Investment Manager Due Diligence

Return to List 03/31/07 First Quarter 2007* American Funds Euro-Pacific Growth Fund For the 5-year period ending March 31, 2007, the Fund underperformed its peers and benchmark on both gross and net of fees. However, it has only underperformed in 6 out of the last 12 quarters. Four of these quarters of underperformance have occurred since January 2006. This poor performance is in large part due to overweighting in emerging markets and cash as new fund flows into the Fund have been strong. FRS Select U.S. TIPS Fund The Fund is passively managed against the Lehman Brothers U.S. TIPS Index. For periods ended March 31, 2007, the Fund has under performed in 8 out of the last 12 quarters net of fees. In only two of these recent periods has the underperformance been more than 0.03%. *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.