Asset Allocation as of December 31, 2007
Using the combined resources of external investment managers, internal staff and consultants, TRS invests the trust assets in accordance with the general fiduciary rules of both state and federal laws. The market value of the TRS total fund on December 31, 2007, was $41.723 billion. Below is the asset allocation as of December 31, 2007.
| Asset Class
|
12/31/07
Total Fund
$ Millions |
% of Portfolio |
| U.S. Equities |
$15,699 |
37.6% |
| International Equities |
9,249 |
22.2 |
| Fixed Income |
6,853 |
16.4 |
| Real Return |
2,353 |
5.7 |
| Real Estate |
4,593 |
11.0 |
| Private Equity |
2,168 |
5.2 |
| Absolute Return |
508 |
1.2 |
| Short-term Investments |
300 |
0.7 |
| Total Fund |
$41,723 |
100.0% |
Investment Returns
Listed below are the rates of return by asset class for the one-year and five-year periods ending December 31, 2007. Returns are before payment of investment expenses.
| Asset Class |
1-Year Return |
5-Year Return |
| TRS Total Fund |
11.0 |
14.1 |
| TRS Domestic Equity |
5.0 |
13.8 |
| TRS International Equity |
15.7 |
24.3 |
| TRS Fixed Income |
6.5 |
4.8 |
| TRS Real Return |
0 |
0 |
| TRS Real Estate |
22.7 |
18.0 |
| TRS Total Private Equity |
30.9 |
18.8 |
| TRS Absolute Return |
0 |
0 |
| TRS Short-term Investments* |
4.5 |
3.0 |
* Net of fees
Pension Obligation Bond Investment
The table below shows information pertaining to the 2003 pension obligation bond proceeds.
| Balance at December 31, 2007 |
$6,191,120,058 |
| Gain on Investment Since Inception |
$2,798,699,590 |
| Return (Gross of Fees) Since Inception (Unannualized) |
71.0% |
| Return (Gross of Fees) Annualized |
12.7% |
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