Total Return Strategy, our flagship product, has outperformed its benchmark on a net of fees basis eleven out of the thirteen years since inception, July 1, 1995; through September 30, 2008, Total Return Strategy's annualized return, net of fees, is 14.0% compared to 13.2% for the Dow Jones Wilshire REIT Index. The GIPS performance examination for the Total Return Strategy Composite begins July 1, 1995. Past performance is no guarantee of future results and investments entail the potential for loss as well as gain. For more detailed information, see Investment Performance Disclosure Statements.

In the past, our value orientation has limited downside risk in declining markets, both real estate and equity, because we eschew real estate securities which we believe are trading at large premiums to the value of the underlying assets ("Net Asset Value"). Moreover, by concentrating on Net Asset Value discounts, our clients are more likely to be the beneficiaries of takeover and privatization activity, wherein the underlying value is realized at premiums to prevailing prices.