March 31, 2003 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$56,069	$1,145	$57,214	11.6%
	AllianceBernstein	58,408	457	58,865	11.9%
	Fidelity Management	59,055	650	59,705	12.1%
	PIMCO Eq- Sm Cap	16,143	714	16,857	3.4%
	TCW Asset Mgmt	17,380	0	17,380	3.5%
	Capital Guardian- Int'l	0	57,419	57,419	11.6%
	TT International	0	30,985	30,985	6.3%
	Cap Guardian- Emerg	0	11,422	11,422	2.3%
	Templeton Inv- Emerg	0	11,614	11,614	2.4%
	Total	$207,055	$114,406	$321,461
	%	42%	23.2%	65.1%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			6,601	1.3%
	Ramius Capital			6,633	1.3%
	Total			$13,234
	%			2.7%
	Target Range			0 - 10%
Real Estate	RREEF America II			20,451	4.1%
	TA Realty Fund III			5,162	1%
	TA Realty Fund IV			2,725	0.6%
	TA Realty Fund V			14,551	2.9%
	Total			$42,889
	%			8.7%
	Target Range			0 - 10%
Fixed	Capital Guardian			59,174	12%
Income	Pacific Investment			56,722	11.5%
	Total			$115,896
	%			23.5%
	Target Range			17.5 - 27.5%
	Fund			$493,480	100%
	Gifts - to be allocated			11,268
	Total Fund			$504,748

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.