Indexes

1. Based on the style of each individual manager, an appropriate stock market index is chosen that is representative of the types of securities that may be purchased.  The decision of "which" index to compare performance to is made jointly with the manager in an effort to be objective.
   
   Indexes indicate how a manager has done in comparison to the general stock market. They do not show performance in comparison to the other managers in their peer group that they are in. Indexes are unmanaged and do not reflect any advisory fees.
   
   
   S&P 500 Index - The S&P 500 is an index composed of the 500 largest companies in the U.S. stock market. The index is appropriate to use as a general indicator of the stock market and is therefore the most appropriate benchmark to use for our eclectic, core and multi-strategic managers who may not fit into a specific category.
   
   
   Russell 1000 Growth Index - The Russell 1000 is an index that measures the performance of the 1000 largest companies in the U.S. stock market. Comprised of the growth stocks in the Russell 1000 index, this index is appropriate to use to compare to the performance of large capitalization managers.
   
   
   Russell 1000 Value Index - The Russell 1000 is an index that measures the performance of the 1000 largest companies in the U.S. stock market. The value stocks in that index make up the Russell 1000 Value index. For this reason, it is an accurate benchmark for large capitalization managers.
   
   
   Russell MidCap Growth Index - The Russell MidCap Index is made up of the smallest 800 companies in the Russell 1000. The growth portion of that index makes up the Russell MidCap Growth Index. The index is a good benchmark for managers that invest in mid capitalization companies using a growth style.
   
   
   Russell MidCap Value Index - The Russell MidCap Index is made up of the smallest 800 companies in the Russell 1000. The value portion of that index makes up the Russell MidCap Value Index. The index is a good benchmark to use with value managers who invest in mid capitalization companies.
   
   
   Russell 2000 Index - The Russell 3000 is an index that measures the performance of the top 3000 companies in the U.S. stock market.These 3000 companies account for 98% of the domestic equities market. The Russell 2000 is the smallest 2/3 of that overall market index. The asset category that it is most appropriate to benchmark is the small capitalization investments. This index is a broad indicator how small companies are performing. For that reason, it is used to compare against small cap eclectic managers.
   
   
   Russell 2000 Growth Index - The Russell 2000 index is broken into two components, growth type stocks and value type stocks. The growth stocks that make up the Russell 2000 are the members of the Russell 2000 Growth index. This index is appropriate to use to measure performance of small capitalization growth managers
   
   
   Russell 2000 Value Index - The Russell 2000 Index is broken into two components, growth type stocks and value type stocks. The value stocks that make up the Russell 2000 are the members of the Russell 2000 Value index. This index is appropriate to use to measure performance of small capitalization value managers.
   
   
   Dow Jones Utilities Index - The Dow Jones Utilities index measures the performance of companies that do business in the utilities industry. The index is a specialized index that applies only to specific managers and investment styles. Our equity income manager invests in primarily utility stocks, and is therefore in the group of managers that this index applies to.
   
   
   Lehman Brother Government/Corporate Index - This index is designed to measure the fixed income approach to investing. The index is made up of government and corporate bonds. It is a general indicator as to how the bond market is performing. The style that it is appropriate to compare it to is the fixed income approach.
   
   
   Morgan Stanley EAFE - This index, prepared by Morgan Stanley, attempts to indicate the performance of all of the markets located around the world, excluding the United States. This index is appropriate to use in comparing and analyzing the returns of managers practicing an international style of investing.
   
   
   Morgan Stanley Emerging Markets - The purpose of the emerging markets index is to measure the performance of investments in countries that are not fully developed economically. This index is appropriate only to managers who invest in these types of markets.


2. Our index data is gathered from a number of different sources, which we use for their accuracy and efficiency.Due to the fact that we obtain the performance calculations from a third party we do not guarantee the accuracy of the index performance presented here. The sources of our index data
   
   
   1. Prior to January 1, 2000, we compiled index information from our managers and the Wall Street Journal.
   
   
   
   2. Beginning January 1, 2000, index performance has been obtained from:
   
   
   

   Dow Jones Utilities	Dow Jones
   Morgan Stanley EAFE	Morgan Stanley www.mscidata.com
   Lehman Brothers Government/Corporate Intermediate	Lehman Brothers
   Russell 1000 Growth Russell 1000 Value Russell 2000 Russell Mid-Cap Growth Russell Mid-Cap Value Russell 2000 Growth Russell 2000 Value	The Frank Russell Comp. www.russell.com
   S&P 500	Standard and Poors