March 31, 2005 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$79,908	$1,745	$81,653	12.1%
	AllianceBernstein	82,081	3,328	85,409	12.6%
	Artisan Partners	34,210	0	34,210	5.1%
	Fidelity Management	78,563	3,954	82,517	12.2%
	TCW Asset Mgmt	32,676	0	32,676	4.8%
	Capital Guardian- Int'l	0	89,037	89,037	13.1%
	TT International	0	45,590	45,590	6.7%
	Cap Guardian- Emerg	0	22,714	22,714	3.4%
	Templeton Inv- Emerg	0	24,158	24,158	3.6%
	Total	$307,438	$190,526	$497,964
	%	45.4%	28.1%	73.5%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives: Hedge Fds	DKR Capital			7,565	1.1%
	Ramius Capital			7,500	1.1%
	Total			$15,065
	%			2.2%
	Target Range			0 - 5%
Alternatives: Private Eq	Vectis Life Sci I			402	0.1%
				0	0.0%
	Total			$402
	%			0.1%
	Target Range			0 - 5%
Real Estate	RREEF America II			24,755	3.7%
	TA Realty Fund III			1,332	0.2%
	TA Realty Fund IV			1,834	0.3%
	TA Realty Fund V			14,080	2.1%
	Total			$42,001
	%			6.2%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			61,320	9.1%
	Pacific Investment			60,346	8.9%
	Total			$121,666
	%			18.0%
	Target Range			17.5 - 27.5%
	Fund			$677,098	100.0%
	Funds for annual distribution			18,766
	Total Fund			$695,864

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.