Archive for December, 2004

2004 December

Tuesday, December 28th, 2004
Fixed  Income Large
Cap Value
Large
Cap Growth
Foreign Small
Company
Portfolio
             
Morningstar
Averages for the Universe
n/a 12.42% 8.44% 20.63% 17.82% n/a
             
Stable
Value Option
4.89%          
Wellington
Core
4.25%          
PRIMCO
GIC
5.40%          
Cash 2.21%          
BGI
– Money Market Index
1.35%          
             
Benchmark            
LB
1-3 yr. Govt./Treas.
1.07%          
             
Equity
Index Option (BGI – US Equity Index)
    11.96%      
             
Benchmark            
Russell
3000
    11.95%      
             
Value
Stock Option
  15.21%        
Clipper   5.87%        
Morgan
Value (separately managed)
  17.87%        
Neuberger
Berman Focus Tr
  4.82%        
Legg
Mason Spec. Invmt. Trust
  13.14%        
Neuberger
Berman Regency
  22.20%        
T.
Rowe Price Value
  15.36%        
BGI
– Value Index
  16.61%        
             
Benchmark            
Russell
Price Driven (1000 Value)
  16.49%        
             
Growth
Stock Option
    13.62%      
Turner
Mid Cap Growth
    11.05%      
TCW
Galileo Select Equities I
    12.92%      
Marsico
Focus
    11.70%      
Wellington
Mid Cap Opportunities
    18.65%      
BGI
– Growth Index
    6.37%      
             
Benchmark            
Russell
Earnings Growth (1000 Growth)
    6.30%      
             
International
Stock Option
      17.38%    
Amer
Cent-20th Cent. Int’l Discovery
      16.26%    
Amer
Cent-20th Cent. Int’l Growth
      15.31%    
Templeton
Instl. Foreign
      21.25%    
First
Eagle Overseas I
      22.10%    
Longleaf
Partners Intl.
      10.21%    
BGI
EAFE Index
      20.27%    
             
Benchmark            
MSCI
EAFE Net Divs
      20.25%    
             
Diversified
Small Company Stock Option
        15.19%  
Royce
Opportunity
        17.51%  
Dimensional
U.S. Micro Cap Portfolio
        18.39%  
Janus
Small Cap Value Instl.
        13.80%  
Franklin
Small Cap Growth II
        11.07%  
BGI
– Small Company Index
        18.59%  
             
Benchmark            
Russell
2000 Total
        18.33%  
             
Conservative
Model Portfolio
          8.41%
             
Benchmark            
Conservative
Composite Index
          6.33%
             
Moderate
Model Portfolio
          11.17%
             
Benchmark            
Moderate
Composite Index
          9.44%
             
Aggressive
Model Portfolio
          12.94%
             
Benchmark            
Aggressive
Composite Index
          12.13%

December 2004

Wednesday, December 22nd, 2004
Day Stable Value Value Stock Equity Index Growth Stock Intl. Stock Div. Small Co. Stock Conserv. Portfolio Moderate Portfolio Aggressive Portfolio Retirement Portfolio
01 196.23 367.88 319.68 270.35 256.06 395.86 245.49 285.26 297.17
02 196.26 367.62 319.48 271.21 255.88 394.95 245.44 285.28 297.08
03 196.34 367.91 319.68 271.67 257.72 395.43 245.57 285.70 297.66
06 196.37 367.28 319.29 271.86 256.56 393.48 245.45 285.34 297.04
07 196.39 363.64 315.65 267.73 255.67 385.81 244.39 283.09 294.01
08 196.42 364.84 317.18 269.31 253.48 388.60 244.82 283.67 294.67
09 196.45 367.03 318.72 271.09 252.18 387.50 245.38 284.23 295.02
10 196.53 367.74 318.72 271.17 250.90 388.86 245.54 284.32 295.12
13 196.56 370.35 321.40 273.55 253.53 391.90 246.34 285.92 297.20
14 196.58 371.96 322.94 274.86 254.33 395.38 246.82 286.89 298.54
15 196.61 373.70 323.90 275.94 256.84 398.45 247.23 287.93 300.05
16 196.64 372.50 322.94 274.02 255.61 395.58 246.93 287.01 298.77
17 196.71 371.00 321.02 273.81 255.85 395.75 246.48 286.61 298.38
20 196.74 370.76 320.64 272.82 257.88 393.35 246.41 286.44 298.14
21 196.77 374.54 323.71 275.29 257.84 397.86 247.43 288.06 300.16
22 196.79 376.35 325.05 276.11 258.76 399.41 247.91 288.82 301.14
23 196.90 376.19 325.24 276.36 260.38 400.13 248.00 289.16 301.64
24 Market Closed – Holiday
27 196.93 375.05 323.71 275.05 262.44 397.24 247.62 288.64 301.01
28 196.95 377.82 326.39 278.45 262.84 402.94 248.44 290.36 303.29
29 196.98 377.81 326.39 278.74 262.39 402.70 248.46 290.36 303.21
30 197.01 378.24 326.58 278.65 264.03 402.86 248.57 290.63 303.63
31 197.03 378.12 326.20 278.06 264.03 402.29 248.51 290.44 303.38
December Fund Performance (in percentages)
0.42% 4.06% 3.60% 4.73% 3.97% 2.93% 1.81% 2.76% 3.22%

International and Diversified Small Company Option Changes

Tuesday, December 7th, 2004

The Directed Account Plan Board of Directors adopted a policy that allows a maximum 20% target allocation to any actively managed equity fund. This new policy required an adjustment to the target allocations in the International Stock Option, effective 12/6/04, as follows:

American Century International Growth 20%
American Century International Discovery 20%
First Eagle Overseas 18%
Longleaf Partners International 12%
Templeton Instl. Foreign Equity 20%
BGI EAFE Index 10%

State Street Research Aurora S was terminated from the Diversified Small Company Stock Option on 12/6/04. The change was due to a recent ownership transfer at State Street Research and the reorganization of company and our portfolio management. The assets of this option were reallocated as follows:

Franklin Small Cap Growth II 20%
Royce Opportunity 15%
Dimensional US Micro-Cap Portfolio 15%
Janus Small Cap Value Instl. 20%
BGI Small Company Index 30%

It is anticipated that the allocation to BGI Small Company index will be reduced when a small cap growth manager search is completed. The BGI Small Company Index tracks the Russell 2000 Total Index.