Retirement Fund - December 31, 2005 Asset Allocation

December 31, 2005 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$222,107	$18,443	$240,550	10.0%
	AllianceBernstein	157,131	136,651	293,782	12.2%
	American Century	149,708	7,443	157,151	6.5%
	Artisan Partners	106,872	15,157	122,029	5.1%
	EARNEST Partners	161,025	1,181	162,206	6.8%
	GAMCO Investors	157,635	2,459	160,094	6.7%
	TCW Asset Mgmt	86,549	2,436	88,985	3.7%
	Capital Guardian- Int'l	0	239,242	239,242	10.0%
	JP Morgan	0	144,808	144,808	6.0%
	Cap Guardian- Emerg	0	99,938	99,938	4.2%
	Templeton Inv- Emerg	0	68,663	68,663	2.9%
	Total	$1,041,027	$736,421	$1,777,448
	%	43.3%	30.6%	74.0%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives:  Hedge Fds	Bridgewater (to be funded in January 2006)			0	0.0%
	Ramius Capital			25,473	1.1%
	Total			$25,473
	%			1.1%
	Target Range			0 - 5%
Alternatives:  Private Eq	Quadrangle Cap II			941	0.0%
	Vectis Life Sci I			1,605	0.1%
	Welsh Carson			2,166	0.1%
	Total			$4,712
	%			0.2%
	Target Range			0 - 5%
Real Estate	RREEF America II			88,630	3.7%
	TA Realty Fund III			6,359	0.3%
	TA Realty Fund IV			7,183	0.3%
	TA Realty Fund V			28,730	1.2%
	Total			$130,902
	%			5.4%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			231,454	9.6%
	Pacific Investment			232,740	9.7%
	Total			$464,194
	%			19.3%
	Target Range			17.5 - 27.5%
	Fund			$2,402,729	100.0%
	Cash for benefit payments & funding Bridgewater			48,531
	Total Fund			$2,451,260

 

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.