Investment Manager Due Diligence

Return to List First Quarter 2004* FRS Select U.S. Large Growth Stock Active Fund The majority of the FRS Select U.S. Large Growth Stock Active Fund assets are actively managed by RCM (Dresdner) and the balance of the assets are managed by BGI in a Russell 1000 index fund. The Fund is subject to enhanced monitoring due to RCM's under-performance relative to both peers and benchmark in the 3- and 5-year rolling time periods, ending March 2004. RCM's performance also has been in the bottom quartile of peers for 4 consecutive quarters, ending March 2004. RCM has undergone investment personnel changes that could be contributing to recent poor performance. Fidelity Low-Priced Stock Fund The Board of Trustees of the Fidelity Funds recently voted to impose a strict closure policy for the Fidelity Low-Priced Stock Fund. Participants who do not have a balance in Low-Priced Stock on July 30, 2004, will not be able to invest in the Fund in their retirement plan account. Participants with balances in Low-Priced Stock may continue to keep those balances in the fund, however, no new contributions may be made to the fund from either payroll contributions or fund transfers. This fund has closed to new retirement plans several times in the past (most recently 12/31/03), but these closings did not include retirement plans that had already approved the product. *Please note that in providing this information, the SBA is not in any way intending to influence or inform your investment decisions. Also, this list can change at any time without prior notice from the SBA.