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FIXED INCOME

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PORTFOLIO
MANAGEMENT GROUP

	MODERATE DURATION MACS (As of Sep 30, 2008)

	Style Benchmark: LB Aggregate Style Assets: $707 million Average Duration: 3.5 - 5.5 years Product Profile

	MARKET DURATION MACS (As of Sep 30, 2008)

	Style Benchmark: LBGC Style Assets: $1.84 billion Average Duration: 4.5 - 6.0 years Product Profile

	LIMITED DURATION MACS (As of Sep 30, 2008)

	Style Benchmark: LBGCI Style Assets: $1.02 billion Average Duration: 3.0 - 4.5 years Product Profile

	SHORT TERM (As of Sep 30, 2008)

	Style Benchmark: LB 1-3 Year Gov't Style Assets: $249 million Average Duration: Up to 2.0 years Product Profile

	ULTRA SHORT (As of Sep 30, 2008)

	Style Benchmark: ML 1-Year Treasury Style Assets: $80 million Average Duration: Up to 1.5 years Product Profile

Fixed Income Indices

Moderate Duration – Last Updated: Sep 30, 2008

The Lehman Brothers U.S. Aggregate Index (LB Agg) represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Market Duration – Last Updated: Sep 30, 2008

The Lehman Brothers Government/Credit Index (LBGC) includes securities in the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

Limited Duration – Last Updated: Sep 30, 2008

The Lehman Brothers Government/Credit Intermediate Index (LBGCI) is the Intermediate component of the U.S. Government/Credit index. The Government/Credit Index includes securities in the Government and Credit Indices. The Government Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

Short Term – Last Updated: Sep 30, 2008

The Lehman Brothers 1-3 Year Government Index (LB 1-3 Year Gov’t) consist of securities in the U.S. Government Index with a maturity from 1 up to (but not including) 3 years. Securities issued by the U.S. Government (i.e., securities in the Treasury and Agency Indices). Inclusions: Public obligations of the U.S. Treasury with a remaining maturity of one year or more. Publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government.

Ultra Short – Last Updated: Sep 30, 2008

The Merrill Lynch 1-Year US Treasury Note Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury note that matures closest to, but not beyond, one year from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.