipal OppohunityFnd Iy/H

.>$1',9Z0"

CommonFundCapital EVPIV

.

'. $1;801

 

CommonFund

Capital EVPV

...$2,$95:'

CommonFund

Capital CVPVI .

$2,567

Burrill Biotech fapital FundLP$L~82.(

 

TIFF Pfivate

Equity Partn~ers2007

. $:

.

TIFF Private Equit}' Partners 2008.

 

Hedge Fund

ProtegePai"tMers LTD

 

TIFF Absolute Return Fund.1I

Farallon,Capital.Partriers

EndowmentlnvestmenLOblective:

The San Francisco

Foundation's primmy investment objective for its endowment

portfolio is growth of principal sufficient to preserve purchasing

ptm:er and lO pmvide income LO suppon current and future

University activities. Over the long term, it is the goal of the

Foundation that the total return on investment assets should

equal the rate or inflation, plus the payout rate (which is used

to support current activities), plus an amount reinvested to

support future activities, The investment policy consists of:

45% U.s. Equity: l5% International

Developed Equity: 5%

Private Equity; 10% Hedge Funds; 5% Real Estate; and 20%

Fixed Income,

Endowment

Spending Policy: A ponion of the endowment

pool will be expended annually: The amoum of the distribution

will be determined by the payout policy of the Foundation,

modified by donors' wi.shes where applicable, The Foundarion

policy is to distribute 5% of the market value of the endoVi:ment

pool, calculated on a 36-month rolling average of the market

value, The payout will be reviev-led annually, which may resuit

in modification.

The payout will be distributed

once a year

following the close of the fiscal year, Undistributed

income

and gains from investment

activities are reinvested

in the

Endowment Pool.

Policy for. Gift Fees.andAdministrative Expenses: The University

of California, San Francisco Foundation charges a one-time fee

of 4% of the initial value gifts, In addition, the campus assesses

a recurring charge of 75% of STIP income eamed on cunem

funds, which is assessed quarterly against income. An annual

administrative

fee or 35 basis points is charged on current

and endo\vment funds administered

by the Foundation.

The

Foundation

also charges a 1% spending fee at the time that

funds are spent for purpose, No fees are charged on gifts for

student aid. Fees are used to cover deveiopmem costs,

.Canyon Value. Realization Fund·

Managed Endowment

Funds by Asset Class

 

Forr~ster Offshore - Long/Short

 

as of June 30

 

Watershed Institutional Partners

 

Sankaty-Prospect:Harbor Fund

Regiment Capital. SpedalSituatlonslV

Bond· Fund

Dodge & Cox

Cash.'

.

Total Externally' Managed Funds

 

TOTAL ENDOW·EO ASSETS

2004

2005

2006

2007

2008

• U.s. Equity

• U.S. Fixed Income

o Non-U.S. Equity

I1lJ Non-U.S. Fixed Income

Ii!II Altemative Equity

B Absolute Retum

 

EI Cash

End0v:.-melltlriygstme[lt Qbjec:pve: All new endov.nleJlt gifts

are deposited into the Foundation's Long Term Investment Pool

(LIIP), held primarily at Goldman Sachs vvith State Street Bank &r

Trust serving as master custodian. EndoViIllent funds are invested

in accordance \vith the liniform r-bnagement

of Institutional

Funds Act (liMIFA) and the Endov/Il1ent Investment Spending

Policies and Guidelines, as adopted by the Board of Trustees.

The Foundation's investment objects are: 1) Presenre investment

capital and its purchasing power; 2) Generate sufficient resources

to meet spending needs (payouts); and 3) Attain reasonable capital

appreciation through prudent acceptance of risk to enhance the

future purchasing power of the investment capitaL

EndovvrnerltSpendingPoliq: The Santa Barbara FOl(ndation

adopted liMIFA at the Board meeting held

on October 25, 1997.

At their February 2007 Board meeting, the

Foundation adopted a

total return spending policy for the 2007-2008 Fiscal Year based

on the 60-momh rolling average share value as of December 31,

2006, for the General Endov.rrnent Pool multiplied by the number

of shares held by each endow'h1ent which is then multiplied by the

board-approved 5% payout rat.e.

Policy for Gift Fees and Administrative Expenses:

Through June 30,2000, the liC Sama Barbara campus charged a

one-time fee of 5% of the initi"j value of all restricted gifts to the

Foundation and The liC Regents, excluding non-convertible gifts

in-kind. The fee ,;;as assessed to offset a portion of the direct costs

related to briftprocessing and accounting. Effective July 1, 2000, all

Shorr Teml Investment Pool

~STlP) earnings on gift funds accrue to

the Chancellor to be used to support Institutional Advancement. In

addition, Endovanent Funds and Funds Functioning as Endowments

were charged an annual Endovnnent Cost Recovery Fee of .15% (15

basis points). For 2006-07, the board adjusted the Endov.ment Cost

Recovery Fee to .25% (25 basis points) of the Fair Market Value as

ofJune 30, 2006. For 2007-08, the board kept the Endo\vment Cost

Recovery Fee at .25% (25 basis points) of the Fair Market Value

as of June 30, 2007. In their May 2008 meeting, the board set the

Endowment Cost Recovery Fee at .40% (40 basis points) of the Fair

Market Value as of June 30, 2008 for the 2008-09 year.

Managed Endowment Funds by Asset Class as of June 30

100% I

80% I

l

60% j

1

40% !

I

20% I

I

0%

2004

2005

• U.S. Equity D Non-U.S. Equity i!!l Alternative Equity EllCash

2006

2007

2008

• U.S. Fixed Income EllNon-U.S. Fixed Income D Absolute Return