Investment Manager Due Diligence

Return to List 03/31/06 First Quarter 2006* FRS Select Moderate Balanced Fund The Fund is comprised of underlying FRS Investment Plan funds which are allocated by Financial Engines to achieve a target risk profile. The manager monitoring benchmarks for two of the underlying fundsInvestment Company of America and Fidelity Low Priced Stockwere revised. As a result, the historical benchmark performance for the both funds and the Fund were restated. Underperformance by the Investment Company of America has negatively impacted the Fund. For the period ended December 2005, performance gross of fees has been above the median of its Domestic Balanced Moderate Style peer group over all time periods. Performance net of fees for the 3-year period is lower than the funds restated benchmark. The 5-year net of fees performance surpasses the restated benchmark by 88 basis points. Only one of the Funds risk-adjusted measures and risk measures, Standard Deviation, compares unfavorably to the peer median over both the 3-and 5-year periods. *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.