June 30, 2007 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$95,895	$6,044	$101,939	10.6%
	AllianceBernstein	73,236	7,694	80,930	8.4%
	American Century	75,154	4,116	79,270	8.2%
	Artisan Partners	50,454	1,528	51,982	5.4%
	EARNEST Partners	76,337	473	76,810	8.0%
	TCW Asset Mgmt	38,852	2,796	41,648	4.3%
	Capital Guardian- Int'l	0	131,731	131,731	13.6%
	JP Morgan	0	64,721	64,721	6.7%
	Cap Guardian- Emerg	0	37,988	37,988	3.9%
	Templeton Inv- Emerg	0	31,750	31,750	3.3%
	Total	$409,928	$288,841	$698,769
	%	42.5%	29.9%	72.4%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%
Alternatives: Abs Return	Bridgewater			10,918	1.1%
	Ramius Capital			13,514	1.4%
	Total			$24,432
	%			2.5%
	Target Range			0 - 10%
Alternatives:  Private Eq	Cerberus Series Four			2,650	0.3%
	JF Lehman Equity II			887	0.1%
	MidOcean III-A			992	0.1%
	Quadrangle Cap II			852	0.1%
	RiverVest II			203	0.0%
	Thompson Street II			65	0.0%
	Vectis Life Sci I			900	0.1%
	Vestar Capital V			1,481	0.2%
	Welsh Carson X			1,841	0.2%
	Total			$9,871
	%			1.0%
	Target Range			0 - 10%
Real Estate	RREEF America II			27,667	2.9%
	TA Realty Fund V			10,429	1.1%
	Total			$38,096
	%			3.9%
	Target Range			2.5 - 12.5%
Fixed Income	Capital Guardian			98,312	10.2%
	Pacific Investment			96,071	9.9%
	Total			$194,383
	%			20.1%
	Target Range			12 - 22%
TIPS	Total			0
	%			0.0%
	Target Range			2 - 12%
	Fund			$965,551	100.0%
	Funds for annual distribution			20,787
	Total Fund			$986,338

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.