Retirement Fund - September 30, 2004 Asset Allocation

September, 2004 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$172,472	$854	$173,326	8.4%
	AllianceBernstein	111,746	112,867	224,613	10.9%
	Artisan Partners	97,593	0	97,593	4.7%
	Fidelity Management	240,347	8,967	249,314	12.1%
	GAMCO Investors	216,534	4,805	221,339	10.7%
	TCW Asset Mgmt	76,974	0	76,974	3.7%
	Capital Guardian- Int'l	0	177,719	177,719	8.6%
	TT International	0	113,731	113,731	5.5%
	Cap Guardian- Emerg	0	73,589	73,589	3.6%
	Templeton Inv- Emerg	0	80,367	80,367	3.9%
	Total	$915,666	$572,899	$1,488,565
	%	44.5%	27.8%	72.3%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives	DKR Capital			24,073	1.2%
	Ramius Capital			24,249	1.2%
	Total			$48,322
	%			2.3%
	Target Range			0 - 10%
Real Estate	RREEF America II			78,783	3.8%
	TA Realty Fund III			12,011	0.6%
	TA Realty Fund IV			12,288	0.6%
	TA Realty Fund V			32,127	1.6%
	Total			$135,209
	%			6.6%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			197,965	9.6%
	Pacific Investment			189,031	9.2%
	Total			$386,996
	%			18.8%
	Target Range			17.5 - 27.5%
	Fund			$2,059,092	100.0%
	Cash for benefit payments			334
	Total Fund			$2,059,426

 

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.