Intermediate Core Conservative

Intermediate duration strategy targeting an excess return over the Barclays Capital U.S. Intermediate Aggregate Index or similar benchmark. Strategy has historically generated virtually all of its excess return from bottom-up subsector and security selection, with top-down decisions such as duration, yield curve, and sector positioning tightly constrained to benchmark weightings at all times.

Intermediate Government/Credit

Intermediate duration strategy targeting an excess return over the Barclays Capital U.S. Intermediate Government/Credit Index or similar benchmark. Strategy has historically generated its excess return in equal increments of top-down sector allocation and bottom-up subsector and security selection, with an emphasis on the credit and “spread” sectors.

Short/Intermediate Corporate

Short/Intermediate duration strategy targeting an excess return over the Barclays Capital 1-5 Year U.S. Credit Index or similar benchmark. Strategy has historically generated the majority of its excess return through individual security selection, with remaining excess return generated through industry allocation. Strategy actively overweights/underweights industries and issuers based on both top-down economic assessment as well as bottom-up fundamentals. Active relative value trading adds further value.

As of December 31, 2012. There can be no assurance that these objectives will be met. Read benchmark descriptions.