1. Endowment Trustees Report to Executive Board (Long-Term Investment Fund) Dan Bradbury – Senior Trustee Saturday – October 22, 2011 2011 - 12 ET #6.1 2011– 12 EBD #13.1 (2011 – 12 Fall Meeting) 1

2. Issues Affecting the Market  Slow resolution of European sovereign debt concerns.  Volatility continues to be extremely high.  Bad news of any type is affecting the market as evidenced by the ten day period in August where the market fell by 10%.  Continued dysfunction in Washington politics.  Economic growth in China and India showing signs of slowing down.  European banks still viewed as undercapitalized.  Fiscal and monetary authorities in the West and East have seem to have run out of ammunition i.e. solutions. Exhibit #1 2

3. Market Value @ 9-30-11 $29,004,271 Exhibit #2 3

4. World Market Performance* - Market Returns YTD *Nine months through 9-30-11 Exhibit #3 4

5. World Market Performance* - Market Returns 3 rd Quarter *Three months 7/1/11 to 9-30-11 Exhibit #4 5

6. Endowment Fund Manager Allocation & Style @ 9-30-11 $29,004,241 Exhibit #5 6

7. Performance Gains – 9/30/11 (YTD Returns) Exhibit #6 *Returns for the Endowment Fund are reported on a 30 day lag basis. As such this represents their performance through 8-31-11. 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 7

8. Manager Composite Performance @ 6/30/11 Managers1 YearBenchmark3 YearBenchmark5 YearBenchmark Alliance - Core 39.6%30.7%6.4%3.3%4.5%2.9% IDP - Large Cap Growth 28.6%35.0%NA IDP - Large Cap Value 28.1%28.9%NA NFJ - Small Cap Value 29.1%31.3%5.6%7.1%5.7%2.2% Ariel Capital - SRI 40.8%34.3%12.4%6.4%6.7%4.0% IDP - International 33.7%30.4%NA Invesco - REIT 32.3%34.1%6.2%5.4%3.5%2.6% Neuberger - Intermediate 3.7%3.4%5.8%5.1%5.9%5.7% Lord Abbett - Conv Bonds 17.4%14.9%6.4%1.1%5.7%1.7% Global Bond & Real Assets 0.0%14.8%NA PIMCO - Bonds 5.4%4.0%8.6%6.4%8.2%6.5% Endowment Fund - Alternatives 8.6%6.7%-1.5%-1.8%3.3%1.5% ALA Endowment 18.2%21.8%5.7%4.9%5.1%4.7% Exhibit #7 8

9. Asset Allocation Strategy Exhibit #8 9