December 31, 2003 Asset Allocation ($ thousands)

Endowment Fund (Balanced Pool) ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$66,286	$1,243	$67,529	11.0%
	AllianceBernstein	74,366	2,109	76,475	12.5%
	Artisan Partners	27,134	0	27,134	4.4%
	Fidelity Management	74,798	2,684	77,482	12.6%
	TCW Asset Mgmt	27,018	0	27,018	4.4%
	Capital Guardian- Int'l	0	79,791	79,791	13.0%
	TT International	0	45,882	45,882	7.5%
	Cap Guardian- Emerg	0	18,432	18,432	3.0%
	Templeton Inv- Emerg	0	18,770	18,770	3.1%
	Total	$269,602	$168,911	$438,513
	%	43.9%	27.5%	71.4%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			7,011	1.1%
	Ramius Capital			7,071	1.2%
	Total			$14,082
	%			2.3%
	Target Range			0 - 10%
Real Estate	RREEF America II			21,712	3.5%
	TA Realty Fund III			5,293	0.9%
	TA Realty Fund IV			2,730	0.4%
	TA Realty Fund V			14,780	2.4%
	Total			$44,515
	%			7.2%
	Target Range			0 - 10%
Fixed	Capital Guardian			62,217	10.1%
Income	Pacific Investment			54,724	8.9%
	Total			$116,941
	%			19%
	Target Range			17.5 - 27.5%
	Fund			$614,051	100%
	Gifts - to be allocated			10,973
	Total Fund			$625,024

Notes:

1. All amounts are U.S. Dollars; all amounts are market value.
2. Percentages shown are on the base of invested assets; i.e., they do not include the gifts to be allocated.

Reviewed 2011-03-22.