seix investment advisors llc citywire multi-sector ars 06.14.12

Seix Investment Advisors LLC

Multi-Sector Absolute Return Strategy June 14th & 15th, 2012

Representing Seix Investment Advisors LLC:

Jim Keegan, Chief Investment Officer & Chief Executive Officer

1 Seix Investment Advisors LLC

CONTENTS

Organizational Review

Multi-Sector Absolute Return Strategy

Credit Environment

Seix Multi-Sector Absolute Return Fund L.P.

Appendix



ORGANIZATIONAL

REVIEW


Firm Profile

Founded:

Location:

Firm Assets:

Key Organizational Characteristics:

Strategies:

Ownership:

1992

Upper Saddle River, New Jersey

Total Assets $26.9 Billion (5-31-12)

‒ Investment Grade: $13.1 Billion ‒ High Yield: $13.8 Billion

Institutional Fixed Income Boutique Performance-Oriented Culture Seasoned Fixed Income Professionals Clearly Defined and Well Executed Investment Style

Traditional Investment Grade and High Yield Fixed Income Specialized Credit Funds

SEC Registered Investment Adviser Indirectly Owned by SunTrust Banks, Inc. Strong Operating Agreement Ensures Complete Independence and Investment and Business Autonomy.

Key Investment Professionals Participate in an Equity Ownership Plan Designed to Align Client and Business Interests.


High Yield Strategies Investment Grade Strategies

Flagship High Yield (BB & B Only)

High Yield Unconstrained

High Yield Bank Loans

CLO Collateral Management – (Mountain View, Baker Street, Grand Horn)

Credit Opportunities Fund

Core Bond Management

Core Plus (Plus basket can include HY Bonds, HY Loans, EMD & Non-Dollar)

Corporate Bond Management

Intermediate Bond Management

Long Duration Management

The Cornerstone of All Seix Portfolio Strategies is Rigorous Fundamental Credit Research, Conducted by a Seasoned Team of Bottom-Up Specialists.

Multi-Sector Absolute Return Strategy (Active Credit Strategy with Dynamic Allocation Among Credit Sectors – Investment Grade, High Yield & Bank Loans)

Investment Strategies


MULTI-SECTOR ABSOLUTE RETURN

STRATEGY


Potential Problems For Fixed Income Investors in a Low Interest Rate Environment

Difficult to Reach Investment & Spending Targets (i.e. Low Expected Returns)

Solution: Invest in Higher Yielding Sectors While Controlling Risk

Higher Yields Generate More Income

However, Higher Yields Accompanied by Increasing Risk Levels

Fixed Income’s Role as Portfolio Stabilizer and Principal Protector is Challenged if Interest Rates Rise (i.e. Price Risk)

Solution: Shorter Duration, Floating Rate Sectors or Increase Yield

Shorter Duration Typically Reduces Yield

High Yield Bank Loans Provide Excess Yield, with Limited Interest Rate Risk

Higher Yields From Investment Grade and High Yield Corporates Cushion Price Declines Due to Rising Rates

Higher Yield Spreads Tend to Tighten in Rising Rate Periods




Active Response and Solution

For

Investing in a Low Yield Environment


Allows Manager Flexibility To Actively Use and Rotate Among Sectors, Taking

Advantage of Relative Value to Enhance Portfolio Yield, While Avoiding Risks

Associated with Using Only One Sector

Ability to Actively and Opportunistically Manage Risk Among Sectors Such as High

Yield, Investment Grade and Bank Loans

By Substantially Avoiding Government Sectors (Treasuries, Agencies & MBS), Direct

Exposure to the Most Interest Sensitive Sectors Is Avoided

Primarily a Credit Driven Strategy with Duration Flexibility

Multi-Sector Absolute Return Approach


Potential Fixed Income Sectors

Where to Look For Yield in Fixed Income

Data Source: Barclays Capital, BofA Merrill Lynch, Credit Suisse

Yields as of 5/31/12

Barclays US Treasury Index 0.9%

Barclays Intermediate Gov't/Credit Index 1.3%

Barclays Aggregate Index 2.0%

Barclays Corporate Index 3.3%

CS Institutional Lev Loan Index 5.2%

BofA Merrill High Yield Index 7.9%

Seix Multi-Sector Absolute Return Strategy 4.9%


Corporate Bonds Act As A Cushion To Interest Rate Movement

Data Source: Barclays Capital

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U.S. Corporate Bond Index Spread

10-Year Treasury Yield

Pe

rce

nt

(%)

Average 1-Year Trailing Correlation Coefficient

-0.35


CREDIT ENVIRONMENT


Investment Opportunity

In the Aftermath of the 2008-2009 Global Credit Crisis, Attractive Opportunities Remain for Investment Managers with Proven Credit Research Capabilities

Current Credit Spreads Provide Attractive Relative Value

Despite Significant Rally, Investment Grade and High Yield Spreads Remain Above Historic Average

Companies Have Been Able to Issue Bonds to Lower Financing Costs and Extend Maturities

Bank Loans Provide Unique Opportunity to Take Advantage of Attractive Spreads at the Senior Part of the Capital Structure in a Floating Rate Investment


RELATIVE VALUE ACROSS SECTORS

*Barclays Capital Indexes were used for all of the above except for Bank Loans which is represented by the CS Institutional Leveraged Loan Index. High Yield Index, BB Index, and B Index OAS data from 1/31/94, Bank Loan Index Inception 1/31/92, Corporate Index Inception 6/30/89,

** Bank Loan Discount Margin to Maturity Spread vs. TSY for all others

Index Comparisons

Data Source: Barclays Capital, Credit Suisse

5 Year Average

10 Year Average

Average Since Inception 5/31/12 Low High

OAS Since Index Inception* OAS Averages as of 5/31/12

Investment Environment

Corporate Bond 607 bps 51 bps 209 bps 240 bps 176 bps 133 bps

High Yield 1833 bps 235 bps 671 bps 745 bps 596 bps 529 bps

BB High Yield 1278 bps 130 bps 502 bps 541 bps 421 bps 355 bps

B High Yield 1742 bps 228 bps 658 bps 708 bps 569 bps 528 bps

Bank Loans ** 767 bps 238 bps 542 bps 469 bps 379 bps 350 bps


Investment Grade Corporate Environment

Outlook for Corporate Issuers Remains Favorable Although Clouds Are on the Horizon

‒ Expect Spreads to Stay Volatile as Global and Domestic Considerations Weigh on Valuations

‒ Fundamentals Remain Good Although the Peak in Credit Quality Has Likely Already Passed

‒ Technicals Are Still Strong as Corporates Remain the Primary Place to Get Long Maturity Spread

‒ Idiosyncratic Risk Is Increasing Although It Has Primarily Been in the More Benign Form of Stock Buybacks and Dividend Increases as Opposed to LBOs

‒ Continue to Think Money Center Banks Are Uniquely Exposed to European Contagion

Strategy Remains Focused on Companies with Defensive Revenue Streams that Offer Attractive Risk Adjusted Returns

‒ We Will Attempt to Capitalize on Market Volatility by Purchasing Select Credits that Come with a Large Concession in the New Issue Market

‒ Overweight in Technology, Pipelines and Gold Miners; Underweight in Banking, Electric Utilities and Pharmaceuticals

‒ Have Gone Down in Capital Structure to Buy Several Attractive New Issue Preferreds


High Yield Environment

The Fundamentals of High Yield Issuers Remain Solid

‒ High Yield New Issuance Is on Pace to Register Another Exceptional Year

‒ The Majority of the Proceeds Are Being Used to Refinance Shorter Maturity Debt

‒ Issuers Continue to Be Prudent; They Are Controlling Costs and Reining in M&A Activity that Might Increase Leverage

‒ Balance Sheets Are Still Improving, Leverage Ratios Are Falling and Rating Agency Upgrades Are Exceeding Downgrades for the Third Straight Year

Given the Strengthening of Balance Sheets, Default Rates Are Expected to Remain Low

‒ After Peaking at Double Digit Rates in 2009, Most Forecasts for Defaults Are 3% or Below for the Next Two Years

‒ Compared to Treasuries, Current Interest Rates More than Compensate High Yield Investors for the Low Level of Expected Defaults


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Trailing 12 Months-Quarter/Quarter

Trailing 12 Months-Year/Year 5.0

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Trailing 12 Months

Trailing 3 Months

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S&P 500 Free Cash Flow Yield

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Debt / EBITDA Net Debt / EBITDA

STEADY REVENUE GROWTH

RECORD MARGINS

STRONG CASH FLOW LOWER LEVERAGE

Corporate Credit Outlook for S&P 500 Companies Is Solid

Data Source: Bloomberg

Per

cen

t (%

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) R

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Yiel

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Declining Debt Issuance

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New Issues

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$ b

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INVESTMENT GRADE CORPORATES NET DEBT ISSUANCE

Data Source: Bloomberg


-$167

-$247

-$222

$161

$231 $251

$126

$256

-$300

-$200

-$100

$0

$100

$200

$300

2012 2013 2014 2015 2016 2017 2018 2019 2020 or later

$ B

illio

ns

Total = -$636 Billion

Data Source: JP Morgan

CHANGE IN BOND AND LOAN MATURITY SCHEDULE OVER THE LAST 38 MONTHS 12/31/08 – 2/29/12

Issuers Have Been Aggressively Pushing Out Maturities



Data Source: J.P. Morgan


HIGH YIELD SPREADS VS. DEFAULT RATE 12/31/86 – 5/31/12

Spreads Imply Default Rate Equal to JP Morgan’s Worst Case Forecast

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Default Rate High Yield Spreads

25 Year Avg = 4.3%

22 Year Avg = 583 Bps

5/31/12 720 Bps

* Actual Spread - Excess Spread = Implied Default Loss / Recovery Rate = Implied Default Rate 720 307 413 (100-40)% 6.9%

6.9% * Implied

Default Rate

5.5% Recession Forecast

YE13 Default Rate Forecast 2%


Average Spread 448 bps

Data Source: Standard & Poor’s LCD

Lagging 12 Month Bank Loan Default Rate (Right Axis)

Institutional Bank Loan 4 Yr. Discounted Spread (Left Axis)

BANK LOAN DISCOUNTED SPREADS VS. DEFAULT RATES 12/31/99 – 5/31/12

Bank Loan Environment

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603bp

1.05%

Spreads More Than Compensate for Low Default Rate


Given Imperfect Correlation between High Yield and Other Major Asset Classes, Adding High Yield to Asset Allocation Can Increase Return per Unit of Risk.

Barclays Barclays Barclays CS Inst’l Russell Barclays 10 Year Index High Yield U.S Corporate Lev Loan S&P 500 2000 REITs Gov’t Treasury

Barclays High Yield 1.000

Barclays U.S. Corporate 0.537 1.000

CS Institutional Lev Loan 0.681 0.369 1.000

S&P 500 0.593 0.264 0.413 1.000

Russell 2000 0.624 0.185 0.442 0.780 1.000

REITs 0.601 0.305 0.479 0.533 0.640 1.000

Barclays Government -0.074 0.694 -0.153 -0.118 -0.217 -0.040 1.000

Barclays 10 Yr Treasury -0.119 0.663 -0.185 -0.142 -0.239 -0.062 0.980 1.000

Source: Barclays Capital, S&P 500 , Russell, Bloomberg

TOTAL RETURN CORRELATIONS (1/1/92 – 3/31/12)

Diversification Benefits


3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

0% 5% 10% 15% 20% 25% 30%

Ret

urn

(A

nn

ual

ized

)

Risk (Annualized Standard Deviation)

* Since inception of the CS Institutional Leveraged Loan Index. High Yield quality indices are subcomponents of the Barclays High Yield Index.

BC Aggregate

NASDAQ

S&P 500

Russell 3000

T-Bills (3 month)

Russell 2000

B High Yield

BB High Yield

Data Source: Barclays Capital, Bloomberg, CS

Risk vs. Reward 20¼ Years Ending 3/31/12*

Investment Universe

CS Inst’l Lev Loan

BC Corporate

BC High Yield

CCC High Yield

BBB Corporate


Seix’s Objective in Corporate Credit Investing is to Deliver an

Attractive Long Term Spread Above the Benchmark by:

Capturing the Majority of the Upside

Avoiding the Negative Impact of Credit Events

Reducing Risk in Speculative Markets

Corporate Credit Investment Philosophy

24 Seix Advisors

5th Percentile 25th Percentile

Median 75th Percentile 95th Percentile

Seix Corporate Bond

%Tile Ranking

Barclays Corporate %Tile Ranking

Performance is shown gross of investment advisory fees. Please see the Composite Performance Full Disclosure Presentation in the appendix for more information. Past performance is not indicative of future results.

10-Year Periods Ending 3/31/12

Returns

8.70% 7.88 7.31 6.89 6.42 7.65% 33 6.58% 91

7.8%

6.0%

8.4%

6.6%

9.0%

7.2%

Tracking Error

4.72% 3.12 2.18 1.53 1.03 1.53% 74

Information Ratio

0.97 0.61 0.33 0.15

-0.08

0.68 22

2.0%

1.0%

5.0%

3.0%

4.0%

0.78

-0.10

1.00

0.34

0.56

0.12

5-Year Periods Ending 3/31/12

Returns

9.67% 8.36 7.84 7.03 5.10 8.71% 18 6.94% 77

Tracking Error

7.40% 4.71 3.01 2.09 1.11 2.09% 74

Information Ratio

0.96 0.60 0.35 0.03

-0.26

0.85 13

0.74

-0.30

1.00

0.22

0.48

-0.04 2.75%

1.0%

8.0%

4.5%

6.25%

8.0%

5.0%

9.0%

6.0%

10.0%

7.0%

Seix Corporate Bond Management vs. Corporate Bond Universe

Data Source: eVestment Alliance

25 Seix Advisors

-4%

-2%

0%

2%

4%

6%

Up Capture (105%) Down Capture (73%) Total

3.23%

-1.16%

1.84%

3.08%

-1.58%

1.60%

Seix High Grade Corporate Bond Strategy Barclays Index*

Average Up Market Quarter

(28 Quarters)

Average Down Market Quarter

(13 Quarters)

Average Quarterly Return

(41 Quarters)

Data Source: Barclays Capital

Goal: Capture Majority Of The Upside And Avoid Credit Events

* Barclays U.S. Credit Index from inception to 12/31/04. Barclays U.S. Corporate Investment Grade Index thereafter.

Performance is shown gross of investment advisory fees. Past performance is not indicative of future results.

UP / DOWN MARKET CAPTURE (1/1/02 – 3/31/12)

Investment Results

The above information is shown as supplemental information only and complements the fully compliant presentations.


Since Inception Ending March 31, 2012

Data Source: eVestment Alliance

5th %Tile 25th %Tile

Median 75th %Tile 95th %Tile

Seix

%Tile Rank

Seix High Yield Strategies vs. Peer Group Universe

Information Ratio

Flagship High Yield (7/1/97-3/31/12)

Tracking Error

8.13% 4.72 3.78 3.20 2.52 5.02% 21

2.5%

8.5%

5.5%

4.0%

7.0%

0.56 0.25 0.14 -0.08 -0.28 0.22 29

-0.12

-0.30

0.60

0.24

0.06

0.42

Return

9.01% 8.13 7.58 6.68 5.44 8.14% 24

8.5%

4.5%

9.5%

6.5%

5.5%

7.5%

Return

9.83% 8.79 7.98 7.22 5.92 9.73% 7

7.5%

5.0%

8.75%

6.25%

10.0%

-0.40

0.60

-0.20

0.20

0.00

0.54 0.21 -0.02 -0.14 -0.38 0.46 7

1.0%

10.0%

2.8%

8.2%

Tracking Error

9.61% 5.59 3.99 2.83 1.93 3.64% 58

High Yield Unconstrained (10/1/04-3/31/12)

6.4%

0.40

4.6%

Information Ratio

Performance is shown gross of investment advisory fees. The above information is shown as supplemental information only and complements the fully compliant presentations. Past performance is not indicative of future results.


Periods Ending March 31, 2012

Data Source: Lipper Analytical Services Past performance is not indicative of future results.

Seix Bank Loan Fund vs. Lipper Loan Participation Universe

5th %Tile 25th %Tile

Median 75th %Tile 95th %Tile

Seix

%Tile Rank

1-Year (3/31/11-3/31/12)

Return

3.7%

0.5%

4.5%

2.1%

2.9%

1.3%

4.03% 3.58 3.13 2.44 0.97 3.31% (Net) 40

5-Years (3/31/07-3/31/12)

Return

3.0%

-5.0%

5.0%

-1.0%

1.0%

-3.0%

4.08% 3.37 2.83 2.17 -4.72 3.86% (Net) 8

Since Inception (3/1/06-3/31/12)

Return

3.0%

-5.0%

5.0%

-1.0%

1.0%

-3.0%

4.72% 4.03 3.37 2.79 -2.99 4.39% (Net) 7


Proven Ability To Truncate Downside Risk

-5%

-3%

-1%

1%

3%

Up Capture (84%) Down Capture (41%) Total

3.42%

-1.68%

2.04%

4.06%

-4.05%

1.86%

Seix Flagship High Yield BofA ML High Yield Cash Pay Index

Average Up Market Quarter

(43 Quarters)

Average Down Market Quarter

(16 Quarters)

Average Quarterly Return

(59 Quarters)

UP / DOWN MARKET CAPTURE 14¾ Years Ending 3/31/12 (Since Inception)

Data Source: Merrill Lynch

Investment Results

Performance is shown gross of investment advisory fees. Past performance is not indicative of future results. The above information is shown as supplemental information only and complements the fully compliant presentations.


SEIX MULTI-SECTOR ABSOLUTE RETURN

FUND L.P.



Background: In March 2009, Seix Launched the CDF Series II to Capture the Dislocation in Credit Through Bottom-Up Research and Active Rotation Between Investment Grade & High Yield Credit Current Objective: The Seix Multi-Sector Absolute Return Fund’s Objective is to Provide Enhanced Returns by Actively Rotating Between Investment Grade, High Yield and Bank Loans Through Dedicated Exposure to the Credit Markets

Absolute Return Focus

Invest in Corporate Bonds and Loans that Meet our Rigorous Credit Criteria

Portfolio Turnover Driven by Credit Deterioration or Relative Value Assessments

No Leverage, Derivatives or Short Sales

Available in a Limited Partnership or Separately Managed Account*

* LP minimum is $1mm, SMA minimum is $50 million


TOP DOWN PROCESS

Broad Economic Trends

Business/Credit Cycle Analysis

Federal Reserve Policy

Interest Rates/Inflation

Yield Curve Position (Moderate Except at Extremes)

Target Sector Weights

Treasuries, Agencies & TIPS

MBS, CMBS & ABS

Investment Grade Corporate Bonds

High Yield Corporate Bonds and Loans

Emerging Market Debt

Non USD Sovereign Debt

Model Portfolio Macro Themes

The IPG Meets Weekly To Discuss Broad Macro Themes & Determine Model Portfolio Structure.

Primary Focus

Investment Policy Group (IPG)


Sector Trends

Industry Dynamics

Quality Spreads

Supply/Demand

Volatility/Liquidity

Sector Allocation

Industry Focus

Quality Breakdown

Senior vs. Subordinate

Liquidity Preference

BOTTOM UP PROCESS

Model Portfolio Micro Themes

Determination of Relative Value and Risk Drive Allocation Decisions to Optimize Yield While Controlling Risk

Investment Policy Group (IPG)


Multi-Sector Allocation Ranges

Investment Grade Bonds 40% to 80%

High Yield Bonds & Loans 20% to 60%

CCC Rated Securities Maximum 20%


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Investment Grade High Yield Bank Loans Cash

Per

cen

t (%

)

Active Sector Allocation, While Maintaining a Quality Bias

Seix Multi-Sector Absolute Return Fund, L.P.


Fund Launched on March 2, 2009

Fund Breakdown (as of June 1, 2012):

- AUM: $151 million

- Investors: 22

- Investor Types:

Endowments/Foundations: 62%

Public Funds: 28%

HNW/Family Trusts: 10%

Seix Multi-Sector Absolute Return Fund L.P. – Investor Breakdown


Investment Results

Annualized Periods Ending 3/31/12

Calendar Year Returns

2009 (Partial from 3/2) 17.7% 20.5%

2010 13.1 9.0

2011 5.2 8.1

2012 (3/31) 3.9 2.1

Seix Multi-Sector Absolute Barclays Return Fund L.P. (net) Corporate Index

1 Year 6.1% 9.5%

2 Years 9.3 8.5

3 Years 13.0 13.3

Since Inception (3/2/09) 12.9 12.8

Past performance is not indicative of future results. The above information is shown as supplemental information only and complements the fully compliant presentations.

Seix Multi-Sector Absolute Barclays Return Fund L.P. (net) Corporate Index


Senior vs. Subordinate

Holding Cos. vs. Operating Cos.

INVESTMENT PROCESS

Relative Credit Worthiness

Use Agencies for Information

II. Business Risk Analysis

Industry Specific

Credit Cycle Analysis

Management Team

Competitive Position

Red Flags

Liquidity

Cash Flow Generation

Leverage Ratios

Expectations

Catalysts

Exit Strategy

VII. Target Spread & Sell Discipline

VI. Capital Structure Analysis III. Financial Risk Assessment

I. Industry Relative Strength

IV. Proprietary Debt Ratings V. Investment Thesis

Price Target & Downside Tolerance

Price Performance vs. Peers

Corporate Credit Investment Process


Periods Ending 3/31/12

Investment Grade Composite Performance Summary

1 3 5 10 Since Year Years Years Years Incept.

Inception: 10/1/95

Corporate Bond 10.28% 12.96% 8.71% 7.65% 7.25%

Barclays Corporate Index 9.46% 13.35% 6.94% 6.58% 6.66%

Difference 0.82% -0.39% 1.77% 1.07% 0.59%

Inception: 4/1/96

Core Plus Bond 9.48% 8.16% 7.52% 6.57% 6.83%

Barclays Aggregate Index 7.72% 6.84% 6.25% 5.80% 6.29%

Difference 1.76% 1.32% 1.27% 0.77% 0.54%

Inception: 1/1/93

Core Bond 8.77% 7.77% 7.25% 6.32% 6.76%

Barclays Aggregate Index 7.72% 6.84% 6.25% 5.80% 6.39%

Difference 1.05% 0.94% 1.00% 0.52% 0.37%

Inception: 10/1/95

Intermediate Bond 6.89% 5.95% 6.65% 5.78% 6.22%

Barclays Int. G/C Index 6.08% 5.88% 5.67% 5.29% 5.80%

Difference 0.81% 0.07% 0.98% 0.49% 0.42%

Periods greater than one year are annualized. Performance is gross of management fees. Past performance is not indicative of future results. The above information is shown as supplemental information only and complements the fully compliant presentations.


High Yield Composite Performance Summary

Periods Ending 3/31/12

1 3 5 Since Year Years Years Incept.

Periods greater than one year are annualized. Performance is gross of management fees. Past performance is not indicative of future results. The above information is shown as supplemental information only and complements the fully compliant presentations.

Inception: 10/1/04 High Yield Unconstrained 4.77% 25.10% 9.15% 9.73% BofA ML HY Cash Pay Index 5.71% 23.38% 7.74% 8.05% Difference -0.94% 1.72% 1.41% 1.68% Inception: 7/1/06 Bank Loan 4.02% 13.09% 4.44% 5.17% CSFB Inst'l Lev Loan Index 3.58% 7.70% 1.46% 2.31% Difference 0.44% 5.39% 2.98% 2.86% Inception: 7/1/97 Flagship High Yield 5.56% 17.30% 7.16% 8.14% BofA ML HY Cash Pay Index 5.71% 23.38% 7.74% 7.06% Difference -0.15% -6.08% -0.58% 1.08%


APPENDIX


Operations (24)

George Way COO & CFO

John Murphy Kimberly Galletta

Portfolio Admin & Trade Support Gerard Leen Soo Kim Paul Rowe Alvin Fletcher Beth Dizon Debbie Crespo-Su Sal Toledo Dara Kotzker Paula Madonna Megan O’Shea Marc Thomson Laurel Conner

Enterprise Data Management Stacy Culver Laura Linnartz Tony Capone Andrea Dapolito Christina Milisits

Technology Nat King Robert Stampfl Armando Alorro Timir Patel

Legal & Compliance (4)

Deirdre Dillon, CCO & Counsel Cynthia Panebianco Stephen Gavlick Joseph Carucci

Personnel Resources (75)

Investment Research (25)

Investment Grade Carlos Catoya Leo Goldstein Scott Kupchinsky, CFA David Schwartzman Elena Fyodorova Jon Yozzo William Davis, CFA Jeannell Anthony Tom Lennon, CFA Michael MacDevette Robert Guy High Yield Biron Lim, CFA Vince Flanagan, CFA Ray Kramer, CFA Ania Wacht, CFA Brian Reid, CFA Andrea Pagnozzi James FitzPatrick, CFA Eric Guevara David Chou Atul Sibal Daman Singh Norm Kopack Bryan Trowbridge Ambuj Chaudhary

Client Service & Marketing (11)

Patrick Mc Nelis Director of Sales, Marketing & Client Service

Mark Meyer, CFA Michelle Gallo Sharon Moran Lisa Milos Christopher Marlin Julie Vinar Rebecca Ehrhart Chris DeGaetano Karen Ormiston Susan Shannon

Investment Management (11)

Portfolio Managers Jim Keegan CIO & CEO

Investment Grade

Perry Troisi – Liquid Markets

Adrien Webb, CFA – Corporate Credit

Michael Rieger – Securitized Assets

Seth Antiles – Global

High Yield

George Goudelias – Bank Loans

Brian Nold – HY Bonds

Michael Kirkpatrick – HY Bonds

Investment Managers Ellen Welsh, CFA Tom Winters Charlie Leonard, CFA

42 Seix Advisors Seix Investment Advisors LLC

Seix Investment Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Seix Investment Advisors LLC has been independently verified for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by prior verifiers. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Corporate Bond Composite has been examined for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and October 1, 1995 through December 31, 2003 by prior verifiers. The verification and performance examination reports are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Returns include the effect of foreign currency exchange rates and are net of foreign withholding taxes which may vary according to the investor’s domicile. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 25% or greater of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. Credit Default Swaps (CDS) may be used to either buy or sell protection on a single issuer and may hedge it with a swap on an index. Futures on treasuries and/or options on treasury futures may also be used to hedge an existing position or gain exposure to treasury securities. Forward foreign exchange contracts are also used to gain exposure to foreign currencies. Total return swaps may also be used to gain exposure to foreign currencies and foreign bond market performance. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing policies, calculating performance, and preparing compliant presentations are available upon request. The investment management fee schedule for the composite is 0.30% on the first $100 million; 0.25% on the next $100 million; 0.20% on the next $200 million; fees are negotiable thereafter; $10,000 minimum annual fee. Actual investment advisory fees incurred by clients may vary. The Corporate Bond Composite was created October 1, 1995. Performance presented prior to May 29, 2004 occurred at Seix Investment Advisors, Inc. ("SIA") before being acquired by SunTrust Banks, Inc. and its name changed to Seix Advisors ("Seix"). SIA was formerly registered as an investment adviser with the SEC. Performance presented prior to March 31, 2008 occurred while the Portfolio Management Team was a part of Seix Advisors, the Fixed Income division of Trusco Capital Management, Inc. (“Trusco”), the predecessor of Seix Investment Advisors LLC. Effective as of March 31, 2008, Seix Advisors began operating as a separate legal entity, named Seix Investment Advisors LLC (“Seix”), an SEC- registered investment adviser. Also, effective as of March 31, 2008, Trusco was renamed as RidgeWorth Capital Management, Inc. (“RidgeWorth”). RidgeWorth is an SEC-registered investment adviser and a majority owned subsidiary of SunTrust Banks, Inc. Seix is a wholly owned subsidiary of RidgeWorth. Seix has retained the identical investment style since the inception of the composite. Seix also maintains the records necessary to support the performance of all composites and will provide these records upon request.

Corporate Bond Composite contains fully discretionary corporate bond management Fixed Income accounts. Prior to April 1, 2007, the composite was named the Corporate Bond Management Fixed Income Composite. For comparison purposes, the composite is measured against the Barclays Capital U.S. Corporate Investment Grade Index. Prior to January 1, 2005 the composite was measured against the Barclays Capital U.S. Credit Index, which was changed to more accurately represent the composite strategy. As of June 1, 2007, the minimum account size for inclusion in the composite is $1,000,000. Prior to June 1, 2007, the minimum account size was $15,000,000. Seix Investment Advisors LLC is an SEC-registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Total Firm

Composite Assets

Annual Performance and Standard Deviation

Year End

Assets ($ mil)

US$ ($ mil)

Number

of Accounts

Gross

Composite Return

Composite

3-Year Std. Dev.

Barclays US Corporate

Investment Grade Index

Index 3-Year

Std. Dev.

Composite Dispersion

2011 26,128 833 12 9.73% 5.02% 8.15% 5.17% 0.2%

2010 25,855 749 11 8.85% 8.99% 0.2%

2009 24,338 1,847 15 20.64% 18.68% N.A.

2008 17,375 196 5 or Fewer -0.51% -4.94% N.A.

2007 21,534 206 5 or Fewer 6.41% 4.56% N.A.

2006 21,122 1,030 19 4.28% 4.30% 0.3%

2005 24,230 1,042 27 2.16% 1.68% 0.1%

2004 21,913 1,137 57 5.57% 5.24% 0.1%

2003 15,277 1,365 63 9.05% 7.70% 0.4%

2002 11,465 1,972 71 9.75% 10.52% 0.6%

2001 9,175 2,051 72 7.83% 10.40% 0.4%

2000 7,413 1,515 57 9.35% 9.40% 1.0%

1999 4,663 504 6 -0.89% -1.96% N.A

1998 3,373 221 5 or Fewer 6.35% 8.57% N.A

1997 1,797 58 5 or Fewer 11.12% 10.23% N.A

1996 630 22 5 or Fewer 5.13% 3.28% N.A

1995* 336 14 5 or Fewer 5.31% 4.94% N.A

N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. *Results shown for the year 1995 represent partial period performance from October 1, 1995 through December 31, 1995.

Seix Corporate Bond Composite


*Results shown for the year 1996 represent partial period performance from April 1, 1996 through December 31, 1996. N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Seix Investment Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Seix Investment Advisors LLC has been independently verified for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by prior verifiers. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Core Plus Composite has been examined for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and April 1, 1996 through December 31, 2003 by prior verifiers. The verification and performance examination reports are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes which may vary according to the investor’s domicile. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 25% or greater of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. Credit Default Swaps (CDS) may be used to either buy or sell protection on a single issuer and may hedge it with a swap on an index. Total return swaps may also be used to gain exposure to foreign currencies and foreign bond market performance. Futures on treasuries and/or options on treasury futures may also be used to hedge an existing position or gain exposure to treasury securities. Forward foreign exchange contracts are also used to gain exposure to foreign currencies. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing policies, calculating performance, and preparing compliant presentations are available upon request.

The investment management fee schedule for the composite is 0.30% on the first $100 million; 0.25% on the next $100 million; 0.20% on the next $200 million; fees are negotiable thereafter; $10,000 minimum annual fee. Actual investment advisory fees incurred by clients may vary.

The Core Plus Bond Composite was created April 1, 1996. Performance presented prior to May 29, 2004 occurred at Seix Investment Advisors, Inc. ("SIA") before being acquired by SunTrust Banks, Inc. and its name changed to Seix Advisors ("Seix"). SIA was formerly registered as an investment adviser with the SEC. Performance presented prior to March 31, 2008 occurred while the Portfolio Management Team was a part of Seix Advisors, the Fixed Income division of Trusco Capital Management, Inc. (“Trusco”), the predecessor of Seix Investment Advisors LLC. Effective as of March 31, 2008, Seix Advisors began operating as a separate legal entity, named Seix Investment Advisors LLC (“Seix”), an SEC-registered investment adviser. Also, effective as of March 31, 2008, Trusco was renamed as RidgeWorth Capital Management, Inc. (“RidgeWorth”). RidgeWorth is an SEC-registered investment adviser and a majority owned subsidiary of SunTrust Banks, Inc. Seix is a wholly owned subsidiary of RidgeWorth.

Seix has retained the identical investment style since the inception of the composite. Seix also maintains the records necessary to support the performance of all composites and will provide these records upon request.

Core Plus Bond Composite contains fully discretionary core plus Fixed Income accounts. For comparison purposes, the composite is measured against the Barclays Capital Aggregate Bond Index. Prior to April 1, 2007, the composite was known as the Core Plus Fixed Income Composite. Prior to January 1, 2006, the composite was known as the Enhanced Full Market Composite and prior to January 1, 2001, the composite was known as the Enhanced High Yield Fixed Income Composite. The minimum account size for inclusion in the composite is $15,000,000. Returns include the effect of foreign currency exchange rates. Seix Investment Advisors LLC is an SEC-registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Total Firm

Composite Assets


Year End

Assets ($ mil)

US$

($ mil)

Number of Accounts

Gross Composite

Return

Composite 3-Year

Std. Dev.

Barclays Aggregate

Index

Index 3-Year

Std. Dev.


2011 26,128 2,040 15 9.49% 2.87% 7.84% 2.78% 0.5%

2010 25,855 1,867 15 7.11% 6.54% 0.4%

2009 24,338 1,372 13 8.58% 5.93% 1.0%

2008 17,375 1,163 12 6.20% 5.24% 1.1%

2007 21,534 2,319 17 7.13% 6.97% 0.2%

2006 21,122 2,075 17 4.35% 4.33% 0.2%

2005 24,230 1,866 20 2.48% 2.43% 0.1%

2004 21,913 2,050 22 5.27% 4.34% 0.1%

2003 15,277 1,762 26 6.32% 4.10% 0.6%

2002 11,465 1,612 18 8.38% 10.26% 0.2%

2001 9,175 1,831 20 7.13% 8.42% 0.2%

2000 7,413 1,514 15 11.47% 11.63% 0.5%

1999 4,663 638 10 0.38% -0.83% 0.2%

1998 3,373 553 8 7.33% 8.68% N.A.

1997 1,797 235 5 or fewer 10.46% 9.66% N.A.

1996* 630 116 5 or fewer 6.86% 5.50% N.A.

Seix Core Plus Composite


N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Seix Investment Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Seix Investment Advisors LLC has been independently verified for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by prior verifiers. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Core Bond Composite has been examined for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by prior verifiers. The verification and performance examination reports are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes which may vary according to the investor’s domicile. Non-fee-paying accounts have not been included in this composite since October 31, 1993. Prior to this date, non-fee-paying accounts reflected 70% of the composite assets. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 25% or greater of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. Credit Default Swaps (CDS) may be used to either buy or sell protection on a single issuer and may hedge it with a swap on an index. Futures on treasuries and/or options on treasury futures may also be used to hedge an existing position or gain exposure to treasury securities. Forward foreign exchange contracts are also used to gain exposure to foreign currencies. Total return swaps may also be used to gain exposure to foreign currencies and foreign bond market performance. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing policies, calculating performance, and preparing compliant presentations are available upon request. The investment management fee schedule for the composite is 0.30% on the first $100 million; 0.25% on the next $100 million; 0.20% on the next $200 million; fees are negotiable thereafter; $10,000 minimum annual fee. Actual investment advisory fees incurred by clients may vary. The Core Bond Composite was created January 1, 1993. Performance presented prior to May 29, 2004 occurred at Seix Investment Advisors, Inc. ("SIA") before being acquired by SunTrust Banks, Inc. and its name changed to Seix Advisors ("Seix"). SIA was formerly registered as an investment adviser with the SEC. Performance presented prior to March 31, 2008 occurred while the Portfolio Management Team was a part of Seix Advisors, the Fixed Income division of Trusco Capital Management, Inc. (“Trusco”), the predecessor of Seix Investment Advisors LLC. Effective as of March 31, 2008, Seix Advisors began operating as a separate legal entity, named Seix Investment Advisors LLC (“Seix”), an SEC-registered investment adviser. Also, effective as of March 31, 2008, Trusco was renamed as RidgeWorth Capital Management, Inc. (“RidgeWorth”). RidgeWorth is an SEC-registered investment adviser and a majority owned subsidiary of SunTrust Banks, Inc. Seix is a wholly owned subsidiary of RidgeWorth. Seix has retained the identical investment style since the inception of the composite. Seix also maintains the records necessary to support the performance of all composites and will provide these records upon request.

Core Bond Composite contains fully discretionary Core Bond Fixed Income accounts. For comparison purposes, the composite is measured against the Barclays Capital Aggregate Bond Index. Prior to April 1, 2007, the composite was named the Core Fixed Income Composite. Prior to January 1, 2006, the composite was known as the Full Market Management Fixed Income Composite. The minimum account size for inclusion in the composite is $15,000,000. Returns include the effect of foreign currency exchange rates. Seix Investment Advisors LLC is an SEC-registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Total Firm Composite Assets Annual Performance and Standard Deviation

Year End

Assets ($ mil)

US$

($ mil)

Number of Accounts

Gross Composite

Return

Composite 3-Year

Std. Dev.

Barclays Aggregate

Index

Index 3-Year

Std. Dev.


2011 26,128 1,356 20 8.92% 2.90% 7.84% 2.78% 0.2%

2010 25,855 963 17 7.01% 6.54% 0.3%

2009 24,338 763 14 8.70% 5.93% 0.4%

2008 17,375 1,142 14 5.98% 5.24% 0.4%

2007 21,534 1,385 21 6.98% 6.97% 0.3%

2006 21,122 1,609 26 4.23% 4.33% 0.2%

2005 24,230 3,276 39 2.48% 2.43% 0.1%

2004 21,913 3,141 39 5.14% 4.34% 0.2%

2003 15,277 3,290 50 5.48% 4.10% 0.7%

2002 11,465 3,779 59 8.37% 10.26% 0.2%

2001 9,175 4,209 61 7.36% 8.42% 0.3%

2000 7,413 3,481 47 11.68% 11.63% 0.4%

1999 4,663 1,662 47 -0.02% -0.83% 0.3%

1998 3,373 1,525 46 7.57% 8.68% 0.4%

1997 1,797 758 23 10.19% 9.66% 0.2%

1996 630 316 10 5.00% 3.63% N.A.

1995 336 149 7 18.72% 18.47% N.A.

1994 256 71 5 or Fewer -2.37% -2.92% N.A.

1993 58 17 5 or Fewer 10.15% 9.75% N.A.

Seix Core Bond Composite


Seix Investment Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Seix Investment Advisors LLC has been independently verified for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by prior verifiers. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Intermediate Bond Composite has been examined for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and October 1, 1995 through December 31, 2003 by prior verifiers. The verification and performance examination reports are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Returns include the effect of foreign currency exchange rates and are net of foreign withholding taxes which may vary according to the investor’s domicile. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 25% or greater of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. Credit Default Swaps (CDS) may be used to either buy or sell protection on a single issuer and may hedge it with a swap on an index. Futures on treasuries and/or options on treasury futures may also be used to hedge an existing position or gain exposure to treasury securities. Forward foreign exchange contracts are also used to gain exposure to foreign currencies. Total return swaps may also be used to gain exposure to foreign currencies and foreign bond market performance. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing policies, calculating performance, and preparing compliant presentations are available upon request. The investment management fee schedule for the composite is 0.30% on the first $100 million; 0.25% on the next $100 million; 0.20% on the next $200 million; fees are negotiable thereafter; $10,000 minimum annual fee. Actual investment advisory fees incurred by clients may vary. The Intermediate Bond Composite was created October 1, 1995. Performance presented prior to May 29, 2004 occurred at Seix Investment Advisors, Inc. ("SIA") before being acquired by SunTrust Banks, Inc. and its name changed to Seix Advisors ("Seix"). SIA was formerly registered as an investment adviser with the SEC. Performance presented prior to March 31, 2008 occurred while the Portfolio Management Team was a part of Seix Advisors, the Fixed Income division of Trusco Capital Management, Inc. (“Trusco”), the predecessor of Seix Investment Advisors LLC. Effective as of March 31, 2008, Seix Advisors began operating as a separate legal entity, named Seix Investment Advisors LLC (“Seix”), an SEC-registered investment adviser. Also, effective as of March 31, 2008, Trusco was renamed as RidgeWorth Capital Management, Inc. (“RidgeWorth”). RidgeWorth is an SEC-registered investment adviser and a majority owned subsidiary of SunTrust Banks, Inc. Seix is a wholly owned subsidiary of RidgeWorth. Seix has retained the identical investment style since the inception of the composite. Seix also maintains the records necessary to support the performance of all composites and will provide these records upon request.

Intermediate Bond Composite contains fully discretionary intermediate bond management Fixed Income accounts. Prior to April 1, 2007, the composite was named the Intermediate Bond Management Fixed Income Composite. For comparison purposes, the composite is measured against the Barclays Capital Intermediate Government/Credit Index. The minimum account size for inclusion in the composite is $15,000,000. Seix Investment Advisors LLC is an SEC-registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Total Firm Composite

Assets Annual Performance and Standard Deviation

Year End

Assets ($ mil)

US$ ($ mil)

Number

of Accounts

Gross

Composite Return

Composite

3-Year Std. Dev.

Barclays Intermediate Gov/Credit

Index

Index 3-Year

Std. Dev.


2011 26,128 1,957 18 6.78% 2.68% 5.79% 2.55% 0.1%

2010 25,855 2,224 17 5.59% 5.89% 0.2%

2009 24,338 2,144 16 6.26% 5.24% 1.0%

2008 17,375 1,206 11 8.05% 5.07% 0.4%

2007 21,534 813 8 7.75% 7.39% 0.1%

2006 21,122 219 7 4.42% 4.08% 0.6%

2005 24,230 471 11 1.61% 1.58% 0.1%

2004 21,913 496 23 4.27% 3.04% 0.4%

2003 15,277 693 26 4.70% 4.31% 0.9%

2002 11,465 463 28 7.95% 9.83% 1.0%

2001 9,175 413 32 7.84% 8.98% 0.9%

2000 7,413 480 27 10.42% 10.10% 0.5%

1999 4,663 455 28 1.13% 0.38% 0.5%

1998 3,373 263 16 8.01% 8.44% 0.8%

1997 1,797 147 9 8.35% 7.87% N.A.

1996 630 17 5 or fewer 5.02% 4.05% N.A.

1995* 336 10 5 or fewer 4.37% 3.51% N.A.

N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. *Results shown for the year 1995 represent partial period performance from October 1, 1995 through December 31, 1995.

Seix Intermediate Bond Composite


Seix Investment Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Seix Investment Advisors LLC has been independently verified for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by a previous verifier. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The High Yield Unconstrained Composite has been examined for the period October 1, 2004 through June 30, 2011. The verification and performance examination reports are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes which may vary according to the investor’s domicile. Credit Default Swaps (CDS) may be used to either buy or sell protection on a single issuer and may hedge it with a swap on an index. Total return swaps may also be used to gain exposure to foreign currencies and foreign bond market performance. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. Policies for valuing policies, calculating performance, and preparing compliant presentations are available upon request. The investment management fee schedule for the composite is 0.50% on the first $100 million; 0.40% per year thereafter, $10,000 minimum annual fee. Actual investment advisory fees incurred by clients may vary. The High Yield Unconstrained Composite was created January 20, 2010. Performance presented prior to March 31, 2008 occurred while the Portfolio Management Team was a part of Seix Advisors, the Fixed Income division of Trusco Capital Management, Inc. (“Trusco”), the predecessor of Seix Investment Advisors LLC. Effective as of March 31, 2008, Seix Advisors began operating as a separate legal entity, named Seix Investment Advisors LLC (“Seix”), an SEC-registered investment adviser. Also, effective as of March 31, 2008, Trusco was renamed as RidgeWorth Capital Management, Inc. (“RidgeWorth”). RidgeWorth is an SEC-registered investment adviser and a majority owned subsidiary of SunTrust Banks, Inc. Seix is a wholly owned subsidiary of RidgeWorth. Seix has retained the identical investment style since the inception of the composite. Seix also maintains the records necessary to support the performance of all composites and will provide these records upon request.

High Yield Unconstrained Composite consists of fully discretionary high yield bond management accounts invested in US and non-U.S. Dollar denominated debt. Accounts in this composite may invest in CCC rated debt. The composite is measured against the Merrill Lynch High Yield Cash Pay Index. Returns include the effect of foreign currency exchange rates. The minimum account size for inclusion in the composite is $15,000,000. Seix Investment Advisors LLC is an SEC-registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

*Results shown for the year 2004 represent partial period performance from October 1, 2004 through December 31, 2004. N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Total Firm

Composite Assets


Year End

Assets ($ mil)

US$ ($ mil)

Number

of Accounts

Gross

Composite Return

Composite

3-Year Std. Dev.

BofA ML HY

Cash Pay Index

Index 3-Year

Std. Dev.


2011 26,128 746 5 or fewer

2.73% 11.57% 4.50% 10.78% N.A.

2010 25,855 523 5 or fewer

18.16% 15.24% N.A.

2009 24,338 135 5 or fewer

62.74% 56.28% N.A.

2008 17,375 33 5 or fewer

-26.60% -26.21% N.A.

2007 21,534 104 5 or fewer

4.21% 2.17% N.A.

2006 21,122 138 5 or fewer

13.09% 11.64% N.A.

2005 24,230 169 5 or fewer

4.62% 2.83% N.A.

2004* 21,913 204 5 or fewer

5.02% 4.46% N.A.

Seix High Yield Unconstrained Composite


*Results shown for the year 2006 represent partial period performance from July 1, 2006 through December 31, 2006. N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Seix Investment Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Seix Investment Advisors LLC has been independently verified for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by a previous verifier. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Bank Loan Composite has been examined for the period July 1, 2006 through June 30, 2011. The verification and performance examination reports are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes which may vary according to the investor’s domicile. Credit Default Swaps (CDS) and/or Loan Credit Default Swaps (Loan CDS) may be used to either buy or sell protection on a single issuer and may hedge it with a swap on an index. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. Policies for valuing policies, calculating performance, and preparing compliant presentations are available upon request. The investment management fee for the composite is 0.45%. Actual investment advisory fees incurred by client may vary. The Bank Loan Composite was created July 1, 2006. Performance presented prior to March 31, 2008 occurred while the Portfolio Management Team was a part of Seix Advisors, the Fixed Income division of Trusco Capital Management, Inc. (“Trusco”), the predecessor of Seix Investment Advisors LLC. Effective as of March 31, 2008, Seix Advisors began operating as a separate legal entity, named Seix Investment Advisors LLC (“Seix”), an SEC-registered investment adviser. Also, effective as of March 31, 2008, Trusco was renamed as RidgeWorth Capital Management, Inc. (“RidgeWorth”). RidgeWorth is an SEC-registered investment adviser and a majority owned subsidiary of SunTrust Banks, Inc. Seix is a wholly owned subsidiary of RidgeWorth. Seix has retained the identical investment style since the inception of the composite. Seix also maintains the records necessary to support the performance of all composites and will provide these records upon request.

Bank Loan Composite contains fully discretionary accounts invested primarily in a combination of first and second lien senior floating rate loans and other floating rate debt securities and is measured against the Credit Suisse Institutional Leveraged Loan Index. Previously the benchmark index was Credit Suisse Institutional Leveraged loan Index from inception to 9/30/08 and the Credit Suisse Leveraged Loan Index thereafter. Returns include the effect of foreign currency exchange rates. The minimum account size for inclusion in the composite is $50,000,000. Seix Investment Advisors LLC is an SEC-registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Total Firm

Composite Assets


Year End

Assets ($ mil)

US$ ($ mil)

Number

of Accounts

Gross

Composite Return

Composite

3-Year Std. Dev.

CS Inst.

Leveraged Loan Index

Index 3-Year

Std. Dev.


2011 26,128 3,733 5 or fewer

2.82% 6.28% 2.53% 3.93% N.A.

2010 25,855 2,164 5 or fewer

10.49% 7.63% N.A.

2009 24,338 1,091 5 or fewer

32.93% 12.28% N.A.

2008 17,375 422 5 or fewer

-21.35% -15.82% N.A.

2007 21,534 756 5 or fewer

3.59% 2.06% N.A.

2006* 21,122 533 5 or fewer

4.91% 3.92% N.A.

Seix Bank Loan Composite


Total Firm

Composite Assets


Year End

Assets ($ mil)

US$ ($ mil)

Number

of Accts

Gross

Composite Return

Composite

3-Year Std. Dev.

BofA ML HY

Cash Pay Index

Index 3-Year

Std. Dev.


2011 26,128 1,473 12 4.84% 8.74% 4.50% 10.78% 0.2%

2010 25,855 2,319 18 14.76% 15.24% 0.3%

2009 24,338 2,572 19 36.56% 56.28% 0.6%

2008 17,375 2,277 23 -18.77% -26.21% 0.8%

2007 21,534 5,195 38 3.40% 2.17% 0.3%

2006 21,122 7,161 40 7.51% 11.64% 0.2%

2005 24,230 8,902 50 2.88% 2.83% 0.2%

2004 21,913 7,782 60 9.00% 10.76% 0.2%

2003 15,277 5,992 55 17.32% 27.22% 0.4%

2002 11,465 2,512 32 7.54% -1.14% 0.2%

2001 9,175 735 8 10.80% 6.20% 0.4%

2000 7,413 470 5 or fewer

7.14% -3.79% N.A.

1999 4,663 125 5 or fewer

3.48% 1.57% N.A.

1998 3,373 124 5 or fewer

7.71% 3.66% N.A.

1997* 1,797 69 5 or fewer

8.68% 6.60% N.A.

*Results shown for the year 1997 represent partial period performance from July 1, 1997 through December 31, 1997 N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Seix Investment Advisors LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Seix Investment Advisors LLC has been independently verified for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and January 1, 1993 through December 31, 2003 by a previous verifier. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The High Yield Bond Composite has been examined for the periods January 1, 2004 through June 30, 2011 by Ashland Partners & Company LLP and July 1, 1997 through December 31, 2003 by a previous verifier. The verification and performance examination reports are available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 25% or greater of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. Composite performance is presented net of foreign withholding taxes which may vary according to the investor’s domicile. Credit Default Swaps (CDS) may be used to either buy or sell protection on a single issuer and may hedge it with a swap on an index. Total return swaps may also be used to gain exposure to foreign bond market performance. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross of management fees and include the reinvestment of all income. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. The collection of fees produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing policies, calculating performance, and preparing compliant presentations are available upon request.” The investment management fee schedule for the composite is 0.50% on the first $100 million; 0.40% per year thereafter; $10,000 minimum annual fee. Actual investment advisory fees incurred by clients may vary. The High Yield Bond Composite was created July 1, 1997. Performance presented prior to May 29, 2004 occurred at Seix Investment Advisors, Inc. ("SIA") before being acquired by SunTrust Banks, Inc. and its name changed to Seix Advisors ("Seix"). SIA was formerly registered as an investment adviser with the SEC. Performance presented prior to March 31, 2008 occurred while the Portfolio Management Team was a part of Seix Advisors, the Fixed Income division of Trusco Capital Management, Inc. (“Trusco”), the predecessor of Seix Investment Advisors LLC. Effective as of March 31, 2008, Seix Advisors began operating as a separate legal entity, named Seix Investment Advisors LLC (“Seix”), an SEC- registered investment adviser. Also, effective as of March 31, 2008, Trusco was renamed as RidgeWorth Capital Management, Inc. (“RidgeWorth”). RidgeWorth is an SEC-registered investment adviser and a majority owned subsidiary of SunTrust Banks, Inc. Seix is a wholly owned subsidiary of RidgeWorth. Seix has retained the identical investment style since the inception of the composite. Seix also maintains the records necessary to support the performance of all composites and will provide these records upon request.

High Yield Bond Composite contains fully discretionary High Yield Bond Management Fixed Income accounts. Prior to April 1, 2007, the composite was named the High Yield Bond Management Fixed Income Composite. For comparison purposes, the composite is measured against the Merrill Lynch Corporate High Yield Index. The minimum account size for inclusion in the composite is $15,000,000. Seix Investment Advisors LLC is an SEC-registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request.

Seix High Yield Bond Composite



Notes:

(1) See the applicable Confidential Private Placement Memorandum (“Confidential Memorandum”) and Series Supplement to the Confidential Memorandum (“Supplement”) for a complete description of terms and descriptions of the transaction and the Fund. Seix Investment Advisors LLC is an SEC-registered investment adviser and a wholly-owned subsidiary of RidgeWorth Capital Management, Inc. The Fund commentary, portfolio allocation, performance characteristics, portfolio composition, and analysis discussed herein are based on certain assumptions regarding fees, expenses and other relevant factors and are subject to substantial change. No representation is made by Seix Investment Advisors as to the reasonableness of the portfolio allocation and analysis contained herein. Furthermore, no representation is made as to, and investors should not rely on, the portfolio characteristics and performance summary provided herein as indicative of the actual performance of the Fund. Actual results will vary, perhaps materially, from the portfolio statistics and performance summary contained herein.

(2) Unaudited Net Returns are calculated assuming an investment in the Fund from inception date (3-02-09) and include reductions for the annual management fee of 0.50% and fund administration costs. See the Confidential Memorandum and Supplement for a complete description of fees and expenses.

Disclaimer:

Information respecting yields, returns and prior performance in some cases is presented before giving effect to actual management fees and expenses, and before giving effect to any deduction for taxes, the application of all of which would reduce such results. You may use this information for discussion purposes only and not to make an offer to sell or a solicitation of an offer to buy any of the securities referred to herein. Offers to sell and solicitations of offers to buy the securities are made only by using the Confidential Memorandum and Supplement, subscription document package and the other Fund documents. Information contained herein does not purport to be complete and is subject to the same qualifications and assumptions, and should be considered by investors only in the light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in the Confidential Memorandum and Supplement.

The Fund may experience delays in distributing important tax information and the Fund is not subject to the same regulatory requirements as mutual funds.

Past performance is not an indication or guarantee of future results and should not be relied upon in determining whether to buy or sell the securities referred to herein.


All features in this presentation are current at the time of publication but may be subject to change in the future.

Unless otherwise stated, the source of information is Seix Investment Advisors LLC.

Any forecasts or opinions are made by Seix Investment Advisors LLC at the date of this document and may change. They should not be regarded as a guarantee of future performance.

This document is intended for investment professionals only and should not be relied upon by private investors.

No modifications or amendments to this presentation may be made without the prior permission of Seix Investment Advisors LLC.

This document is to be used by the intended recipient(s) only and the document may not be forwarded to a third party without prior consent from Seix Investment Advisors LLC.

Depending on the investor’s currency of reference, currency fluctuations may adversely affect the value of investments and the related income.

The purpose of the Representative Client List at Seix Investment Advisors LLC is to demonstrate the depth and variety of our account base. This is the only criteria used in the compilation of this list. While each of the listed clients has authorized Seix Investment Advisors LLC to use their name, it is not known whether the listed clients approve or disapprove of Seix Investment Advisors LLC or the advisory services provided. The selection of clients for the list is not based on performance criteria.

Past performance is not an indication of future performance.

Unit prices may go down as well as up, particularly in the short term.

A complete list and description of Seix Investment Advisors LLC’s composites, performance results, and policies regarding calculating and reporting returns are available upon request.

The value of an investment may fluctuate and cannot be guaranteed.

Important Disclosures


Seix Investment

Advisors LLC

Atlanta Office 3333 Piedmont Road

Suite 1500 Atlanta, Georgia 30305

USA +1.404.845.7700 (phone)

+1.404.845.7691 (fax)

Headquarters 10 Mountainview Road

Suite C-200 Upper Saddle River, New Jersey 07458

USA +1.201.391.0300 (phone)

+1.201.391.5023 (fax)

www.SeixAdvisors.com

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