objective

The investment objective of our Core Fixed Income strategy is to maximize risk-adjusted total return with a combination of income and capital appreciation. The portfolio seeks to achieve its objective by investing in a diversified portfolio of investment-grade fixed income securities. The manager seeks to consistently outperform the benchmark, the Barclays Capital U.S. Aggregate Index, through the active management of interest rate positioning, sector allocation and security selection.

"Core" exposures for these portfolios will consist of allocations to the U.S. investment grade bond market. Interest rate exposure is generally managed within a +/- 20% range of benchmark duration. Portfolio guidelines for some constituents may allow for allocations to out of benchmark sectors. These allocations are generally limited to 10% or less of portfolio assets. Sectors can include, but may not be limited to, high yield, emerging markets, non-dollar and U.S. TIPS.