Portfolio Performance


The performance of Texas Institutional Investment Management's all-cap,
mid/large-cap, small-cap, and all-cap equity wrap composite portfolios has
been verified to be in compliance with AIMR Performance Presentation
Standards (AIMR-PPS*).  Please contact us for a copy of the report.   

*The CFA Institute's (formerly the Association for Investment Management and Research)
Performance Presentation Standards       

Texas Institutional has been designated a                                     

IIS PSN "Top Gun" Investment Manager
For 4th Quarter 2004
More information is available at
www.informais.com

Disclaimer

The information provided is for informational purposes only.  It should not be assumed that
investment strategies discussed or provided will be profitable or will be consistent with past
performance.  Data provided regarding past, current, or potential future portfolio holdings are not
intended to represent investment recommendations.  Information and opinions provided do not
have regard for the specific investment objectives, financial situation, or specific needs of any
individual or organization that may obtain it.   Information provided is not to be relied upon in
substitution for the exercise of competent, independent judgement.  Investors should seek
professional financial advise regarding the appropriateness of investing in any of the securities or
investment strategies provided.  The investment strategies, securities, and portfolios provided are
volatile and may have a high level of risk.  The potential to underperform or suffer significant loses
exists.  Past performance does not guarantee or indicate future results.