MVP's fixed-income process follows a disciplined approach by concentrating primarily on three portfolio characteristics: maturity structure, sector allocation and duration. The major sectors of our fixed-income universe include:

• Treasuries
• Agencies
• Mortgage pass-thrus
• Investment-grade corporate bonds

The portfolio's duration is constrained to 80% - 120% 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 Lehman Government/Credit, the Lehman Aggregate and the Lehman Intermediate Government/Credit Indices.