The S&P 500 Index is an unmanaged index which is widely regarded as the standard for measuring large-cap U.S. stock market performance. This index includes the reinvestment of dividends. The index does not incur expenses and is not available for investment.

The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index which is widely regarded as the standard for measuring U.S. investment grade bond market performance. This index does not incur expenses and is not available for investment. The index includes reinvestment of dividends and/or interest income.

The 60/40 blend is composed of 60% Standard & Poor's 500 Index (S&P 500) and 40% Barclays Capital U.S. Aggregate Bond Index (BC Agg) and assumes monthly rebalancing. The S&P 500 is an unmanaged index which is widely regarded as the standard for measuring large-cap U.S. stock market performance. The BC Agg is an unmanaged index which is widely regarded as a standard for measuring U.S. investment grade bond market performance. These indices do not incur expenses and are not available for investment. These indices include reinvestment of dividends and/or interest.

Book value is the total assets of a company, minus all liabilities and any intangible assets.

Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Correlation is a measure of the strength of association represents the degree to which the volatility of an investment is related to the volatility of the market during a given period.  A Correlation Coefficient of +1 indicates a perfect linear association between an investment and the market, while a Correlation Coefficient of -1 indicates a perfect negative linear association.  A value of 0 suggests a lack of association.  It is important to note that this statistic provides no information about causation.

Duration measures the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity.  Securities with longer durations generally have more volatile prices than securities of comparable quality with shorter durations.

Effective Duration is a duration calculation for bonds with embedded options and takes into account that expected cash flows will fluctuate as interest rates change. Effective duration is calculated only on the Fund’s fixed income holdings and cash.

Earnings per share is calculated by taking the total earnings divided by the number of shares outstanding.

Free cash flow represents the cash that a company is able to generate after laying out the money required to maintain and expand the company’s asset base.  Free cash flow is important because it allows a company to pursue opportunities that enhance shareholder value.

Price/Book Value Ratio (P/B) is the price of a single share of a security, divided by the book value per share.

Price/Earnings Ratio (P/E) is the price of a single share of a security, divided by the amount of earnings per share.

Price/Free Cash Flow Ratio (P/FCF) is the price of a single share of a security, divided by the free cash flow per share.

Standard Deviation is a measure of dispersion that represents the degree to which an investment’s returns vary around a mean.  The greater the Standard Deviation, the more volatile an investment’s returns were during the period measured.  This statistic is calculated using the population standard deviation formula:  Standard Deviation = Square root of [(Sum of squared deviations from mean)/(Number of monthly returns in the period measured)]  This number is annualized by multiplying it by the square root of 12.