The Ohio Program works with an independent investment consultant, Ennis Knupp & Associates, to review the Program's investment options quarterly, with a more in-depth annual review. The annual review was recently completed and presented to the Ohio Program Board at its March meeting. Funds are evaluated on:

If a fund scores poorly, the Ohio Program Board will review our consultants' recommendations to change the availability of an investment option. Two funds that have been walled off to new investors will be closed out based  upon the current review.

Fund Terminations
The previously walled off Fidelity Government Income and Lazard Small Cap funds will be closed. These funds underperformed their benchmarks, recently changed fund management, and have an overall weak management rating. Participants who have investments in these funds are encouraged to choose other investment options and can exchange their balances until June 21. All remaining balances will be automatically exchanged into a replacement fund, on June 22, as indicated below.

New Fund
Effective April 1, 2005, the Vanguard Small-Cap Index fund will be available to participants. This option was added to provide participants with another small capitalization investment choice. Because this fund is a passively managed index fund, it can be offered at a low annual expense ratio of 0.13%. The Program will be investing in the Admiral class shares, which has a ticker symbol of VSMAX. You may obtain a fund profile or prospectus by calling our Service Center or visiting our web site.