The Directed Account Plan Board of Directors recently hired four new managers in the International Stock Option. These four managers have a strong track record and management team that the Board believes will enhance this option’s return performance. The addition of these new managers and a rebalancing of the option has resulted in the following target allocation, effective 07/05/05:
| Allocation | ||
| International Stock Option Managers | Before | Current |
| American Century International Growth | 20% | 10% |
| American Century International Discovery | 20% | 10% |
| First Eagle Overseas | 18% | 12% |
| Longleaf Partners International | 12% | 10% |
| Templeton Instl. Foreign Equity | 20% | 10% |
| New: Oppenheimer Intl. SmCo A | 0% | 10% |
| New: Thornburg Intl Value | 0% | 10% |
| New: Marsico Intl Opp | 0% | 10% |
| New: Dimensional Em Mkts Val | 0% | 8% |
| BGI EAFE Index | 10% | 10% |
The Directed Account Plan Board of Directors added Third Avenue Small Cap Value in the Diversified Small Company Stock Option to replace the recently terminated State Street Aurora fund. The addition of this new manager and a rebalancing of the option has resulted in the following target allocation, effective 07/05/05:
| Allocation | ||
| Div. Sm. Cap Stock Option Managers | Before | Current |
| Royce Opportunity | 15% | 15% |
| Dimensional US Micro-Cap Portfolio | 15% | 15% |
| Franklin Small Cap Growth II | 20% | 10% |
| Janus Small Cap Value Instl. | 20% | 20% |
| New: Third Avenue Small Cap Value | 0% | 15% |
| BGI Small Company Index | 30% | 25% |
Call Benefits Express 1-877-489-2327 for a fact sheet/prospectus on any of the above funds.