Sept. 30, 2004 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$73,458	$363	$73,821	11.9%
	AllianceBernstein	74,325	4,310	78,635	12.7%
	Artisan Partners	31,233	0	31,233	5.1%
	Fidelity Management	75,125	2,813	77,938	12.6%
	TCW Asset Mgmt	28,733	0	28,733	4.6%
	Capital Guardian- Int'l	0	74,048	74,048	12.0%
	TT International	0	40,747	40,747	6.6%
	Cap Guardian- Emerg	0	19,277	19,277	3.1%
	Templeton Inv- Emerg	0	20,432	20,432	2.3%
	Total	$282,874	$161,990	$444,864
	%	45.8%	26.2%	72.0%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives: Funds of Funds and Absolute Return	DKR Capital			7,267	1.2%
	Ramius Capital			7,320	1.2%
	Total			$14,587
	%			2.4%
	Target Range			0 - 10%
Real Estate	RREEF America II			23,524	3.8%
	TA Realty Fund II			1,849	0.3%
	TA Realty Fund IV			1,891	0.3%
	TA Realty Fund V			14,510	2.3%
	Total			$41,774
	%			6.8%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			58,459	9.5%
	Pacific Investment			58,306	9.4%
	Total			$116,765
	%			18.9%
	Target Range			17.5 - 27.5%
	Fund			$617,990	100.0%
	Gifts - to be allocated and rebalancing			6,566
	Total Fund			$624,556

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 gift funds to be allocated.

Reviewed 2011-04-13.