| Our philosophy in managing
core fixed income accounts is to add value above a benchmark
index utilizing U.S. Governments and Agencies, high quality
corporate bonds, and mortgage-backed securities within
a duration band of 75% to 125% of the benchmark index.
We have a strategic commitment to corporate bonds within our core fixed
income portfolios to capture the performance advantage
that corporates have historically achieved over governments
and mortgages. In addition, through yield curve and
yield spread strategies, we identify other attractive
sector and issue opportunities among governments/agencies
and mortgage-backed securities. This approach minimizes
market timing and emphasizes attractive sector and issue
spread opportunities within the universe of fixed income
securities we utilize.
QUARTERLY
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