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Abstract: 

After three years of bear markets, 2003 brought welcome relief in the form of positive returns for most (but not all) investors. (See Table 1 on p. 12 for historical returns.) If your foundation lagged the market or recorded another year of negative returns, you may be wondering what happened and what to do about it. Since foundation trustees and directors have a legal obligation to manage the foundation’s assets, it is critical they have a basic working knowledge of investment concepts and practices.

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