March 31 , 2004 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$75,280	$955	$76,235	11.7%
	AllianceBernstein	75,470	3,311	78,781	12.1%
	Artisan Partners	30,943	284	31,227	4.8%
	Fidelity Management	76,255	2,071	78,326	12.0%
	TCW Asset Mgmt	30,768	0	30,768	4.7%
	Capital Guardian- Int'l	0	82,327	82,327	12.6%
	TT International	0	48,344	48,344	7.4%
	Cap Guardian- Emerg	0	20,116	20,116	3.1%
	Templeton Inv- Emerg	0	20,061	20,061	3.1%
	Total	$288,716	$177,469	$466,185
	%	44.2%	27.2%	71.3%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			7,215	1.1%
	Ramius Capital			7,297	1.1%
	Total			$14,512
	%			2.2%
	Target Range			0 - 10%
Real Estate	RREEF America II			22,355	3.4%
	TA Realty Fund III			2,771	0.4%
	TA Realty Fund IV			2,104	0.3%
	TA Realty Fund V			14,572	2.2%
	Total			$41,802
	%			6.4%
	Target Range			0 - 10%
Fixed	Capital Guardian			68,511	10.5%
Income	Pacific Investment			62,527	9.6%
	Total			$131,038
	%			20.1%
	Target Range			17.5 - 27.5%
	Fund			$653,537	100%
	Gifts - to be allocated			2,679
	Total Fund			$656,216

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.