Expenses
As of March 31, 2004.

Securities recommended are not insured against investment loss. Investors may lose money by following the investment advice given.

IMPORTANT INFORMTION REGARDING RAM LLC’S MODEL STRATEGIES AND PORTFOLIOS

The purpose of the above information is to provide relevant investor information and historical performance for selected indices as well as model strategies and portfolios generated from weighting certain asset classes with different percentages of inclusion in order to examine risk/return tradeoffs. The returns for the model strategies and portfolios and indices were gathered from publicly available data sources RAM considers reliable. The method of presentation provides one way of displaying the correlation of the model strategies and portfolios to various industry benchmarks.

The historical performance results presented do not represent the results of actual trading or the results of RAM’s actual selection of securities, but were achieved by the retroactive application of the model strategies and portfolios and indices representing the blending of different percentages of asset classes. The rates of return indicated should not be considered indicative of RAM’s skill and, if your portfolio is managed by RAM, you may experience a loss. The model strategies and portfolios asset allocation weightings have been custom-prepared, taking into consideration specific investment objectives and asset allocation. RAM has also considered general economic and market factors. The compilation of the historical index data for both the actual and blended indices, includes the reinvestment of dividends and other earnings.

It should not be assumed that recommendations made in the future would be profitable or equal the performance of the model strategies and portfolios. The financial statistics may not reflect the impact that any material market or economic factors might have had on RAM recommendations of particular securities if RAM had actually invested client funds during the time period indicated.

The model strategies and portfolios do not include the effect of RAM’s investment advisory fees or transaction related fees. Investment advisory fees and other expenses (including brokerage commissions) that may be incurred in the management of your account will reduce actual returns. Generally, RAM’s investment advisory fees range from 0.25% to 1.00% annually. Portfolio values are computed each quarter and multiplied by one-fourth of the appropriate investment advisory fee percentage to determine the quarterly investment advisory fee. RAM’s investment advisory fees are more fully described in Part II of Form ADV.

ROCKFORD ASSET MANAGEMENT LLC MAY ONLY TRANSACT BUSINESS IN THOSE STATES WHERE IT IS REGISTERED OR OTHERWISE EXCLUDED OR EXEMPTED FROM STATE REGISTRATION REQUIREMENTS.

FOLLOW-UP, INDIVIDUALIZED RESPONSES BY ROCKFORD ASSET MANAGEMENT LLC, BY OR THROUGH ITS PRINCIPALS OR REPRESENTATIVES, TO PERSONS IN ANY STATE AND WHICH INVOLVES EITHER (A) THE EFFECTING OR ATTEMPTING TO EFFECT TRANSACTIONS IN SECURITIES, OR (B) THE RENDERING OF PERSONALIZED INVESTMENT ADVICE FOR COMPENSATION, WILL NOT BE MADE ABSENT COMPLIANCE WITH APPLICABLE STATE INVESTMENT ADVISOR AND INVESTMENT ADVISOR REPRESENTATIVE REGISTRATION REQUIREMENTS, NOTICE FILINGS, OR AN APPLICABLE EXEMPTION OR EXCLUSION FROM SUCH REQUIREMENTS.