Retirement Fund - June 30 , 2007 Asset Allocation

June 30 , 2007 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$236,909	$14,034	$250,943	8.6%
	AllianceBernstein	191,831	18,535	210,366	7.2%
	American Century	191,792	10,494	202,286	6.9%
	Artisan Partners	159,738	4,846	164,584	5.6%
	EARNEST Partners	196,552	1,221	197,773	6.8%
	GAMCO Investors	207,648	9,301	216,949	7.4%
	TCW Asset Mgmt	98,063	7,039	105,102	3.6%
	Capital Guardian- Int'l	0	291,473	291,473	9.9%
	JP Morgan	0	182,475	182,475	6.2%
	Cap Guardian- Emerg	0	117,029	117,029	4.0%
	Templeton Inv- Emerg	0	94,675	94,675	3.2%
	Total	$1,282,533	$927,248	$2,209,781
	%	43.8%	31.7%	75.4%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%
Alternatives: Abs Return	Bridgewater			23,504	0.8%
	Ramius Capital			31,697	1.1%
	Total			$55,201
	%			1.9%
	Target Range			0 - 10%
Alternatives: Private Eq	Cerberus Series Four			2,650	0.1%
	JF Lehman Equity II			2,661	0.1%
	MidOcean III-A			2,975	0.1%
	Quadrangle Cap II			2,852	0.1%
	RiverVest II			641	0.0%
	Thompson Street II			207	0.0%
	Vectis Life Sci I			3,015	0.1%
	Vestar Capital V			4,690	0.2%
	Welsh Carson X			5,830	0.2%
	Total			$25,521
	%			0.9%
	Target Range			0 - 10%
Real Estate	RREEF America II			92,654	3.2%
	TA Realty Fund V			23,091	0.8%
	Total			$115,745
	%			4.0%
	Target Range			2.5 - 12.5%
Fixed Income	Capital Guardian			261,921	8.9%
	Pacific Investment			261,239	8.9%
	Total			$523,160
	%			17.9%
	Target Range			12 - 22%
TIPS
	Total			0	0.0%
	%			0.0%
	Target Range			2 - 12%
	Fund			$2,929,408	100.0%
	Cash for benefit payments			4,523
	Total Fund			$2,933,931

 

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.