1. Dan Bradbury – Senior Trustee Sunday – January 9, 2011
CD #16.0
ET #6.1
2010 – 11 EBD #13.1
(2010 – 11 Midwinter Meeting)
Endowment Trustees Report to Executive Board (Long-Term Investment Fund)
Dan Bradbury – Senior Trustee
Sunday – January 9, 2011

2. Market Flash Points
November Election results seen as positive for the market
Negotiated extension of Bush tax cuts expected to add 0.5% to 2011 GDP growth
Emerging markets leading global growth
Sovereign debt issues in Europe continue to be a major concern and a potential drag on the markets
Inflation in China and emerging markets is on the rise
Central banks in developed countries continue to provide as much liquidity i.e. printing cash as needed 9

3. Market Value @ 11-30-10* Exhibit #1
*All other years reflect calendar (12 months) year end results. 10

4. Endowment Fund Manager
Allocation &
Exhibit #2
$30,901,446 11

5. Performance Gains – 11/30/10 (YTD Returns)
Exhibit #3
*Returns for the Endowment Fund are reported on a 30 day lag basis. As such this represents their performance through additionally, it is a fund of funds hedge fund.
**The ALA composite index is comprised of the 55% Russell 3000, 35% Merrill Lynch Domestic Master and 10% MSCI EAFE 12

6. Asset Allocation Strategy
Exhibit #4 13

7. Thank You for Your Attention