Retirement Fund - March 31, 2005 Asset Allocation

March 31, 2005 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$174,278	$3,837	$178,115	8.0%
	AllianceBernstein	124,260	126,618	250,878	11.3%
	Artisan Partners	106,946	0	106,946	4.8%
	Fidelity Management	250,101	12,523	262,624	11.8%
	GAMCO Investors	234,009	2,752	236,761	10.7%
	TCW Asset Mgmt	87,528	0	87,528	3.9%
	Capital Guardian- Int'l	0	199,994	199,994	9.0%
	TT International	0	127,281	127,281	5.7%
	Cap Guardian- Emerg	0	86,710	86,710	3.9%
	Templeton Inv- Emerg	0	95,763	95,763	4.3%
	Total	$977,122	$655,478	$1,632,600
	%	44.0%	29.5%	73.5%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives: Hedge Fds	DKR Capital			25,061	1.1%
	Ramius Capital			24,846	1.1%
	Total			$49,907
	%			2.2%
	Target Range			0 - 5%
Alternatives: Private Eq	Vectis Life Sci I			1,348	0.1%
				0	0.0%
	Total			$1,348
	%			0.1%
	Target Range			0 - 5%
Real Estate	RREEF America II			82,902	3.7%
	TA Realty Fund III			8,657	0.4%
	TA Realty Fund IV			11,919	0.5%
	TA Realty Fund V			31,177	1.4%
	Total			$134,655
	%			6.1%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			207,525	9.3%
	Pacific Investment			195,508	8.8%
	Total			$403,033
	%			18.1%
	Target Range			17.5 - 27.5%
	Fund			$2,221,543	100.0%
	Cash for benefit payments			185
	Total Fund			$2,221,728

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.