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January 26, 2004 12:00 AM

Profiles of the Top 200 Funds (F)

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    Federal Reserve Employee Benefits System

    (millions)

    Total assets $8,425

    Defined benefit $5,313

    Defined contribution $3,112

    DEFINED BENEFIT PLAN:

    Employer DB contributions $0

    Benefit payments $170

    Asset mix:

    Domestic stock 61.3%

    Domestic fixed income 22.2%

    International stock 3.5%

    International fixed income 0.9%

    Cash equivalents 3.2%

    Real estate equity 0.2%

    Mortgages 8.7%

    DEFINED CONTRIBUTION PLAN:

    Assets in:

    Other 401(k) $2,191

    401(a) $921

    Internally managed assets $2,229

    Total DC contributions $212

    Asset mix:

    Stock 24.2%

    Fixed income 2.8%

    Stable value 71.7%

    Other 1.3%

    NEWARK, N.J. — As of Sept. 30, the Federal Reserve Employee Benefits System's total employee benefit assets increased 12% from a year earlier. Defined benefit assets increased 11% during the same period; defined contribution assets increased 14%.

    Employer contributions to the defined benefit plan remained at zero; benefits paid increased 21%.

    DEFINED BENEFIT MANAGERS:

    Balanced: Aeltus; AllianceBernstein; Wellington; Fayez Sarofim; Janus; Harris Associates; Victory Capital; Trusco.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: Vanguard; American Funds; Fayez Sarofim; Jensen; Dreyfus.

    International equities: T. Rowe Price.

    Domestic fixed income: Federated Investors.

    Balanced: Wells Fargo.

    Key personnel overseeing the investment management of both plans are Paul C. Lipson, chief investment officer, and Timothy R. Harrison, staff director.

    Federal Retirement Thrift Investment Board

    (millions)

    Total assets $118,815

    Defined contribution $118,815

    DEFINED CONTRIBUTION PLAN:

    Assets in:

    Other DC $118,815

    Internally managed assets $53,510

    Total DC contributions $12,312

    Asset mix:

    Stock 45%

    Fixed income 10%

    Cash income 45%

    WASHINGTON — As of Sept. 30, the Federal Retirement Thrift Investment Board's total employee benefit assets, all defined contribution, increased 23.7% from a year earlier.

    DEFINED CONTRIBUTION MANAGER: BGI.

    The key person overseeing the investment management of the plan is James B. Petrick, director, office of benefits and investments.

    FedEx Corp.

    (millions)

    Total assets* $11,080

    Defined benefit $6,653

    Defined contribution $4,427

    *From Money Market Directory

    DEFINED BENEFIT PLAN:

    Asset mix:

    Domestic stocks 55.1%

    Domestic fixed income 25.1%

    International stocks 16.8%

    Private equity 3%

    MEMPHIS, Tenn. — As of April 30, FedEx Corp. reported defined benefit assets of $6.653 billion, according to the Money Market Directory. Defined contribution assets totaled $4.427 billion as of March 31.

    Key personnel overseeing the investment management of the plans are R. Larry Brown, senior vice president and chief human resources officer; Loren E. Jensen, assistant treasurer and staff director-retirement investments; and James H. Clippard, staff vice president-investor relations.

    First Energy Corp.

    (millions)

    Total assets* $4,626

    Defined benefit $3,067

    Defined contribution $1,559

    *as of Aug. 31

    DEFINED BENEFIT PLAN:

    Employer DB contributions $0

    Benefit payments $246

    Asset mix:

    Sponsoring company stock 0%

    Other domestic stocks 45%

    Domestic fixed income 32%

    International stocks 20%

    Real estate equity 3%

    DEFINED CONTRIBUTION PLAN:

    Assets in:

    Corporate 401(k) $1,559

    Total DC contributions $108

    Asset mix:

    Sponsoring company stock 17%

    Other stock 39%

    Fixed income 5%

    Stable value 26%

    Balanced 11%

    Loans 2%

    KRON, Ohio — As of Aug. 31, First Energy Corp.'s total employee benefit assets increased 13% from Sept. 30, 2002. Defined benefit assets increased 10% during the same period; defined contribution assets increased 18%.

    Employer contributions to the defined benefit plan remained at zero; benefits paid increased 88%.

    During the past year, the fund consolidated its external manager lineup. On the defined benefit domestic equity side, the fund added the small-cap money that had been managed by Geewax Terker and Westpeak Global to Dimensional Fund Advisors and Nicholas-Applegate, while adding Banc One to its list of domestic fixed-income managers and dropping both Lincoln Capital and J.P. Morgan Fleming. The plan also extended its first small hedge fund mandate to Avera.

    On the defined contribution side, First Energy added fund selections from Fidelity and Lord Abbett, while deleting funds offered by Strong and Third Avenue.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: BGI, DFA, Lakefront Capital, Nicholas-Applegate, Oak Associates, Oppenheimer Capital, SSgA, W.H. Reaves, Victory Asset Management.

    International equities: BGI, CapGuardian, Deutsche Bank, Genesis, Morgan Stanley, Putnam, T. Rowe Price International.

    Domestic fixed income: John Hancock, Banc One, Morgan Stanley, Oaktree Capital, Goode Stable Value, Pacific Mutual, PIMCO.

    Real estate: Allegis Realty, UBS Timberland.

    Alternatives: Avera.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: Armada, SSgA, Fidelity, Franklin, Selected American, Lord Abbett.

    International equities: CapGuardian.

    Domestic fixed income: PIMCO, SSgA.

    The investment consultant for both plans is Ennis Knupp.

    Key personnel overseeing the investment management of both plans are Donald Perrine, director of investment management, and Jennifer Buchanan, manager of investments.

    Florida State Board of Administration

    (millions)

    Total assets $92,310

    Defined benefit $91,940

    Defined contribution $370

    DEFINED BENEFIT PLAN:

    Employer DB contributions $1,458

    Benefit payments $4,102

    Asset mix:

    Domestic stocks 54.4%

    Domestic fixed income 22.0%

    International stocks 13.5%

    Cash equivalents 0.5%

    Private equity 3.4%

    Real estate equity 5.2%

    Other 1.0%

    Internally managed assets $48,148

    DEFINED CONTRIBUTION PLAN:

    Assets in:

    401(a) $370

    Total DC contributions $362

    Asset mix:

    Stock 56.0%

    Fixed income 27.7%

    Stable value 1.3%

    Cash equivalents 15.0%

    TALLAHASSEE, Fla. — As of Sept. 30, the Florida State Board of Administration's total employee benefit assets increased 17% from a year earlier. Defined benefit assets increased 17% during the same period; defined contribution assets increased 243%.

    Employer contributions to the defined benefit plan decreased 21%; benefits paid increased 55%.

    During the past year, Chief Investment Officer Barbara Jarriel announced she would retire in February 2004. Ms. Jarriel was named CIO in September 2002. Also, FSBA officials joined other public funds in 2003 in attempting to influence reforms at the New York Stock Exchange following the resignation of Richard Grasso as chairman and chief executive. In September, the FSBA was notified that it owed the U.S. Department of Health and Human Services $267 million because it set its pension contributions too high for state workers employed in federal programs. Also in 2003, the board hired Victory Capital Management as its first fixed-income securities-lending agent.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: American Express; Aronson + Johnson; David L. Babson; BGI; Batterymarch; Brown; Dresdner RCM; Goldman Sachs; INTECH; Private Capital; Prudential; Sands; Wellington.

    International equities: Artisan Partners; BGI; Capital Guardian; Fidelity; Genesis; J.P. Morgan Fleming; Morgan Stanley; Putnam; Spruce Grove; SSgA; Templeton.

    Domestic fixed-income: Lincoln; Smith Breeden; TCW; Utendahl; Wellington; BlackRock; PIMCO; W.R. Huff; MacKay Shields; Shenkman; Taplin, Canida.

    Real estate: AEW; Hancock; Heitman; INVESCO; J.P. Morgan; Los Angeles Capital; L&B Realty; Morgan Stanley; Principal; Prudential; RREEF; SSR; UBS Brinson.

    Global equities: Fisher; McLean Budden; Putnam; Templeton; UBS Global; Walter Scott.

    Other managers: Apollo; Carlyle; Centre; Chartwell; Cypress; Green; Hicks, Muse; Lexington; Liberty; Paul; PCG; Ripplewood; Thomas H. Lee; TSG; Wellspring; Willis Stein.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: American Investment Co.; BGI; Berger; Davis; Dresdner RCM; Fidelity; Franklin; ING; INVESCO; Lord Abbett; MFS; Pioneer; Prudential; T. Rowe Price; Wellington.

    International equities: American; BGI; Fidelity; ING; Putnam.

    Domestic fixed-income: BGI; Fidelity; ING; INVESCO; Lord Abbett; PIMCO; Prudential; Wells Fargo.

    TIPS: BGI.

    Cash: BGI; Fidelity.

    Ennis Knupp and Callan are investment consultants for the defined benefit plan; Callan is the consultant for the defined contribution plan.

    Key personnel overseeing the investment management of the defined benefit plan are Coleman Stipanovich, executive director; Ms. Jarriel; Jim Francis, senior investment policy officer for economics; Bill James, senior investment officer for alternative investments; Susan Schueren, senior investment officer for domestic equities; Rob Smith, senior investment officer for fixed income; Scott Seery, senior investment office for global and international; and Doug Bennett, senior investment officer for real estate. Overseeing the defined contribution plan is Kevin Sigrist, senior investment officer.

    Ford Motor Co.

    (millions)

    Total assets $44,899

    Defined benefit $33,152

    Defined contribution $11,747

    DEFINED BENEFIT PLAN:

    Employer DB contributions $11

    Benefit payments $2,656

    Asset mix:

    Domestic stocks 47.2%

    Global fixed income 28.4%

    International stocks 24.1%

    Private equity 0.1%

    Real estate equity 0.2%

    DEFINED CONTRIBUTION PLAN:

    Assets in:

    Corporate 401(k) $11,747

    Total DC contributions $626

    Asset mix:

    Sponsoring company stock 35.0%

    Other stock 35.0%

    Fixed income 3.4%

    Stable value 26.6%

    DEARBORN, Mich. — As of Sept. 30, Ford Motor Co.‘s total employee benefit assets increased 14.5% from a year earlier. Defined benefit assets increased 14% during the same period; defined contribution assets increased 15%.

    During the past year, Ford Motor Co. said it would contribute $500 million to its defined benefit plan in 2003 and would contribute another $500 million in 2004.

    Staff said Ford is eliminating its real estate allocation and the portfolio should be completely liquidated within a few months.

    DEFINED BENEFIT MANAGERS:

    Global equities: AllianceBernstein, Ariel, Brandes, Capital Guardian, Fidelity, Goldman Sachs, J.P. Morgan Fleming, Primecap, Fayez Sarofim, Sit, Victory Capital, Wellington, BGI, Deutsche Asset, SSgA.

    Global fixed income: BlackRock, Capital Guardian, Goldman Sachs, Morgan Stanley, PIMCO, Standish Mellon, State Street Research.

    Other: J.P. Morgan, Goldman Sachs, CSFB.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: BGI, Domini, Vanguard, Fidelity, INVESCO, Janus, Neuberger Berman, Oakmark, Royce.

    International equities: Citizens Funds, Fidelity, Janus, Morgan Stanley, T. Rowe Price, Templeton.

    Domestic fixed income: PIMCO, T. Rowe Price.

    Key personnel overseeing the investment management of the defined benefit plan are Kathleen Gallagher, director-pension asset management; and Marretta Mistretta and David Moore, managers-pension asset management. Overseeing the defined contribution plan are Ms. Gallagher; Dennis Tosh, director-global trading; and Lee Mezza, director-employee benefits.

    FPL Group Inc.

    (millions)

    Total assets $4,341

    Defined benefit $2,697

    Defined contribution $1,644

    DEFINED BENEFIT PLAN:

    Employer DB contributions $0

    Benefit payments $78

    Asset mix:

    Sponsoring co. stock 0%

    Other domestic stocks 33%

    Domestic fixed income 50%

    International stocks 17%

    DEFINED CONTRIBUTION PLAN:

    Assets in:

    Corporate 401(k) $1,644

    Total DC contributions $81

    JUNO BEACH, Fla. — As of Sept. 30, the FPL Group Inc.'s total employee benefit assets increased 14.7% from a year earlier. Defined benefit assets increased 12.9% during the same period; defined contribution assets increased 17.6%.

    Employer contributions to the defined benefit plan remained at zero; benefits paid remained the same.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: Mackay Shields; Fayez Sarofim; AllianceBernstein; Sterling Johnston; Rutabaga Capital; Fidelity; PIMCO; BGI; Aegon; Continental Assurance.

    International equities: Oechsle; Morgan Stanley; Templeton; SSgA.

    Domestic fixed-income: Western Asset; PIMCO; Dodge & Cox; BGI.

    Judith J. Kahn, director, trust fund investments, oversees the investment management of the plans.

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