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January 22, 1996 12:00 AM

SPECIAL REPORT: LARGEST FUNDS (PART 38/41)

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    Tennessee Consolidated

    Retirement System

    ($ millions)

    Total assets15,077

    Defined benefit14,878

    Total defined contribution*199

    *401(k)109

    *45790

    Employer DB contributions334

    Benefit payments368

    Total DC contributions19

    *as of June 30

    Internally managed assets:

    Defined benefit14,878

    Hedging devices used:

    Stock options

    Stock index futures

    Defined benefit asset mix:

    Stocks41.4%

    Fixed income52.8%

    Cash equivalents1.8%

    International fixed income4.0%

    Defined contribution asset mix:

    Stock60%

    Fixed income38%

    Cash equivalents2%

    NASHVILLE, Tenn. - As of Sept. 30, the Tennessee Consolidated Retirement System's total employee benefit assets increased 16.2% from a year earlier. Defined benefit assets increased 16.2% during the same period; defined contribution assets increased 18.4% through June 30.

    Employer contributions to the defined benefit plan increased to $334 million from zero last year, and benefits paid decreased 11.5%.

    Defined contribution managers:

    Domestic equities: Fidelity.

    International equities: Fidelity.

    Domestic fixed-income: Calvert.

    Other: Aetna; Union Planters Bank; Great-West.

    The master custodian and global custodian is Mellon Trust.

    Key personnel overseeing the investment management of the fund are Chuck Webb, chief investment officer; Frank Puryear, senior portfolio manager; and Mike Keeler, senior analyst. Overseeing the defined contribution plan is Deana Reed, director of deferred compensation.

    Tennessee Valley Authority

    Retirement System

    ($ millions)

    Total assets5,057

    Defined benefit4,626

    401(k)431

    Employer DB contributions49

    Benefit payments242

    Total DC contributions34

    Hedging devices used:

    Bond options

    Stock index futures

    Fixed-income futures

    Defined benefit asset mix:

    Stocks60%

    Fixed income40%

    Defined contribution asset mix:

    Other stock56%

    GICs/BICs44%

    KNOXVILLE, Tenn. - As of Sept. 30, the Tennessee Valley Authority Retirement System's total employee benefit assets increased 18.3% from a year earlier. Defined benefit assets increased 18.5% during the same period; defined contribution assets increased 16.2%

    Employer contributions to the defined benefit plan increased 2%, and benefits paid increased 59%.

    Defined benefit managers:

    Domestic equities: Mellon Capital; Geewax Terker; NCM Capital; Newbold's; J.P. Morgan; Nicholas-Applegate; Brinson Partners; Equitable Asset; Fidelity Management Trust.

    Domestic fixed-income: PIMCO; BlackRock; TCW; Putnam; Bradford & Marzec; Western Asset.

    Defined contribution managers:

    Domestic equities: Fidelity Investments.

    Domestic fixed-income: Fidelity Investments.

    The master custodian is Mellon Bank.

    Key personnel overseeing the investment management of the benefit funds are Randy Snyder, executive secretary, and Patrick Brackett, investment officer.

    Texaco Inc.

    ($ millions)

    Total assets3,339

    Defined benefit1,249

    Total defined contribution2,090

    *Thrift/savings1,639

    *ESOP451

    Employer DB contributions64

    Benefit payments434

    Total DC contributions112

    Internally managed assets:

    Defined benefit170

    Hedging devices used:

    Stock options

    Stock index futures

    Defined benefit asset mix:

    Stocks70%

    Fixed income15%

    Cash equivalents10%

    Real estate equity5%

    Defined contribution asset mix:

    Company stock47%

    Other stock17%

    Fixed income6%

    Cash equivalents24%

    Other6%

    WHITE PLAINS, N.Y. - As of Sept. 30, Texaco Inc.'s total employee benefit assets increased 9.2% from a year earlier. Defined benefit assets increased 7.5% during the same period; defined contribution assets increased 10.2%.

    Defined benefit managers:

    Domestic equities: Alliance, Mellon Capital; J.P. Morgan; State Street Bank.

    International equities: Rowe Price-Fleming.

    Domestic fixed-income: Aetna; Equitable; WR Lazard; J.P. Morgan; Travelers.

    Real estate: Aetna; Equitable; J.P. Morgan; Prudential.

    Defined contribution manager: Vanguard.

    The master trustee is Chase Manhattan Bank,

    Shelby Faber, assistant treasurer, oversees investment management of the funds.

    Texas County and District

    Retirement System

    ($ millions)

    Total assets4,721

    Defined benefit4,721

    Employer DB contributions138

    Benefit payments165

    Internally managed assets4,721

    Defined benefit asset mix:

    Fixed income100%

    AUSTIN, Texas - As of Sept. 30, Texas County and District Retirement System had $4.721 billion in assets. This multiemployer plan is a hybrid, but since it most closely resembles a cash balance plan, fund officials consider it to be more a defined benefit plan than a defined contribution plan.

    Employer contributions to the defined benefit plan increased 8%.

    The global custodian is Boston Safe Deposit.

    Key personnel overseeing the investment management of the fund are Ron Schultz, investment officer, and Alan Adams, investment coordinator.

    Employees Retirement

    System of Texas

    ($ millions)

    Total assets12,257

    Defined benefit11,822

    Total defined contribution435

    *401(k)192

    *Other243

    Employer DB contributions234

    Benefit payments395

    Total DC contributions57

    Internally managed assets:

    Defined benefit11,822

    Defined benefit asset mix:

    Stocks47%

    Fixed income52%

    Cash equivalents1%

    Defined contribution asset mix:

    Other stock41%

    Fixed income57%

    Cash equivalents1%

    Other1%

    AUSTIN, Texas - As of Sept. 30, Employees Retirement System of Texas total employee benefit assets increased 16.3% from a year earlier. Defined benefit assets increased 16.2% during the same period; defined contribution assets increased 21.2%.

    Employer contributions to the defined benefit plan decreased 2.5%, and benefits paid decreased 14.3%.

    Defined benefit advisers:

    Domestic equities: INVESCO; Montag & Caldwell.

    International equities: Citibank Global Asset Management.

    Domestic fixed-income: Duff & Phelps.

    The master custodian and global custodian is NationsBank of Texas.

    Key personnel overseeing the investment management of the defined benefit fund are Charles D. Travis, executive director; James A. Adkins, deputy executive director; Nancy G. Goerdel, deputy director for investments; and Russell Niemie, chief investment officer. Overseeing the defined contribution plan is Marianne Woods, director of deferred compensation.

    Texas Municipal Retirement

    System

    ($ millions)

    Total assets5,024

    Total defined contribution5,024

    Internally managed assets5,024

    Defined contribution asset mix:

    Fixed income96%

    Cash equivalents4%

    AUSTIN, Texas - As of Sept. 30, Texas Municipal Retirement Fund's total employee benefit assets increased 25.7% from a year earlier. All assets are defined contribution.

    The master custodian is Texas Commerce Bank.

    Key personnel overseeing the investment management of the defined contribution plan are Gary W. Anderson, director, and Preston G. Craig, investment officer.

    Teacher Retirement System

    of Texas

    ($ millions)

    Total assets46,054

    Defined benefit46,054

    Employer DB contributions1,030

    Benefit payments1,726

    Internally managed assets46,054

    Defined benefit asset mix:

    Stocks55.2%

    Fixed income39.2%

    Cash equivalents2.4%

    Real estate equity1.0%

    Mortgages2.1%

    Alternative investments0.1%

    AUSTIN, Texas - As of Sept. 30, Teacher Retirement System of Texas total employee benefit assets increased 26.4% from June 30, 1994. All assets are defined benefit and managed internally.

    Employer contributions to the defined benefit plan increased 4.7%; benefits paid increased 9.9%.

    The master custodian is Bank of New York; the global custodian is Northern Trust.

    Key personnel overseeing the investment management of the fund are John E. Young, chief investment officer; John Carl, director of equities; Jack Cooper, director of fixed income; and Laurie Dotter, director of real estate.

    Textron Inc.

    ($ millions)

    Total assets4,679

    Defined benefit3,376

    Total defined contribution1,303

    *Profit-sharing52

    ESOP1,251

    Employer DB contributions13

    Benefit payments180

    Defined benefit asset mix:

    Stocks51%

    Fixed income34%

    Cash equivalents5%

    Real estate equity6%

    Private placements4%

    PROVIDENCE, R.I. - As of Sept. 30, Textron Inc.'s total employee benefit assets increased 16% from a year earlier. Defined benefit assets increased 12.6% during the same period; defined contribution assets increased 26%.

    Employer contributions to the defined benefit plan increased 8%; benefits paid increased 5.3%.

    Defined benefit managers:

    Domestic equities: Chancellor; Babson; Delaware; Fidelity; Husic; Loomis Sayles; Putnam; Sanford Bernstein; Wellington.

    Domestic fixed-income: Duff & Phelps; Income Research; Loomis Sayles; Putnam; TCW.

    Real estate: RREEF; Sentinel; Schroder; Lodging Opportunities.

    Other: Paul Revere.

    Defined contribution managers:

    Domestic equities: Bankers Trust.

    The master trustee and global custodian is Bankers Trust.

    Key personnel overseeing the investment management of the funds are Deborah A. Imondi, assistant treasurer, and Louise A. Fortin, director-pension investments.

    Travelers Insurance

    ($ millions)

    Total assets*3,074

    Defined benefit1,984

    Total defined contribution1,090

    *P&I estimate

    HARTFORD, Conn. - P&I estimates Travelers Insurance's employee benefit assets totaled $3.074 billion as of Sept. 30. The estimate is based on the $2.587 billion the company reported as of Sept. 30, 1994.

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