December 31, 2004 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$85,121	$1,394	$86,515	12.6%
	AllianceBernstein	82,349	3,668	86,017	12.5%
	Artisan Partners	35,797	0	35,797	5.2%
	Fidelity Management	78,857	4,855	83,712	12.2%
	TCW Asset Mgmt	32,507	0	32,507	4.7%
	Capital Guardian- Int'l	0	89,896	89,896	13.1%
	TT International	0	46,395	46,395	6.8%
	Cap Guardian- Emerg	0	22,254	22,254	3.2%
	Templeton Inv- Emerg	0	23,726	23,726	3.5%
	Total	$314,631	$192,188	$506,819
	%	45.9%	28.0%	73.9%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives: Hedge Fds	DKR Capital			7,408	1.1%
	Ramius Capital			7,383	1.1%
	Total			$14,791
	%			2.2%
	Target Range			0 - 5%
Alternatives: Private Eq	Vectis Life Sci I			230	0.0%
				0	0.0%
	Total			$230
	%			0.0%
	Target Range			0 - 5%
Real Estate	RREEF America II			24,279	3.5%
	TA Realty Fund III			1,436	0.2%
	TA Realty Fund IV			1,822	0.3%
	TA Realty Fund V			14,004	2.0%
	Total			$41,541
	%			6.1%
	Target Range			0 - 10%
Fixed	Capital Guardian			62,749	9.1%
Income	Pacific Investment			59,752	8.7%
	Total			$122,501
	%			17.9%
	Target Range			17.5 - 27.5%
	Fund			$685,882	100%
	Gifts - to be allocated			4,493
	Total Fund			$690,375

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.