Retirement Fund - December 31, 2006 Asset Allocation

December 31, 2006 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$221,873	$18,952	$240,825	8.8%
	AllianceBernstein	186,943	171,477	358,420	13.1%
	American Century	181,349	9,131	190,480	7.0%
	Artisan Partners	143,156	8,451	151,607	5.5%
	EARNEST Partners	184,206	1,298	185,504	6.8%
	GAMCO Investors	192,175	4,032	196,207	7.2%
	TCW Asset Mgmt	94,584	6,436	101,020	3.7%
	Capital Guardian- Int'l	0	263,072	263,072	9.6%
	JP Morgan	0	167,881	167,881	6.1%
	Cap Guardian- Emerg	0	97,529	97,529	3.6%
	Templeton Inv- Emerg	0	81,643	81,643	3.0%
	Total	$1,204,286	$829,902	$2,034,188
	%	43.9%	30.3%	74.2%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives:  Abs Return	Bridgewater			22,791	0.8%
	Ramius Capital			28,507	1.0%
	Total			$51,298
	%			1.9%
	Target Range			0 - 5%
Alternatives:  Private Eq	Cerberus Series Four			1000	0.0%
	JF Lehman Equity II			1,070	0.0%
	Quadrangle Cap II			2,151	0.1%
	RiverVest II			285	0.0%
	Vectis Life Sci I			2,429	0.1%
	Vestar Capital V			2,908	0.0%
	Welsh Carson X			3,033	0.1%
	Total			$12,876
	%			0.5%
	Target Range			0 - 5%
Real Estate	RREEF America II			91,815	3.4%
	TA Realty Fund IV			3,137	0.1%
	TA Realty Fund V			23,511	0.9%
	Total			$118,463
	%			4.3%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			261,202	9.5%
	Pacific Investment			262,490	9.6%
	Total			$523,692
	%			19.1%
	Target Range			17.5 - 27.5%
	Fund			$2,740,517	100.0%
	Cash for benefit payments			16,368
	Total Fund			$2,756,885

 

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.