The Directed Account Plan Board of Directors terminated Clipper in the Value Stock Option. The termination was due to management and performance issues. The Clipper assets will be reallocated to the BGI Value Stock Index. The Board is currently researching a replacement fund that has a strong track record and management team that the Board believes will enhance this option’s return performance. A rebalancing of the option has resulted in the following target allocation, effective 10/20/05:
| Allocation | ||
| Value Stock Option Managers | Before | Current |
| Clipper | 10% | 0% |
| JP Morgan Large cap Value – Commingled Fund | 20% | 20% |
| Neuberger Berman Focus (nbptx) | 20% | 20% |
| Neuberger Berman Regency (nbptx) | 10% | 10% |
| Legg Mason Special Inv. Trust | 10% | 10% |
| T. Rowe Price Value (pavlx) | 20% | 20% |
| BGI Value Stock Index | 20% | 30% |
Call The Benefits Center at 1-877-489-2327 for a fact sheet/prospectus on any of the above funds.