Christopher Jae Stephan

ING Clarion Real Estate Securities manages real estate securities portfolios for institutional and individual investors. The firm invests in and manages office, retail, multi-family residential, industrial, self-storage and hotel properties around the world. Their strategies include global, international, US, European and Asia/Pacific. ING Clarion Real Estate Securities' strategies seek to maximize total return (income plus capital appreciation) by investing in a diversified portfolio of publicly-traded real estate companies. They employ a top-down asset allocation approach which is combined with a bottom-up security selection process. ING Clarion Real Estate Securities seeks to identify regions and sectors with the strongest fundamentals and companies with the best risk-adjusted return potential

Rittenhouse Asset Management actively manages equity, balanced and fixed-income portfolios concentrating on high quality, large-cap growth stocks and high-grade, intermediate-term bonds. Rittenhouse's Large-Cap Growth strategy focuses on large-cap companies with sustainable earnings growth, industry leadership, financial strength and proven management teams. They utilize a collaborative, team-oriented approach to stock selection and portfolio construction. Portfolio managers and research analysts perform disciplined, rigorous bottom-up fundamental research, seeking investment opportunities likely to deliver earnings growth and price appreciation over time. Stocks are monitored for changes to their risk-reward profiles and new investment opportunities. Portfolios are invested 95% or more in equities and contain 30 to 50 companies diversified by both sector and industry. The benchmark is the Russell 1000 Growth and the S&P 500. Rittenhouse's Large-Cap Balanced portfolio combines their growth equity discipline with a selection of quality fixed-income securities to provide further risk management. Their fixed-income research process determines their economic outlook and interest rate expectations and positions the portfolio accordingly with respect to average maturity and duration. Balanced portfolios generally maintain a 65 to 75 percent weighting in equities, including 30 to 50 companies diversified by sector and industry and high-quality, short- to intermediate-term bonds with maturities limited to 10 years. Benchmarks used include 65% Russell 1000 Growth/35% Lehman Brothers Government/Credit Intermediate Bond and 65% S&P 500/35% Lehman Brothers Government/Credit Intermediate Bond.

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CBRE IMLRA actively manages portfolios to either outperform a passive index strategy or achieve a target rate of return through expertise and research of both listed and direct real estate and infrastructure markets. The firm employs top-down market assessment and bottom-up stock selection.