GLOSSARY

3 Year FFO Growth

The annualized growth rate of Funds from Operations per share using the most recent 3 year's FFO data.

5 Year Earnings Growth

The 5 year earnings growth is based on the underlying holdings of the fund, (EPS compounded historical growth over a five-year period based on the reported earnings of each company in the fund). Since the 5 year earnings growth is based on the underlying holdings, it is not necessary for the fund to exist for five years to arrive at this number. Holdings that do not have 5 years worth of reported EPS growth rates are excluded from the calculation.

Active Portfolio Management

Active portfolio management is a method of portfolio management that involves frequent and often substantial adjustments to the composition of a portfolio. Active managers believe that securities markets are not efficient. Instead, they believe that some securities are at times mis-priced; by trading in these mis-priced securities they believe they can earn excess returns. The ultimate objective of active managers is to outperform the market.

Alpha

Asset Allocation refers to the distribution of investment funds among markets in order to achieve diversification or maximize profits within the boundaries of a pre-determined risk level.

Asset Allocation

The annualized growth rate of Funds from Operations per share using the most recent 3 year's FFO data.

Average Credit Quality

Average credit quality is rated by Moody's. In some cases, the ratings are pulled from Moody's and S&P, and if there is no rating for a bond, then the issuer rating will be used.

Beta

Coupon refers to the rate of interest paid by the issuer of a debt security to the holder until the instrument has matured, expressed as an annual percentage of face value.

Coupon

Coupon refers to the rate of interest paid by the issuer of a debt security to the holder until the instrument has matured, expressed as an annual percentage of face value.
It may be paid annually, semi-annually or more frequently.
For example, a USD 100,000 bond may have a coupon of 8% p.a. paid semi-annually.
Therefore, the owner will receive an interest payment of 8% p.a. (i.e., 4% every 6 months) throughout the life of the bond.

Dividend Yield

The annual dividends per share divided by the price per share, expressed as a percentage.

Dow Jones Wilshire REIT IndexSM

The Dow Jones Wilshire REIT Index is comprised of companies whose charters are the equity ownership and operation of commercial real estate and which operate under the REIT Act of 1960. Each REIT in the REIT Index is weighted by its float-adjusted market capitalization. That is, each security is weighted to reflect the attainable market performance of the security which reflects that portion of securities shares that are accessible to investors.

Duration

Duration (Macaulay duration) measures the price volatility of fixed income securities. It is often used in the comparison of the interest rate risk between securities with different coupons and different maturities.
It is the weighted average of the present value of all the cashflows associated with a fixed income security. It is expressed in years.
The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero coupon securities where they are the same .

Global Industry Classification Standard (GICS)

GICS provides the global financial community one complete and consistent set of industry definitions. It was jointly developed with MSCI Barra in 1999. A company is assigned to a single GICS sub-industry according to its principal business activity. The hierarchal nature of the structure automatically assigns the company's industry, industry group and sector. Revenues are a significant factor in assessing principal business activity; however, earnings analysis and market perception are also important criteria. The indices are reconstituted on the first business day of October. (Source: Standard & Poor's as of June 2008 S&P/Citigroup BMI World ex US Sector Indices).

International Finance Corporation Investable (S&P/IFCI) Index

S&P/IFCI (Investable) indices represent the investable subset of the S&P/IFCG indices, measuring the returns of emerging market stocks that are legally and practically available to foreign investors. As a member of the S&P Emerging Market indices, it is constructed from equities included in the Emerging Markets Database (EMDB).

Lehman Brothers Intermediate Government/Credit Index

The Lehman Brothers Intermediate U.S. Government/Credit Index measures the performance of U.S. dollar denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year and less than 10 years. Securities have $250 million or more of outstanding face value and must be fixed rate and non-convertible.

Lehman Brothers U.S. Aggregate Index

The Lehman Brothers U.S. Aggregate Index provides a measure of the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investor Service, Inc., Standard & Poor's, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and asset backed securities that are publicly for sale in the United States. The securities in the U.S. Aggregate Index must have at least 1 year remaining to maturity and must have $250 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the index. In addition, the securities must be U.S. dollar denominated, fixed rate, non convertible, and taxable. Certain types of securities, such as flower bonds, TINs, and state and local government series bonds are excluded from the U.S. Aggregate Index. Also excluded from the U.S. Aggregate Index are structured notes with embedded swaps or other special features, private placements, floating rate securities and Eurobonds. The U.S. Aggregate Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month.

Lehman Brothers U.S. Corporate High-Yield 2% Issuer Capped Index

The U.S. Corporate High-Yield 2% Issuer Capped Index is an issuer-constrained version of the U.S. Corporate High-Yield Index that covers the USD denominated, non-investment grade, fixed-rate, taxable corporate bond market. The U.S. HY 2% Issuer Capped Index follows the same index construction rules as the uncapped index but limits issuer exposures to a maximum 2% and redistributes the excess market value index-wide on a prorate basis. The index was incepted in 2004 with history from January 1, 1993.

MSCI EAFE® Index

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

MSCI Emerging Markets (EM) IndexSM

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

NAV

Market value of a mutual fund's and ETF's total assets, minus liabilities, divided by the number of shares outstanding.

P/E Ratio

Closing price divided by the sum of the most recent four quarters' earnings per share.

Passive Portfolio Management

Passive portfolio management is a method of portfolio management that attempts to select a well-diversified group of securities and hold these securities over long periods of time. Passive portfolio managers engage in minimal trading, due to their belief that it is impossible to consistently outperform the averages on a risk-adjusted basis.

Portfolio Duration

An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates. Calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.

Price to FFO

Price divided by Funds from Operations. It is calculated by adding depreciation and amortization expenses to earnings, and is quoted on a per share basis.

Price/Book Ratio

Current market price of the stock divided by the most recent reported book value for the prior fiscal year.

Price/Cash Flow

The weighted average of current shares price divided by operating cash flow per share for each security in the fund.

Price/Earnings

The weighted average of current share price divided by the income earned per share for each security in the fund.

Russell 1000® Growth Index

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

Russell 1000® Index

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected .

Russell 1000® Value Index

The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

Russell 2000® Index

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

Russell 3000® Index

The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected.

S&P 500® Index

The S&P 500® Index is composed of five hundred (500) selected stocks, all of which are listed on the Exchange, the NYSE or NASDAQ®, and spans over 24 separate industry groups.

Sharpe Ratio

Measures risk-adjusted performance.The Sharpe ratio is calculated by subtracting the risk-free rate such as that of the 10-year U.S. Treasury bond from the rate of return for a portfolio and dividing the result by the standard deviation of portfolio returns.

Standard Deviation

A measure of the dispersion of a set of data from its mean. The more spread apart the data is, the higher the deviation. In finance, standard deviation is applied to the annual rate of return of an investment to measure the investment's volatility (risk). A more volatile security would have a higher standard deviation, and a less volatile security would have a lower standard deviation.

Yield (YTM)

Yield to Maturity unless otherwise indicated. The single Internal Rate of Return which equates a bonds remaining cashflows to its market price.