Retirement Fund - March 31, 2004 Asset Allocation

March 31, 2004 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$176,285	$2,531	$178,816	8.5%
	AllianceBernstein	113,245	106,618	219,863	10.5%
	Artisan Partners	96,647	881	97,528	4.7%
	Fidelity Management	260,289	7,083	267,372	12.8%
	GAMCO Investors	212,269	5,541	217,810	10.4%
	TCW Asset Mgmt	82,360	0	82,360	3.9%
	Capital Guardian- Int'l	0	183,802	183,802	8.8%
	TT International	0	122,530	122,530	5.8%
	Cap Guardian- Emerg	0	76,791	76,791	3.7%
	Templeton Inv- Emerg	0	78,646	78,646	3.8%
	Total	$941,095	$584,423	$1,525,518
	%	44.9%	27.9%	72.8%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			23,900	1.1%
	Ramius Capital			24,173	1.2%
	Total			$48,073
	%			2.3%
	Target Range			0 - 10%
Real Estate	RREEF America II			74,865	3.6%
	TA Realty Fund III			18,011	0.9%
	TA Realty Fund IV			13,670	0.7%
	TA Realty Fund V			32,265	1.5%
	Total			$138,811
	%			6.6%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			197,573	9.4%
	Pacific Investment			186,501	8.9%
	Total			$384,074
	%			18.3%
	Target Range			17.5 - 27.5%
	Fund			$2,096,476
	Cash for benefit payments			306
	Total Fund			$2,096,782

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 cash for benefit payments.

Reviewed 2011-02-22.