November 2000

November, 2000 was not pretty with all the major indexes incurring losses: Dow Jones (-5.08%); S&P 500 (-7.88%); NASDAQ (-22.90%). The Foundation's total portfolio had a negative return of -XX% in November, 2000. For the 11 months ended November 30, 2000 the Foundation's total portfolio had a negative return of -XX% compared to a positive return of +18.98% for year to date November 30, 1999.

While November, 2000 was very disappointing, some positive thoughts to consider are:

1.	Even with YTD 2000 loss, the total portfolio exceeds the 4% target portfolio growth amount by $XXXX.

2.	Total return for 1999 was +28.93%. Accordingly, the annualized average rate of return for the two years 1999 and 2000 is +XX%.

3.	In December, 1999 the total portfolio had a +8.36% return. Let's hope for a repeat like this in December, 2000.

All equity managers incurred negative returns in November, 2000. TCW Small Cap incurred a crushing negative return of (-33.70%). Sanford Bernstein had the best equity portfolio performance with a negative return of (-0.70%). The fixed income portfolios had positive returns in November, 2000 including a +2.05% return for Urdang Investment Management.

Total cash and investments at November 30, 2000 have decreased to $XXXXXX, an amount which approximates the level at ????. The equity portfolio allocation is XXX%. The reduction is due to the negative performance in November, 2000 and a higher than normal cash position due to the manager transition also occurring in November, 2000.

The liquidation of the Rosenberg and Barclay's Intermediate Index Fund portfolios was completed in November, 2000. In this connection, funding of the new portfolio managers was begun. As of November 30, 2000 the funds invested with the new investment managers included $15M with Strong Capital Management, $10M with TCW Mid Cap and $.9M with David L. Babson $5M. An additional $6.1M was invested in early December, 2000 with the various managers to achieve the target portfolio levels.

Thus far December, 2000 has seen some rebound as evidenced by the following indexes:

As of	As of	Percent

11/30/00	Change

Dow Jones	10,414

S&P 500	1,315

NASDAQ	2,598

Russell	446