Retirement Fund - March 31, 2006 Asset Allocation

March 31, 2006 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$221,309	$21,033	$242,342	9.5%
	AllianceBernstein	164,306	151,805	316,111	12.4%
	American Century	155,873	7,629	163,502	6.4%
	Artisan Partners	152,190	7,046	159,236	6.2%
	EARNEST Partners	168,082	1,171	169,253	6.6%
	GAMCO Investors	170,914	4,451	175,365	6.9%
	TCW Asset Mgmt	93,953	2,645	96,598	3.8%
	Capital Guardian- Int'l	0	257,347	257,347	10.1%
	JP Morgan	0	159,107	159,107	6.2%
	Cap Guardian- Emerg	0	80,644	80,644	3.2%
	Templeton Inv- Emerg	0	76,067	76,067	3.0%
	Total	$1,126,627	$768,945	$1,895,572
	%	44.2%	30.2%	74.4%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives:  Abs Return	Bridgewater			23,210	0.9%
	Ramius Capital			26,727	1.0%
	Total			$49,937
	%			2.0%
	Target Range			0 - 5%
Alternatives:  Private Eq	Quadrangle Cap II			815	0.0%
	Vectis Life Sci I			1,605	0.1%
	Vestar Capital			496	0.0%
	Welsh Carson			2,166	0.1%
	Total			$5,082
	%			0.2%
	Target Range			0 - 5%
Real Estate	RREEF America II			88,467	3.5%
	TA Realty Fund IV			6,719	0.3%
	TA Realty Fund V			31,483	1.2%
	Total			$126,669
	%			5.0%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			234,974	9.2%
	Pacific Investment			235,594	9.2%
	Total			$470,568
	%			18.5%
	Target Range			17.5 - 27.5%
	Fund			$2,547,828	100.0%
	Cash for benefit payments			18,630
	Total Fund			$2,566,458

 

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.