MVP's fixed income process follows a disciplined approach by concentrating on four portfolio characteristics: maturity structure, sector allocation, duration, and security selection.

• Treasuries
• Agencies
• Mortgage pass-thrus
• CMOS
• Investment-grade corporate bonds
• Asset-backed securities

The portfolio's duration is constrained to 90% - 110% of the appropriate benchmark in order to avoid undue risk. Portfolios are broadly diversified and highly liquid. The benchmarks most closely aligned to our fixed-income products are the Barclays Aggregate Index, Barclays Intermediate Index and the Barclays 1-3 Government Index. Portfolios can be structured to fit an investor's unique guidelines and need not be covered in the above product styles.