ASSET ALLOCATION

In their presentation, Capital Guardian has been requested to comment on the Foundation's current asset allocation targets, especially the 22% allocation to foreign stocks.

As noted on page two, the foreign stock actual allocation is underweighted by -2.67% and the U.S. Small/Mid Cap actual allocation is overweighted by 4.10% at September 30, 2000. These amounts are within the established plus or minus 5% range. However, depending on Capital Guardian's comments, consideration may be given to reducing the current foreign stock allocation from 22% to 20% and increasing the U.S. Small/Mid Cap allocation from 18% to 20%.

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