Sept. 30, 2008 Asset Allocation ($ thousands)

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

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$71,956	$5,405	$77,361	7.8%
	AllianceBernstein	42,912	6,153	49,065	4.9%
	American Century	50,760	2,360	53,120	5.3%
	Artisan Partners	40,801	3,608	44,409	4.5%
	EARNEST Partners	55,297	0	55,297	5.6%
	GAMCO Investors	55,573	1,769	57,342	5.8%
	AllianceBernstein- Int'l	0	57,491	57,491	5.8%
	Capital Guardian- Int'l	0	78,871	78,871	7.9%
	JP Morgan	0	46,150	46,150	4.6%
	Cap Guardian- Emerg	0	29,653	29,653	3.0%
	Templeton Inv- Emerg	0	23,625	23,625	2.4%
	Total	$317,299	$255,085	$572,384
	%	31.9%	25.7%	57.6%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%
Alternatives: Funds of Funds and Absolute Return	Bridgewater			12,223	1.2%
	Corbin Capital			14,500	1.5%
	Ramius Capital			12,623	1.3%
	Total			$39,346
	%			4.0%
	Target Range			0 - 10%
Alternatives:  Private Equity	Cerberus Series Four			5,343	0.5%
	Crosslink Crossover V			4,970	0.5%
	JF Lehman Equity II			1,065	0.1%
	MidOcean III-A			719	0.1%
	Oakwood V			462	0.0%
	Quadrangle Cap II			1,739	0.2%
	RiverVest II			383	0.0%
	Thompson Street II			420	0.0%
	Vectis Life Sci I			1,262	0.1%
	Vestar Capital V			2,241	0.2%
	Warburg Pincus X			2,207	0.2%
	Welsh Carson X			2,729	0.3%
	Total			$23,540
	%			2.4%
	Target Range			0 - 10%
Real Estate	RREEF America II			27,820	2.8%
	TA Realty Fund V			7,685	0.8%
	TA Realty Fund VIII			24,364	2.5%
	Total			$59,869
	%			6.0%
	Target Range			2.5 - 12.5%
Fixed Income	Capital Guardian			100,499	10.1%
	PIMCO Global F.I.			99,784	10.0%
	Total			$200,283
	%			20.2%
	Target Range			12 - 22%
TIPS	NISA TIPS			46,827	4.7%
	PIMCO TIPS			51,274	5.2%
	Total			$98,101
	%			9.9%
	Target Range			2 - 12%
	Fund			$993,523	100.0%
	Gifts - to be allocated and rebalancing			69,007
	Total Investments in Balanced Pool			$1,062,530
	Less - Cash Management Endowment			(262,674)
	Total Endowment			$799,856

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.