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Ford Foundation Annual Report 1985
Introduction to Financial
Statements
Investments
The market
value of the Foundation's investments was $3.8 billion at the end
of the 1985 fiscal year, $413 million more than last year's $3.4
billion. The total return on the Foundation's investments in fiscal
1985 was 18.0 percent. Returns for the various portfolio components
were as follows:
| RATES OF RETURN |
|
Year ended September 30,
1985 |
| U.S. equities |
14.2% |
| U.S. fixed income |
22.6 |
| International
securities |
22.6 |
| Real estate |
16.3 |
| Venture capital |
−2.8 |
| Short-term
investments |
9.5 |
| Total fund: |
18.0% |
These
returns compare with 14.5 percent for the Standard and Poor's 500
Stock Index, 21.2 percent for the Shearson Lehman
Government/Corporate Bond Index, and 41.1 percent for the Capital
International Index for Europe, Australia, and the Far East.
Changes in the deployment of the Foundation's portfolio assets
throughout the year contributed to the positive performance of the
total fund (see below).
Income
and Expenditures
Total
realized income, consisting of dividends, interest, and net capital
gains, amounted to $423.8 million, an increase of $113.6 million or
37 percent over fiscal 1984. Interest income increased by more than
20 percent to $181 million, resulting in part from an asset
redeployment into fixed-income securities.
Program
expenditures (primarily grants approved to organizations and
individuals
| PORTFOLIO
COMPONENTS (as of September 30) |
|
1985 |
1984 |
|
Market value |
Percent of total |
Market value |
Percent of total |
|
(in millions) |
|
(in millions) |
|
| Marketable securities |
|
|
|
|
| U.S. equities |
$1,532.8 |
40.5% |
$1,584.4 |
47.0% |
| U.S. fixed income |
1,822.1 |
48.2 |
1,382.3 |
41.0 |
| International
securities |
286.1 |
7.6 |
269.1 |
8.0 |
| Securities with limited
marketability |
140.0 |
3.7 |
132.2 |
4.0 |
|
$3,781.0 |
100.0% |
$3,368.0 |
100.0% |