Additional information The JP Morgan 081 Emerging Markets ITIC tracks local currency bonds issued by emerging market governments. The .•' .• The HFRI Monthly Indices (HFRI) are equally weightedperformance indexes utilized by numerous hedge fund managers as a benchmark for their own hedge funds. The HFRI are broken down into 37 different categories by strategy, including the HFRI Fund Weighted Composite, which accounts for over 1600 funds listed on the internal HFR Database. The . consists of all real estate investment trusts in both developed and emerging markets. The Cl Diversified Commodities represents 14 commodities drawn from the energy, precious metals, industrial metals and agriculture sectors. The '. • ' • • is presented net of fees and is used for comparative purposes only and is not intended to parallel the risk or investment style of the accounts included in the composite. The iMoneyNet Money Funds (All) Tax-Free Average includes all tax- tree and municipal retail and institutional money funds. It consists of funds in the National-Tax-Free Retail, National Tax-Free Institutional, State- Specific Retail, and State-Specific Institutional Categories. Emerging markets may be in transitional or formative stages and thus may be significantly less stable than developed markets. Changes in emerging markets gpvernment structures or other political instability may result in nationalization, expropriation, ad hoc regulation, or foreign investmenl restrictions. Emerging market investments are at risk for currency devaluation, as well as convertibility, liquidity and transparency constraints. The high volatility and speculative nature of emerging market investments may result in both significant losses or profits. The values of the fixed income instruments presented will fluctuate and may lose value, as bond values decline as interest rates rise. Certain bonds and fixed income instruments presented may be callable. If called, the investor will