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

June 22-23, 2004• The International Equity return for the nine months ended March 31, 2004 of 33.6%exceeds the benchmark of 32.3% by 130 basis points. For the year ended March 31,2004, the return of 62.9% exceeds the benchmark of 58.1% by 480 basis points.70.0%65.0%60.0%55.0%50.0%45.0%40.0%35.0%30.0%25.0%20.0%15.0%10.0%5.0%0.0%21.9% 19.6%QuarterEnded06/30/03CIF International Equity Funds8.7% 8.2%QuarterEnded09/30/0316.8% 17.1%QuarterEnded12/31/035.3% 4.4%QuarterEnded03/31/0433.6% 32.3%Nine MonthsEnded03/31/0462.9% 58.1%Year Ended03/31/04International EquityMorgan Stanley Country Index• The fixed income return for the nine months ended March 31, 2004 of 2.7% exceeds theweighted index of 1.8% by 90 basis points. For the year ended March 31, 2004, the returnof 4.3% exceeds the weighted index of 3.9% by 40 basis points.10.0%8.0%6.0%4.0%2.0%0.0%-2.0%-4.0%-6.0%2.5% 2.1% 2.1%QuarterEnded06/30/03CIF Fixed Income Funds-0.1%QuarterEnded09/30/030.5% 0.1%QuarterEnded12/31/03-0.8%1.9%QuarterEnded03/31/042.7% 1.8%4.3% 3.9%Nine MonthsYear EndedEnded 03/31/0403/31/04Fixed Income Funds Weighted Index (2)(2) The weighted index is a composite of indices represented by the Lehman Intermediate AggregateIndex and the Lehman Brothers Intermediate Government Index.4