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 Definitions

Contents 3 Month US Treasury Bill ...... 4 12 Month US Treasury Bill ...... 4 90 Day US Treasury Bill ...... 4 Alerian MLP ...... 4 Alerian MLP TR ...... 4 of America Lynch Convertible ex Mandatory ...... 4 Merrill Lynch Government / Corporate 1-5 Year ...... 4 Bank of America Merrill Lynch High Bond ...... 4 Bank of America Merrill Lynch High Yield Master II ...... 4 Bank of America Merrill Lynch Municipal 1-12 Year ...... 4 Bank of America Merrill Lynch Municipal Core ...... 5 Bank of America Merrill Lynch US Government / Corporate 1-3 Year ...... 5 Bank of America Merrill Lynch US Preferred Fixed Rate ...... 5 Bank of America Merrill Lynch US T-Bills 0-3 Months ...... 5 Capital 1-3 Year Government / Bond ...... 5 Barclays Capital 1-3 Year Treasury ...... 5 Barclays Capital 3 Year Municipal Bond ...... 5 Barclays Capital 5 Year Municipal Bond ...... 5 Barclays Capital 7 Year Municipal Bond ...... 5 Barclays Capital 10 Year Municipal ...... 5 Barclays Capital 20 Year Municipal Bond ...... 5 Barclays Capital Aggregate Bond ...... 5 Barclays Capital Corporate High Yield ...... 5 Barclays Capital Emerging Market USD Aggregate Bond ...... 5 Barclays Capital Euro Aggregate Bond ...... 5 Barclays Capital Global Aggregate Bond ...... 6 Barclays Capital Global Aggregate Bond ex US ...... 6 Barclays Capital ...... 6 Barclays Capital Government / Credit Bond ...... 6 Barclays Capital Government / Corporate A+ Bond ...... 6 Barclays Capital Government – Term ...... 6 Barclays Capital Intermediate Government Bond ...... 6 Barclays Capital Intermediate Government / Credit Bond ...... 6 Barclays Capital Long Government / Credit ...... 6 Barclays Capital Mortgages Bond ...... 6 Barclays Capital Municipal 1 Year ...... 6 Barclay's Capital Municipal Bond ...... 7 Barclays Capital US Aggregate Government / Credit Bond ...... 7 Barclays Capital US Convertibles ...... 7 Barclays Capital US Corporate High Yield ...... 7 Barclays Capital US Credit Bond ...... 7

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Barclays Capital US Government Bond ...... 7 Barclays Capital US Government / Credit Float Adjusted 1-5 Year Bond ...... 7 Barclays Capital US Government / Credit Float Adjusted 5-10 Year Bond ...... 7 Barclays Capital US Government Inflation Linked Bond ...... 7 Barclays Capital US Mortgage Backed Securities (MBS) ...... 7 Barclays Capital US Municipal Bond ...... 7 Barclays Capital US Municipal High Yield ...... 7 Barclays Capital US Treasury Bond 3-7 Year Term...... 8 Barclays Capital Yankee Bond ...... 8 Bloomberg Barclays 1-3 Month Treasury-Bill ...... 8 Bloomberg Precious Metals ...... 8 CBOE Buy/Write Monthly ...... 8 CBOE S&P 500 Put / Write ...... 8 30 day T-bill + 3% ...... 8 Citigroup 30 day T-bill ...... 8 Citigroup World Government Bond ...... 8 Liquid Alternative ...... 8 Credit Suisse Long/ Liquid ...... 8 Dow Jones Industrial Average ...... 8 Dow Jones US Select ...... 8 Dow Jones ...... 8 Dow Jones Real Estate TR ...... 8 Dow Jones US Large Cap Value Total ...... 8 Dow Jones US Select REIT ...... 9 Dow Jones Industrial Average Price Return ...... 9 FTSE All World ex US ...... 9 FTSE EPRA / NAREIT Global REITs ...... 9 HFRI Funds of Funds (FOF) Diversified Index ...... 9 HFRI (FOF) Composite ...... 9 HFRI Macro ...... 9 HFRI Relative Value Multi Strategy ...... 9 HFRX Global ...... 9 HFRX Equal Weighted Strategies ...... 9 JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified ...... 9 JP Morgan Emerging Markets Bond Index (EMBI) Global ...... 9 Lipper Balanced Index ...... 9 Lipper Capital Appreciation Fund ...... 9 Lipper Income Funds Average ...... 10 Lipper Flexible Portfolio IX ...... 10 Lipper Global Flexible Average ...... 10 Lipper Global Fund Index ...... 10 Lipper Global Natural Resources...... 10 Lipper Intermediate Investment Grade D Average...... 10 Lipper Intermediate Municipal ...... 10 Lipper International Fund Index ...... 10 Lipper Large Cap Value Funds Average ...... 10

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Lipper Fund Average ...... 10 Capital International (MSCI) All Country (AC) Global Equity ...... 10 Morgan Stanley Capital International (MSCI) All Country World Free ex US ...... 10 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) – Gross ...... 11 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) – Net Return ...... 11 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex US – Net Return ...... 11 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) ...... 11 Morgan Stanley Capital International (MSCI) Emerging Market Free ...... 11 Morgan Stanley Capital International (MSCI) Emerging Markets – Gross ...... 11 Morgan Stanley Capital International (MSCI) Emerging Markets – Net ...... 11 Morgan Stanley Capital International (MSCI) Emerging Markets – Price ...... 11 Morgan Stanley Capital International (MSCI) EMU – Net Return ...... 11 Morgan Stanley Capital International (MSCI) , , Far East (EAFE) Ex- ...... 11 Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) – Gross ...... 12 Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Small Cap ...... 12 Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Growth ...... 12 Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Value ...... 12 Morgan Stanley Capital International (MSCI) – Net Return ...... 12 Morgan Stanley Capital International (MSCI) Japan ...... 12 Morgan Stanley Capital International (MSCI) – Net Return ...... 12 Morgan Stanley Capital International (MSCI) World – Net Return ...... 12 Morgan Stanley Capital International (MSCI) World ex US ...... 12 NAREIT Equity...... 12 Biotechnology Sector ...... 12 NASDAQ Composite ...... 12 Russell 200 ...... 12 Russell 1000 ...... 12 Russell 1000 Growth ...... 13 Russell 1000 Value ...... 13 Russell 1000 Value Equal Weight ...... 13 Russell 2000 ...... 13 Russell 2000 Growth ...... 13 Russell 2000 Value ...... 13 Russell 2500 ...... 13 Russell 3000 ...... 13 Russell 3000 Value ...... 13 Russell 3000 Growth ...... 13 Russell 3000 Healthcare Sector ...... 13 Russell Midcap...... 13 Russell Midcap Growth ...... 13 Russell Midcap Value ...... 14 Russell Top 200 Value ...... 14 Russell Top 200 Growth ...... 14 Standard & Poor’s (S&P) 100 ...... 14 Standard & Poor's (S&P) 500 ...... 14 Standard & Poor's (S&P) 500 Energy ...... 14

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Standard & Poor's (S&P) 500 Value Equally Weighted ...... 14 Standard & Poor's (S&P) ADR ...... 14 Standard & Poor's (S&P) Developed Property Gross ...... 14 Standard & Poor's (S&P) Global 1200 ...... 14 Standard & Poor's (S&P) Global 1200 Energy ...... 14 Standard & Poor's (S&P) Global 1200 Information Technology ...... 14 Standard & Poor's (S&P) Global Infrastructure PR...... 14 Standard & Poor's (S&P) High Yield Dividend Aristocrats ...... 14 Standard & Poor's (S&P) National AMT-Free Municipal Bond ...... 15 Standard & Poor's (S&P) North American Technology Sector ...... 15 Standard & Poor's (S&P) US ...... 15 Van Eck Hard Producers ...... 15

3 Month US Treasury Bill Index of US Treasury securities with maturities of 1 year or less. Typically, T-bills (Treasury bills) are issued with initial maturities of 3 months, 6 months and 1 year. T-bills are issued at a discount and mature to face value.

12 Month US Treasury Bill Index of promissory notes issued by the US Treasury and sold through competitive bidding, with a short-term maturity date, in this case, twelve months.

90 Day US Treasury Bill Index of promissory notes issued by the US Treasury and sold through competitive bidding, with a short-term maturity date, in this case, three months.

Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships calculated by Standard & Poor's using a float-adjusted technology.

Alerian MLP TR Index is a composite of the 50 most prominent energy master limited partnerships calculated by Standard & Poor's using a float-adjusted market capitalization technology.

Bank of America Merrill Lynch Convertible ex Mandatory Index measures the performance of convertible securities of all corporate sectors with a par amount of $25 million or more and a maturity of at least one year and excludes preferred equity redemption and converted securities.

Bank of America Merrill Lynch Government / Corporate 1-5 Year The index is a sub-index of the BofA Merrill Lynch US Corporate & Government Master Index which tracks the performance of US dollar-denominated investment grade Government and Corporate public debt issued in the US Domestic bond market, excluding collateralized products such as Mortgage Pass-Through and Backed securities. The index includes securities with a maturity from 1 up to (but not including) 5 years.

Bank of America Merrill Lynch High Yield Bond Index is a market value weighted index composed of approximately 570 corporate issues with a quality of C3 to BB1. The weighted average maturity of the index is approximately 9.3 years and the duration is slightly more than 5 years.

Bank of America Merrill Lynch High Yield Master II Index is an unmanaged market cap weighted performance index comprised of all domestic and Yankee high yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of at least one year and have a credit rating lower than BBB-Baa3, but are not in default.

Bank of America Merrill Lynch Municipal 1-12 Year The index is a subset of the Bank of America Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity greater than or equal to 1 years and less than 12 years.

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Bank of America Merrill Lynch Municipal Core California Index is designed to track the performance of US dollar denominated, investment grade, insured tax-exept debt publicly issued by California or US territories in the US domestic market with a term of at least 15 years remaining to final maturity.

Bank of America Merrill Lynch US Government / Corporate 1-3 Year Includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Bank of America Merrill Lynch US Preferred Stock Fixed Rate Index is designed to replicate the total return of a diversified group of investment-grade preferred securities. (Securities must be investment-grade, based on an average of three leading ratings agencies: Moody's, S&P and Fitch). The Index is rebalanced on a monthly basis.

Bank of America Merrill Lynch US T-Bills 0-3 Months Index is an index of short-term US Government securities with a remaining term to final maturity of less than three months.

Barclays Capital 1-3 Year Government / Credit Bond Index is composed of all bonds covered by the Barclays Capital Government/Credit Bond Index with maturities between one and three years.

Barclays Capital 1-3 Year Treasury Index measures the performance of US Treasury securities that have a remaining maturity of at least one year and less than three years.

Barclays Capital 3 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and bonds of maturities ranging from two to four years. An investment cannot be made directly in an index.

Barclays Capital 5 Year Municipal Bond An index of municipal bonds maturing in more than four years and less than six years, consisting of bonds that must be initially rated at least Baa and that have an outstanding of $5 million.

Barclays Capital 7 Year Municipal Bond Index is a subset of the Barclays Capital Municipal Bond Index where the average maturity of the bonds in seven years.

Barclays Capital 10 Year Municipal Index is a broad-based index comprised of approximately 5,000 bonds. Please note an cannot invest directly in an index.

Barclays Capital 20 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 twenty years.

Barclays Capital Aggregate Bond Index is composed of securities from Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.

Barclays Capital Corporate High Yield Index includes mainly corporate bonds with credit ratings at or below Ba1 (Moody's) or BB+ (Standard & Poor's); these issues are considered below-investment-grade.

Barclays Capital Emerging Market USD Aggregate Bond Index is a flagship hard Emerging Markets debt benchmark that includes USD-denominated debt from sovereign, quasi-sovereign, and corporate EM issuers.

Barclays Capital Euro Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, euro-denominated, fixed rate bond market, including treasuries, government-related, corporate and securitized issues. Inclusion is based on currency denomination of a bond and not country of risk of the issuer.

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Barclays Capital Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed-rate debt markets. The Global Aggregate Index contains three major components: the US Aggregate Index (USD 300 million), the Pan-European Aggregate Index (EUR 300 million), and the Asian- Pacific Aggregate Index (JPY 35 billion). In addition to securities from these three benchmarks (94.4% of the overall Global Aggregate market value), the Global Aggregate Index includes Global Treasury, Eurodollar (USD 300 million), Euro-Yen (JPY 35 billion), Canadian (CAD 300 million), and Investment- Grade 144A (USD 300 million) index-eligible securities not already in the three regional aggregate indices. The Global Aggregate Index family includes a wide range of standard and customized sub-indices by liquidity constraint, sector, quality, and maturity.

Barclays Capital Global Aggregate Bond ex US Index is representative of global investment grade, markets outside of the .

Barclays Capital Government Bond Index is composed of all publicly issued, nonconvertible, domestic debt of the US government or any agency thereof, quasi-federal , or corporate debt guaranteed by the US government. Flower bonds and pass-through issues are excluded. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.

Barclays Capital Government / Credit Bond Index includes securities in the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the US Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of US Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the US Government). The Credit Index includes publicly issued US corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

Barclays Capital Government / Corporate A+ Bond Index is composed of all bonds that are investment grade (rated A or higher by Moody’s or A or higher by S&P, if unrated by Moody’s). Issues must have at least one year to maturity. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.

Barclays Capital Government – Long Term Index includes publicly issued US Treasury debt, US government agency debt, taxable debt issued by US states and territories and their political subdivisions, debt issued by US and non-US corporations, non-US government debt and supranational debt.

Barclays Capital Intermediate Government Bond Index which is made up of the Treasury Bond Index (all public obligations of the US Treasury, excluding flower bonds and foreign traded issues) and the Agency Bond Index (all publicly issued debt of the US Government agencies and quasi-federal , and corporate debt guaranteed by the US Government). However, it is different from the Government Bond Index in that it has a duration of little over 3 years and a maturity of close to 4 years.

Barclays Capital Intermediate Government / Credit Bond Index is composed of 5,000 publicly issued corporate and US government debt issues rated Baa or better, with at least one year to maturity and at least $1 million par outstanding. The index is weighted by the market value of the issues included in the index. Barclays Capital Intermediate Government Corporate Bond Index has a duration of a little over 3 years and a maturity equal to slightly more than 4 years.

Barclays Capital Long Government / Credit Index measures the investment return of all medium and larger public issues of US Treasury, agency, investment- grade corporate, and investment-grade international dollar-denominated bonds with maturities longer than 10 years. The average maturity is approximately 20 years.

Barclays Capital Mortgages Bond Index is composed of all fixed-rate, securitized mortgage pools by GNMA, FNMA, and the FHLMC, including GNMA Graduated Payment Mortgages. The minimum principal amount required for inclusion is $50 million. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization.

Barclays Capital Municipal 1 Year Index is a total return benchmark designed for tax-exempt assets. The index includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, have maturities of 1 to 2-years, and have been issued after December 31, 1990.

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Barclay's Capital Municipal Bond Index contains approximately 46,200 bonds. Bonds in the index must be rated investment-grade ("Baa3/BBB-" or higher) by at least two of the following ratings agencies: Moody's, Standard & Poor's and Fitch, if all three rate the bond. If only two of the three agencies rate the bond, the lower rating is used to determine index eligibility. If only one of the three agencies rates a bond, the rating must be investment-grade. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date (interest starts to accrue) after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates and derivatives are excluded from the benchmark.

Barclays Capital US Aggregate Government / Credit Bond Index is an unmanaged Index that tracks the performance of US Government and corporate bonds rated investment grade or better, with maturities of at least one year.

Barclays Capital US Convertibles Index includes all four major classes of USD equity linked securities including: convertible cash coupon bonds, zero- coupon bonds, preferred convertibles with fixed par amounts, and mandatory equity-linked securities.

Barclays Capital US Corporate High Yield Index represents the universe of fixed rate, non-investment grade debt. 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, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included. The index includes corporate sectors. The corporate sectors are Industrial, Utility, and Finance, encompassing both US and non-US Corporations.

Barclays Capital US Credit Bond Index includes all publicly issued, fixed rate, nonconvertible investment grade, dollar-denominated, SEC- registered corporate debt. All issues in the index are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $100 million. All returns are market value weighted inclusive of accrued interest. As of December 31, 1996, the modified adjusted duration was 5.9 years, the average yield to maturity was 6.98%, and the average coupon was 7.57%. It consisted of 3,651 issues. Inception: January 1975.

Barclays Capital US Government Bond Index is comprised of the US Treasury and US Agency Indices. The index includes US dollar-denominated, fixed- rate, nominal US Treasuries and US agency debentures (securities issued by US government owned or government sponsored entities, and debt explicitly guaranteed by the US government).

Barclays Capital US Government / Credit Float Adjusted 1-5 Year Bond Index is a float-adjusted version of the US Government/Credit Index, which tracks the market for investment grade, US dollar-denominated, fixed-rate treasuries, government-related and corporate securities.

Barclays Capital US Government / Credit Float Adjusted 5-10 Year Bond Index is a float adjusted version of the US Government/Credit Index, which tracks the market for investment grade, US dollar-denominated, fixed-rate treasuries, government-related and corporate securities.

Barclays Capital US Government Inflation Linked Bond Index includes publicly issues, US Treasury inflation protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of of $500 million.

Barclays Capital US Mortgage Backed Securities (MBS) Index tracks agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), (FNMA), and (FHLMC).

Barclays Capital US Municipal Bond Index covers the USD-denominated long term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds.

Barclays Capital US Municipal High Yield Index measures the non-investment grade and non-rated US dollar-denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions ( DC, Puerto Rico, Guam and the Virgin Islands). The index allows state and local general obligation, revenue, insured, and pre-refunded bonds, however, historically the index has been comprised of mostly revenue bonds.

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Barclays Capital US Treasury Bond 3-7 Year Term Index measures the performance of government bonds issued by the US Treasury.

Barclays Capital Yankee Bond Index represents foreign bonds denominated in US Dollars and issued in the United States by foreign and corporations.

Bloomberg Barclays 1-3 Month Treasury-Bill Index includes all publicly issued zero-coupon US Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in US dollars and must be fixed rate and non-convertible.

Bloomberg Precious Metals Index tracks real performance of commodity prices. It uses up to five constant maturities as well as maintaining broad-based diversification across 27 commodity futures contracts.

CBOE Buy/Write Monthly Index is designed to track the performance of a hypothetical buy-write strategy on the S&P 500 index.

CBOE S&P 500 Put / Write Index measures the performance of a hypothetical portfolio that sells S&P 500 put options against collateralized cash reserves held in a money market account.

Citigroup 30 day T-bill + 3% Index measures monthly return equivalents of yield averages that are not marked to the market. The One-Month Treasury Bill index consists of the last one-month Treasury bill issue. The particular index adds 3% to the return of he 30 day T-bill.

Citigroup 30 day T-bill Index measures monthly return equivalents of yield averages that are not marked to the market. The One-Month Treasury Bill index consists of the last one-month Treasury bill issue.

Citigroup World Government Bond Index is a market capitalization weighted index composed of government bonds with a 1 year minimum maturity. The average maturity is 4 1/2 years. The index includes13 : US$, Can$, DM, Japanese Yen, UK Sterling, Swiss Fr, French Fr, Dutch Guilder, Aust$, Spanish Pts., Italian Lira, Swedish Kr, and Belgian Fr.

Credit Suisse Liquid Alternative Beta Index reflects the returns of a dynamic basket of liquid, investable market factors selected and weighted in accordance with an algorithm that aims to approximate the aggregate returns of the universe of hedge fund managers, as represented by the Credit Suisse Hedge Fund Index.

Credit Suisse Long/Short Liquid Index reflects the returns of a dynamic basket of liquid, investable market factors selected and weighted in accordance with an algorithm that aims to approximate the aggregate returns of the universe of Long/Short Equity hedge fund managers, as represented by the Long/Short Equity sector of the Credit Suisse Hedge Fund Index.

Dow Jones Industrial Average Index is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry.

Dow Jones US Select Dividend Index represents the country's leading stocks by .

Dow Jones Commodity Index is a broad measure of the commodity futures market that emphasizes diversification and liquidity through a simple, straightforward, equal-weighted approach.

Dow Jones Real Estate TR Index represents equity real estate investment trusts and real estate operating companies traded in the US

Dow Jones US Large Cap Value Total is a subset of the DJ US Total Stock Market Index, which measures all US equity securities with readily available prices. It includes stocks among the largest 750 that demonstrate value style characteristics.

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Dow Jones US Select REIT Index is a subset of the Dow Jones Select RESI and includes only REITs and REIT-like securities.

Dow Jones Industrial Average Price Return Index is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry.

FTSE All World ex US Index comprises large and mid-cap stocks providing coverage of developed and emerging markets excluding the US

FTSE EPRA / NAREIT Global REITs Index is designed to represent general trends in eligible real estate equities worldwide. Relevant activities are defined as the ownership, disposal and development of income-producing real estate. The index series now covers Global, Developed and Emerging indices, as well the UK's AIM market.

HFRI Funds of Funds (FOF) Diversified Index Funds-of-Funds classified as "Diversified" exhibit one or more of the following characteristics: invests in a variety of strategies among multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index; demonstrates generally close performance and returns distribution correlation to the HFRI Fund of Fund Composite Index.

HFRI Fund of Funds (FOF) Composite Index is an equally-weighted index comprised of domestic and offshore hedge fund of funds.

HFRI Macro Index tracks investment managers who trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency, and commodity markets.

HFRI Relative Value Multi Strategy Index employs an investment thesis that is predicated on realization of a spread between related yield instruments in which one or multiple components of the spread contains a fixed income, , equity, real estate, MLP, or combination of these of other instruments.

HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.

HFRX Equal Weighted Strategies Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The HFRX Equal Weighted Strategies Index applies an equal weight to all constituent strategy indices.

JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index is a composite representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets).

JP Morgan Emerging Markets Bond Index (EMBI) Global Index provides total returns for debt instruments traded in the emerging markets. The EMBI Global includes US dollar Brady bonds, loans and Eurobonds.

Lipper Balanced Index The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds whose primary objective is to conserve principal by maintaining at all times a balanced portfolio of both stocks and bonds. Typically, the stock/bond ratio ranges around 60%/40%.

Lipper Capital Appreciation Fund The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Capital Appreciation are funds that aim at maximum capital appreciation, frequently by means of 100% or more portfolio turnover, leveraging, purchasing unregistered securities, purchasing options, etc. The funds may take large cash positions.

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Lipper Equity Income Funds Average The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds that seek relatively high current income and growth of income by investing primarily in dividend- paying equity securities. This funds’ gross or net yield must be at least 125% of the average gross or net yield of the US diversified equity fund universe.

Lipper Flexible Portfolio IX The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds that allocate investments across various asset classes, including domestic common stocks, bonds, and money market instruments with a focus on total return.

Lipper Global Flexible Average The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds that allocate investments across various asset classes, including domestic common stocks, bonds, and money market instruments with a focus on total return.

Lipper Global Fund Index The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds that invest at least 25% of their portfolio in securities traded outside of the United States and that may own US securities as well.

Lipper Global Natural Resources The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds that invest primarily in the equity securities of domestic and foreign companies engaged in natural resources.

Lipper Intermediate Investment Grade D Average The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds invest primarily in investment grade debt issues (rated in top four grades) with dollar-weighted average maturities of five to ten years.

Lipper Intermediate Municipal Debt The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds invest in municipal debt issues with dollar-weighted average maturities of five to ten years.

Lipper International Fund Index The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds that invest their assets in securities with primary trading markets outside of the United States.

Lipper Large Cap Value Funds Average The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index.

Lipper Average The purpose of the Lipper fund indices is to provide measurements of the central tendency of similar investment objectives. Funds invest in high quality financial instruments rated in top two grades with dollar-weighted average maturities of less than 90 days. Intend to keep a constant NAV.

Morgan Stanley Capital International (MSCI) All Country (AC) Global Equity The MSCI AC World Global Equity Index represents a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. It captures large and mid- cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries.

Morgan Stanley Capital International (MSCI) All Country World Free ex US Index is designed to measure the equity market performance of developed and emerging markets and excludes the US MSCI maintains certain indexes with the suffix “Free”. The continued use of the "Free" suffix serves to indicate that these indexes have somewhat different histories than their counterpart indexes without the "Free" suffix. This is because historically the MSCI Free Indexes included adjusted free float calculations to capture investment restrictions once imposed on foreign in , , , and . Today the MSCI Free Indexes have the same constituents and performance as those without the “Free” suffix.

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Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) – Gross Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of June 2007 the MSCI ACWI consisted of 48 country indices comprising 23 developed and 25 emerging market country indices. The developed market country indices included are: Australia, , , , , Finland, , , Greece, Hong Kong, , , Japan, , , Norway, , Singapore, , Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, , , Colombia, Czech Republic, Egypt, Hungary, , Indonesia, , Jordan, Korea, , Mexico, Morocco, , Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Individuals cannot invest directly in any index.

Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) – Net Return Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of June 2007 the MSCI ACWI consisted of 48 country indices comprising 23 developed and 25 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: 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. Individuals cannot invest directly in any index.

Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex US – Net Return Index is a float-weighted market capitalization index composed of companies representative of the market structure of developed and emerging markets countries outside the U.S.

Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Investable Market Index (IMI) Index captures large, mid and small cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries*. With 8,588 constituents, the index is comprehensive, covering approximately 99% of the global equity investment opportunity set.

Morgan Stanley Capital International (MSCI) Emerging Market Free Index is a market capitalization weighted index composed of companies representative of the market structure of emerging market countries in Europe, , and the Pacific Basin. The MSCI EMF Index excludes closed markets and those shares in otherwise free markets that are not purchasable by foreigners.

Morgan Stanley Capital International (MSCI) Emerging Markets – Gross Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 2007 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. Individuals cannot invest directly in any index.

Morgan Stanley Capital International (MSCI) Emerging Markets – Net Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 2007 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. Individuals cannot invest directly in any index.

Morgan Stanley Capital International (MSCI) Emerging Markets – Price Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 2007 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. Individuals cannot invest directly in any index.

Morgan Stanley Capital International (MSCI) EMU – Net Return Index is a free float‐adjusted market capitalization weighted index that is designed to measure the equity market performance of countries within EMU.

Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Ex-Japan Index is capitalization-weighted in US Dollars consisting of companies representing the stock markets of developed countries in Europe, Australia, New Zealand and the Far East, excluding Japan. It captures approximately 60% of the market capitalization of included countries.

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Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) – Gross Float-weighted market capitalization index in US dollars that consists of companies representing the stock markets of developed countries in Europe, Australia, New Zealand and the Far East, with reinvested net of withholding taxes.

Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Small Cap Index is an equity index which captures small cap representation across Developed Markets countries around the world, excluding the US and Canada. With 2,139 constituents, the index covers approximately 14% of the free float- adjusted market capitalization in each country.

Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Growth Index consists of securities in the MSCI EAFE that rank in the top 50% when sorted by Price-to-Book.

Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Value Index consists of securities in the MSCI EAFE that rank in the bottom 50% when sorted by Price-to-Book.

Morgan Stanley Capital International (MSCI) Hong Kong – Net Return Index is designed to measure the performance of the large and mid-cap segments of the Hong Kong market. With 40 constituents, the index covers approximately 85% of the free float-adjusted market capitalization of the Hong Kong equity universe.

Morgan Stanley Capital International (MSCI) Japan Index is capitalization-weighted in US Dollars consisting of companies representing the stock market of Japan. It captures approximately 60% of the market capitalization of Japan.

Morgan Stanley Capital International (MSCI) United Kingdom – Net Return Index is designed to measure the performance of the large and mid-cap segments of the UK market. With 112 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the UK.

Morgan Stanley Capital International (MSCI) World – Net Return Capitalization-weighted index in US dollars that consists of companies representing the stock markets of developed countries in Europe, Australia, New Zealand, Canada, the US and the Far East. It captures approximately 60% of the market capitalization of included countries.

Morgan Stanley Capital International (MSCI) World ex US Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance excluding the United States.

NAREIT Equity Index is an unmanaged, market-weighted index that measures all tax qualified REITs listed on the , American Stock Exchange, and the NASDAQ National Market System.

NASDAQ Biotechnology Sector Index contains securities of NASDAQ-listed companies classified according to the Industry Classification Benchmark as either Biotechnology or Pharmaceuticals which also meet other eligibility criteria. The NASDAQ Biotechnology Index is calculated under a modified capitalization-weighted methodology.

NASDAQ Composite Index is a measure of all NASDAQ National Market System (NASDAQ/NMS) issues, exclusive of warrants, and all domestic common stocks traded in the regular NASDAQ market which are not part of the NASDAQ/NMS. The NASDAQ Composite Index is market value weighted. The representation of each in the Index is proportional to its last sale price (NASDAQ/NMS) or bid price (regular NASDAQ) times the total number of , relative to the total market value of the Index. Income generated from the issues comprising the Index is not reinvested.

Russell 200 Index composed of 200 largest securities determined by market capitalization. The Index represents approximately 68% of the investable US equity market and 74% of the total market capitalization of . The stocks are the largest 200 members of the Russell 3000.

Russell 1000 Index consists of the 1,000 largest securities in the . This large cap (marketoriented) index represents the universe of stocks from which most active investment managers typically select. The Russell 1000 is highly correlated with the S&P 500 Index.

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Russell 1000 Growth Index contains those Russell 1000 securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price/earnings ratios, lower dividend yields and higher forecasted growth values than the Value universe.

Russell 1000 Value Index contains those Russell 1000 securities with a less-than-average growth orientation. Securities in this index tend to exhibit low price-to-book and price/earnings ratios, higher divided yields and lower forecasted growth values than the Growth universe.

Russell 1000 Value Equal Weight Index is equal weights securities in the Russell 1000 Value Index on a quarterly basis. The index captures the risk and return performance of an equal weight investment strategy for US large-cap stocks.

Russell 2000 Index consists of the smallest 2,000 companies in the Russell 3000 Index, representing approximately 8% of the Russell 3000 total market capitalization. This measure is widely regarded in the industry as the premier measure of small cap stocks.

Russell 2000 Growth Index contains those Russell 2000 securities with greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price/earnings ratios, lower dividend yields and higher forecasted growth values than the Value universe.

Russell 2000 Value Index contains those Russell 2000 securities with a less-than-average growth orientation. Securities in this index tend to exhibit low price-to-book and price/earnings ratios, higher dividend yields and lower forecasted growth values than the Growth universe.

Russell 2500 Index measures the performance of the small to mid-cap segment of the US equity universe, commonly referred to as "smid" cap. The is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

Russell 3000 Index composed of 3,000 large US companies as determined by total market capitalization. The index represents approximately 98% of the investable US equity market.

Russell 3000 Value Index contains those Russell 3000 Index securities with a less-than-average growth orientation. Securities in this index tend to exhibit low price-to-book and price/earnings ratios, higher dividend yields and lower forecasted growth than the Growth universe.

Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher than average 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 Healthcare Sector Index measures the performance of all healthcare holdings included in the Russell 3000 Index, which represents the 3,000 largest US companies based on total market capitalization.

Russell Midcap Index consists of the smallest 800 securities in the Russell 1000 Index, as ranked by total market capitalization. The index accurately captures the medium-size universe of securities and represents approximately 24% of the Russell 1000 total market capitalization.

Russell Midcap Growth Index contains those Russell mid cap securities with a greater-than-average growth orientation. Securities in this index tend to exhibit higher price-to-book and price/earnings ratios, lower dividend yields and higher forecasted growth values than the Value universe.

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Russell Midcap Value Index contains those Russell mid cap securities with a less-than-average growth orientation. Securities in this index tend to exhibit low price-to-book and price/earnings ratios, higher dividend yields and lower forecasted growth than the Growth universe.

Russell Top 200 Value Index measures the performance of those Russell Top 200 companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index.

Russell Top 200 Growth Index measures the performance of those Russell Top 200 companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index.

Standard & Poor’s (S&P) 100 Index represents approximately 87% of the total market capitalization of the ASX All Ordinaries Index. This index of 100 of the largest companies from the ASX All Ordinaries Index is designed to measure performance of large companies that would typically form part of the equity investment portfolios of large financial institutions.

Standard & Poor's (S&P) 500 Index covers 500 industrial, utility, transportation and financial companies of the US markets (mostly NYSE issues). It is a capitalization-weighted index calculated on a total return basis with dividends reinvested.

Standard & Poor's (S&P) 500 Energy Index comprises those companies included in the S&P 500 that are classified as members of the GICS® energy sector.

Standard & Poor's (S&P) 500 Value Equally Weighted Index is the equal-weight version of the widely-used S&P 500. The index includes the same constituents as the capitalization weighted S&P 500 Value, but each company in the S&P 500 EWI is allocated a fixed weight - or 0.2% of the index totals at each quarterly rebalance.

Standard & Poor's (S&P) ADR Index is constructed from the non-US components of the S&P Global 1200. These include the S&P Europe 350, S&P/TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50, and S&P Latin America 40. All Level II and Level III ADRs or ordinary share listings in the US issued by the constituents of these indices are included.

Standard & Poor's (S&P) Developed Property Gross An investable index including approximately 400 stocks from 22 countries. The index is a sub-index of the S&P Global Property, which defines and measures the investable universe of publicly traded property companies.

Standard & Poor's (S&P) Global 1200 Index provides efficient exposure to the global equity market. Capturing approximately 70% of global market capitalization, it is constructed as a composite of 7 headline indices, many of which are accepted leaders in their regions. These include the S&P 500® (US), S&P Europe 350, S&P TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50 and S&P Latin America 40.

Standard & Poor's (S&P) Global 1200 Energy Index consists of all members of the S&P Global 1200 that are classified within the GICS® energy sector.

Standard & Poor's (S&P) Global 1200 Information Technology Index consists of all members of the S&P Global 1200 that are classified within the GICS® information technology sector.

Standard & Poor's (S&P) Global Infrastructure PR Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities.

Standard & Poor's (S&P) High Yield Dividend Aristocrats Index is designed to measure the performance of companies within the S&P Composite 1500® that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 years.

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Standard & Poor's (S&P) National AMT-Free Municipal Bond Index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt US municipal bond market. Bonds issued by US territories, including Puerto Rico, are excluded from this index.

Standard & Poor's (S&P) North American Technology Sector Index provides investors with a benchmark that represents US securities classified under the GICS® technology sector and internet retail sub-industry.

Standard & Poor's (S&P) US Preferred Stock Index is designed to serve the investment community's need for an investable benchmark representing the US preferred stock market. Preferred stocks are a class of capital stock that pays dividends at a specified rate and has a preference over in the payment of dividends and the liquidation of assets.

Van Eck Hard Assets Producers Index is designed to serve as a fair, impartial and transparent measure of the performance of the natural resources industry

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