December 31, 2005 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$88,291	$7,621	$95,912	12.4%
	AllianceBernstein	59,196	4,143	63,339	8.2%
	American Century	58,052	2,888	60,940	7.9%
	Artisan Partners	36,909	1,558	38,467	5.0%
	EARNEST Partners	62,436	457	62,893	8.1%
	TCW Asset Mgmt	32,437	911	33,348	4.3%
	Capital Guardian- Int'l	0	106,549	106,549	13.8%
	JP Morgan	0	51,964	51,964	6.7%
	Cap Guardian- Emerg	0	30,789	30,789	4.0%
	Templeton Inv- Emerg	0	21,386	21,386	2.8%
	Total	$337,321	$228,266	$565,587
	%	43.6%	29.5%	73.2%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives: Funds of Funds and Absolute Return	Bridgewater (to be funded in January 2006)			0	0.0%
	Ramius Capital			7,690	1.0%
	Total			$7,690
	%			1.0%
	Target Range			0 - 5%
Alternatives:  Private Equity	Quadrangle Cap II			281	0.0%
	Vectis Life Sci I			480	0.1%
	Welsh Carson			684	0.1%
	Total			$1,445
	%			2.2%
	Target Range			0 - 5%
Real Estate	RREEF America II			26,466	3.4%
	TA Realty Fund III			979	0.1%
	TA Realty Fund IV			1,107	0.1%
	TA Realty Fund V			12,978	1.7%
	Total			$41,530
	%			5.4%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			78,287	10.1%
	Pacific Investment			78,466	10.2%
	Total			$156,753
	%			20.3%
	Target Range			17.5 - 27.5%
	Fund			$773,005	100.0%
	Total Investments in Balanced Pool			$1,062,530
	Total Fund			$785,138

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.