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August 2003
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| The State of Connecticut 403(b) Program | ||
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When shopping for a bargain, educated consumers know it's important to first look around and compare products and prices. That way, you will know if you're paying a fair price for the item you're buying. The same concept holds true when you're reviewing the performance of your investment options. By doing a comparison check, you have a much better idea of how well they're doing. This is often referred to as benchmarking. Be sure to read this issue of "Dollar Wise" to learn about how you can use benchmarks as one measure to help judge the performance of your 403(b) Program investment options. |
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Important Note: The information presented in this newsletter is not intended
as investment advice. Its purpose is to help you understand the investment
choices available through the State of Connecticut 403(b) Program. Your
financial strategy and investment choices are entirely your own and should
reflect your personal needs and circumstances. |
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State of Connecticut personnel, including the Human Resources Department
staff, cannot provide investment advice. For more information, you may want
to consult with a professional financial advisor. The investment information is current as of June 30, 2003. |
Nancy Wyman State Comptroller |
Check Your Investments' Performance With Benchmarks
The State of Connecticut recognizes that you need certain key facts in order to make Dollar Wise investment decisions for yourself and your family. That's why this newsletter will now include investment benchmarks in the Comparison of Investment Options section. Benchmarks will be shown in each performance table, directly below the corresponding investment option.
Benchmarks and the 403(b) Program
The 403(b) Program uses market indexes as benchmarks. A market index measures the return on investment of an overall market, such as the stock market or the bond market. Some market indexes may focus on funds with similar investment objectives. Benchmarking allows you to measure a fund's performance against the market, as defined by the investments that make up the index.
What does this mean in relation to how you view your investments? Let's say the benchmark for the XYZ Stock Portfolio is the Russell Midcap Index. If the portfolio's annual return (net of expenses) is 4% and the Russell Midcap Index return is 3.5%, then your portfolio is outperforming the relevant market segment, as defined by the Russell Midcap Index.
| Three Widely Used Indexes | |
|---|---|
| 1. S&P 500 | Standard & Poor's index of 500 widely held U.S. stocks is often used to judge the performance of the U.S. stock market as a whole. This index is used as a benchmark for funds that are invested in stocks of larger, mature companies. |
| 2. Russell 3000 | This index tracks the performance of the 3,000 largest (based on total market capitalization) publicly traded U.S. companies. All other Russell indexes are subsets of this index. So, for example, the Russell 2000 measures the performance of the smallest 2000 companies in the Russell 3000 Index. |
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3. Lehman Brothers (LB) Aggregate Bond Index |
This index consists of investment-grade, U.S. dollar-denominated fixed income securities having a maturity of greater than one year and includes U.S. treasury and agency securities, corporate bonds, mortgage-backed securities, and asset-backed securities. The index is generally used as a benchmark for intermediate-term, investment-grade fixed income funds. |
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Keep in mind... ... a benchmark is just one resource you can use when evaluating your investments. Diversifying your portfolio and reviewing your individual financial needs are also a very important part of creating and maintaining your investment strategy. The investment benchmarks shown here may differ from those shown in the fund prospectuses. |
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| How Benchmarks Help Measure Performance |
| Suppose your friend told you he paid $30,000 for a car. How would you know whether the car cost too much money? One way is to check the car's price against the market price for a comparable vehicle. For instance, if your friend's car is a four-year-old station wagon and other four-year-old station wagons cost less, then he paid too much. On the other hand, if your friend bought a brand-new, high-performance luxury sedan, that might be a good price when compared with similar cars. Benchmarking works the same way. By looking at a benchmark, you'll be able to check how the performance of your investments measures up against the performance of similar investments in the market. Then you can determine how well your investments are doing. |
Comparison of Investment Options for
the Connecticut 403(b) Program
Performance and Expenses as of June 30, 2003
| FIDELITY INVESTMENTS | ||||||||
| Return on Investments (net of expenses)* | Operating Expenses | |||||||
|---|---|---|---|---|---|---|---|---|
|
Level of Risk |
Investment Options | 4/1/03- 6/30/03 |
1 Year |
Annual- ized 3 Years |
Admin./ M&E |
Manage- ment Fees |
Other Expenses | Total Expenses |
| Low | Fidelity Retirement Money Market** | 0.24% | 1.23% | 3.12% | 0.000% | 0.420% | 0.000% | 0.420% |
| 91-Day Treasury Bills | 0.26% | 1.28% | 2.81% | |||||
| Fidelity U.S. Bond Index Fund** | 2.76% | 11.19% | 10.10% | 0.000% | 0.320% | 0.000% | 0.320% | |
| LB Aggregate Bond Index | 2.50% | 10.40% | 10.08% | |||||
| Medium | Fidelity Balanced | 14.94% | 7.67% | 3.15% | 0.000% | 0.440% | 0.270% | 0.710% |
| Fidelity Puritan | 12.31% | 3.79% | 2.05% | 0.000% | 0.440% | 0.230% | 0.670% | |
| 60% S&P 500 + 40% LBAGG Index | 10.14% | 4.84% | - 2.71% | |||||
| Fidelity Capital & Income | 14.73% | 42.82% | 3.24% | 0.000% | 0.580% | 0.270% | 0.850% | |
| ML US High Yield Master Trust II | 10.02% | 22.25% | 5.01% | |||||
| Fidelity Equity-Income | 17.91% | - 2.19% | - 1.11% | 0.000% | 0.480% | 0.240% | 0.720% | |
| Russell 3000 Value Index | 17.65% | - 1.23% | 0.57% | |||||
| Fidelity Growth & Income | 10.43% | - 2.04% | - 7.95% | 0.000% | 0.490% | 0.250% | 0.740% | |
| S&P 500 Index | 15.39% | 0.25% | - 11.19% | |||||
| High | Fidelity Blue Chip Growth | 13.20% | - 0.30% | - 15.75% | 0.000% | 0.440% | 0.330% | 0.770% |
| Fidelity Independence | 16.92% | 2.85% | - 15.62% | 0.000% | 0.860% | 0.210% | 1.070% | |
| Russell 1000 Growth Index | 14.31% | 2.94% | - 21.54% | |||||
| Fidelity Contrafund | 11.81% | - 0.22% | - 6.52% | 0.000% | 0.810% | 0.220% | 1.030% | |
| Fidelity Dividend Growth | 17.42% | 4.33% | - 3.79% | 0.000% | 0.780% | 0.290% | 1.070% | |
| Fidelity Magellan | 14.25% | - 0.23% | - 12.32% | 0.000% | 0.560% | 0.210% | 0.770% | |
| Fidelity Spartan U.S. Equity Index** | 15.38% | 0.14% | - 11.33% | 0.000% | 0.190% | 0.000% | 0.190% | |
| S&P 500 Index | 15.39% | 0.25% | - 11.19% | |||||
| Fidelity Diversified International | 19.73% | - 0.87% | - 5.58% | 0.000% | 0.900% | 0.320% | 1.220% | |
| MS EAFE Index | 19.57% | - 6.06% | - 13.20% | |||||
| Fidelity Growth Company | 19.31% | 5.67% | - 20.22% | 0.000% | 0.840% | 0.280% | 1.120% | |
| Russell 3000 Growth Index | 14.92% | 2.79% | - 21.19% | |||||
| Fidelity Low-Priced Stock | 21.31% | 0.25% | 15.17% | 0.000% | 0.770% | 0.260% | 1.030% | |
| Russell 2000 Value Index | 22.72% | - 3.80% | 10.93% | |||||
| Fidelity Mid-Cap Stock | 15.74% | - 0.57% | - 8.56% | 0.000% | 0.450% | 0.330% | 0.780% | |
| Russell Midcap Index | 18.26% | 2.63% | - 2.02% | |||||
| Fidelity New Millennium | 18.55% | 3.86% | - 12.40% | 0.000% | 0.870% | 0.200% | 1.070% | |
| Russell Midcap Growth Index | 18.76% | 7.35% | - 18.49% | |||||
| Fidelity Small Cap Stock | 17.83% | - 2.85% | - 1.09% | 0.000% | 0.880% | 0.310% | 1.190% | |
| Russell 2000 Index | 23.42% | - 1.64% | - 3.30% | |||||
| Fidelity Value | 17.22% | - 0.87% | 9.29% | 0.000% | 0.740% | 0.230% | 0.970% | |
| Russell Midcap Value Index | 17.89% | - 0.64% | 7.87% | |||||
Asset transfer provision for transfer of assets from other carrier: none
The Fidelity Capital & Income, Mid-Cap Stock, Low-Priced Stock, Small Cap Stock and Diversified International funds may charge a short-term trading fee.
The Low-Priced Stock fund charges 1.50% on shares held less than 90 days, the Small Cap Stock fund charges 2.00% on shares held less than 90 days and the Diversified International fund charges 1.00% on shares held less than 30 days.
* In accordance with the requirements of the operating provisions of the 403(b) Program, Fidelity Investments will deduct a quarterly fee to all accounts on file beginning fourth quarter 2002. The purpose of this fee is to pay expenses associated with the 403(b) Program's limited scope third party administrator.
** FMR Co. has voluntarily agreed to reimburse shareholders a portion of the funds' management fee. This agreement can be terminated at any time. Without this reimbursement, each fund's yield would have been lower.
Although the information contained above has been carefully verified, its accuracy cannot be guaranteed. All numbers are unaudited.
| THE HARTFORD | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on Investments (net of expenses) |
Operating Expenses | |||||||
| Level of Risk | Investment Options |
4/1/03- 6/30/03 |
1 Year |
Annual- ized 3 Years |
Admin M&E |
Manage- ment Fees |
Other Expenses |
Total Expenses |
| Low | Hartford Bond HLS | 3.35% | 13.11% | 9.80% | 0.850% | 0.480% | 0.030% | 1.360% |
| LB Aggregate Bond Index | 2.50% | 10.40% | 10.08% | |||||
| General (Declared Rate) Account* | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Medium | Franklin Mutual Shares | 12.58% | 0.81% | 4.48% | 0.850% | 0.580% | 0.560% | 1.990% |
| Hartford Dividend and Growth HLS | 15.20% | - 3.26% | - 0.48% | 0.850% | 0.650% | 0.030% | 1.530% | |
| MFS Value | 14.25% | - 4.57% | 0.28% | 0.850% | 0.600% | 0.610% | 2.060% | |
| Russell 1000 Value Index | 17.27% | - 1.02% | - 0.19% | |||||
| Hartford Advisers HLS | 10.07% | 2.34% | - 5.15% | 0.850% | 0.630% | 0.030% | 1.510% | |
| 50% S&P 500 + 50% LBAGG Index | 8.84% | 5.88% | - 0.58% | |||||
| Van Kampen Equity Income | 12.59% | 2.36% | 2.33% | 0.850% | 0.360% | 0.460% | 1.670% | |
| 60% S&P 500 + 40% LBAGG Index | 10.14% | 4.84% | - 2.71% | |||||
| High | Hartford Capital Appreciation HLS | 18.85% | 6.88% | - 5.85% | 0.850% | 0.630% | 0.050% | 1.530% |
| Hartford Index HLS | 15.04% | - 1.01% | - 12.34% | 0.850% | 0.400% | 0.030% | 1.280% | |
| Hartford Stock HLS | 14.39% | - 1.08% | - 12.56% | 0.850% | 0.460% | 0.030% | 1.340% | |
| MFS Capital Opportunities | 18.45% | - 2.32% | - 20.28% | 0.850% | 0.660% | 0.450% | 1.960% | |
| S&P 500 Index | 15.39% | 0.25% | - 11.19% | |||||
| Hartford Midcap HLS | 18.38% | 1.93% | - 0.70% | 0.850% | 0.670% | 0.030% | 1.550% | |
| MFS Midcap Growth | 18.27% | 2.51% | - 24.70% | 0.850% | 0.750% | 0.510% | 2.110% | |
| Russell Midcap Growth Index | 18.76% | 7.35% | - 18.49% | |||||
| Hartford Small Company HLS | 26.38% | - 1.65% | - 15.28% | 0.850% | 0.720% | 0.040% | 1.610% | |
| Invesco Small Company Growth | 16.98% | - 5.09% | - 21.31% | 0.850% | 0.660% | 0.580% | 2.090% | |
| Russell 2000 Growth Index | 24.15% | 0.69% | - 16.66% | |||||
| Invesco Financial Services | 16.43% | - 2.97% | 1.22% | 0.850% | 0.630% | 0.630% | 2.110% | |
| S&P Financial Services Sector Index | 18.48% | 0.22% | 3.39% | |||||
| Invesco Leisure | 15.62% | 4.32% | - 1.93% | 0.850% | 0.710% | 0.660% | 2.220% | |
| S&P Consumer Discretionary Sector Index | 19.09% | - 0.68% | - 5.79% | |||||
| Janus Adviser Worldwide | 15.74% | - 10.41% | - 20.29% | 0.850% | 0.650% | 0.590% | 2.090% | |
| MS World Index | 17.25% | - 1.89% | - 12.58% | |||||
| MFS Massachusetts Investors Growth Stock | 14.55% | - 2.26% | - 19.07% | 0.850% | 0.330% | 0.520% | 1.700% | |
| Russell 1000 Growth Index | 14.31% | 2.94% | - 21.54% | |||||
| Templeton Foreign | 17.52% | - 7.02% | - 3.84% | 0.850% | 0.610% | 0.570% | 2.030% | |
| MS EAFE Index | 19.57% | - 6.06% | - 13.20% | |||||
Asset transfer provision for transfer of assets from other carrier: lesser of 2% or actual deferred sales charge/surrender charge
* The Declared Rate is credited through the close of the calendar year on contributions received during the designated calendar quarter. The rate for the 3rd quarter, 2003, is 4.15%. For contributions received prior to January 1, 2003, the Declared Rate is 4.15%. Rates quoted are effective annual yields.
| TIAA - CREF | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on Investments (net of expenses)* | Operating Expenses | |||||||
| Level of Risk | Investment Options | 4/1/03-6/30/03 | 1 Year | 3 Years |
Annual- ized M&E |
Admin./ Manage- ment Fees |
Other Expenses |
Total Expenses |
| Low | CREF Bond Market Account | 2.67% | 10.88% | 10.06% | 0.285% | 0.110% | 0.045% | 0.440% |
| LB Aggregate Bond Index | 2.50% | 10.40% | 10.08% | |||||
| CREF Inflation-Linked Bond Account | 3.49% | 15.12% | 11.99% | 0.285% | 0.110% | 0.045% | 0.440% | |
| Citi US Inflation-Linked Securities Index | 3.24% | 15.26% | 12.24% | |||||
| CREF Money Market Account | 0.20% | 1.13% | 3.08% | 0.285% | 0.060% | 0.045% | 0.390% | |
| 91-Day Treasury Bills | 0.26% | 1.28% | 2.81% | |||||
| TIAA Traditional Annuity** | 0.98% | 5.49% | 7.36% | N/A | N/A | N/A | N/A | |
| Medium | CREF Social Choice Account | 10.94% | 6.31% | - 2.39% | 0.285% | 0.110% | 0.045% | 0.440% |
| 60% Russell 3000 + 40% LBAGG Index | 10.63% | 5.15% | - 2.22% | |||||
| TIAA Real Estate Account*** | 1.38% | 4.04% | 6.48% | 0.350% | 0.265% | 0.075% | 0.690% | |
| NCREIF Index*** | 1.88% | 7.14% | 8.55% | |||||
| High | CREF Equity Index Account | 16.05% | 0.37% | - 10.70% | 0.285% | 0.110% | 0.045% | 0.440% |
| CREF Stock Account | 16.52% | - 0.19% | - 11.18% | 0.285% | 0.150% | 0.045% | 0.480% | |
| Russell 3000 Index | 16.24% | 0.77% | - 10.47% | |||||
| CREF Global Equities Account | 16.21% | - 3.40% | - 15.43% | 0.285% | 0.200% | 0.045% | 0.530% | |
| MS World Index | 17.25% | - 1.89% | - 12.58% | |||||
| CREF Growth Account | 13.76% | 2.01% | - 23.30% | 0.285% | 0.170% | 0.045% | 0.500% | |
| Russell 1000 Growth Index | 14.31% | 2.94% | - 21.54% | |||||
Asset transfer provision for transfer of assets from other carrier: none
* In accordance with the requirements of the operating provisions of the 403(b) Program, TIAA-CREF will assess a fee for each active account on a monthly basis beginning December 2002. The purpose of this fee is to pay expenses associated with the 403(b) Program's limited scope third party administrator.
** Rates for the TIAA Traditional Annuity are quoted after all operation charges have been deducted. These charges are very low, averaging about 1/3 of 1% of assets. New contributions applied to the TIAA Traditional Annuity under a Group Supplemental Retirement Annuity (GSRA) contract during the period from July 1, 2003 through September 30, 2003 will be credited with an interest rate of 3.00%.
*** TIAA Real Estate Account and the NCREIF Index returns are presented one quarter in arrears due to a lag in the availability of the benchmark return.
| ING FINANCIAL ADVISERS, LLC | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on Investments (net of expenses)* | Operating Expenses | |||||||
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Level of Risk |
Investment Options |
4/1/03- 6/30/03 |
1 Year |
Annual- ized 3 Years |
Admin. /M&E |
Manage- ment Fees |
Other Expen- ses |
Total Expen- ses |
| Low | ING Fixed Plus ** | 4.45% | N/A | N/A | N/A | N/A | N/A | N/A |
| ING VP Bond Portfolio | 2.86% | 9.91% | 8.56% | 1.000% | 0.400% | 0.090% | 1.490% | |
| LB Aggregate Bond Index | 2.50% | 10.40% | 10.08% | |||||
| ING VP Money Market Portfolio | 0.02% | 0.25% | 2.11% | 1.000% | 0.250% | 0.090% | 1.340% | |
| 91-Day Treasury Bills | 0.26% | 1.28% | 2.81% | |||||
| Janus Aspen Series Flexible Income Portfolio | 3.36% | 12.08% | 8.63% | 1.000% | 0.610% | 0.050% | 1.660% | |
| LB Government/Credit Bond Index | 3.53% | 13.15% | 10.82% | |||||
| Medium | ING VP Balanced Portfolio, Inc. | 10.46% | 2.94% | - 4.27% | 1.000% | 0.500% | 0.100% | 1.600% |
| 60% S&P 500 + 40% LBAGG Index | 10.14% | 4.84% | - 2.71% | |||||
| Janus Aspen Series Balanced Portfolio | 6.91% | 1.68% | - 3.71% | 1.000% | 0.650% | 0.020% | 1.670% | |
| 50% S&P 500 + 50% LBAGG Index | 8.84% | 5.88% | - 0.58% | |||||
| High | Fidelity VIP Growth Portfolio | 16.49% | - 2.77% | - 18.73% | 1.000% | 0.580% | 0.090% | 1.670% |
| Russell 3000 Growth Index | 14.92% | 2.79% | - 21.19% | |||||
| FTVIP Franklin Small Cap Value Securities Fund | 19.28% | - 7.57% | 9.14% | 1.000% | 0.590% | 0.420% | 2.010% | |
| Russell 2000 Value Index | 22.72% | - 3.80% | 10.93% | |||||
| ING MFS Capital Opportunities Portfolio | 18.47% | - 1.87% | - 20.23% | 1.000% | 0.650% | 0.250% | 1.900% | |
| ING VP Index Plus Large Cap Portfolio | 13.72% | - 2.15% | - 12.90% | 1.000% | 0.350% | 0.100% | 1.450% | |
| ING VP Value Opportunity Portfolio | 13.64% | - 10.30% | - 9.16% | 1.000% | 0.600% | 0.120% | 1.720% | |
| Lord Abbett Growth and Income Portfolio | 17.41% | - 1.85% | - 0.62% | 1.000% | 0.500% | 0.460% | 1.960% | |
| Pioneer Fund VCT Portfolio | 13.35% | - 5.84% | - 9.91% | 1.000% | 0.650% | 0.150% | 1.800% | |
| S&P 500 Index | 15.39% | 0.25% | - 11.19% | |||||
| ING VP Index Plus MidCap Portfolio | 15.69% | - 1.84% | - 0.32% | 1.000% | 0.400% | 0.130% | 1.530% | |
| S&P MidCap 400 Index | 17.62% | - 0.73% | 0.99% | |||||
| ING VP International Value Portfolio | 15.86% | - 9.67% | - 8.20% | 1.000% | 1.000% | 0.000% | 2.000% | |
| MS EAFE Index | 19.57% | - 6.06% | - 13.20% | |||||
| ING VP Small Company Portfolio | 19.21% | - 6.98% | - 7.31% | 1.000% | 0.750% | 0.120% | 1.870% | |
| Russell 2000 Index | 23.42% | - 1.64% | - 3.30% | |||||
| Janus Aspen Series Mid Cap Growth*** | 16.01% | 2.68% | - 30.87% | 1.000% | 0.650% | 0.020% | 1.670% | |
| Russell Midcap Growth Index | 18.76% | 7.35% | - 18.49% | |||||
| Janus Aspen Series Growth Portfolio | 13.84% | - 3.72% | - 20.44% | 1.000% | 0.650% | 0.020% | 1.670% | |
| Russell 1000 Growth Index | 14.31% | 2.94% | - 21.54% | |||||
| Oppenheimer Global Securities Fund / VA | 20.55% | - 7.23% | - 11.00% | 1.000% | 0.650% | 0.020% | 1.670% | |
| MS World Index | 17.25% | - 1.89% | - 12.58% | |||||
Asset transfer provision for transfer of assets from other carrier: none
* M&E expenses are expected to decrease as the level of total 403(b) assets increase under the State contract.
** The interest rate varies monthly. For July 2003, the rate is 4.45%. The rate is guaranteed to be no less than 4.45% through December 31, 2003.
The rate has a 12-month and 3% lifetime guarantee.
*** Janus Apsen Series Aggressive Growth was renamed Janus Aspen Series Mid Cap Growth Portfolio on 5/1/03.
No annual maintenance fee.
| OLDHAM RESOURCE MUTUAL , INC . | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on Investments (net of expenses) | Operating Expenses | |||||||
| Level of Risk | Investment Options |
4/1/03- 6/30/03 |
1 Year |
Annual- ized3 Years |
Admin./ M&E* |
Manage- ment Fees |
Other Expenses |
Total Expenses |
| Low | PIMCO Long Term U.S. Government Instl | 4.24% | 15.54% | 12.73% | 0.500% | 0.500% | 0.000% | 1.000% |
| LB Long Term Gov't Index | 5.10% | 19.64% | 12.92% | |||||
| AllianceBernstein Americas Government Income Trust | 9.15% | 22.58% | 9.58% | 0.500% | 1.570% | 0.300% | 2.370% | |
| 50% LB Gov't Index + 50% JPM EMBI + Latin Index | 7.25% | 25.15% | 8.97% | |||||
| Calvert Income | 6.28% | 11.35% | 9.61% | 0.500% | 1.110% | 0.150% | 1.760% | |
| LB Credit Index | 4.80% | 15.59% | 11.74% | |||||
| Fidelity Money Market | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Safeco Preference Fixed Account* | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Jackson National Perspective II Annuity 5yrs Fixed* | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
| Security Capital Preservation | 0.35% | 3.33% | 4.66% | 0.500% | N/A | 0.250% | 0.750% | |
| 91-Day Treasury Bills | 0.26% | 1.28% | 2.81% | |||||
| Medium | Pax World Balanced | 7.67% | 7.96% | - 3.35% | 0.500% | 0.930% | 0.190% | 1.620% |
| 60% S&P 500 + 40% LBAGG Index | 10.14% | 4.84% | - 2.71% | |||||
| High | AIM Basic Value | 20.50% | 3.93% | 0.83% | 0.500% | 1.330% | 0.350% | 2.180% |
| Russell 1000 Value Index | 17.27% | - 1.02% | - 0.19% | |||||
| Dreyfus Mid Cap Index | 16.95% | 9.03% | 0.24% | 0.500% | 0.500% | 0.000% | 1.000% | |
| S&P MidCap Index | 17.62% | - 0.73% | 0.99% | |||||
| Janus Growth and Income | 10.79% | 1.55% | - 13.75% | 0.500% | 0.806% | 0.000% | 1.360% | |
| MFS Core Growth | 13.99% | 4.62% | - 17.14% | 0.500% | 1.470% | 0.350% | 2.320% | |
| Russell 1000 Growth Index | 14.31% | 2.94% | - 21.54% | |||||
| Lord Abbett Mid Cap Value | 14.89% | 3.97% | 9.70% | 0.500% | 1.210% | 0.350% | 2.060% | |
| Russell Midcap Value Index | 17.89% | - 0.64% | 7.87% | |||||
| Needham Growth | 23.11% | 16.29% | - 5.18% | 0.500% | 1.870% | 0.250% | 2.620% | |
| Russell 2000 Growth Index | 24.15% | 0.69% | - 16.66% | |||||
| Oppenheimer Global Opportunities | 28.64% | 9.13% | - 13.75% | 0.500% | 1.400% | 0.240% | 2.140% | |
| MS World Index | 17.25% | - 1.89% | - 12.58% | |||||
| Royce Low-Priced Stock | 25.53% | 9.35% | 10.47% | 0.500% | 1.490% | 0.250% | 2.240% | |
| Russell 2000 Index | 23.42% | - 1.64% | - 3.30% | |||||
| Seligman Communications & Information | 24.93% | 22.88% | - 20.67% | 0.500% | 1.440% | 0.250% | 2.190% | |
| S&P Info Technology Index | 18.13% | 7.50% | - 32.10% | |||||
| Vanguard REIT Index (Closed to New Investments) | 11.77% | 11.37% | 12.74% | 0.500% | 0.280% | 0.000% | 0.780% | |
| Gabelli Westwood Realty AAA | 9.79% | 11.82% | 6.98% | 0.500% | 1.640% | 0.250% | 2.390% | |
| Wilshire REIT Index | 12.10% | 3.73% | 14.76% | |||||
Asset transfer provision for transfer of assets from other carrier: none
* Premium payments will be credited with the effective interest rate established for the date each payment is received. The current rate as of June 30, 2003,
is 3%. The effective rate reflects the effects of daily compounding of interest. The minimum annual effective rate guarantee is 3.00%.
| TRAVELERS LIFE & ANNUITY | ||||||||
|---|---|---|---|---|---|---|---|---|
| Return on Investments (net of expenses) | Operating Expenses | |||||||
| Level of Risk | Investment Options |
4/1/03- 6/30/03 |
1 Year |
Annual- ized 3 Years |
Admin./ M&E |
Manage- ment Fees |
Other Expenses | Total Expenses |
| Low | Fixed Income* | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Travelers Money Market Portfolio | 0.06% | 0.50% | 2.31% | 0.600% | 0.360% | 0.040% | 1.000% | |
| 91-Day Treasury Bills | 0.26% | 1.28% | 2.81% | |||||
| Travelers Quality Bond Portfolio | 2.75% | 12.44% | 7.21% | 0.600% | 0.380% | 0.060% | 1.040% | |
| LB Aggregate Bond Index | 2.50% | 10.40% | 10.08% | |||||
| Travelers U.S. Government | 3.23% | 13.10% | 10.41% | 0.600% | 0.380% | 0.060% | 1.040% | |
| ML US Treasury/Agency Master Index | 2.47% | 11.07% | 10.00% | |||||
| Medium | Equity Income Portfolio (Fidelity) | 18.94% | 4.19% | 0.12% | 0.600% | 0.750% | 0.030% | 1.380% |
| Russell 3000 Value Index | 17.65% | - 1.23% | 0.57% | |||||
| MFS Total Return | 10.44% | 2.94% | 4.44% | 0.600% | 0.800% | 0.030% | 1.430% | |
| 60% S&P 500 Index + 40% LBAGG Index | 10.14% | 4.84% | - 2.71% | |||||
| Smith Barney Appreciation Portfolio | 12.11% | - 0.18% | - 5.11% | 0.600% | 0.750% | 0.020% | 1.370% | |
| S&P 500 Index | 15.39% | 0.25% | - 11.19% | |||||
| High | AIM V.I. Premier Equity Fund | 11.77% | - 2.86% | - 17.29% | 0.600% | 0.610% | 0.240% | 1.450% |
| Equity Index Portfolio - Class II | 14.94% | - 0.90% | - 12.12% | 0.600% | 0.260% | 0.300% | 1.160% | |
| Fidelity VIP Contrafund S2 | 11.65% | - 0.71% | - 7.02% | 0.600% | 0.580% | 0.320% | 1.500% | |
| S&P 500 Index | 15.39% | 0.25% | - 11.19% | |||||
| Dreyfus VIF Developing Leaders Portfolio | 14.68% | - 8.05% | - 6.46% | 0.600% | 0.750% | 0.060% | 1.410% | |
| Russell 2000 Index | 23.42% | - 1.64% | - 3.30% | |||||
| Janus Capital Appreciation | 11.49% | - 4.59% | - 22.50% | 0.600% | 0.810% | 0.030% | 1.440% | |
| Russell 1000 Growth Index | 14.31% | 2.94% | - 21.54% | |||||
| Large Cap Portfolio (Fidelity) | 11.95% | - 4.81% | - 16.54% | 0.600% | 0.750% | 0.060% | 1.410% | |
| S&P 500 Growth Index | 12.17% | 2.32% | - 17.40% | |||||
| MFS Mid Cap Growth | 18.39% | 2.33% | - 26.35% | 0.600% | 0.860% | 0.070% | 1.530% | |
| Russell Midcap Growth Index | 18.76% | 7.35% | - 18.49% | |||||
| Putnam VT International Growth - IB | 16.17% | - 9.94% | - 14.87% | 0.600% | 0.770% | 0.470% | 1.840% | |
| MS EAFE Index | 19.57% | - 6.06% | - 13.20% | |||||
| Putnam VT Small Cap Value - IB | 23.75% | - 7.16% | 9.11% | 0.600% | 0.800% | 0.370% | 1.770% | |
| Russell 2000 Value Index | 22.72% | - 3.80% | 10.93% | |||||
| Salomon Brothers Variable Capital | 21.12% | 2.64% | - 3.96% | 0.600% | 0.850% | 0.120% | 1.570% | |
| Russell 3000 Index | 16.24% | 0.77% | - 10.47% | |||||
| Salomon Brothers Variable Investors | 20.02% | 0.48% | - 4.29% | 0.600% | 0.700% | 0.110% | 1.410% | |
| S&P 500 Value Index | 18.84% | - 1.84% | - 4.62% | |||||
| Smith Barney Aggressive Growth Portfolio | 16.28% | 16.13% | - 10.72% | 0.600% | 0.800% | 0.030% | 1.430% | |
| Russell 3000 Growth Index | 14.92% | 2.79% | - 21.19% | |||||
| Travelers Disciplined Mid Cap | 15.98% | - 0.91% | - 1.15% | 0.600% | 0.760% | 0.090% | 1.450% | |
| Russell Midcap Index | 18.26% | 2.63% | - 2.02% | |||||
Asset transfer provision for transfer of assets from other carrier: lesser of 2% or actual deferred sales charge/surrender charge
* Interest rate varies quarterly. The rate for the second quarter of 2003 was 4.00%.
Questions? If you have any questions about the State's 403(b) program, call the financial services organization directly at the number listed below.
| Financial Services Organization | Contact Number |
|---|---|
| Fidelity Investments | (800) 343-0860 |
| The Hartford | (800) 243-5868 - press option 1 |
| ING Financial Advisers, LLC | (800) 784-6386 |
| Oldham Resource Group | (800) 626-6106 |
| TIAA-CREF | (888) 842-5350 - on weekdays |
| (800) 842-2888 - on weekends | |
| Travelers Life & Annuity | (800) 842-4015 |