in managing core plus fixed income accounts is to add
value by investing a portion of the portfolio outside
of the Lehman Aggregate Bond Index, primarily (although
not exclusively) in high yield and emerging markets
within a narrow duration band to the index.
By taking advantage of a wider opportunity set of sectors
which have historically achieved above-average returns,
this approach enhances our traditional core fixed income
strategy which utilizes U.S. Governments / Agencies,
corporate bonds, MBS and ABS.