b'Asset Allocation Summary ($ amount, %)U.S. Large Cap Equities:$19,568,177 - 0.1%Cash Alternatives: $10,538,611 - 20.5%U.S. Fixed Income: $11,977,874 - 23.3%Emerging Markets Equities:U.S. Mid Cap Equities:$1,576,464 - 3.1% $1,265,835 - 2.5%Alternative Investments:U.S. Small Cap Equities: $33,259 - 0.1% $2,843,698 - 5.5%Developed Markets ex-US Equities: $3,602,452 - 7.0%Asset Allocation Total:$51,406,371-100%Heidelbergs Asset Allocation Mix as Compared withInvestment PrinciplesNational Averages (Asset Allocation %) Fund assets shall be invested with skill, care and prudence, under the 60% prevailing circumstances that a 49.2 prudent person acting in a like50% 45.7 capacity, and familiar with such 43.240% matters, would use in the investment of a fund of like character and 30% objectives. !e investment portfolio 21.9 23.8 shall be diversied to minimize 20% 20.1 20.013.2 14.6 the risk of large losses, unless 11.3 8.5 9.0 circumstances at any given point in 10% 5.5 7.03.5 3.3 time indicate that diversication is 0.0 0.0 clearly imprudent. Assets will be fully U.S. Equities Total RealFixed Income Non-U.S.Alternative CashAssets Equities invested at all times; idle cash will be invested in money market funds or Q All Endowments Q $51M-$100M Endowments Q Heidelberg other short-term instruments. 4'