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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (68247)	8/30/2007 10:09:24 AM
From: Snowshoe	Read Replies (1) \| Respond to of 116555

Mish, I've now found the official press release from the Alaska Retirement Management Board, which details the losses. Approximately 1,100 people collectively lost about $6 million in the first three weeks of August... Retirement Board Terminates Daily Government/Corporate Bond Fund Investment Option revenue.state.ak.us There are approximately 1,100 participants in the Daily Government/Corporate Bond Fund, with a total value of investments as of June 30, 2007, of approximately $36 million. The total value of these participants’ investments in the Daily Government/Corporate Bond Fund as of August 23, 2007, was approximately $30 million. The objective of the Daily Government/Corporate Bond Fund is to meet or exceed the return of the Lehman Brother Government/Credit Bond Index. This fund is intended to be among the least risky of investment options available to SBS and Defined Contribution plan participants. As of August 23, 2007, the Lehman Brother Government/Credit Bond Index was up nearly 3 percent for the year, versus the performance of the Daily Government/Corporate Bond Fund, which was a negative 18%. Thus, the performance of the Daily Government/Corporate Bond Fund was over 20 percent below its benchmark. Most of the negative performance occurred in the month of August. The investment manager of the Daily Government/Corporate Bond Fund is State Street Global Advisors, headquartered in Boston, MA.