June 30 , 2006 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$81,340	$7,717	$89,057	10.9%
	AllianceBernstein	61,527	4,173	65,700	8.1%
	American Century	60,635	3,118	63,753	7.8%
	Artisan Partners	43,332	2,409	45,741	5.6%
	EARNEST Partners	63,304	465	63,769	7.8%
	TCW Asset Mgmt	34,046	967	35,013	4.3%
	Capital Guardian- Int'l	0	113,733	113,733	14.0%
	JP Morgan	0	57,329	57,329	7.0%
	Cap Guardian- Emerg	0	24,979	24,979	3.1%
	Templeton Inv- Emerg	0	22,716	22,716	2.8%
	Total	$344,184	$237,606	$581,790
	%	42.3%	29.2%	71.5%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives: Abs Return	Bridgewater			7,314	0.9%
	Ramius Capital			8,399	1.0%
	Total			$15,713
	%			1.9%
	Target Range			0 - 5%
Alternatives:  Private Eq	Quadrangle Cap II			443	0.1%
	Vectis Life Sci I			615	0.1%
	Vestar Capital			465	0.1%
	Welsh Carson			725	0.1%
	Total			$2,248
	%			0.3%
	Target Range			0 - 5%
Real Estate	RREEF America II			27,178	3.3%
	TA Realty Fund IV			847	0.1%
	TA Realty Fund V			14,133	1.7%
	Total			$42,158
	%			5.2%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			86,703	10.7%
	Pacific Investment			85,398	10.5%
	Total			$172,101
	%			21.1%
	Target Range			17.5 - 27.5%
	Fund			$814,010	100.0%
	Funds for annual distribution			18,299
	Total Fund			$832,309

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 2011-03-22.