Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

June 22-23, 2004• CIF Performance• As illustrated in the graph below, the total return on the CIF for the nine months endedMarch 31, 2004 of 16.4% exceeds the weighted index of 14.0% by 240 basis points. Forthe year ended March 31, 2004, the total return of 30.4% exceeds the weighted index of26.2% by 420 basis points.32.50%30.00%27.50%25.00%22.50%20.00%17.50%15.00%12.50%10.00%7.50%5.00%2.50%0.00%-2.50%-5.00%12.0%10.7%-0.1%QuarterEnded06/30/034.0% 2.8%0.8%QuarterEnded09/30/03Total CIF9.0% 8.8%QuarterEnded12/31/030.0%2.6% 1.9%1.3%QuarterEnded03/31/0416.4% 14.0%Nine MonthsEnded03/31/04Total Return Weighted Index (1) CPI2.1%30.4% 26.2%Year Ended03/31/042.0%(1) The weighted index is a composite of indices represented by the Russell 3000,the Morgan Stanley Country Index (MSCI EAFE), and the Lehman Aggregate Bond Index.• The US Equity return for the nine months ended March 31, 2004 of 21.9% exceeds theRussell 3000 of 18.9% by 300 basis points. For the year ended March 31, 2004, thereturn of 43.2% exceeds the benchmark of 38.2% by 500 basis points.50.0%45.0%40.0%35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%17.5% 16.3%QuarterEnded06/30/034.5% 3.4%QuarterEnded09/30/03CIF U.S. Equity FundsU.S. Equity12.3% 12.4%QuarterEnded12/31/033.8% 2.2%QuarterEnded03/31/04Russell 3000 Index21.9% 18.9%43.2%38.2%Nine MonthsYear EndedEnded 03/31/0403/31/043