Retirement Fund - September 30 , 2006 Asset Allocation

September 30 , 2006 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$209,604	$21,311	$230,915	8.9%
	AllianceBernstein	177,019	151,432	328,451	12.7%
	American Century	168,542	8,271	176,813	6.8%
	Artisan Partners	135,096	7,508	142,604	5.5%
	EARNEST Partners	174,157	1,430	175,587	6.8%
	GAMCO Investors	173,909	3,497	177,406	6.9%
	TCW Asset Mgmt	93,901	2,819	96,720	3.7%
	Capital Guardian- Int'l	0	242,571	242,571	9.4%
	JP Morgan	0	155,415	155,415	6.0%
	Cap Guardian- Emerg	0	82,426	82,426	3.2%
	Templeton Inv- Emerg	0	70,109	70,109	2.7%
	Total	$1,132,228	$746,789	$1,879,017
	%	43.8%	28.9%	72.8%
	Target Range	37.5 - 47.5%	15 - 35%	52.5 - 82.5%
Alternatives:  Abs Return	Bridgewater			23,408	0.9%
	Ramius Capital			28,080	1.1%
	Total			$51,488
	%			2.0%
	Target Range			0 - 5%
Alternatives:  Private Eq	Quadrangle Cap II			1,544	0.1%
	RiverVest II			285	0.0%
	Vectis Life Sci I			2,291	0.1%
	Vestar Capital V			2,255	0.1%
	Welsh Carson X			2,837	0.1%
	Total			$9,212
	%			0.4%
	Target Range			0 - 5%
Real Estate	RREEF America II			91,241	3.5%
	TA Realty Fund IV			4,765	0.2%
	TA Realty Fund V			31,519	1.2%
	Total			$127,525
	%			4.9%
	Target Range			0 - 10%
Fixed Income	Capital Guardian			254,318	9.8%
	Pacific Investment			261,018	10.1%
	Total			$515,336
	%			20.0%
	Target Range			17.5 - 27.5%
	Fund			$2,582,578	100.0%
	Cash for benefit payments			8,351
	Total Fund			$2,590,929

 

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.