% 12.7% 3.7% 1 Please note the benchmark for the Municipal/Corporate has the following composition: Inception to 1/31/2012 (SO%Barclays Credit 1-5 Y / SO%Barclays Muni 1-511). After 2/1/2012 its (Barclays interm government credit). 1) The performance mums for investments in Private Capital - Fund of Funds, Direct partner