Core Fixed Income

Objectives

• Provide the highest possible return while minimizing the risk to principal
• Be a source of income and stability

Process

• Top-down, macro-economic outlook drives sector allocation and yield curve positioning
• A bottom-up survey of analysis of individual securities populates the portfolio

Characteristics

• Composition: U.S. dollar-denominated investment-grade bonds
• Positions: 40 to 60
• Turnover: 30 percent including maturity reinvestment
• Average maturity: Six to nine years
• Benchmarks: Barclays Capital Aggregate or Barclays Capital Government/Credit Index

Team
Marc Fovinci, CFA
Mike Knebel, CFA
Deidra Krys-Rusoff
Joe Brooks

(as of 3/31/2012)