Investment Manager Due Diligence

Return to List Fourth Quarter 2002* Fidelity Mid Cap Stock Fund The 3-year and 5-year returns net of fees have been well below the S&P Mid Cap 400 Index (benchmark). In addition, performance has been particularly weak for the last 2 years, under performing both the peer group median (564 basis points) and benchmark (1201 basis points). Importantly, this fund had a new portfolio manager take charge in June 2001 and this individual was not the portfolio manager of record at time of the initial request for proposal. INVESCO Dynamics Mid Cap Core Fund Returns lagged the peer group median over the 3-year and 5-year periods by 400-700 basis points. Returns net of fees were below the Russell Midcap Growth Index (benchmark) over both 3-year and 5-year periods. Risk-adjusted returns have also been at or below the peer median over both 3-year and 5-year periods. ING International Growth Fund Returns over both 3-year and 5-year periods lagged the peer group median, on a gross of fees basis, by 350-800 basis points. The fund has ranked in the bottom 90 percentile over these and shorter time periods. Returns net of fees were below the MSCI EAFE Index (benchmark) over both 3-year and 5-year periods by 170-700 basis points. Finally, risk-adjusted returns were at or below the median over both 3-year and 5-year periods. Franklin Small/Mid Cap Growth Fund Returns lagged the peer group median over a 3-year period by 289 basis points, on a gross of fees basis. Returns net of fees were also modestly below the Russell 2500 Growth Index (benchmark) over the 3-year period, due to under performing by 700-900 basis points in 2000 and 2001. Finally, risk-adjusted returns were at or below the median over the 3-year period. *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.