2003 08 August

FundFire.com, the on-line journal regarding institutional investing, recently quoted Skip Halpern in an article entitled "Ohio State Teachers Halts Manager Bonuses" by Vincent Scognamiglio on incentive compensation.

On July 9, 2003, Jeanna and Steve gave an educational presentation at a hearing of the Ohio Retirement Study Council (ORSC) on "Fiduciary Performance Audits." The Ohio Retirement Study Council was created in 1968 to assist the state legislature, governor and other public officials in the formation of sound public pension policy, and is one of the oldest pension oversight commissions in the country.

Steve also spoke at the Investment Management Institute Greenwich Public Funds Roundtable on June 18-19, 2003 at the Westin Embassy Row Washington, DC. Steve was a luncheon panelist with Lonie Hassle, Partner from the Groom Law Firm, and Steve Fugate, Board Chair, Baltimore Fire and Police Retirement Systems.

Steven Harding spoke at the Educational Forum For Fire & Police Pension Funds on May 16, 2003 at The Hyatt Regency, San Antonio, Texas. Steve spoke on Fiduciary Audits: What, When, Why, and How--- His co-panelists were former IFS clients Eric Henry, Executive Director, New Hampshire Retirement System and Steve Olish, Executive Director, St. Louis Police Retirement System. Mr. Henry and Mr. Olish spoke on their expectations and the results of the Operational Reviews IFS conducted for their Funds.

Edward Patchett spoke at the International Foundation of Employee Benefit Plan's Advanced Trustees Institute in Orlando in February and Lake Tahoe in June. He highlighted the importance of understanding the level of investment risk associated with a fund's asset allocation and presented ways for trustees to manage risk in today's market environment.

Lamont (Monte) Tarbox discussed rebalancing and risk control at the International Foundation of Employee Benefit Plan's Investment Institute in New York at the beginning of May. He reminded trustees and fund professionals of the benefits of a disciplined approach to rebalancing and explained the latest research on rebalancing methods.

A trustee on the District of Columbia Tobacco Settlement Trust Fund, Jeanna also spoke at the Medicine and Law Symposium, hosted by the National Bar Association, on the state of tobacco settlements funds across the country. The symposium was held in Washington, DC on July 19, 2003.

Jeanna also served as facilitator for two trustee "closed-door" educational primer sessions at the 2003 Annual Conference of the National Association of Securities Professionals held in Atlanta, Georgia, June 17-20, 2003. "

Jeanna Cullins spoke at the Investment Management Institute (IMI) Public Funds Roundtable Conference held in Pinehurst (North Carolina) the last week of April. She addressed the group on the benefits of Operational Reviews (a/k/a "fiduciary performance audits") as well as the role of plan sponsors in corporate governance and proxy voting. "

Skip was also the luncheon speaker at the annual retreat of the Virginia Retirement System, in June. He discussed the Operational Review of the VRS that IFS completed 10 years ago - especially regarding its governance - and current issues regarding VRS governance.