tactical duration

Investment Considerations

·	High liquidity - maturities range from 90 days to a maximum of only 5 years, a

category that includes the most liquid of Treasurys.

·	Low risk - invests only in U.S. Government Treasury and Agency Securities.
·	Portfolio manager has over 30 years of investment management experience.

Investment Strategy

·	Relies on computer-based modeling to account for a variety of complex and

sophisticated principles and variables inherent in the government securities market.

·	Continually analyzes “Embedded Market Principles:”

   -    varying government security maturities
   -    yield curve characteristics
   -    interest rate cycles

·	Takes advantage of interest rate fluctuations and inefficiencies in normal yield curve

relationships.

·	Based on output of the model, adjusts the portfolio of Treasurys and Agencies to a

single maturity.