The Directed Account Plan Board of Directors replaced Franklin Small Cap Growth II with the Century Small Cap Select Institutional Fund in the Diversified Small Co. Stock Option. The termination of Franklin Small Cap Growth II was due to poor performance relative to its benchmark. There was also concerns resulting from recent organizational changes within the fund family. The replacement fund, Century Small Cap Select Institutional, 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 07/20/05:
| Allocation | ||
| Diversified Small Co. Stock Option Managers | Before | Current |
| Royce Opportunity (rypnx) | 15% | 15% |
| Dimensional US Micro Cap Portfolio (dfscx) | 15% | 15% |
| Franklin Small Cap Growth II | 10% | 0% |
| Janus Small Cap Value Instl | 20% | 15% |
| Third Avenue Small Cap Value (tascx) | 15% | 15% |
| NEW: Century Small Cap Select Instl. (csmcx) | 15% | 15% |
| BGI Small Company Index | 25% | 25% |
Call Benefits Express 1-877-489-2327 for a fact sheet/prospectus on any of the above funds.