June 30, 2003 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$62,725	$1,342	$64,067	11.6%
	AllianceBernstein	68,162	465	68.627	12.4%
	Fidelity Management	66,914	324	67,238	12.2%
	PIMCO Eq- Sm Cap	21,712	225	21,937	4%
	TCW Asset Mgmt	21,326	0	21,326	3.9%
	Capital Guardian- Int'l	0	68.277	68,277	12.9%
	TT International	0	37,646	37,646	6.9%
	Cap Guardian- Emerg	0	14,003	14,003	2.5%
	Templeton Inv- Emerg	0	14,034	14,034	2.5%
	Total	$240,839	$136,316	$377,155
	%	43.5%	24.6%	68.2%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			6,663	1.2%
	Ramius Capital			6,748	1.2%
	Total			$13,411
	%			2.4%
	Target Range			0 - 10%
Real Estate	RREEF America II			20,871	3.8%
	TA Realty Fund III			4,699	.8%
	TA Realty Fund IV			2,741	0.5%
	TA Realty Fund V			14,798	2.7%
	Total			$43,109
	%			7.8%
	Target Range			0 - 10%
Fixed	Capital Guardian			61,875	11.2%
Income	Pacific Investment			57,618	10.4%
	Total			$119,493
	%			21.6%
	Target Range			17.5 - 27.5%
	Fund			$553,168	100%
	Gifts - to be allocated			14,142
	Total Fund			$567,310

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 funds for the annual distribution.

Reviewed 2011-03-22.