HIGH QUALITY INTERMEDIATE

Strategy Highlights

A duration neutral, risk controlled approach with value added from sector allocation and security selection. Credit quality is limited to A or better. Securities are acquired with maturities from 1 to 10 years.

Asset Class:	US Fixed Income	Inception Date:	January 1, 1992
Investment Style:	Intermediate Duration	Duration Range:	Index ±20%

Primary Index:	Barclays Capital High Quality Intermediate Aggregate Index

Investment Performance (as of 3/31/12)

	Quarter	1 Yr*	3 Yr*	5 Yr*	10 Yr*	Since Inception*
High Quality Intermediate (Gross)	0.40	5.35	4.41	5.52	5.18	6.04
High Quality Intermediate (Net)	0.31	4.98	4.05	5.15	4.81	5.67
Barclays HQ Int. Aggregate Index	0.49	5.99	5.62	5.77	5.31	6.05

*Annualized. This information is for illustrative purposes only, is subject to change at any time, and should not be considered investment advice or a recommendation to invest in any particular strategy. The High Quality Intermediate Composite gross returns are presented before management and custody fees but after transaction costs. Custody fees and other expenses would reduce the results shown. Composite net returns are after a maximum annual management fee of 0.35%. Please see the Notes to the Composite section in the GIPS® presentation for additional important information regarding the Composite’s performance history. This information is supplemental to the GIPS® presentation for the Composite which may be accessed by clicking on the GIPS® Disclosure link. Past performance does not predict or guarantee future results. It is not possible to directly invest in an index.

GIPS Disclosure

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Fact Sheet	Investment Commentary

Offered as a separate account only