ALTERNATIVE INVESTMENT OPPORTUNITIES

The following alternative investment opportunities have been presented to the Foundation for consideration:

Fund Name	Fund Type

Insurance Partners II, L.P.	Limited partnership with focus on the insurance, financial and healthcare services industries

In SITE S&P Fund, L.L.C.	Private commodity pool. Speculative trading of S&P stock index futures, etc.

Goldman Sachs	Hedge Fund -- Fund of Funds

Performance Partners

Acorn Partners	Hedge Fund -- Fund of Funds

Ghiandra Advisory	Hedge Fund -- Fund of Funds

Capital L.P.	(Higher risk)

Summary information about the above investments are included on the following pages.

Investment recommendations will be presented at the Investment Committee meeting pending receipt of certain additional information.