Retirement Fund - March 31 , 2007 Asset Allocation

March 31 , 2007 Asset Allocation ($ thousands)

Retirement Fund ^{(1) (2)}

		Asset Allocation
Sector		U.S.	Int'l	Total	%
Equity	Alliance Capital	$227,023	$15,914	$242,937	8.7%
	AllianceBernstein	186,316	177,381	363,697	13.0%
	American Century	181,217	9,121	190,338	6.8%
	Artisan Partners	146,957	5,123	152,080	5.5%
	EARNEST Partners	181,903	1,237	183,140	6.6%
	GAMCO Investors	201,537	4,876	206,413	7.4%
	TCW Asset Mgmt	98,268	7,136	105,404	3.8%
	Capital Guardian- Int'l	0	272,036	272,036	9.8%
	JP Morgan	0	170,605	170,605	6.1%
	Cap Guardian- Emerg	0	101,833	101,833	3.7%
	Templeton Inv- Emerg	0	83,376	83,376	3.0%
	Total	$1,223,221	$848,638	$2,071,859
	%	43.9%	30.4%	74.3%
	Target Range	27 - 37%	16.5 - 36.5%	43.5 - 73.5%
Alternatives: Abs Return	Bridgewater			22,684	0.8%
	Ramius Capital			30,084	1.1%
	Total			$52,768
	%			1.9%
	Target Range			0 - 10%
Alternatives: Private Eq	Cerberus Series Four			1,000	0.0%
	JF Lehman Equity II			1,701	0.1%
	MidOcean III-A			2,315	0.1%
	Quadrangle Cap II			2,365	0.1%
	RiverVest II			760	0.0%
	Thompson Street II			181	0.0%
	Vectis Life Sci I			2,728	0.1%
	Vestar Capital V			3,622	0.1%
	Welsh Carson X			3,147	0.1%
	Total			$17,819
	%			0.6%
	Target Range			0 - 10%
Real Estate	RREEF America II			90,952	3.3%
	TA Realty Fund V			25,962	0.9%
	Total			$116,914
	%			4.2%
	Target Range			2.5 - 12.5%
Fixed Income	Capital Guardian			263,140	9.4%
	Pacific Investment			264,702	9.5%
	Total			$527,842
	%			18.9%
	Target Range			12 - 22%
TIPS
	Total			0	0.0%
	%			0.0%
	Target Range			2 - 12%
	Fund			$2,787,202	100.0%
	Cash for benefit payments			13,397
	Total Fund			$2,800,599

 

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.