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Beneficiaries of the Endowment Fund Payout

The Endowment is similar to a mutual fund with several beneficiary units represented as "investors" which we call "holders".  For example, Northwestern's Treasury Pool is the largest "holder," followed by the Feinberg School of Medicine, Central Administration, and Kellogg School of Management.

The Treasury Pool is the University's working capital for operations, internal liabilities, and short- and long-term credit obligations. Rather than keeping all its assets in low-yielding cash vehicles, the Treasury Pool invests a significant portion in the Endowment. Each group's portion includes all the individual funds that are designated to benefit that unit.

The Endowment Fund By Holder

Total Shares at August 31, 2016: 42,577,428


Market Value
(in millions)

Percent of Total
Treasury Pool $2,404 24.5%
Feinberg School of Medicine $1,800 18.4%
Central Administration $1,026 10.5%
Kellogg School of Management $830 8.5%
Weinberg College of Arts and Sciences $775 7.9%
University Scholarships $633 6.5%
Office for Research $449 4.6%
The Graduate School $301 3.1%
Pritzker School of Law $292 3.0%
Bienen School of Music $227 2.3%
McCormick School of Engineering and Applied Sciences $159 1.6%
All Other Unit Holders* $907 9.3%
$9,804 100%

*Other unit holders include the School of Communication, the Department of Athletics and Recreation, and the Medill School of Journalism, Media, Integrated Marketing Communications, among others.

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