The Short-Term Fixed strategy’s objective is to meet specific liquidity requirements by investing in individual securities with an average duration in line with the BofA Merrill Lynch 1-3 U.S. Year Treasury Index. An
emphasis is placed on sector allocation and security selection as opposed to active duration management. The portfolio seeks to maximize current income, and preserve capital. The style utilizes U.S. government securities, agencies, corporate bonds, and collateralized mortgage obligations. The objective of the style is to enhance the performance of the BofA Merrill Lynch 1-3 U.S. Year Treasury Index.