r 31, 2011 Asset Allocation We for Policy Assets Asset Allocation % for Investment Assets Private Capital 38.3% AIP Offshore Hedge Funds 2.6% Municipal/Cor porate 9.9% AIP Onshore Fledge Funds 2.2% Cash 6A% Municipal Securities 14.6% Corporate Bonds 13.5% Global Bonds 2.4% Fledge Funds -