March 31, 2007 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$89,736	$6,632	$96,368	10.5%
	AllianceBernstein	68,762	7,423	76,185	8.3%
	American Century	70,478	3,532	74,010	8.1%
	Artisan Partners	46,435	1,615	48,050	5.3%
	EARNEST Partners	70,646	479	71,125	7.8%
	TCW Asset Mgmt	36,829	2,676	39,505	4.3%
	Capital Guardian- Int'l	0	122,955	122,955	13.4%
	JP Morgan	0	60,515	60,515	6.6%
	Cap Guardian- Emerg	0	33,056	33,056	3.6%
	Templeton Inv- Emerg	0	28,046	28,046	3.1%
	Total	$382,886	$266,929	$649,815
	%	41.9%	29.2%	71.0%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%
Alternatives: Abs Return	Bridgewater			10,615	1.2%
	Ramius Capital			12,882	1.4%
	Total			$23,497
	%			2.6%
	Target Range			0 - 10%
Alternatives:  Private Eq	Cerberus Series Four			1,000	0.1%
	JF Lehman Equity II			567	0.1%
	MidOcean III-A			772	0.1%
	Quadrangle Cap II			706	0.1%
	RiverVest II			240	0.0%
	Thompson Street II			57	0.0%
	Vectis Life Sci I			815	0.1%
	Vestar Capital V			1,144	0.1%
	Welsh Carson X			994	0.1%
	Total			$6,295
	%			0.7%
	Target Range			0 - 10%
Real Estate	RREEF America II			27,159	3.0%
	TA Realty Fund V			11,726	1.3%
	Total			$38,885
	%			4.3%
	Target Range			2.5 - 12.5%
Fixed Income	Capital Guardian			98,785	10.8%
	Pacific Investment			97,339	10.6%
	Total			$196,124
	%			21.4%
	Target Range			12 - 22%
TIPS	Total			0	0.0%
	%			0.0%
	Target Range			2 - 12%
	Fund			$914,616	100.0%
	Gifts- to be allocated			13,551
	Total Fund			$928,167

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.