Russell/Mellon U.S. Master Trust Universe's median fund gained 8.7% in the fourth quarter of 2003 and 22.6% for the year. The average asset allocation in the fourth quarter saw U.S. bonds reduced to 24% from 26% and alternatives and non-U.S. equity increased by a percentage point each; all other asset classes held steady. The overall average allocation for the quarter was 42% domestic equity, 24% domestic fixed income, 19% non-U.S. equity, 5% alternatives, 3% real estate, 3% other, and 2% each for non-U.S. fixed income and cash.
The universe includes 498 funds with an average size of $2.7 billion and total assets of $1.4 trillion.
