LCMS Custodial Account Information Presentation

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LCMS Foundation – Custodial Account Information / Presentation



--     Investment Introduction

--     Investment Overview

--     Investment Options and Current Performance
              Preference Funds
              Standard Funds

--     Foundation Fee Structure
             Manager Fees Assessed at the Fund Level
             Schedule of Reimbursement of Expenses at the Account Level

--     Investment Managers, Consultant, Custodian

--     Monthly Market Synopsis Report

--     Quarterly Analysis – Wilshire Associates




Additional information may be found at www.lcmsfoundation.org. On the opening page, click on “our foundation,” then
“investments.”
Investment Introduction

The LCMS Foundation was established in 1958 as a corporate entity organized under the laws of the State of Missouri as a part of The
Lutheran Church – Missouri Synod. The Foundation is charged with providing investment management and administrative services
for legacies, bequests, endowments, annuity gifts and other trust funds of the Synod and its agencies. It is also charged with providing
these services to the member congregations, districts, colleges, seminaries, and other organizations of the Synod. The Foundation,
through the administration and distribution of funds entrusted to its care, provides substantial financial support for the ministries of the
Synod and other LCMS organizations.

The LCMS Foundation offers investment products to entities of the LCMS on a custodial account basis. We provide information on
the various funds offered to custodial accounts, but are not able to provide specific investment counsel or advice. It is our hope that the
information we provide will enable our custodial clients to make their own decisions concerning the investment of their account.

Custodial accounts have the choice of investing in either our Preference Funds, or our Standard Funds. Information on the investment
structure utilized within these funds, a list of investment managers and consultants engaged by the Foundation, current performance
data, and fee information follows.
LCMS Foundation – Investment Fund Basics


Valuation Frequency – The investment funds are valued monthly, at month-end. Account values are updated once
the valuation process is complete, normally by the 15th of the following month.

Income Distribution – Income is earned and credited monthly. Income calculations are completed during the
valuation process and posted once the valuation process is complete, normally by the 15th of the following month.
Accumulated income is usually paid quarterly, but may be reinvested if so directed.

Fund Activity – Fund activity is posted following the completion of the monthly valuation process. All transactions
occur at the month-end unit value. The LCMS Foundation must receive notification requests for activity in the
Preference Funds at least 10 days before month-end, and must receive notification requests for activity in the
Standard Funds by the last day of the month. In both cases, funds for additional investment must be received by
month-end. (Transactions in the Money Market Fund are posted daily, with requests for activity due one day prior to
the activity date.)
The LCMS Foundation serves as trustee for individual life income agreements and endowments. The Foundation also acts as
custodian for congregations, colleges, seminaries, auxiliaries and other related service organizations of The Lutheran Church – Missouri
Synod. Several different investment vehicles or funds have been established to provide a wide array of investment opportunities that can
meet the needs of various investment goals.


Investment Objectives / Philosophy

The LCMS Foundation believes that long-term investment objectives will be achieved through prudent management of risks associated
with long-term rewards. While the preservation of capital is important, varying degrees of investment risk should be rewarded with
compensating returns. Thus, prudent risk taking is justifiable. Investment strategies for the Foundation will seek to achieve total rates of
return that exceed the appropriate market benchmarks and will incorporate effective risk controls.

Specific portfolio objectives seek to add value to the performance of recognized market benchmarks. Funds that incorporate multiple
asset classes will have benchmarks that are composites of the appropriate underlying asset class benchmarks. A benchmark should
possess the following qualities:

       1.   It must be unambiguous.
       2.   It must be investable.
       3.   It must be measurable.
       4.   It must be appropriate given the investment manager’s investment style.
       5.   It must be specified in advance.
       6.   Managers must have knowledge of the securities that comprise the benchmark.

The Foundation’s investment philosophy is based on a set of factors that have a widely accepted theoretical basis. They include the
following concepts:

       1. It is not possible to time market cycles.
       2. Capital markets revert to the mean over long time periods.
       3. Some markets are efficient while others are less so or inefficient.
       4. Costs have a meaningful impact on returns.
       5. Asset allocation has the most significant impact on investment results.
       6. Valuation and analysis based on fundamentals generally produce superior return/risk results.
       7. Performance measurement and monitoring activities provide assessment of the success of our investment strategies and
       implementation of those strategies.

The Foundation uses both separately managed accounts and commingled funds in its investment portfolios. As part of its fiduciary
responsibility, the Foundation imposes investment restrictions on managers of separately managed accounts and closely monitors the
investment practices of managers of commingled funds. Rebalancing of investment strategies will be undertaken as needed to ensure
the optimal investment structure is maintained despite market shifts.

With the assistance of its investment consultant, Wilshire Associates, the Foundation has established a variety of investment options.
Custodial accounts may choose from either the Preference Funds or the Standard Funds, or a combination of the two fund types. The
Standard Funds are designed to fit the needs of most custodial accounts. They are invested in the Preference Funds in mixes that
provide appropriate diversification and meet a range of investment objectives. If a custodial account has an objective that cannot be met
within the Standard Fund options, then direct investment in the Preference Funds is possible, as is a combination of the two fund types.
Charitable remainder trust accounts established with the Foundation are invested in the Trust Funds. All investment funds are
monitored on an on-going basis by the investment consultant using state of the art tools.
              The LCMS Foundation Investment Structure




LCMS Foundation Board of Trustees (Investment Committee)

         Wilshire Associates (Investment Consultant)


          LCMS Foundation Staff (Investment Committee)



                        Standard Funds



                       Preference Funds




                                                         Last Updated: 11/04/05
The LCMS Foundation serves as trustee for individual life income agreements and endowments. The Foundation also acts as
custodian for congregations, colleges, seminaries, auxiliaries and other related service organizations of The Lutheran Church – Missouri
Synod. Several different investment vehicles or funds have been established to provide a wide array of investment opportunities that can
meet the needs of various investment goals.

Investment Options

Preference Funds
The Preference Funds form the primary investment portfolios for the Foundation’s investment program as they provide the specific
investment vehicles used by both the Standard Funds and Trust Funds. They are diversified within to maximize return and minimize
risk. They also allow custodial accounts the greatest flexibility to tailor their investment programs to meet specific investment
objectives.

The five Preference Funds include:

       1. Money Market               - A short-term fixed income fund with a constant unit value of $1.00.

       2. Intermediate Bond          - A fixed income fund that invests primarily in government and investment grade corporate
                                     bonds with maturities between 3 and 7 years. Bonds with maturities in this range will normally
                                     experience less price volatility, and pay interest rates that are not significantly lower, than bonds
                                     with longer maturities.

       3. High Yield Bond            - A fixed income fund that invests in corporate bonds that are lower in quality, and pay interest
                                     rates that are higher, than investment grade bonds. Bonds is this fund are primarily rated BB and
                                     B, the two grades immediately below the lowest investment grade rating of BBB. Non-
                                     investment grade bonds rated CCC and below normally experience more price volatility, are
                                     more likely to experience default, and are not eligible for purchase in this fund.
       4. Domestic Equity             - An equity fund that invests in common stock issued by domestic corporations and traded on
                                      domestic exchanges. The fund is designed to provide exposure to the entire domestic equity
                                      market as represented by the Dow Jones Wilshire 5000 Index, with market weighting of size
                                      (large capitalization versus small capitalization) and style (value versus growth).

       5. International Equity        - An equity fund that invests in common stock issued by foreign corporations and traded on
                                      foreign exchanges. The fund invests in securities of both developed and emerging markets. Fund
                                      performance is impacted not only by the securities held, but also by the fluctuations in currency
                                      exchange rates.

The Money Market Fund and the High Yield Bond Fund each utilize a single management firm, while multiple managers are used in
the other Funds. Where multiple managers are used, the selection process is designed to provide a balance of different investment
philosophies within each broad Preference Fund. The managers, their target allocation, and respective style in each Fund are:

Money Market Fund

Northern Trust Investment Management                                100%

       -   High quality cash equivalents with maturity less than or equal to 90 days

Intermediate Bond Fund

Northern Trust Global Investments                                   25%

       -   Passive Lehman Aggregate Bond Index Fund

Western Asset Management                                            75%

       -   Active, sector rotational and issue selection oriented
High Yield Bond Fund

Fountain Capital Management (Atlantic Asset Management)            100%

       -   Actively managed; focuses on BB and B rated bonds

Domestic Equity Fund

Northern Trust Global Investments                                  30%

       -   Passive S & P 500 Index Fund

Barclays Global Investors                                          25%

       -   Risk controlled, actively managed core large cap equities

INTECH Enhanced Investment Technologies                            25%

       -   Risk controlled, actively managed core large cap equities

Quantitative Management Associates                                 20%

       -   Risk controlled, actively managed core small cap equities

International Equity Fund

Northern Trust Global Investments                                  25%

       -   Passive Morgan Stanley Capital International Europe, Asia, Far East Index Fund

Capital Research EuroPacific Growth Fund                           75%

       -   Actively managed global non-U.S. equities
The LCMS Foundation serves as trustee for individual life income agreements and endowments. The Foundation also acts as
custodian for congregations, colleges, seminaries, auxiliaries and other related service organizations of The Lutheran Church –
Missouri Synod. Several different investment vehicles or funds have been established to provide a wide array of investment
opportunities that can meet the needs of various investment goals.

Investment Options

Standard Funds
The Standard Funds have been structured to provide custodial customers with differing risk preferences and time horizons a series of
options designed to meet individual investment objectives. They are diversified within to maximize return and minimize risk.

The six Standard Funds include:

       1.   Money Market
       2.   Fixed Income
       3.   Conservative Balanced
       4.   Moderate Balanced
       5.   Aggressive Balanced
       6.   Equity

The Standard Funds utilize various investment allocations among the Foundation Preference Funds, providing various degrees of
liquidity, income and growth. The target investment allocations and associated risk level for each Fund are:


Money Market Fund

Money Market Fund                                                  100%

       -    Lowest risk option; high liquidity
Fixed Income Fund

Intermediate Bond Fund                                          80%
High Yield Bond Fund                                            20%

       -   Low to moderate risk option; income-oriented

Conservative Balanced Fund

Intermediate Bond Fund                                          60%
High Yield Bond Fund                                            15%
Domestic Equity Fund                                            20%
International Equity Fund                                        5%

       -   Moderate (low) risk option; some growth, mostly income

Moderate Balanced Fund

Intermediate Bond Fund                                          32%
High Yield Bond Fund                                             8%
Domestic Equity Fund                                            48%
International Equity Fund                                       12%

       -   Moderate risk option; growth and income

Aggressive Balanced Fund

Intermediate Bond Fund                                          20%
High Yield Bond Fund                                             5%
Domestic Equity Fund                                            60%
International Equity Fund                                       15%

       -   Moderate (high) risk option; mostly growth, some income
Equity Fund

Domestic Equity Fund                           80%
International Equity Fund                      20%

       -   High risk option; growth emphasis
                                           The LCMS Foundation Investment Structure



                                               Conservative
                                                                       Moderate Balanced    Aggressive Balanced
                     Fixed Income               Balanced                                                                 Equity
                                                                            60% Equity           75% Equity
                   100% Fixed Income          75% Fixed Income                                                         100% Equity
                                                                         40% Fixed Income     25% Fixed Income
Standard                                         25% Equity
             →
 Funds
                                            60% Intermediate           32% Intermediate      20% Intermediate
                  80% Intermediate          15% High Yield              8% High Yield         5% High Yield         80% Domestic
                  20% High Yield            20% Domestic               48% Domestic          60% Domestic          20% International
                                             5% International          12% International     15% International




Preference          Money Market             Intermediate Bond                               Domestic Equity      International Equity
             →                                                       High-Yield Bond Fund
  Funds                Fund                        Fund                                          Fund                    Fund




                                                                                               NTGI (2) 30%
Investment                                  Western Asset 75%           Fountain Capital         BGI 25%              NTGI (3) 25%
             →   Northern Trust 100%
 Managers                                     NTGI (1) 25%                  100%               INTECH 25%         Capital Research 75%
                                                                                                 QMA 20%




                 NTGI (1) - Northern Trust Global Investment - Aggregate Bond Index Fund
                 BGI (Barclays Global Investors) - Alpha Tilts Fund
                 NTGI (2) - Northern Trust Global Investment - S&P 500 Index Fund
                 QMA (Quantitative Management Associates)
                 NTGI (3) - Northern Trust Global Investment - Intercap Equity Index Fund
                 Capital Research - EuroPacific Growth Fund


                                                                                                                              Last Updated: 05/01/06
                                                                                     LCMS Foundation - Investment manager profiles


Barclays Global Investors (Alpha Tilts Fund) –

        Barclays Global Investors, headquartered in San Francisco, is one of the world’s largest institutional investment managers, with
over $1.3 trillion of assets under management. The Alpha Tilts strategy uses a systematic approach to stock selection within industries
that seeks to control risk while adding value to the performance of the S&P 500 Index.

Capital Research & Management (EuroPacific Growth Fund) –

        Capital Research & Management provides investment direction for the EuroPacific Growth Fund, offered by American Funds,
the third largest fund group in the U.S. with over $500 billion of assets under management. The EuroPacific Growth Fund invests in
non-US companies, chiefly in Europe and the Pacific Basin, with strong growth characteristics. The management style is marked by a
team approach that emphasizes individual responsibility and analysis, utilizing multiple portfolio managers for a single fund.

Fountain Capital Management –

        Fountain Capital Management is based in Overland Park, Kansas and manages $2.5 billion in assets. Their focus is the high
yield fixed income market, primarily the higher quality segment of these below investment grade securities. The portfolio concentrates
on industries and issuers with improving fundamentals, and prospects for ratings upgrades.

INTECH Enhanced Investment Technologies –

       INTECH uses a unique investment process based on well-known mathematical principles that emphasizes risk management.
They do not pick individual stocks using fundamental analysis, but use natural stock price volatility and correlation characteristics in an
attempt to generate an excess return. Essentially, INTECH re-weights the stocks of a benchmark index to potentially more efficient
combinations. INTECH is based in Palm Beach Gardens, Florida and manages approximately $31.7 billion in assets.




                                                                                                                    Last updated 03/31/06
                                                                     LCMS Foundation - Investment manager profiles (continued)


Northern Trust Global Investments (Aggregate Bond Index Fund) –

       Northern Trust Global Investments is a global, multi-asset class investment manager with over $500 billion of assets under
management. The primary objective of the Aggregate Bond Index Fund is to hold a portfolio representative of the overall U.S. bond and
debt market (government, corporate, and mortgage) as characterized by the Lehman Brothers Aggregate Bond Index.


Northern Trust Global Investments (InterCap Equity Index Fund) –

       Northern Trust Global Investments is a global, multi-asset class investment manager with over $500 billion of assets under
management. The primary objective of the InterCap Equity Index Fund is to approximate the risk and return characteristics of the
Morgan Stanley Europe, Australasia, and Far East (MSCI EAFE) Index. The Index is commonly used to represent the non-U.S. equity
markets.

Northern Trust Global Investments (S & P 500 Index Fund) –

       Northern Trust Global Investments is a global, multi-asset class investment manager with over $500 billion of assets under
management. The primary objective of the S & P 500 Equity Index Fund is to approximate the risk and return characteristics of the
S & P 500 Index. The Index is commonly used to represent the large cap segment of the U.S. equity market.

Quantitative Management Associates LLC –

       Quantitative Management Associates LLC is based in New Jersey and currently has approximately $52 billion of assets under
management, with over $20 billion managed in a quantitative core equity style. The Small Cap Core product uses a risk-controlled,
quantitatively based process that seeks to add value over the performance of the S & P 600 Index. Continuing research leads to process
enhancements that attempt to capture changes in the U.S. equity market.




                                                                                                                Last updated 03/31/06
                                                                       LCMS Foundation - Investment manager profiles (continued)


Western Asset Management –

        Western Asset Management is based in Los Angeles and manages over $190 billion of fixed income assets. This global manager
uses a team approach of specialists dedicated to a specific market sector. By using multiple strategies, including active sector and issue
selection, Western Asset seeks to add value while controlling risk. Opportunistic trading to exploit market inefficiencies supplements
the results of these strategies.




                                                                                                                   Last updated 03/31/06
LCMS Foundation - Investment Management Costs


The LCMS Foundation has hired a number of experienced investment management firms to invest the assets entrusted to the Foundation.
The investment management fees paid to these managers are charged to their respective accounts at one-twelfth the annual rate each
month, reducing the net income distributed to the holders of the fund. This reduction in distributed income impacts the total return reported
in the Foundation's monthly performance reports. Fund performance is net of investment management costs.

The blended annual investment management fees charged to distributable income are as follows:


PREFERENCE FUNDS                                   Money Market                                                0.20%
                                                   Intermediate Bond                                           0.18%
                                                   High Yield Bond                                             0.41%
                                                   Domestic Equity                                             0.30%
                                                   International Equity                                        0.65%


STANDARD FUNDS                                     Fixed Income                                                0.22%
                                                   Conservative Balanced                                       0.26%
                                                   Moderate Balanced                                           0.31%
                                                   Aggressive Balanced                                         0.34%
                                                   Equity                                                      0.37%


TRUST FUNDS                                        Income Short                                                0.20%
                                                   Income Intermediate                                         0.30%
                                                   Income Long                                                 0.36%
                                                   Total Return Short                                          0.24%
                                                   Total Return Intermediate                                   0.26%
                                                   Total Return Long                                           0.28%




These costs are based on the investment structure effective as of March 31, 2006 and management fees effective as of March 31, 2006.
                                       SCHEDULE OF REIMBURSEMENT OF EXPENSES
                                                                    CUSTODIAL FUNDS

                                                             Administration and Reporting Services

                                         Market Value of Assets Managed per Organization: (Account Services)

                                                               0.50% on first   $ 5,000,000
                                                               0.45% on next    $ 20,000,000
                                                               0.40% over       $ 25,000,000

                                                                    SERVICES INCLUDE

                                                         ●     Investment management of assets.
                                                         ●     Distributing income and principal as required.
                                                         ●     Quarterly account statements as required.

        The above charges are quoted on an annual basis, but will be charged monthly at one-twelfth the rate and allocated to income of the account at
        the time of charge. Rates will be applied to accounts in aggregate for each investor.

I.      INCOME PAYMENTS
        Accounts requiring more than 12 income distributions per year -- $5 per each distribution in excess of 12 annually.

II.     EXTRA STATEMENTS
        Preparation and distribution of account statements totaling more than 5 per year -- $10 per statement in excess of 5 annually.

III.    SECURITY TRANSACTIONS
        For each sale, redemption, tender, or exchange of an asset excluding Foundation-managed common funds -- $25 per each transaction.

IV.     WITHDRAWAL CHARGE
        The withdrawal of unscheduled account principal involves extraordinary administrative and clerical work -- $25 per each account withdrawal.

V.      EXTRAORDINARY SERVICES
        The charge provisions in this Schedule are minimum charges for usual and customary services. If unusual, special or extraordinary services
        are required, additional charges will be made.

All direct out-of-pocket expenses incurred by the Foundation on behalf of any particular account shall be reimbursed, including but not limited to
selling expenses of real estate, realtors’ fees, abstract or title insurance expenses, recording fees, taxes, attorneys’ fees, custodian fees, audit fees, etc.

The charges described on this schedule are effective July 1, 2005, and are subject to change.
                                                                  Monthly Market Synopsis As of August 31, 2006
                                                           (CLICK ON BLUE HIGH-LIGHTED TEXT TO OBTAIN DETAILED PERFORMANCE DATA ON THE FOUNDATION’S WEBSITE)




                                                                             Current
Preference Funds                          Month         Qtr       1 Year
                                                                             Yield**
                                                                                             Market Index      (*float adjusted returns)        Mo        Qtr      1 Yr

Money Market                                  0.42        1.24        4.32      4.95%        Dow Jones Wilshire 5000*                             2.34      2.22      8.88
   Policy Index                               0.42        1.22        4.25                   Standard & Poors 500                                 2.38      3.01      8.88
Intermediate Bond                             1.47        3.09        2.53      4.86%        Dow Jones Wilshire 4500*                             2.15     -0.74      8.40
   Policy Index                               1.40        2.88        2.15                   MSCI ACWI Fr X US                                    2.80      3.83     24.94
High Yield Bond                               1.34        1.75        3.92      7.13%        Lehman U.S. Aggregate Bond                           1.53      2.90      1.71
   Policy Index                               1.45        1.60        4.38                   Lehman Long Term Treasury                            2.75      4.72     -2.10
   Benchmark 2                                1.51        1.79        4.31                   Lehman U.S. Corporate High Yield                     1.62      2.62      5.50
Domestic Equity                               2.02        1.96        9.19      1.67%
   Policy Index                               2.34        2.40        8.88
International Equity                          3.18        4.67       24.38      2.37%                    Recent Economic Indicators
   Policy Index                               2.81        3.78       25.15                   Indicator                                                    DM       Actual
                                                                                             Fed Funds - effective August 8, 2006                          −        5.25%
                                                                           Current           CPI (Mo over Mo) - August                                     ↓        0.20%
Standard Funds                            Month         Qtr       1 Year
                                                                           Yield**           PPI (Mo over Mo) - August                                     −        0.10%
Fixed Income                                  1.40        2.75        2.78   5.31%           GDP (Qtr over Qtr % change) 2Q (P)                            ↓        2.90%
   Policy Index                               1.37        2.56        2.71                   Univ. of Michigan Consumer Confidence (F) - August            ↓          82.0
Conservative Balanced                         1.59        2.68        5.06   4.48%           ISM Manufacturing - August                                    ↓          54.5
   Policy Index                               1.64        2.59        5.04                   ISM Non-Manufacturing - August                                ↑          57.0
Moderate Balanced                             1.80        2.49        8.23   3.32%           Total Vehicle Sales - August                                  ↓        16.1M
   Policy Index                               2.01        2.63        8.07                   Durable Goods Orders - August                                 ↑       -0.50%
Aggressive Balanced                           1.68        2.18       10.07   2.86%           Leading Indicators - August                                   ↓       -0.20%
   Policy Index                               2.17        2.65        9.71                   Initial Jobless Claims (4 week moving average –               ↑         315K
Equity                                        2.16        2.33       11.91   1.83%           as of Sept 16, 2006)
   Policy Index                               2.44        2.68       12.07                   U.S. Unemployment Rate - August                               ↓         4.7%
                                                                                             Consumer Credit - July                                        ↓          5.5B
** Current Yield for Money Market is an annualized one month calculation, all other yield    Housing Starts - August                                       ↓        1665K
           calculated on last 12 months income divided into current unit value               Existing Home Sales - August                                  ↓        6.30M
~ Market indicators and returns are derived from Wilshire Associates.
~ Economic indicators are obtained from Bloomberg.                                           DM = Directional Movement
~ MSCI = Morgan Stanley Capital International                                                F = Final     P = Preliminary      “ −” = No Change
~ ACWI Fr (X US) = All Country World Index Free (ex. U.S.)                                   Y-T-D = From April 1st through current time period.
~ ISM = Institute for Supply Management
                                                                                             ~ Returns are preliminary, unaudited and subject to change. Past results
~ Link to the most recent Northern Trust Global Investment Strategy Newsletter               are no guarantee of future performance.
by visiting the LCMS Foundation website (www.lcmsfoundation.org) Go to "Our
Foundation", then "Investments". Scroll down in the "Introduction" section to
"Commentary and Market Information" for the specific link.                                                                                 Prepared on: 09/27/06 @ 2:50pm
LCMS Foundation - Monthly Total Return Performance Summary                                            (All performance calculations by Wilshire Associates Inc.)

Performance for Periods ending -       8/31/2006                    Total Return Percentages are for the period indicated. YTD is from January 1. Yield is calculated using last 12 months of income.


Fund                                   Month           YTD              1 Year        Current Yield                Fund                                    Month          YTD           1 Year       Current Yield

Preference Funds                                                                                                   Trust Funds

Money Market                                 0.42            3.07              4.32          4.95% *               Income Short                                    1.22         2.61          2.48          5.09%
       Policy Index                          0.42            3.03              4.25                                        Policy Index                            1.36         2.69          2.51

Intermediate Bond                            1.47            2.79              2.53          4.86%                 Income Intermediate                             1.45         3.25          4.09          5.45%
        Policy Index                         1.40            2.41              2.15                                        Policy Index                            1.54         3.86          4.23

High Yield Bond                              1.34            3.15              3.92          7.13%                 Income Long                                     1.41         3.36          4.48          5.97%
         Policy Index                        1.45            4.44              4.38                                        Policy Index                            1.57         4.35          4.75
         Benchmark 2                         1.51            4.10              4.31
                                                                                                                   Total Return Short                              1.53         3.28          4.01          4.62%
Domestic Equity                              2.02            5.10              9.19          1.67%                          Policy Index                           1.56         3.44          3.94
        Policy Index                         2.34            5.67              8.88
                                                                                                                   Total Return Intermediate                       1.66         3.92          5.89          3.58%
International Equity                         3.18          12.42             24.38           2.37%                          Policy Index                           1.88         4.43          5.88
         Policy Index                        2.81          14.28             25.15
                                                                                                                   Total Return Long                               1.73         4.29          7.12          2.84%
                                                                                                                            Policy Index                           2.06         4.90          7.06

Standard Funds

Fixed Income                                 1.40            2.84              2.78          5.31%                 Pooled Trust Funds
         Policy Index                        1.37            2.88              2.71
                                                                                                                   Pool Fund I                                     1.44         2.65          2.62          5.12%
Conservative Balanced                        1.59            3.72              5.06          4.48%                         Policy Index                            1.37         2.88          2.71
       Policy Index                          1.64            4.02              5.04
                                                                                                                   Pool Fund II                                    1.44         2.69          2.59          5.09%
Moderate Balanced                            1.80            5.06              8.23          3.32%                         Policy Index                            1.37         2.88          2.71
        Policy Index                         2.01            5.36              8.07

Aggressive Balanced                          1.68            5.93            10.07           2.86%
        Policy Index                         2.17            6.26             9.71

Equity                                       2.16            6.31            11.91           1.83%
         Policy Index                        2.44            7.36            12.07




* Current Yield for the Money Market is an annualized one month calculation.




Returns are preliminary, unaudited and subject to change. Past results are no guarantee of future performance.

				
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