Important Information The following is a current list and description of the indices used in the blended benchmarks for the Composite and Model returns shown on the preceding pages. The indices are used for comparative purposes only and are not intended to parallel the risk or investment style of the investment vehicles. The S&P 503 Index is an unmanaged index containing 500 U.S. industrial, transportation, utility and financial companies. The S&P 500 Index is capitalization-weighted calculated on a total return basis with dividends reinvested. The Russell 2000 Index is a capitalization-weighted index and is rebalanced by the Frank Russell Company every June 30 to reflect changes in the marketplace. The MSCI Europe Index (net of withholding taxes; is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe As of May 2005. the MSCI Europe Index consisted of the following 16 developed market country indices: Austria. Belgium. Denmark. Finland, France. Germany, Greece, Ireland, Italy, the Netherlands. Norway. Portugal. Spain. Sweden. Switzerland and the United Kingdom. The MSCI Japan Index (net of withholding taxes) is a market capitalization-weighted index, adjusted for free float The Index is designed to reflect the sectoral diversity of the Japanese equity markets. The MSCI Pacific Free ex-Japan Index (net of withholding taxes) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the Pacific region. The index consists of the following 4 Developed Market countries: Australia. Hong Kong, New Zealand. and Singapore. The MSCI Emerging Markets Index (net of withholding taxes) is a market capitalization-weighted index composed of companies representative of the market structure of emerging market countries in Europe. Latin America. and the Pacific Basin. The BofA Menill Lynch 1.10 Year AAA-A Municipal Securities Index is a subset of th