March 31, 2008 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$70,452	$4,641	$75,093	7.3%
	AllianceBernstein	38,204	6,526	44,730	4.4%
	American Century	42,127	2,417	44,544	4.3%
	Artisan Partners	46,765	2,063	48,828	4.8%
	EARNEST Partners	63,692	0	63,692	6.2%
	GAMCO Investors	48,135	2,167	50,302	4.9%
	TCW Asset Mgmt	15,311	1,290	16,601	1.6%
	AllianceBernstein- Int'l	0	56,464	56,464	5.5%
	Capital Guardian- Int'l	0	88,363	88,363	8.6%
	JP Morgan	0	57,932	57,932	5.7%
	Cap Guardian- Emerg	0	40,857	40,857	4.0%
	Templeton Inv- Emerg	0	30,416	30,416	3.0%
	Total	$324,686	$293,136	$617,822
	%	31.7%	28.6%	60.3%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%
Alternatives: Abs Return	Bridgewater			12,847	1.3%
	Ramius Capital			13,109	1.3%
	Total			$25,956
	%			2.5%
	Target Range			0 - 10%
Alternatives:  Private Eq	Cerberus Series Four			4,243	0.4%
	Crosslink Crossover V			5,000	0.5%
	JF Lehman Equity II			646	0.1%
	MidOcean III-A			756	0.1%
	Oakwood V			485	0.0%
	Quadrangle Cap II			1,358	0.1%
	RiverVest II			203	0.0%
	Thompson Street II			250	0.0%
	Vectis Life Sci I			1,039	0.1%
	Vestar Capital V			2,322	0.2%
	Warburg Pincus X			1,514	0.1%
	Welsh Carson X			2,478	0.2%
	Total			$20,294
	%			2.0%
	Target Range			0 - 10%
Real Estate	RREEF America II			29,345	2.9%
	TA Realty Fund V			9,104	0.9%
	TA Realty Fund VIII			20,610	2.0%
	Total			$59,059
	%			5.8%
	Target Range			2.5 - 12.5%
Fixed Income	Capital Guardian			104,006	10.2%
	PIMCO Global F.I.			99,543	9.7%
	Total			$203,549
	%			19.9%
	Target Range			12 - 22%
TIPS	NISA TIPS			48,658	4.7%
	PIMCO TIPS			49,110	4.8%
	Total			$97,768
	%			9.5%
	Target Range			2 - 12%
	Fund			$1,024,448	100.0%
	Gifts - to be allocated			22,329
	Total Investments in Balanced Pool			$1,046,777
	Less - Cash Management Endowment			(120,099)
	Total Endowment			$926,678

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.