DIRECTV 2008 Annual Report Download - page 103

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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)
Plan Assets
Our target asset allocation for 2008 and actual pension plan weighted average asset allocations at
December 31, 2008 and 2007, by asset categories, are as follows:
Percentage of
Target Plan Assets
Allocation at December 31,
2009 2008 2007
Equity securities ........................................... 40-56% 47% 53%
Debt securities ............................................ 24-40% 40% 36%
Real estate ............................................... 0-10% 3% 4%
Other .................................................. 0-10% 10% 7%
Total ................................................... 100% 100%
Our investment policy includes various guidelines and procedures designed to ensure we invest
assets in a manner necessary to meet expected future benefits earned by participants. The investment
guidelines consider a broad range of economic conditions. Central to the policy are target allocation
ranges (shown above) by major asset categories.
The objectives of the target allocations are to maintain investment portfolios that diversify risk
through prudent asset allocation parameters, achieve asset returns that meet or exceed the plans’
actuarial assumptions, and achieve asset returns that are competitive with like institutions employing
similar investment strategies.
The investment policy is periodically reviewed by us and a designated third-party fiduciary for
investment matters. We establish and administer the policy in a manner so as to comply at all times
with applicable government regulations.
There were no shares of our common stock included in plan assets at December 31, 2008 and
2007.
Cash Flows
Contributions
We expect to contribute approximately $22 million to our qualified pension plans and $11 million
to our nonqualified pension plans in 2009.
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