Upside Participation

Our performance expectations are two-fold: 1) to protect principal during market declines and 2) to capture the majority of broad market advances.

Performance shown is for our Tax-Exempt Equity Composite (Gross of Fees) as of 12/31/2011.

Performance numbers shown reflect the average quarterly returns earned during quarters when the Russell 1000 Value Index was positive. Performance includes all positive quarters from 10/1/2000 to 12/31/2011.