Fixed Income | Large Cap Value |
Large Cap Growth |
Foreign | Small Company |
Portfolio | |
Morningstar Averages for the Universe |
n/a | -4.99% | -3.15% | -6.13% | -5.48% | n/a |
Stable Value Option |
0.80% | |||||
Wellington Core |
1.58% | |||||
PRIMCO GIC |
0.85% | |||||
Cash | 0.20% | |||||
BGI – Money Market Index |
0.22% | |||||
Benchmark | ||||||
LB 1-3 yr. Govt./Treas. |
0.47% | |||||
Equity Index Option (BGI – US Equity Index) |
-4.08% | |||||
Benchmark | ||||||
Russell 3000 |
-4.05% | |||||
Value Stock Option |
-5.09% | |||||
Federated Stock Trust |
-5.08% | |||||
Morgan Value (separately managed) |
-4.61% | |||||
Neuberger Berman Focus Tr |
-5.10% | |||||
Legg Mason Spec. Invmt. Trust |
-3.17% | |||||
Neuberger Berman Regency |
-3.14% | |||||
T. Rowe Price Value |
-7.13% | |||||
BGI – Value Index |
-6.22% | |||||
Benchmark | ||||||
Russell Price Driven (1000 Value) |
-5.02% | |||||
Growth Stock Option |
-1.74% | |||||
MFS Instl. Mid Cap Growth |
-0.88% | |||||
Turner Mid Cap Growth |
-1.09% | |||||
TCW Galileo Select Equities I |
0.69% | |||||
Marsico Focus |
-3.00% | |||||
BGI – Growth Index |
-3.03% | |||||
Benchmark | ||||||
Russell Earnings Growth (1000 Growth) |
-2.87% | |||||
International Stock Option |
-5.33% | |||||
Amer Cent-20th Cent. Int’l Discovery |
-2.36% | |||||
Amer Cent-20th Cent. Int’l Growth |
-6.58% | |||||
Janus Overseas |
-8.44% | |||||
Templeton Instl. Foreign |
-5.61% | |||||
First Eagle Overseas I |
-1.28% | |||||
Longleaf Partners Intl. |
-9.43% | |||||
Benchmark | ||||||
MSCI All Country World Free Ex US |
-5.74% | |||||
Diversified Small Company Stock Option |
-4.93% | |||||
MFS Instl. Emerging Equities |
-5.58% | |||||
Royce Opportunity |
-5.29% | |||||
DFA U.S. Micro Cap Portfolio |
-5.04% | |||||
State Street Aurora |
-6.95% | |||||
Berger Small Cap Value Instl. |
-4.73% | |||||
Franklin Small Cap Growth II |
-3.20% | |||||
BGI – Small Company Index |
-4.45% | |||||
Benchmark | ||||||
Russell 2000 Total |
-5.71% | |||||
Conservative Model Portfolio |
-1.26% | |||||
Benchmark | ||||||
Conservative Composite Index |
-1.53% | |||||
Moderate Model Portfolio |
-2.28% | |||||
Benchmark | ||||||
Moderate Composite Index |
-2.77% | |||||
Aggressive Model Portfolio |
-3.29% | |||||
Benchmark | ||||||
Aggressive Composite Index |
-3.70% |
Archive for February, 2003
2003 February
Friday, February 28th, 20032002 Plan Expense Overview
Monday, February 24th, 2003Total Plan Assets on 12-31-2002 $1,026,732,564.00 | |||||||||
Total Trust, Administrative, and Investment Manager Cost $5,061,875.00 | |||||||||
Hewitt Associates (our record keeper) reported that in a study of 8 clients with an average plan size of | |||||||||
40,000 plus participants, the following range of costs were experienced: | |||||||||
Trustee Cost = 5% to 15% of Total Plan Cost | |||||||||
Admin Cost = 20% to 35% of Total Plan Cost | |||||||||
Investment Cost = 70% to 85% of Total Plan Cost | |||||||||
Applying the above range to our asset base provides the following comparison | |||||||||
Trust Cost Range (.05 – .15 x 5,061,875) 5% to 15% | |||||||||
253,094 to 759,281 | |||||||||
DAP Trust Cost = $485,073 or 9.6% | |||||||||
Admin Cost Range (.20 – .35 x 5,061,875) 20% to 35% | |||||||||
1,012,375 to 1,771,656 | |||||||||
DAP Admin Cost = $1,422,902 or 28.11% | |||||||||
Investment Cost Range (.70 – .85 x 5,061,875) 70% to 85% | |||||||||
3,543,3313 to 4,302,594 | |||||||||
DAP Investment Cost = $3,153,900 or 62.3% | |||||||||
The Directed Account Plan expenses fall into the lower range of expenses experienced by the larger | |||||||||
plans as reported by Hewitt. In addition, our actual costs in 2002 were further reduced by participant | |||||||||
transfer fees and mutual fund administrative fee offsets by $749,817 or 14.8%. | |||||||||
The Directed Account Plan expenses continue to be very competitive relative to other plans. | |||||||||
2002 Expense Overview | |||||||
Total Assets (12/31/02) | $1,026,732,564 | ||||||
Total * Operating Expenses | 1,642,075 | ||||||
Recordkeeping (Benefits Express) | |||||||
Trustee | |||||||
Administration | |||||||
Personnel | |||||||
Communication | |||||||
Operating Expenses * as a percent of assets | 16 | ||||||
Approximate **net *** investment manager fees | 28 | ||||||
Other Mutual Fund Expenses **** | 9 | ||||||
Total Plan Fees and Expenses as a percent of assets | 53 | basis points | |||||
* Net of transfer fees | |||||||
** Mutual Fund Investment Management Fee Avg. | |||||||
*** After Administrative Offsets | |||||||
**** Includes Mutual Fund Transaction Fees, 12b-1 Fees, Administrative Fees, and all other | |||||||
Asset-based costs incurred by the funds. Does not include transaction costs of participant | |||||||
activity, which is reflected in each BGI NAV lowering BGI fund performance. | |||||||
Expense Ratio | |||||||
Morningstar | |||||||
Option | Average | ||||||
(Basis Points) | (Basis Points) | ||||||
Stable Value | 30 | n/a | |||||
Value Stock | 93 | 104 LV, 125 MV | |||||
Equity Index | 22 | n/a | |||||
Growth Stock | 73 | 114 LG, 121 MG | |||||
International Stock | 135 | 114 | |||||
Diversified Small Co. Stock | 94 | 116 | |||||
Models: | |||||||
Conservative | 41 | n/a | |||||
Moderate | 61 | n/a | |||||
Aggressive | 73 | n/a | |||||
February 2003
Saturday, February 22nd, 2003Day | Stable Value | Value Stock | Equity Index | Growth Stock | Intl. Stock | Div. Small Co. Stock | Conserv. Portfolio | Moderate Portfolio | Aggressive Portfolio | Retirement Portfolio |
---|---|---|---|---|---|---|---|---|---|---|
03 | 180.31 | 237.06 | 218.38 | 174.53 | 157.57 | 234.94 | 197.60 | 205.60 | 201.65 | – |
04 | 180.36 | 233.64 | 215.54 | 172.02 | 156.64 | 233.84 | 196.62 | 204.22 | 200.03 | – |
05 | 180.36 | 232.77 | 214.52 | 171.47 | 156.36 | 233.25 | 196.31 | 203.81 | 199.54 | – |
06 | 180.40 | 230.44 | 213.20 | 170.74 | 155.05 | 231.58 | 195.75 | 202.92 | 198.39 | – |
07 | 180.48 | 228.03 | 210.96 | 169.06 | 153.90 | 228.32 | 195.05 | 201.58 | 196.74 | – |
10 | 180.47 | 229.47 | 212.48 | 170.62 | 152.63 | 229.56 | 195.53 | 202.20 | 197.37 | – |
11 | 180.50 | 227.54 | 210.86 | 169.90 | 153.71 | 228.24 | 194.98 | 201.63 | 196.74 | – |
12 | 180.54 | 224.15 | 208.21 | 167.69 | 152.80 | 225.41 | 194.03 | 200.06 | 194.91 | – |
13 | 180.59 | 223.50 | 207.80 | 166.43 | 152.68 | 224.36 | 193.90 | 199.60 | 194.37 | – |
14 | 180.65 | 227.45 | 211.76 | 170.25 | 153.43 | 227.18 | 195.21 | 201.71 | 196.69 | – |
17 | Market Closed – Holiday | |||||||||
18 | 180.67 | 232.25 | 216.03 | 174.34 | 155.06 | 231.15 | 196.68 | 204.24 | 199.56 | – |
19 | 180.71 | 230.32 | 214.51 | 173.36 | 154.36 | 228.69 | 196.16 | 203.30 | 198.39 | – |
20 | 180.75 | 228.44 | 212.68 | 172.30 | 154.24 | 228.60 | 195.59 | 202.62 | 197.68 | – |
21 | 180.80 | 231.22 | 215.52 | 174.57 | 153.88 | 230.89 | 196.53 | 203.95 | 199.15 | – |
24 | 180.85 | 226.91 | 211.65 | 171.35 | 153.50 | 227.35 | 195.25 | 201.93 | 196.85 | – |
25 | 180.88 | 228.36 | 213.18 | 172.46 | 150.61 | 228.48 | 195.75 | 202.26 | 197.11 | – |
26 | 180.92 | 225.81 | 210.53 | 170.05 | 150.23 | 226.44 | 194.94 | 200.92 | 195.61 | – |
27 | 180.94 | 228.53 | 213.07 | 172.35 | 150.53 | 228.43 | 195.80 | 202.26 | 197.10 | – |
28 | 180.99 | 229.56 | 213.99 | 173.71 | 151.80 | 228.86 | 196.14 | 202.99 | 197.90 | – |
February Fund Performance (in percentages) | ||||||||||
0.41% | -2.93% | -1.65% | -0.34% | -2.79% | -2.87% | -0.60% | -1.10% | -1.67% | – |