Asset Mix

The near-term target asset mix target for fiscal 2006 was 60-30-10 with 60 per cent of the portfolio in public and private equity investments, 30 per cent in fixed income, consisting almost entirely of non-marketable government bonds and 10 per cent in inflation-sensitive assets, consisting of inflation-linked bonds as well as real estate and infrastructure.

As we continue to evolve into a more mature investment fund, we are seeking new and expanded investment opportunities to capture returns available from the public and private markets. In the past year, for example, we substantially expanded our private real estate investments and made initial investments in publicly traded inflation-linked bonds.