1. Endowment Trustees Report to Council (Long-Term Investment Fund)
CD#16.1
2008 – 09 EBD #13.6
(2008 – 09 Annual Conference)
Endowment Trustees Report to Council (Long-Term Investment Fund)
Dan Bradbury – Senior Trustee
Sunday – July 12, 2009

2. Market Flash Points
Current Bull market begins its run on March 9, 2009
The Dow turns positive for the first time this year on May 5, 2009
The transition from a Bear market to a Bull market has generally resulted in strong performance – see Exhibit #6
The month of April realized the one of the largest monthly gains in market history
Emerging markets, particularly China and Brazil, are leading the global markets out of its malaise
Is the current Bull run too strong for the market conditions that exist?

3. Market Valued vs. Book Value @ 6-30-09
Exhibit #1

4. Endowment Fund Manager
Allocation &
Exhibit #2
$24,799,482

5. Performance – 6/30/09 (YTD Returns)
Exhibit #3
Performance – 6/30/09 (YTD Returns)
Managers
Market Value
YTD $ Change
Mgr Return
Benchmark
Alliance Bernstein
$ ,475,819
$ ,469
18.0%
3.2%
Marsico
$ ,509,631
$ ,417
5.7%
11.5%
Blackrock
$ ,607,913
$ (37,485)
(3.7%)
(1.4%)
NFJ/Allianz
$ ,006,032
$ ( 6,326)
(0.1%)
(5.2%)
Lazard International
$ ,757,063
$ ,997
1.1%
8.1%
Heitman -REIT
$ ,257
$ (90,492)
(9.6%)
(12.9%)
Invesco - REIT
$ ,648
$ ,148
(3.6%)
Blackrock SRI
$ ,483
$ ,698
6.0%
5.5%
Ariel SRI
$ ,799
$ ,838
14.4%
Lord Abbett - Convertibles
$ ,842
$ ,342
10.6%
12.3%
PIMCO
$ ,934,995
$ ,249
6.9%
2.0%
$ 24,799,482
$ 1,220,855
5.8%
3.7%

6. Asset Allocation Strategy
Exhibit #4

7. The Tale of Two Quarters (Market Returns and Changes)
Exhibit #5
The Tale of Two Quarters (Market Returns and Changes)
Managers
3/6/09*
1st Quarter**
2nd Quarter***
Dow Jones
-24.5%
-13.3%
-3.8%
Wilshire 5000
-23.7%
-10.7%
3.8%
S&P 500
-24.3%
-11.7%
1.8%
NASDAQ
-18.0%
-3.1%
16.4%
Russell 2000
-29.7%
-15.4%
ALA Endowment
-9.7%
-5.0%
5.8%
FTSE 100
-20.4%
-11.5%
-4.2%
Nikkei
-19.0%
-8.5%
12.4%
Shanghai Composite
20.4%
30.3%
62.5%
DJ Euro Stoxx
-23.6%
-14.0%
0.1%
*Represents market low for year **YTD Return Period Ending ***YTD Return Period Ending

8. Why Stay Fully Invested*?
Exhibit #6
Market
% Change from the Bottom
Bottom
1 Mos
3 Mos
6 Mos
9 Mos
12 Mos
15 Mos
18 Mos
21 Mos
24 Mos
6/13/1949
7.2%
13.4%
21.8%
25.7%
40.1%
38.3%
41.6%
52.2%
54.7%
6/26/1962
8.2%
8.0%
21.6%
27.0%
32.3%
37.6%
41.9%
52.3%
55.1%
10/7/1966
7.8%
8.7%
14.7%
16.8%
24.8%
21.1%
16.3%
22.6%
28.5%
5/26/1970
9.0%
20.5%
22.7%
39.2%
43.6%
29.4%
46.2%
53.9%
12/6/1974
10.3%
31.9%
45.4%
44.7%
41.8%
68.4%
66.9%
71.2%
66.5%
2/28/1978
2.3%
12.1%
19.2%
8.4%
12.7%
11.9%
15.1%
8/12/1982
16.7%
33.9%
39.9%
56.3%
60.9%
49.4%
48.9%
56.8%
10/19/1987
11.4%
15.0%
20.6%
22.9%
28.8%
37.3%
48.6%
54.3%
10/11/1990
5.2%
5.8%
25.1%
26.2%
35.3%
40.8%
32.6%
3/22/2001
12.9%
-12.3%
6.9%
11.1%
-1.5%
-15.0%
-9.4%
-9.2%
9/21/2001
11.8%
21.9%
27.3%
12.4%
-3.0%
3.4%
3.5%
11.7%
17.1%
10/9/2002
17.2%
12.5%
32.9%
43.5%
43.3%
40.2%
38.0%
Average
9.8%
20.9%
27.8%
32.7%
31.0%
36.4%
38.6%
*As the table above illustrates, over the last 12 Bear markets the Dow has risen an average of 28.7% every three months as the market recovers
Information Source – CNBC.com

9. Thanks for Your Attention