Retirement Fund - June 30 , 2008 Asset Allocation

Asset Allocation

Equity

Alliance Capital

$216,335

$11,655

227,990

8.4%

AllianceBernstein

98,098

14,948

113,046

4.2%

American Century

105,408

5,898

111,306

4.1%

Artisan Partners

122,093

6,270

128,363

4.7%

EARNEST Partners

167,359

0

167,359

6.2%

GAMCO Investors

144,412

6,712

151,124

5.6%

TCW Asset Mgmt

46,796

4,647

51,443

1.9%

AllianceBernstein- Int’l

0

140,567

140,567

5.2%

Capital Guardian- Int'l

0

221,008

221,008

8.2%

JP Morgan

0

165,758

165,758

6.1%

Cap Guardian- Emerg

0

97,804

97,804

3.6%

Templeton Inv- Emerg

0

79,458

79,458

2.9%

  Total

$900,501

$754,725

$1,655,226

  %

33.2%

27.9%

61.1%

  Target Range

27 - 37%

16.5 - 36.5%

43.5 - 73.5%

Alternatives: Abs Return

Bridgewater

27,444

1.0%

Ramius Capital

30,690

1.1%

  Total

$58,134

  %

2.1%

  Target Range

0 - 10%

Alternatives: Private Eq

Cerberus Series Four

5,343

0.2%

Crosslink Crossover V

15,000

0.6%

JF Lehman Equity II

3,195

0.1%

MidOcean III-A

2,335

0.1%

Oakwood V

1,431

0.1%

Quadrangle Cap II

5,173

0.2%

RiverVest II

1,211

0.0%

Thompson Street II

814

0.0%

Vectis Life Sci I

3,862

0.1%

Vestar Capital V

6,889

0.3%

Warburg Pincus X

4,898

0.2%

Welsh Carson X

8,301

0.3%

  Total

$58,452

  %

2.2%

  Target Range

0 - 10%

Real Estate

RREEF America II

97,794

3.6%

TA Realty Fund V

18,452

0.7%

TA Realty Fund VIII

61,886

2.3%

  Total

$178,132

  %

6.6%

  Target Range

2.5 - 12.5%

Fixed Income

Capital Guardian

263,487

9.7%

PIMCO Global F.I.

250,434

9.2%

  Total

$513,921

  %

19.0%

  Target Range

12 - 22%

TIPS

 NISA TIPS

122,167

4.5% 

 PIMCO TIPS

122,476

4.5% 

  Total

$244,643

  %

9.0%

  Target Range

2 - 12%

Fund

$2,708,508

100.0%

Cash for benefit payments

9,011

Total Fund

$2,717,519