A New Combined Distribution and Installment Form is now available on this web site. Click here for links to the DAP Forms Online.
Diversified Small Company Stock Option Investment Manager Change
The Diversified Small Company Stock Option has been reallocated as follows due to the termination of MFS Instl. Emerging Equities :
| Old Allocation | New Allocation | |
| MFS Instl. Emerging Equities | 12% | 0% |
| Dimensional US MicroCap Portfolio | 12% | 12% |
| Franklin Small Cap Growth II | 20% | 20% |
| Janus Small Cap Value Instl. | 12% | 18% |
| Royce Opportunity | 12% | 12% |
| State Street Research Aurora | 12% | 18% |
| BGI – Small Company Index | 20% | 20% |
| 100% | 100% |
The MFS Instl. Emerging Equities Fund was terminated on March 31, 2004. The fund’s performance was below the Russell 2000 benchmark year to date and longer term. Furthermore, MFS Investment Management was investigated for questionable trading practices by the SEC and recently reached a multi-million dollar settlement.
MFS Instl. Emerging Equities Fund’s 12% allocation was reallocated to Janus Small Cap Value Instl. and State Street Aurora. Please view the above chart for the new target allocations.
Value Stock Investment Option Investment Manager Changes
The Value Stock Option has been reallocated as follows due to the termination of Federated Stock Trust :
| Old Allocation | New Allocation | |
| Federated Stock Trust | 20% | 0% |
| Clipper | 0% | 10% |
| T. Rowe Price Value | 10% | 20% |
| Morgan Value | 20% | 20% |
| Neuberger Berman Focus | 10% | 10% |
| Neuberger Berman Regency | 10% | 10% |
| Legg Mason Spec. Inv. Trust | 10% | 10% |
| BGI – Value Index | 20% | 20% |
| 100% | 100% |
The Federated Stock Trust Fund was terminated on March 25, 2004. Its performance has not improved since it underwent manager change approximately two years ago. The fund’s performance was below the Russell 1000 Value benchmark year to date and longer term. The fund shows no value added from active management over its benchmark in all time periods. Furthermore, recent SEC settlements indicate possible problems with the fund’s management.
Federated Stock Trust’s 20% allocation was divided evenly between the Clipper and T. Rowe Price Value funds. Clipper is a new fund to the DAP with a 10% allocation in the Value Stock Option. The T. Rowe Price Value Fund’s allocation has been increased to 20% in the Value Stock Option.