Retirement Fund - June 30, 2005 Asset Allocation

June 30, 2005 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$201,102	$4,226	$205,328	9.1%
	AllianceBernstein	151,565	129,097	280,662	12.5%
	American Century	142,896	7,100	149,996	6.7%
	Artisan Partners	109,037	0	109,037	4.9%
	EARNEST Partners	153,566	0	153,566	6.8%
	GAMCO Investors	155,787	2,920	158,707	7.1%
	TCW Asset Mgmt	83,560	0	83,560	3.7%
	Capital Guardian- Int'l	0	198,260	198,260	8.8%
	JP Morgan	0	125,647	125,647	5.6%
	Cap Guardian- Emerg	0	91,834	91,834	4.1%
	Templeton Inv- Emerg	0	99,413	99,413	4.4%
	Total	$997,513	$658,497	$1,656,010
	%	44.4%	29.3%	73.8%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives: Hedge Fds	DKR Capital			22,858	1.0%
	Ramius Capital			24,637	1.1%
	Total			$47,495
	%			2.1%
	Target Range			0 - 5%
Alternatives: Private Eq	Vectis Life Sci I			1,173	0.1%
				0	0.0%
	Total			$1,173
	%			0.1%
	Target Range			0 - 5%
Real Estate	RREEF America II			84,613	3.8%
	TA Realty Fund III			8,636	0.4%
	TA Realty Fund IV			8,301	0.4%
	TA Realty Fund V			30,774	1.4%
	Total			$132,324
	%			5.9%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			206,227	9.2%
	Pacific Investment			201,267	9.0%
	Total			$407,494
	%			18.2%
	Target Range			17.5 - 27.5%
	Fund			$2,244,496	100.0%
	Cash for benefit payments			3,040
	Total Fund			$2,247,536

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.