June 30, 2008 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$73,037	$4,295	$77,332	7.7%
	AllianceBernstein	35,647	6,440	42,087	4.2%
	American Century	39,493	2,210	41,703	4.1%
	Artisan Partners	44,342	2,268	46,610	4.6%
	EARNEST Partners	61,506	0	61,506	6.1%
	GAMCO Investors	46,501	1,893	48,394	4.8%
	TCW Asset Mgmt	15,643	1,555	17,198	1.7%
	AllianceBernstein- Int'l	0	55,504	55,504	5.5%
	Capital Guardian- Int'l	0	88,866	88,866	8.8%
	JP Morgan	0	56,980	56,980	5.6%
	Cap Guardian- Emerg	0	39,426	39,426	3.9%
	Templeton Inv- Emerg	0	29,993	29,993	3.0%
	Total	$316,169	$289,430	$605,599
	%	31.3%	28.7%	60.0%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%
Alternatives: Abs Return	Bridgewater			12,733	1.3%
	Ramius Capital			13,085	1.3%
	Total			$25,818
	%			2.6%
	Target Range			0 - 10%
Alternatives:  Private Eq	Cerberus Series Four			5,343	0.5%
	Crosslink Crossover V			5,000	0.5%
	JF Lehman Equity II			1,065	0.1%
	MidOcean III-A			778	0.1%
	Oakwood V			477	0.0%
	Quadrangle Cap II			1,545	0.2%
	RiverVest II			383	0.0%
	Thompson Street II			257	0.0%
	Vectis Life Sci I			1,154	0.1%
	Vestar Capital V			2,176	0.2%
	Warburg Pincus X			2,099	0.2%
	Welsh Carson X			2,622	0.3%
	Total			$22,899
	%			2.3%
	Target Range			0 - 10%
Real Estate	RREEF America II			29,202	2.9%
	TA Realty Fund V			8,334	0.8%
	TA Realty Fund VIII			20,630	2.0%
	Total			$58,166
	%			5.8%
	Target Range			2.5 - 12.5%
Fixed Income	Capital Guardian			100,943	10.0%
	PIMCO Global F.I.			98,420	9.8%
	Total			$199,363
	%			19.8%
	Target Range			12 - 22%
TIPS	NISA TIPS			48,470	4.8%
	PIMCO TIPS			49,004	4.9%
	Total			$97,474
	%			9.7%
	Target Range			2 - 12%
	Fund			$1,009,319	100.0%
	Gifts - to be allocated			29,649
	Total Investments in Balanced Pool			$1,038,968
	Less - Cash Management Endowment			(118,105)
	Total Endowment			$920,863

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.