Strategy Objective

Seeks total return emphasizing current income, while at times considering opportunities for capital appreciation.

FRAMEWORK

Active management is driven primarily by style and sector rotation.  The strategy focuses primarily on fixed income investments, but may hold a satellite position in equities when desired.

The strategy features a monthly trade capability with a predominantly open allocation weighting format.  When employed, satellite equity exposure is constrained to 20% maximum.  Therefore, the maximum overall range for the portfolio is 100% fixed income and 20% equity.

For fixed income allocations, all fund categories are investable.  For equity, all domestic and foreign style-oriented categories may be utilized, as well as specific yield-oriented sectors such as Utilities and Real Estate.  Leveraged funds are excluded.