objective

The Intermediate Fixed Income portfolio seeks to provide investors with a competitive total return emphasizing both income and capital appreciation to achieve this goal. Exposures for these portfolios will generally consist of actively managed allocations to the U.S. investment grade bond market. Interest rate exposure is actively managed, generally within a +/- 20% range of benchmark duration. Portfolio guidelines for some constituents may allow for tactical allocations to out of benchmark sectors. These sectors can include, but may not be limited to, high yield, emerging markets, non-dollar and U.S. TIPS. Portfolios in this composite derive their return from a combination of high current income and capital appreciation. The benchmark for this composite is the Barclays Capital U.S. Intermediate Government/Credit Index.