Although, the SMRA survey showed a sharp drop in portfolio allocations to Treasuries in February that our model has yet to capture. SMR survey vs. Barclays US Aggregate Index. Portfolio allocation to corporate bonds 40 I Prom/ 35 30 •••••••• 25 2. .............. - ------------------- 55 _I 2.0 5 0 2011 Portfol

Although, the SMRA survey showed a sharp drop in portfolio allocations to Treasuries in February that our model has yet to capture. SMR survey vs. Barclays US Aggregate Index. Portfolio allocation to corporate bonds 40 I Prom/ 1.6 35 •••••••• 15 30 25 2. .............. - ------------------- 14 /2 55 _I 2.0 SMR