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Columbia Wanger Offshore Funds

Effective 23 March 2012, the Wanger US Smaller Companies UCITS Fund and the Wanger European Smaller Companies UCITS Fund, managed by Columbia Wanger Asset Management, LLC, began trading as sub-funds on the MontLake UCITS Platform plc following the merger of the Wanger Investment Company into the MontLake structure.

For more information about the funds, please visit http://www.montlakeucits.com.

Index Descriptions

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Barclays Mortgage-backed Securities Index

The Barclays Mortgage-backed Securities Index is a market value-weighted index which covers the mortgage-backed securities component of the Barclays U.S. Aggregate Bond Index. The index is composed of agency mortgage-backed passthrough securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The index includes reinvestment of income.

Barclays 1-3 Year Government/Credit Index

The Barclays 1-3 Year Government/Credit Index is an index consisting of Treasury or government agency securities and investment grade corporate debt securities with maturities of one to three years. It is unmanaged and unavailable for investment.

Barclays 1-10 Year Municipal Blend Index

The Barclays 1-10 Year Municipal Blend Index is a market value-weighted index which covers the short and intermediate components of the Barclays Municipal Bond Index—an unmanaged, market value-weighted index which covers the U.S. investment-grade tax-exempt bond market. The 1-10 Year Municipal Blend index tracks tax-exempt municipal General Obligation, Revenue, Insured, and Prerefunded bonds with a minimum $5 million par amount outstanding, issued as part of a transaction of at least $50 million, and with a remaining maturity from 1 up to (but not including) 12 years. The index includes reinvestment of income.

Barclays 3-15 Year Blend Municipal Bond Index

The Barclays 3-15 Year Blend Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $5 million in principal amount outstanding.

Barclays 3 Year Municipal Index

The Barclays 3 Year Municipal Index is a subset of the Barclays Municipal Bond Index covering those issues with remaining maturities of two to three years.

Barclays 5 Year Municipal Bond Index

The Barclays 5 Year Municipal Bond Index is a capitalization weighted bond index created by Barclays intended to be representative of major municipal bonds of all quality ratings with an average maturity of approximately five years.

Barclays 10-Year U.S. Treasury Bellwethers Index

The Barclays 10-Year U.S. Treasury Bellwethers Index is a universe of Treasury bonds, and used as a benchmark against the market for long-term maturity fixed-income securities. The index assumes reinvestment of all distributions and interest payments.

Barclays Aggregate Bond Index

The Barclays Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.

Barclays California Municipal Bond Index

The Barclays California Municipal Bond Index is a market capitalization - weighted index of California Investment-grade bonds with maturities of one year or more.

Barclays General Obligation Bond Index

The Barclays General Obligation Bond Index is an index that represents average market-weighted performance of general obligations securities that have been issued in the last five years with maturities greater than one year.

Barclays Government Bond Index

The Barclays Government Bond Index is an index that measures the performance of all public U.S. government obligations with remaining maturities of one year or more.

Barclays Government/Credit Bond Index

The Barclays Government/Credit Bond Index is an index that tracks the performance of U.S. Government and corporate bonds rated investment grade or better, with maturities of at least one year.

Barclays High Yield Index

The Barclays High Yield Index covers the universe of fixed rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures, and 144-As are also included.

Barclays Insured Municipal Bond Index

The Barclays Insured Municipal Bond Index is a total return performance benchmark for municipal bonds that are backed by insurers with Aaa/AAA ratings and have maturities of at least one year.

Barclays Intermediate Credit Bond Index

The Barclays Intermediate Credit Bond Index is a group of fixed-income securities that may differ from the composition of the fund.

Barclays Intermediate Credit Index

The Barclays Intermediate Credit Index is the intermediate component of the U.S. Credit Index. The U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

Barclays Intermediate Government Index

The Barclays Intermediate Government Index tracks the performance of intermediate U.S. government securities.

Barclays Intermediate Government Bond Index

The Barclays Intermediate Government Bond Index is a sub-index of the Barclays Capital Government Bond Index covering issues with remaining maturities of between three and five years.

Barclays Intermediate Government/Corporate Bond Index

The Barclays Intermediate Government/Corporate Bond Index tracks all investment grade corporate and U.S. Government issues over $200 million with remaining maturities of between one and ten years.

Barclays Intermediate Government/Credit Index

The Barclays Intermediate Government/Credit Bond Index tracks the performance of intermediate term U.S. government and corporate bonds.

Barclays Municipal Bond Index

The Barclays Municipal Bond Index is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity of at least one year.

Barclays Municipal Long Year Index

The Barclays Municipal Long Year Index is a subset of the Barclays Municipal Bond Index including maturities of 23 or more years.

Barclays Municipal 3 Year Index

The Barclays Municipal 3 Year Index is a subset of the Barclays Municipal Bond Index that measures the performance of investment-grade issues with remaining maturities of two to three years.

Barclays Municipal 7 Year Index

The Barclays Municipal 7 Year Index is a subset of the Barclays Municipal Bond Index that measures the performance of investment-grade issues with remaining maturities of seven to eight years.

Barclays Quality Intermediate Municipal Bond Index

The Barclays Quality Intermediate Municipal Bond Index tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 12 years and at least $5 million in principal outstanding.

Barclays U.S. Aggregate 1-3 Years Index

The Barclays U.S. Aggregate 1-3 Years Index is an unmanaged index of publicly issued investment grade corporate, US Treasury and government agency securities with remaining maturities of one to three years. Unlike mutual funds, indices are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.

Barclays U.S. Corporate High Yield Bond Index

The Barclays U.S. Corporate High Yield Bond Index is a market value-weighted index which covers the U.S. non-investment grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in Industrial, Utility, and Finance sectors with a minimum $150 million par amount outstanding and a maturity greater than 1 year. The index includes reinvestment of income.

Chicago Board Options Exchange OEX Volatility Index

The Chicago Board Options Exchange OEX Volatility (VIX) Index reflects a market estimate of future volatility, based on the weighted average of the implied volatilities of 8 OEX calls & puts – the nearest in & out of the money call & put options from the 1st and 2nd month expirations.

Citigroup Broad Investment Grade Bond Index

The Citigroup Broad Investment Grade Bond Index (the “BIG” index) measures the value of the broad U.S. investment-grade bond market, including over 6,000 U.S. Treasury, government agency, corporate and mortgage-backed securities. All bonds in this index must be investment grade (rated at least BBB- or Baa3), have a maturity of at least one year, and a total value outstanding of at least $200 million.

Citigroup Government/Mortgage Index

The Citigroup Government/Mortgage Index is a combination of the Citigroup U.S. Government Index and the Citigroup Mortgage Index. The Government Index tracks the performance of the Treasury and government-sponsored indices within the U.S. Broad Investment Grade Bond Index. The Mortgage Index tracks the performance of the mortgage component of the U.S. BIG Bond Index, comprising 30- and 15-year GNMA, FNMA and FHLMC pass-throughs and FNMA and FHLMC balloon mortgages.

Citigroup U.S. Inflation-Linked Securities Index

The Citigroup U.S. Inflation-linked Securities Index is a market value-weighted index which measures the return of bonds with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index (CPI).

Citigroup Bond U.S. Treasury Index

The Citigroup Bond U.S. Treasury Index is composed of all U.S. Treasury notes and bonds with remaining maturities of at least one year and outstanding principal of at least $5 billion that are included in the Citigroup Broad Investment-Grade Bond Index. Securities in the Citigroup U.S. Treasury Index are weighted by market value, that is, the price per bond or note multiplied by the number of bonds or notes outstanding.

Citigroup (World ex-U.S.) Cap Range $2-$10b Index

The Citigroup (World ex-U.S.) Cap Range $2-$10b Index is Citigroup’s $2 to $10 billion (U.S.) security market subset of its Broad Market Index and represents a mid-cap developed market, excluding the United States.

Citigroup World Government Bond Index

The Citigroup World Government Bond Index is an index of bonds issued by governments in the U.S., Europe and Asia.

Conference Board Consumer Confidence Index

The Conference Board Consumer Confidence Index is a proprietary monthly measure of the public’s confidence in the health of the U.S. economy.

Consumer Price Index

The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services (Source: U.S. Department of Labor).

CSFB Convertible Index

The Credit Suisse First Boston (CSFB) Convertible Index is a widely used index that measures the performance of convertible securities.

CSFB Global High Yield Index

The Credit Suisse First Boston (CSFB) Global High Yield Index is a trader-priced portfolio constructed to mirror the high yield debt market.

CSFB High Yield Index

The Credit Suisse First Boston (CSFB) High Yield Index is a broad-based index that tracks the performance of high-yield bonds.

CSFB Leveraged Loan Index

The Credit Suisse First Boston (CSFB) Leveraged Loan Index tracks the performance of senior floating rate bank loans.

Dow Jones 15 Utilities Index

The Dow Jones 15 Utilities Index tracks the performance of utility stocks.

Dow Jones Industrial Average Index

The most widely used indicator of the overall condition of the stock market, the Dow Jones Industrial Average Index is a price-weighted average of 30 actively traded blue chip stocks as selected by the editors of the Wall Street Journal.

Fama-French Large Growth Index

The Fama-French Growth Index is a capitalization-weighted index which measure the performance of U.S. equities in the first and second quartiles of market capitalization and with low book-to-market ratios.

Fama-French Large Value Index

The Fama-French Large Value Index is a capitalization-weighted index which measures the performance of U.S. equities in the first and second quartiles of market capitalization and with high book-to-market ratios.

Fama-French Small Growth Index

The Fama-French Small Growth Index is a capitalization-weighted index which measures the performance of U.S. equities in the third and fourth quartiles of market capitalization and with low book-to-market ratios.

Fama-French Small Value Index

The Fama-French Small Value Index is a capitalization-weighted index which measures the performance of U.S. equities in the third and fourth quartiles of market capitalization and with high book-to-market ratios.

Hang Seng Index

The Hang Seng Stock Index tracks the performance of approximately 70% of the total market capitalization of the stock exchange of Hong Kong.

HFRI Fund of Funds Index

Hedge Fund Research Inc. (HFRI) Fund of Funds Index is an equally-weighted index comprised of domestic and offshore hedge fund of funds. The HFRI Indices are based on information self-reported by hedge fund managers that decide, on their own, at any time, whether or not they want to provide, or continue to provide, information to HFR Asset Management, L.L.C. ("HFR"). Results for funds that go out of business are included in the index until the date that they cease operations. Therefore, these indices may not be complete or accurate representations of the hedge fund universe, and may be biased in several ways.

Ibbotson Associates Convertible Bond Index

The Ibbotson Associates (IA) Convertible Bond Index is a variable-weighted index of convertible bond returns, constructed by splicing together three pre-existing indexes of convertible performance. The index is designed to measure the long-term performance of convertible bonds as an asset class and is not intended to be a methodology-consistent, well-referenced index.

Ibbotson U.S. Historical Government Bond (1-4.99 Year) Index

The Ibbotson U.S. Historical Government Bond (1-4.99 Year) Index is a market value-weighted index which measures the performance of U.S. Treasury issues with maturities greater than one year and less than five years. Each month a portfolio containing all bonds meeting the maturity criteria is constructed. To measure holding period returns for the portfolio, the portfolio is priced (with accrued coupons) at the beginning of the month and the end of the month and total returns are calculated there from. The index includes reinvestment of income.

Ibbotson U.S. Intermediate-Term Corporate Bond Index

The Ibbotson U.S. Intermediate-Term Corporate Bond Index is a market value-weighted index which measures the performance of intermediate-term maturity U.S. corporate bonds. Each month a portfolio containing all U.S. corporate bonds with maturities of 5 to 15 years (all grades), taken from a sample of the entire U.S. Corporate Bond market. To measure holding period returns for the portfolio, the portfolio is priced (with accrued coupons) at the beginning of the month and the end of the month and total returns are calculated there from. The index includes reinvestment of income.

Ibbotson U.S. Intermediate-Term Government Bond Index

The Ibbotson U.S. Intermediate-Term Government Bond Index is an unweighted index which measures the performance of five-year maturity U.S. Treasury Bonds. Each year a one-bond portfolio containing the shortest noncallable bond having a maturity of not less than five years is constructed. Bonds with impaired negotiability or special redemption privileges are omitted, as are partially or fully tax-exempt bonds starting in 1943. To measure holding period returns for the one-bond portfolio, the bond is priced (with accrued coupons) over the holding period and total returns are calculated.

Ibbotson U.S. Long-term Corporate Bond Index

The Ibbotson U.S. Long-Term Corporate Bond Index is a market value-weighted index which measures the performance of long-term U.S. corporate bonds. For the period 1926-1945, Standard and Poor’s monthly High-Grade Corporate Composite yield data were used, assuming a four percent coupon and a 20-year maturity. The conventional present-value formula for bond price was used for the beginning and end-of-month prices. The monthly income return was assumed to be one-twelfth of the coupon. For the period 1946-1968, Ibbotson and Sinquefield backdated the Salomon Brothers' Long-Term High-Grade Corporate Bond Index, using Salomon's monthly yield data with a methodology similar to that used for 1969-present. Capital appreciation returns were calculated from yields assuming (at the beginning of each monthly holding period) a 20-year maturity, a bond price equal to APR, and a coupon equal to the beginning-of-period yield. For the period 1969 to present, long-term corporate bond total returns are represented by the Salomon Brothers Long-Term High-Grade Corporate Bond Index. The Index includes nearly all Aaa- and Aa -rated bonds with at least 10 years to maturity. If a bond is downgraded during a particular month, its return is included in the Index for that month before removing it from future portfolios. The Ibbotson U.S. Long-Term Corporate Bond Index includes reinvestment of income.

Ibbotson U.S. Long-Term Government Bond Index

The Ibbotson U.S. Long-Term Government Bond Index is an unweighted index which measures the performance of twenty-year maturity U.S. Treasury Bonds. Each year a one-bond portfolio containing the bond having closest to 20 years to maturity is constructed. To measure holding period returns for the one-bond portfolio, the bond is priced (with accrued coupons) over the holding period and total returns are calculated. The index includes reinvestment of income.

Ibbotson U.S. Long-Term Municipal Bond Index

The Ibbotson U.S. Long-Term Municipal Bond Index is a market value-weighted index which measures the performance of U.S. municipal bond issues with maturities of approximately 20 years. From 1926-1984, total returns are calculated from yields on 20-year prime issues, assuming coupon equals previous year-end yield and a 20-year maturity. Yields are taken from the Salomon Brothers’ Analytical Record of Yields Spreads. From 1926-1984, Ibbotson Associates calculates the total return by adding together an income return and a capital appreciation. The income return is equal to the December average municipal yield (average of Aaa, Aa, A, Baa grades). The capital appreciation is computed using the December yield as the year end yield and as the beginning-of-the-following year yield. From these yields, a price is calculated and used to determine the capital appreciation. Yields are taken from the Moody’s Bond Record. The index includes reinvestment of income.

Ibbotson U.S. Small Stock Index

The Ibbotson U.S. Small Stock Index is a capitalization-weighted index which measures the performance of U.S. equities in the ninth and tenth deciles of market capitalization.

Ibbotson U.S. 30 Day Treasury Bill Index

The Ibbotson U.S. 30 Day Treasury Bill Index is an unweighted index which measures the performance of one-month maturity U.S. Treasury Bills. Each month a one-bill portfolio containing the shortest-term bill having not less than one month to maturity is constructed. To measure holding period returns for the one-bill portfolio, the bill is priced as of the last trading day of the previous month-end and as of the last trading day of the current month.

Ibbotson World ex-U.S. Government Bond Portfolio Index

The Ibbotson World ex-U.S. Government Bond Portfolio Index is a market value-weighted index which measures the performance of world government bonds excluding those government bonds issued by the United States. Ibbotson calculates the index total return based on yield data for eight countries, as calculated by the International Monetary Fund (IMF). The index includes reinvestment of income.

Instinet Redbook Same Store Sales Index

The Instinet Redbook Same Store Sales Index is a proprietary indicator of trends in same-store retail sales. The index is compiled from a sample of major retailers.

ISM PMI Index

The Institute for Supply Management (ISM) PMI Index is a proprietary indicator of the direction and scope of change in the domestic manufacturing economy.

IFC (International Finance Corporation) Investables Index

The IFC (International Finance Corporation) Investables Index is a capitalization-weighted index which tracks more than 1,400 stocks in 25 emerging markets in Asia, Latin America, Eastern Europe, Africa and the Middle East.

JPMorgan Developed BB High Yield Index

The JPMorgan Developed BB High Yield Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar developed, BB-rated, high yield corporate debt market.

JPMorgan Emerging Markets Bond Index Global

The JPMorgan Emerging Markets Bond Index Global ("EMBI Global") tracks total returns for traded external debt instruments in the emerging markets, and is an expanded version of the JPMorgan EMBI+. As with the EMBI+, the EMBI Global includes U.S. dollar-denominated Brady bonds, loans, and Eurobonds with an outstanding face value of at least $500 million. It covers more of the eligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity.

JPMorgan Emerging Markets Bond Index Plus

The JPMorgan Emerging Markets Bond Index Plus is a market capitalization weighted total return index of U.S. dollar and other external currency denominated Brady bonds, loans, Eurobonds, and local market debt instruments traded in emerging markets.

JPMorgan Global Bond Index

The JPMorgan Global Bond Index is a total return index that tracks the traded sovereign issues of 13 international markets. Each market is weighted according to its traded market capitalization in U.S. dollar terms and all issues included in the index are liquid with remaining maturity of greater than 13 months.

JPMorgan Global Government Bond Index

The JPMorgan Global Government Bond Index is a broad measure of bond performance in developed countries, including the United States.

JPMorgan Global High Yield Index

The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues.

Lipper General Municipal Debt Index

The Lipper General Municipal Debt Index represents average performance of the largest general municipal debt funds tracked by Lipper Analytical Services.

Lipper Multi-Cap Value Funds Index

The Lipper Multi-Cap Value Funds Index reflects equally-weighted performance of the 20 largest mutual funds within its category.

Lipper Oregon Municipal Debt Funds Index

The Lipper Oregon Municipal Debt Funds Index measures performance of all Oregon municipal bond funds tracked by Lipper Analytical Services.

Merrill Lynch All Convertibles All Qualities Index

The Merrill Lynch All Convertibles All Qualities Index is a widely used index that measures convertible securities’ performance. It measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.

Merrill Lynch High Yield Cash Pay Only Index

The Merrill Lynch High Yield Cash Pay Only Index tracks fixed-rate, coupon-bearing bonds with an outstanding par that is greater or equal to $100 million, a maturity range greater than one year, and a rating less than BBB/Baa3 rated, but not in default. The Cash Pay Only Index excludes pay-in-kind bonds and deferred interest bonds that are not yet accruing a coupon.

Merrill Lynch High Yield Master Index

The Merrill Lynch High Yield Master Index tracks fixed-rate, coupon-bearing bonds with an outstanding par that is greater or equal to $50 million, a maturity range greater than one year, and a rating less than BBB/Baa3 rated, but not in default.

Merrill Lynch High Yield Master II Index

High yield bonds are represented by the Merrill Lynch High Yield Master II Index, a broad based index consisting of all U.S. dollar-denominated high-yield bonds with a minimum outstanding amount of $100 million and maturing over one year.

Merrill Lynch Municipals 1-12 Years Bond Index

The Merrill Lynch Municipals 1-12 Years Bond Index measures the performance of U.S. municipal bond issues with maturities from 1 up to (but not including) 12 years. The index is comprised of municipal securities selected and priced by Merrill Lynch traders. The index weights are derived from a municipal bond matrix, as each matrix block has a specific weight assigned to it. Individual securities within the blocks have equal weighting. By using this method, Merrill Lynch is able to model the performance and characteristics of the municipal market while capturing only a small portion of the municipal universe. Index total returns are computed by aggregating the returns of the matrix blocks based on the previously determined block weights. Cash flows and accrued interest are assumed to be reinvested daily in the market. Transaction costs are not included in the calculation of total returns. The index includes reinvestment of income.

Merrill Lynch 1-3 Year Municipal Index

The Merrill Lynch 1-3 Year Municipal Index is an unmanaged index that tracks the performance of investment grade U.S. tax exempt bonds with remaining terms to final maturities of at least one year and less than three years.

Merrill Lynch 1-3 Year Treasury Index

The Merrill Lynch 1-3 Year Treasury Index measures the return of Treasury bills with maturities of 1-3 years.

Merrill Lynch 1-5 Year Government/Corporate Index

The Merrill Lynch 1-5 Year Government/Corporate Index includes all U.S. government and investment-grade corporate debt with at least $100 million face value outstanding, with a maturity between 1 and 5 years.

Merrill Lynch 3-Month U.S. Treasury Bill Index

The Merrill Lynch 3-Month U.S. Treasury Bill Index is an unweighted index which measures the performance of three-month maturity U.S. Treasury Bills. Each month a one-bill portfolio containing the shortest-term bill having not less than three months to maturity is constructed. To measure holding period returns for the one-bill portfolio, the bill is priced as of the last trading day of the previous month-end and as of the last trading day of the current month.

Merrill Lynch 100 Technology Index

The Merrill Lynch 100 Technology Index is an equally-weighted index of 100 leading technology stocks.

Merrill Lynch U.S. High Yield, Cash Pay Index

The Merrill Lynch U.S. High Yield, Cash Pay Index tracks the performance of non-investment-grade corporate bonds.

MSCI AC ASIA ex-Japan Index

The MSCI All Country (AC) Asia ex Japan Index tracks the performance of equity securities in eleven countries in Asia, excluding Japan and taking into account local market restrictions on share ownership by foreigners.

MSCI AC Asia Pacific Index

The MSCI All Country (AC) Asia Pacific Free Index tracks the performance of stock traded on stock exchanges in Pacific Basin countries, including Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand.

MSCI ACWI Index

The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

MSCI AC World ex-U.S. Index

The MSCI All Country (AC) World ex U.S. Index tracks global stock market performance that includes developed and emerging markets but excludes the U.S.

MSCI China Index

The MSCI China Index is designed to broadly and fairly represent the full diversity of business activities in China. This index aims to capture 85% of the free float adjusted market capitalization in each industry group.

MSCI EMF Index

The MSCI Emerging Market Free (EMF) Index is a capitalization-weighted index that tracks stocks traded in 27 emerging market countries. It does not include shares not readily purchased by non-local investors.

MSCI EMI Index

The MSCI Emerging Markets Index (EMI) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of June 2006, the MSCI Emerging Markets Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

MSCI Europe Index

The MSCI Europe Index is a broad-based index that tracks the performance of European stocks.

MSCI EAFE Index

The MSCI Europe, Australasia, Far East (EAFE) Index is a capitalization-weighted index that tracks the total return of common stocks in 21 developed-market countries within Europe, Australasia and the Far East.

MSCI EAFE (GDP) Index

The MSCI Europe, Australasia, Far East (EAFE) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada.

MSCI EAFE Growth Index

The MSCI Europe, Australasia, Far East (EAFE) Growth Index is a subset of the MSCI EAFE Index, and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the MSCI EAFE Index, and consists of those securities classified by MSCI, as most representing the growth style, such as higher forecasted growth rates, lower book value-to-price ratios, lower forward earnings-to-price ratios and lower dividend yields than securities representing the value style.

MSCI EAFE Value Index

The MSCI Europe, Australasia, Far East (EAFE) Value Index is a subset of the MSCI EAFE Index, and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the underlying MSCI EAFE Index, and consists of those securities classified by MSCI as most representing the value style, such as higher book value-to-price ratios, higher forward earnings-to-price ratios, higher dividend yields and lower forecasted growth rates than securities representing the growth style.

MSCI Value and Growth Index

The MSCI EAFE Value & Growth Indices cover the full range of developed, emerging and All Country MSCI Equity Indices. As of the close of May 30, 2003, MSCI implemented an enhanced methodology for the MSCI Global Value and Growth Indices, adopting a two dimensional framework for style segmentation in which value and growth securities are categorized using different attributes - three for value and five for growth including forward looking variables.

MSCI Far East ex-Japan Free Index

The MSCI Far East ex-Japan Free Index is a capitalization-weighted index that tracks seven countries, and represents only those securities that are available for investment by international investors; many issues are still restricted to domestic investors in certain Pacific Basin countries.

MSCI Japan Index

The MSCI Japan Index is a broad-based index that tracks Japanese stocks.

MSCI World Index

The MSCI World Index is an index that tracks the performance of global stocks.

NAREIT Equity Index

The National Association of Real Estate Investment Trusts (NAREIT) Index is an index that reflects performance of all publicly-traded equity REITs.

NASDAQ Composite Index

The NASDAQ Composite Index is a market capitalization price-only index that tracks the performance of domestic common stocks traded on the regular NASDAQ market as well as National Market System-traded foreign common stocks and America Depository Receipts.

NCREIF Property Index

The National Council of Real Estate Investment Fiduciaries (NCREIF) Property Index is a market value-weighted index which measures the performance of investment-grade non-agricultural income-producing properties. The index is composed of existing Apartment, Industrial, Office, and Retail properties acquired on behalf of tax-exempt institutions and held in a fiduciary environment. The index includes reinvestment of income.

Russell 1000 Index

The Russell 1000 Index tracks the performance of 1000 of the largest U.S. companies, based on market capitalization.

Russell 1000 Growth Index

The Russell 1000 Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 Value Index

The Russell 1000 Value Index measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Index

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.

Russell 2000 Growth Index

The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000 Value Index

The Russell 2000 Value Index tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500 Index

The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index.

Russell 3000 Index

The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell 3000 Growth Index

The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes.

Russell 3000 Value Index

The Russell 3000 Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes.

Russell MidCap Index

The Russell MidCap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index.

Russell MidCap Growth Index

The Russell MidCap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index.

Russell MidCap Value Index

The Russell MidCap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index.

Salomon Broad Investment Grade Index

The Salomon Broad Investment Grade Index is market-capitalization-weighted and includes fixed-rate Treasury, Government-sponsored, mortgage and investment-grade corporates with a maturity of one year or longer.

Salomon Brothers 1 Year U.S. Treasury Note Index

The Salomon Brothers 1 Year U.S. Treasury Note Index is an unweighted index which measures the performance of one-year maturity U.S. Treasury Notes. Each month a one-note portfolio containing the most recently issued one-year Treasury note is constructed and the monthly return is calculated.

Salomon Brothers 3 Month U.S Treasury Bill Index

The Salomon Brothers 3 Month U.S. Treasury Bill Index is an unweighted index which measures the performance of three-month maturity U.S. Treasury Bills. Each month a one-bill portfolio containing the most recently issued three-month Treasury bill is constructed and the monthly return is calculated.

Salomon Brothers 6 Month U.S Treasury Bill Index

The Salomon Brothers 6 Month U.S. Treasury Bill Index is an unweighted index which measures the performance of six-month maturity U.S. Treasury Bills. Each month a one-bill portfolio containing the most recently issued six-month Treasury bill is constructed and the monthly return is calculated.

S&P BARRA Growth Index

The Standard & Poor’s (S&P) BARRA Growth Index is a market-capitalization weighted index comprised of a subset of stocks of the Standard & Poor's 500 Composite Stock Price Index with higher price-to-book ratios relative to the S&P 500 as a whole.

S&P BARRA SmallCap Growth Index

The Standard & Poor’s (S&P) BARRA SmallCap Growth Index is a market-capitalization weighted index comprised of a subset of stocks of the Standard & Poor's 500 Composite Stock Price Index with higher price-to-book ratios relative to the S&P 500 as a whole.

S&P BARRA SmallCap Value Index

The Standard & Poor’s (S&P) BARRA SmallCap Value Index is a market-capitalization weighted index comprised of a subset of stocks of the Standard & Poor's SmallCap 600 Index with low price-to-book ratios relative to the S&P SmallCap 600 as a whole.

S&P Barra Value Index

The Standard & Poor’s (S&P) Barra Value Index is a market capitalization weighted index comprised of stocks in the S&P 500 Index with relatively lower price-to-book ratios.

S&P/Citigroup EMI Global ex-U.S. Index

The S&P/Citigroup EMI Global ex-U.S. is an unmanaged index consisting of the bottom 20% of institutionally investable capital of developed and emerging countries, outside the United States.

S&P/Citigroup Global ex-U.S. Cap Range $500M - $5B Index

S&P/Citigroup Global ex-U.S. Cap Range $500M - $5B Index is a subset of the broad market selected by the index sponsor representing the mid- and small-cap developed and emerging markets, excluding the United States.

S&P 500 Index

The Standard & Poor's (S&P) 500 Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

S&P 500 Composite Stock Price Index

The Standard & Poor's (S&P) 500 Composite Stock Price Index tracks the performance of 500 widely held common stocks.

S&P IFC Investables Index

The Standard & Poor’s (S&P) IFC (International Finance Corporation) Investables Index is a capitalization-weighted index which tracks more than 1,400 stocks in 23 emerging markets in Asia, Latin America, Eastern Europe, Africa and the Middle East.

S&P MidCap 400 Index

The Standard & Poor’s (S&P) MidCap 400 Index is a market value-weighted index that tracks the performance of 400 mid-cap U.S. companies.

S&P North American Natural Resources Sector Index

The S&P North American Natural Resources Sector Index is a modified capitalization weighted equity index designed as a benchmark for U.S. traded stocks in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper and owners of plantations. It is unmanaged and unavailable for investment.

S&P SmallCap 600 Index

The Standard & Poor's (S&P) SmallCap 600 Index tracks the performance of 600 domestic companies traded on the New York Stock Exchange, the American Stock Exchange and NASDAQ. The S&P SmallCap 600 is heavily weighted with the stocks of companies with small market capitalizations.

S&P SmallCap 600/BARRA Value Index

The Standard & Poor’s (S&P) SmallCap 600/BARRA Value Index is a market-capitalization weighted index comprised of a subset of stocks of the Standard & Poor’s SmallCap 600 Index with low price-to-book ratios relative to the S&P SmallCap 600 as a whole.

S&P SmallCap 600 Composite Index

The Standard & Poor’s (S&P) SmallCap 600 Composite Index tracks the performance of 600 domestic companies traded on major stock exchanges. The S&P Small Cap 600 is heavily weighted with the stocks of companies with small market capitalizations.

S&P Telecom Index

The Standard & Poor’s (S&P) Telecom Index is a market capitalization weighted index that tracks the performance of telecommunications companies.

S&P Utilities Index

The Standard & Poor’s (S&P) Utilities Index is a market cap-weighted index of natural gas and electric companies.

U.S Corporates Description

U.S. Corporates are publicly issued U.S. corporate notes that meet the specified maturity, liquidity, and quality requirements. Limited to SEC-registered bonds issued by either U.S. or non-U.S. corporations.

U.S. Trade-Weighted Index

The U.S. Trade-Weighted Index Federal Reserve Exchange Value is a weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that circulate widely outside the U.S.

U.S. Treasury Index

The U.S. Treasury Index is composed of all U.S. Treasury notes and bonds with remaining maturities of at least one year and outstanding principal of at least $25 million that are included in the Citigroup Bond U.S. Treasury Index.

Wilshire 5000 Index

The Wilshire 5000 Index includes all publicly traded stocks headquartered in the U.S. and holds over 7,000 stocks.

Wilshire REIT Index

The Wilshire REIT Index measures U.S. publicly traded Real Estate Investment Trusts. The companies participating in the index are equity owners and operators of commercial real estate. Security types excluded from consideration for inclusion in the Index are mortgage REITs, health care REITs, net lease REITs, real estate finance companies, home builders, large land owners and sub-dividers and hybrid REITs (companies with more than 25% of their assets in direct mortgage investments will not be included). The companies must have a book value of real estate assets of at least $100 million and a market capitalization of at least $100 million.

Aggressive Growth Blended Benchmark (SC 529)

A blended index consisting of 48% S & P 500 Index, 14% Russell Mid Cap Index, 8% Russell 2000 Index, 20% MSCI EAFE Index, 1% Citigroup U.S. Treasury Index, 7% Barclays U.S. Aggregate Index and 2% BofAML All Convertibles All Qualities Index.

Conservative Blended Benchmark (SC 529)

A blended index consisting of 13% S & P 500 Index, 2% Russell Mid 7% Citigroup U.S. Treasury Index, 38% Barclays U.S. Aggregate Index and 40% BofAML U.S 3 Month T Bill.

College Blended Benchmark (SC 529)

A blended index consisting of 13% Citigroup U.S. Treasury Index, 37% Barclays U.S. Aggregate Index and 50% BofAML U.S 3 Month T Bill.

Growth Blended Benchmark (SC 529)

A blended index consisting of 46% S & P 500 Index, 12% Russell Mid Cap Index, 6% Russell 2000 Index, 16% MSCI EAFE Index, 3% Citigroup U.S. Treasury Index, 14% Barclays U.S. Aggregate Index, 3% and BofAML All Convertibles All Qualities Index.

Moderate Growth Blended Benchmark (SC 529)

A blended index consisting of 33% S & P 500 Index, 10% Russell Mid Cap Index, 5% Russell 2000 Index, 12% MSCI EAFE Index, 6% Citigroup U.S. Treasury Index, 31% Barclays U.S. Aggregate Index and 3% BofAML All Convertibles All Qualities Index.

Moderate Blended Benchmark (SC 529)

A blended index consisting of 29% S & P 500 Index, 8% Russell Mid Cap Index, 4% Russell 2000 Index, 9% MSCI EAFE Index, 7% Citigroup U.S. Treasury Index, 38% Barclays U.S. Aggregate Index and 5% BofAML U.S 3 Month T Bill.

Moderately Conservative Blended Benchmark (SC 529)

A blended index consisting of 18% S & P 500 Index, 4% Russell Mid Cap Index, 3% Russell 2000 Index, 5% MSCI EAFE Index, 8% Citigroup U.S. Treasury Index, 42% Barclays U.S. Aggregate Index and 20% BofAML U.S 3 Month T Bill .