CORE FIXED INCOME

trailing period performance as of 3/31/2010

firm/product 1st Qtr 2010 YTD 1 Year 3 Year* 5 Year* Core Fixed Income Composite (Gross of Advisory Fees) 2.46% 2.46% 13.50% 7.77% 6.46% Core Fixed Income Composite (Net of Advisory Fees) 2.38% 2.38% 13.17% 7.45% 6.17% Barclays Capital U.S. Aggregate Index 1.78% 1.78% 7.69% 6.14% 5.44%

*Annualized

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Please review carefully the following information regarding the above performance. Cutwater Asset Management provides investment management and advisory services primarily to institutional investors. Cutwater Asset Management claims compliance with the Global Investment Performance Standards (GIPS®). For the GIPS presentation, please click here

Cutwater Asset Management has presented the above as additional information to Composite's GIPS compliant presentation and is meant to be reviewed along with the information provided in the compliant presentation. Please read the disclosure notes included in the GIPS compliant presentation, which are an integral part of this additional material. Please contact us to receive a complete list and description of Cutwater Asset Managements' composites. All information above is as of 3/31/2010. Returns are calculated in U.S. dollars. Net of fee performance returns are calculated by deducting the highest management fee paid by any account in the composite from the monthly gross composite return. Client returns will be reduced by investment management fees. Actual fees for new accounts are dependent upon size and any fee or fee schedule applied to existing or prospective clients is subject to negotiation. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objective of this strategy will be achieved. Past performance is not a guarantee of future results. The benchmark, the Barclays Capital U.S. Aggregate Index, is an unmanaged market index. The volatility of the benchmark may be materially different from that of the Composite. Credit ratings referenced above are obtained from Nationally Recognized Statistical Rating Organization firms.