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            "text": "Endowment Management Report",
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            "text": "The market value of the endowment as of December 20, 2016, is $15,452,037. This represents an increase of approximately $221,438 (+1.45\\%) during the fourth calendar quarter of 2016. Over the last twelve months, the portfolio is up approximately $743,973 (+5\\%)."
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            "text": "There were no major allocation changes during the quarter outside of the market moves that occurred – we continue to be overweight equity and underweight fixed income securities, while neutral in REIT’s and slightly over in alternatives. Within equities, we diversified our large cap managers and added passive index managers in the large/mid/small domestic asset categories to reduce tracking error."
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