Investments

The Trust Fund’s net equity on August 31, 2003, consisted of investments having market values in excess of $380 million.  Presently, the asset composition is 4% cash or cash equivalents, 37% fixed-income securities, 58% equities, and 1% real estate investments.  For the past five years the total investment portfolio’s time-weighted annual rate of return was 3.6%; the returns are less than the actuarially assumed interest rate of 7.5%.  Despite the recent adverse investment climate, the Plan’s diversified investment portfolio is producing returns that place it in the top 30% of a universe of pension funds tracked by Mercer Investment Consulting.  The Plan’s most recent actuarial valuation showed the Plan to be fully funded.

Full Issue: No. 158 - November 2003

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