December 31, 2007 Asset Allocation ($ thousands)

Sector		U.S.	Int'l	Total	%
		Asset Allocation
Equity	Alliance Capital	$80,346	$4,932	$85,278	8.8%
	AllianceBernstein	37,410	6,399	43,809	4.5%
	American Century	39,075	2,204	41,279	4.3%
	Artisan Partners	44,912	1,638	46,550	4.8%
	EARNEST Partners	71,161	0	71,161	7.3%
	GAMCO Investors	54,919	1,752	56,671	5.8%
	TCW Asset Mgmt	16,520	1,113	17,633	1.8%
	AllianceBernstein- Int'l	0	49,171	49,171	5.1%
	Capital Guardian- Int'l	0	84,693	84,693	8.7%
	JP Morgan	0	49,242	49,242	5.1%
	Cap Guardian- Emerg	0	43,871	43,871	4.5%
	Templeton Inv- Emerg	0	35,914	35,914	3.7%
	Total	$344,343	$280,929	$625,272
	%	35.5%	29.0%	64.5%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%

Alternatives: Funds of Funds and Absolute Return	Bridgewater			11,526	1.2%
	Ramius Capital			13,247	1.4%
	Total			$24,773
	%			2.6%
	Target Range			0 - 10%

Alternatives: Private Equity	Cerberus Series Four			4,435	0.5%
	Crosslink Crossover V			5,000	0.5%
	JF Lehman Equity II			808	0.1%
	MidOcean III-A			782	0.1%
	Oakwood V			501	0.1%
	Quadrangle Cap II			1,358	0.1%
	RiverVest II			203	0.0%
	Thompson Street II			253	0.0%
	Vectis Life Sci I			981	0.1%
	Vestar Capital V			1,638	0.2%
	Warburg Pincus X			1,091	0.1%
	Welsh Carson X			2,405	0.2%
	Total			$23,540
	%			2.4%
	Target Range			0 - 10%

Real Estate	RREEF America II			29,481	3.0%
	TA Realty Fund V			8,835	0.9%
	TA Realty Fund VIII			17,459	1.8%
	Total			$55,775
	%			5.8%
	Target Range			2.5 - 12.5%

Fixed Income	Capital Guardian			89,971	9.3%
	PIMCO Global F.I.			85,513	8.8%
	Total			$175,484
	%			18.1%
	Target Range			12 - 22%

TIPS	NISA TIPS			34,158	3.5%
	PIMCO TIPS			33,784	3.5%
	Total			$67,942
	%			7.0%
	Target Range			2 - 12%

	Fund			$968,701	100.0%
	Gifts - to be allocated and rebalancing			31,081
	Total Fund			$999,782

All amounts are U.S. dollars; all amounts are market value
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.