Exhibit 3: S&P 500 Total Return
The majority of the gains achieved by the S&P 500
during 1999 (January 1, 1999 to September 30, 1999)
resulted from the top 10 stocks, by capitalization, in
the index. This means the gains from an investment
in an S&P 500 index fund come from a very narrow
portion of the market.