HomeMy Public PortalAboutDeferred Comp 2008 Audited FinancialsTHE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFERRED COMPENSATION PLAN AND TRUST
INDEPENDENT AUDITORS' REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
DECEMBER 31, 2008
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
CONTENTS
Page
INDEPENDENT AUDITORS' REPORT 1
MANAGEMENT'S DISCUSSION AND ANALYSIS 2 - 4
FINANCIAL STATEMENTS
Statements of Plan Net Assets 5
Statements of Changes in Plan Net Assets 6
Notes to Financial Statements 7 - 14
SUPPLEMENTAL INFORMATION
Historical Trend Information 15
Investment Returns and Expense Ratios 16
SCHMERSAHL TRELOAR& CO.
■Nom Certified Public Accountants
Independent Auditors' Report
To the Board of Trustees of the
Metropolitan St. Louis Sewer District
We have audited the accompanying statement of plan net assets of the Metropolitan St. Louis Sewer District
Deferred Compensation Plan and Trust (the "Plan") as of December 31, 2008, and the related statement of
changes in plan net assets for the year then ended. These financial statements are the responsibility of the
Plan Administrator. Our responsibility is to express an opinion on these financial statements based on our
audit. The financial statements of the Metropolitan St. Louis Sewer District Deferred Compensation Plan
and Trust as of and for the year ended December 31, 2007, were audited by other auditors whose report
dated November 12, 2008, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with U.S. generally accepted auditing standards. Those standards
require that we plan and performs the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes consideration of internal control over
financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the plan
net assets as of December 31, 2008, and the changes in plan net assets for the year then ended, in
conformity with U.S. generally accepted accounting principles.
The management's discussion and analysis is not a required part of the basic financial statements, but is
supplementary information required by U.S. generally accepted accounting principles. We have applied.
certain limited procedures, which consisted principally of inquiries of management regarding the
methods of measurement and presentation of the supplementary information. However, we did not audit
the information and express no opinion on it.
Our audit was for the purpose of forming an opinion on the financial statements that collectively
comprise the Plan's financial statements. The supplemental information, as listed in the table of
contents, is presented for purposes of additional analysis and is not a required part of the basic financial
statements of the Plan. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
-7,-;e4-mr.,
November 6, 2009
(314) 966-2727 • fax (314) 966-6464 • 3660 S. Geyer Rd., Suite 200 • St. Louis, MO 63127 • e-mail: stcpa@stcpa.com
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFERRED COMPENSATION PLAN AND TRUST
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED DECEMBER 31, 2008
This report consists of a series of financial statements related to The Metropolitan St. Louis Sewer Dis-
trict's Deferred Compensation Plan and Trust (the "Plan"). The statements of plan net assets and the
statements of changes in plan assets (on pages 5 and 6) provide information about this Plan's assets and
changes in its assets during the year. These statements are prepared using the accrual basis of account-
ing. The investments held in trust for plan benefits are reported at fair value.
This management's discussion and analysis of the plan's financial performance provides an overview of
the Plan's financial activities for the fiscal year ended December 31, 2008. Please read it in conjunction
with the Plan's financial statements.
FINANCIAL HIGHLIGHTS
Plan Additions, Deductions, and Net Assets
Net assets available for plan benefits exceeded $22.6 million at the end of 2008 and the net asset value
decreased by ($6.1) million from that of December 31, 2007, due to the combined impact of a decrease
in the overall value of the equity markets and an increase in participant contributions. Contributions
from participants were approximately $2.7 million, which was an increase of $128 thousand.
Plan Additions for 2008, 2007, and 2006 (in thousands)
2008
2007
Percent
Change
2006
Percent
Change
Employee contributions
$2,724
$2,596
4.9%
$2,479
4.7%
Investment income
(7,663)
1,500
(610.9)
2,790
(46.2)
Total Additions
(Reductions)
(4,939)
4,096
(220.6)
5,269
(22.3)
Plan Deduction for 2008, 2007, and 2006 (in thousands)
Percent
Percent
2008 _
2007
Change
2006
Change
Distribution to participants
and beneficiaries
$1,169
$1,443
(19.0%)
$1,406
2.6%
Net Assets at December 31, 2008, 2007, and 2006 (in thousands)
Percent
Percent
2008
2007
Change
2006
Change
Assets held in trust
$22,658
$28,766
(21.2%)
$26,113
10.2%
2
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFERRED COMPENSATION PLAN AND TRUST
MANAGEMENT’S DISCUSSION AND ANALYSIS
________________________________________FOR THE YEAR ENDED DECEMBER 31, 2008
____________________________________________________________________________________
3
Participant Census
Employee participation in the Plan is on a voluntary basis. Plan participants are comprised of active
employees of the District, retirees or surviving spouses and terminated employees with account balances
as follows:
Number Of
December 31 Participants
2008 640
2007 625
2006 619
Investment Aspects
Investment decisions are participant directed. The participants are offered a diversified portfolio of in-
vestment options to select from. These investment options represent a series of mutual funds primarily
sponsored and managed by the Vanguard Group. A breakdown of the participant directed assets alloca-
tion as of the last day of the fiscal year ended 2008, 2007, and 2006 follows:
Asset Allocation as of
December 31, 2006
60%23%
7% 6%4%
Asset Allocation as of
December 31, 2008
47%
24%
11%
11%7%
Equity
Balanced
Fixed Income
Stable Value
Cash equivalents
Asset Allocation as of
December 31, 2007
59%24%
7%5%5%
Equity
Balanced
Fixed Income
Stable Value
Cash Equivalents
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFERRED COMPENSATION PLAN AND TRUST
MANAGEMENT'S DISCUSSION AND ANALYSIS
FOR THE YEAR ENDED DECEMBER 31, 2008
Certain participants with assets valued at $597,063 and $757,966 in 2008 and 2007, respectively, are
invested in a series of fixed and variable rate annuity contracts sponsored by Lincoln National Life In-
surance Company. The Lincoln National Life option was phased out in 1992, and any balances repre-
sent undistributed participant balances. This option is no longer available to new participants or for cur-
rent deferrals.
Fiduciary Responsibilities
The Board of Trustees and senior management are fiduciaries of the Plan and Trust. Fiduciaries are
charged with the responsibility of assuring that the assets of the Plan are used exclusively for the benefit
of plan participants and the beneficiaries.
Request for Information
This financial report is designed to provide the Board of Trustees, participants, investment managers,
and other interested parties with an overview of the Plans finances and accountability for the money re-
ceived. Questions concerning any of the information provided in this report or requests for additional
information should be addressed to:
Karl J. Tyminski, Secretary -Treasurer
2350 Market Street
St. Louis, MO 63103-2555
kjtymi@;stlmsd.corn
4
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
STATEMENTS OF PLAN NET ASSETS
December 31
2008 2007
ASSETS
Investments at fair value:
Mutual funds $18,961,391 $26,023,916
Common/collective trust 2,388,744 1,366,284
Annuity contracts 597,063 757,966
Participant loans 710,672 618,245
NET ASSETS HELD IN TRUST FOR PLAN BENEFITS $22,657,870 $28,766,411
See notes to financial statements
5
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
STATEMENTS OF CHANGES IN PLAN NET ASSETS
For the Years
Ended December 31,
2008 2007
ADDITIONS TO (REDUCTIONS OF) NET ASSETS
ATTRIBUTED TO:
Investment (loss) income:
Interest and dividends $ 808,552 $ 1,558,077
Net depreciation in fair value of investments (8,471,611) (57,208)
Total Investment (Loss) Income (7,663,059) 1,500,869
Less: Investment expenses (325) (350)
Net Investment (Loss) Income (7,663,384) 1,500,519
Employee contributions:
Elected deferrals 2,723,760 2,595,532
Total (Reductions) Additions (4,939,624) 4,096,051
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Distributions to participants and beneficiaries 1,168,917 1,442,611
NET (DECREASE) INCREASE (6,108,541) 2,653,440
NET ASSETS AVAILABLE FOR BENEFITS,
JANUARY 1 28,766,411 26,112,971
NET ASSETS AVAILABLE FOR BENEFITS,
DECEMBER 31 $22,657,870 $28,766,411
See notes to financial statements
6
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE A — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies consistently applied by The Metropolitan St. Louis Sewer District
Deferred Compensation Plan and Trust (the "Plan") in the preparation of the accompanying financial
statements are summarized below:
1. Basis of Accounting
The financial statements of the Plan are prepared under the accrual basis of accounting.
Benefit payments to participants or beneficiaries are recorded upon distribution.
2. Accounting Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting
principles requires the Plan Administrator to make certain estimates and assumptions that
affect the reported amounts in the financial statements. Actual results could differ from those
estimates.
3. Investment Valuation
Purchases and sales of mutual funds are recorded on the settlement date. Investments in mutual
funds are valued at fair value based on quoted market prices. Investments in annuity contracts
are valued at contract values reported by the insurance company, which approximate fair value.
Investments in participant loans are valued at the outstanding principal balance, which
approximate fair value.
4. Administrative Expenses
All general administrative costs of the Plan are paid by The Metropolitan St. Louis Sewer
District (the "District"), except those attributable to participants' choice of optional
investments or optional forms of benefit payments. These expenses are charged to the
respective participants' account balance.
NOTE B — DESCRIPTION OF THE PLAN
The following description of the Plan provides only general information. Participants should refer to the
Plan agreement for a complete description of the Plan's provisions.
1. General
The Plan is a defined contribution benefit plan covering substantially all employees of the
District. The District's Board of Trustees established the Plan in September 1996. The first
contributions were made in October 1996. Plan provisions are established and may be
amended by the District's Board of Trustees. The District does not contribute to the Plan.
7
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE B — DESCRIPTION OF THE PLAN (Continued)
1. General (Continued)
All assets of the Plan are the sole property of the Plan and are not subject to the claims of
creditors of the District. The Plan Administrator issues a publicly available Summary Plan
Description. That information may be obtained by writing to The Metropolitan St. Louis
Sewer District, 2350 Market Street, St. Louis, MO 63103-2555.
2. Contributions
Under the plan provisions, employees of the District are eligible to contribute up to 100% of
their total compensation into the Plan, through payroll deferral, any amount not previously
reduced or withheld from their total compensation. In accordance with the Internal Revenue
Code Section 457 as amended, the Plan limits an individual's annual contribution (adjusted
annually) not to exceed $15,500 for the years ended December 31, 2008 and 2007. If the
employee is over the age of 50, they can contribute an additional catch-up contribution up to
$5,000 for the years ended December 31, 2008 and 2007. Underutilization catch-up of two
times the standard annual deferral applies within the three years prior to normal retirement, less
amounts deferred under the Plan. Amounts contributed by employees are deferred for federal
and state income tax purposes until received as a withdrawal or distribution from the Plan.
Employee contributions may be allocated to the Vanguard accounts only, in 1% increments as
the participant directs. No contributions are currently made to the Lincoln National accounts:
Equity option: Vanguard Windsor II Fund, Vanguard Index 500 Fund, and Vanguard
U.S. Growth Fund — Investment objective is long-term capital growth.
Diversification option: Vanguard Small -Cap and Mid -Cap Index Fund and Vanguard
International Growth Fund — Investment objective is long-term capital growth.
Life Strategy option: Vanguard Life Strategy Growth Fund, Vanguard Life Strategy
Moderate Growth Fund, Vanguard Life Strategy Conservative Growth Fund, and
Vanguard Life Strategy Income Fund — Investment objective is long-term capital growth
and/or Income.
Bond option: Vanguard Total Bond Market Index Fund — Investment objective is income
stability and conservation of principal.
Balanced option: Vanguard Balanced Index Fund — Investment objective is income,
conservation of principal, and long-term growth.
Stable Value option: Vanguard Retirement Savings Trust — Investment objective is
income stability and conservation of principal.
8
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE B — DESCRIPTION OF THE PLAN (Continued)
2. Contributions (Continued)
Money Market option: Vanguard Federal Money Market Fund — Investment objective is
safety of principal.
Loan Fund: The District allows participants to borrow from their account, usually a
percentage of their vested balance.
3. Participant Accounts
Each participant's account is credited with the participant's contribution and allocations of
Plan earnings. Allocations are based on participants' account balances, as defined. There are
no forfeitures applicable to the Plan. Participants' contributions are immediately fully vested.
At December 31, 2008 and 2007, approximately 640 and 625 participants, respectively,
actively participated in the Plan.
4. Participant Loans
Active participants, with some exceptions, may borrow from their fund accounts a percentage
of their vested account balances. Principal and interest is paid through payroll deductions. At
December 31, 2008 and 2007, interest rates on loans outstanding range from 5.00% to 9.25%.
5. Distributions
Participants contributing to the Plan may receive benefits or withdraw the present value of
funds contributed to the Plan upon retirement, disability, or termination of employment from
the District or due to financial hardship as defined by the Plan, if approved by the Plan
Administrator.
Participants may select various payout options including lump sum or equal annual payments
over various periods. Participants may also elect to have the value of the account converted
into fixed or variable annuity contracts. All investments, including annuity contracts, remain
assets of the Plan until payments are made to the participants.
6. Tax Status
The Plan received a favorable determination letter from the Internal Revenue Service on
June 23, 1999, indicating the Plan and its underlying trust are qualified under Section 457 of
the Internal Revenue Code.
9
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE C — RELATED PARTY -IN -INTEREST TRANSACTIONS
The Plan invests in shares of mutual funds managed by an affiliate of Vanguard Fiduciary Trust
Company (VFTC). VFTC acts as trustee for only those investments as defined by the Plan.
Transactions in such investments qualify as party -in -interest transactions which are exempt from the
prohibited transaction rules.
NOTE D — INVESTMENTS
Investments held by the custodians in the Plan's name were as follows:
December 31,
2008 2007
Mutual funds:
Vanguard Group, Inc.
Windsor II Fund $ 4,181,430* $ 6,694,576*
Balanced Index Fund 2,529,369 * 3,438,968 *
500 Index Fund 2,240,569* 3,419,978*
Total Bond Market Index Fund 1,982,158 * 1,770,119*
Federal Money Market Fund 1,577,475 * 1,473,156 *
U.S. Growth Fund 1,444,041 * 2,301,622 *
LifeStrategy Moderate Growth Fund 1,276,655 * 1,396,299
International Growth Fund 915,387 1,665,643 *
LifeStrategy Growth Fund 728,630 1,114,083
Small -Cap Index Fund 686,871 966,683
Mid -Cap Index Fund 657,812 1,000,994
LifeStrategy Conservative Growth Fund 485,458 488,405
LifeStrategy Income Fund 255,536 293,390
Total Mutual Funds 18,961,391 26,023,916
Common/collective trust:
Vanguard Group, Inc.
Retirement Savings Trust
Participant loans
* Represents 5% or more of the Plan's net assets.
2,388,744* 1,366,284
710,672 618,245
10
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE D - INVESTMENTS (Continued)
December 31,
2008 2007
Annuity contracts:
Lincoln National Life
Fixed earnings option:
Lincoln National Fixed 335,437 332,507
Variable earnings option:
Growth & Income Fund 101,269 162,816
Special Opportunity Fund 90,561 146,031
International Fund 20,365 32,478
Trend Fund 14,170 26,873
Social Awareness Fund 9,455 14,572
Managed Fund 5,646 7,846
Capital Appreciation Fund 5,629 9,616
Money Market Fund 4,911 5,101
Midcap Growth Fund 3,508 6,196
Equity -Income Fund 2,358 6,029
Global Growth Fund 1,939 4,817
Aggressive Growth Fund 1,815 3,084
Total Annuity Contracts 597,063 757,966
$22,657,870 $28,766,411
Debt Securities Interest Rate and Credit Risk
The Plan will minimize the risk that the market value of securities in the portfolio will fall due to
changes in general interest rates by selecting mutual funds for the investment portfolio that manage
credit quality and duration of fixed income investments.
The Plan will minimize credit risk, the risk of loss due to failure of the security issuer or backer, by
selecting mutual funds for the investment portfolio that manage their respective fund under a
predetermined average credit risk investment management policy.
The following table provides information on the duration and credit ratings associated with the Plan's
investment in debt -backed mutual funds, excluding obligations of the U.S. Government or obligations
explicitly guaranteed by the U.S. government within these funds at December 31, 2008 and 2007:
11
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE D - INVESTMENTS (Continued)
Plan Investments
With Debt Securities
S&P Average
Average Effective
Fair Credit Credit Quality Percentage Duration
Value Rating AAA AA A BBB BB B In Years
December 31, 2008:
Vanguard Group, Inc.
Balanced Index Fund $2,529,369
Total Bond Market Index Fund 1,982,158
Federal Money Market Fund 1,577,475
Life Strategy Moderate Growth Fund 1,276,655
Retirement Savings Trust 2,388,744
Life Strategy Conservative Growth Fund 485,458
Life Strategy Income Fund 255,536
AAA 31.3 % 1.1 % 3.6 %
AAA 81.1 3.0 9.2
AAA 100.0 - -
AAA 23.9 0.9 2.7
AA 59.3 40.6 0.1
AA 31.6 3.9 7.5
AA 48.1 4.5 9.4
Lincoln National Life
Fixed (annuity contracts) 335,437 AA
Money Market Fund 4,911 AA
* Information is unavailable for this mutual fund.
*
*
2.7 % - % - % 3.7
6.7 - - 3.7
- 0.2
2.0 - 3.7
- 2.4
5.7 0.1 0.4 3.1
7.1 0.1 0.7 3.3
12
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE D - INVESTMENTS (Continued)
Plan Investments
With Debt Securities
S&P Average
Average Effective
Fair Credit Credit Quality Percentage Duration
Value Rating AAA AA A BBB BB B In Years
December 31, 2007:
Vanguard Group, Inc.
Balanced Index Fund $3,438,968 AAA 31.3 % 2.4 % 3.6 % 2.8 % - % - % 4.4
Total Bond Market Index Fund 1,770,119 AAA 79.2 5.6 8.1 7.1 - - 4.4
Federal Money Market Fund 1,473,156 AAA 100.0 - - - - 0.2
Life Strategy Moderate Growth Fund 1,396,299 AAA 24.2 1.7 2.5 2.2 - 4.6
Retirement Savings Trust 1,366,284 AA 54.3 44.5 1.2 - - 2.7
Life Strategy Conservative Growth Fund 488,405 AA 30.9 6.3 7.4 5.5 0.2 - 3.8
Life Strategy Income Fund 293,390 AA 46.7 7.5 9.0 6.9 0.2 - 4.0
Lincoln National Life
Fixed (annuity contracts) 332,507 AA
Money Market Fund 5,101 AA
* Information is unavailable for this mutual fund.
*
*
*
13
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2008 AND 2007
NOTE E — RISKS AND UNCERTAINTIES
The Plan invests in various investment securities. Investment securities are exposed to various risks such
as interest rate, market, and credit risk. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the values of investment securities will occur
in the near term and that such changes could materially affect the participants' account balances and
amounts reported in the Statement of Plan Net Assets.
14
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
SUPPLEMENTAL INFORMATION
SUPPLEMENTAL INFORMATION SECTION
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
SUPPLEMENTAL INFORMATION
HISTORICAL TREND INFORMATION
For The
Years Ended Employee
December 31 Contributions
2008 $2,723,760
2007 2,595,532
2006 2,479,067
2005 2,203,103
2004 2,050,893
2003 2,041,688
2002 2,133,784
2001 1,986,726
2000 2,345,212
1999 1,608,507
Net Investment
Income (Loss)
($7,663,384)
1,500,519
2,790,431
1,311,662
1,909,831
2,746,391
(2,095,283)
(1,194,727)
(257,908)
951,611
Distributions To
Participants
And Beneficiaries
($1,168,917)
(1,442,611)
(1,405,638)
(670,007)
(792,780)
(1,238,629)
(1,819,333)
(793,369)
(850,507)
(530,279)
Increase
(Decrease)
In Net Assets
($6,108,541)
2,653,440
3,863,860
2,844,758
3,167,944
3,549,450
(1,780,832)
(1,370)
1,236,797
2,029,839
15
THE METROPOLITAN ST. LOUIS SEWER DISTRICT
DEFFERRED COMPENSATON PLAN AND TRUST
SUPPLEMENTAL INFORMATION
INVESTMENT RETURNS AND EXPENSE RATIOS
An independent investment consultant, New England Pension Consultants, monitored investment
performance of the various options offered to the participants. Performance of the funds are measured
net of the corresponding expense ratios. Below is a table that reflects the funds available for employees
to invest and their performance for the years 2008 and 2007 as compared to the appropriate benchmarks
as well as their current expense ratios:
Returns Net of Fees*
Funds / Benchmarks
Expense Ratios
2008
2007
Federal Money Market
0.28%
2.5%
5.1%
Retirement Savings Trust
0.30
4.4
4.5
90-day T-Bills
2.1
5.0
Bankers Trust 3-Year Guaranteed Investment
4.8
4.6
Contract Rate
Total Bond Market Index
0.19
5.1
6.9
BarCap US Aggregate Bond Index
5.2
7.0
Balanced Index Fund
0.19
(22.2)
6.2
60% Standard & Poor's 500/ 40% BarCap
(22.1)
6.1
Agg Index
Life Strategy Income
0.24
(10.5)
6.7
Dow Jones U.S. Moderate Conservative
(5.5)
6.6
Portfolio
Life Strategy Conservative Growth
0.24
(19.5)
7.0
Dow Jones U.S. Moderate Conservative
(14.9)
7.5
Portfolio
Life Strategy Moderate Growth
0.23
(26.5)
7.4
Dow Jones U.S. Moderate Portfolio
(22.8)
6.6
Life Strategy Growth
0.23
(34.4)
7.5
Russell 1000
(30.9)
5.8
Standard & Poor's 500 Index
0.15
(37.0)
5.4
Standard & Poor's 500 Index
(37.0)
5.5
Windsor II Fund
0.33
(36.7)
2.2
Russell 1000 Value Index
(36.8)
(0.2)
U.S. Growth
0.50
(37.8)
10.1
Russell 1000 Growth Index
(38.4)
11.8
Mid Cap Index
0.21
(41.8)
6.0
Russell Mid Cap Index
(42.8)
5.6
Small Cap Index
0.22
(36.1)
1.2
Russell 2000 Index
(37.2)
(1.6)
International Growth
0.54
(44.9)
15.9
Citigroup PMI EPAC Index
(43.3)
13.0
MSCI EAFE Index
(43.4)
11.2
*The returns shown above are net of fees as reported by the managers.
16