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high yield full discretion composite Loomis Sayles

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					                high yield full discretion composite
                OBJeCtive                                           strategy & highlights                                   FaCts
                 •	Seek to identify attractive total rate             •	Portfolio guidelines are broad,                     inception                       01/01/89
june 30, 2012




                   of return investment opportunities                   offering significant investment
                                                                                                                            assets
                   in the US high yield market and                      flexibility                                            Firm                 $171,416.9 mm
                   out-of-index yield sectors including
                                                                      •	Security selection is a primary driver                  strategy               $9,770.2 mm
                   emerging markets, non-US dollar,
                                                                        of performance                                          Composite              $5,621.9 mm
                   investment grade corporates and
                   convertible debt                                   •	Bottom-up investment evaluation                     number of
                                                                        drives portfolio investments and the                Composite accounts                       55
                 •	Create portfolios diversified by
                                                                        resulting sector allocation
                   industry and issuer
                                                                                                                         return drivers
                 •	Generate superior long-term                      POrtFOliO COnstruCtiOn
                   investment performance when                                                                             •	Bottom-up security selection in the
                                                                      •	Typical portfolio: 125 – 175 issues                  US high yield market
                   compared to the major high yield
                   indexes                                            •	5% max per issuer with typical                     •	Bottom-up security selection in
                                                                        positions of 1% (GSEs excluded)                      additional sectors of the market
                 •	Manage risk through careful
                   monitoring of company                              •	Industry maximum of 25%                              as opportunity is identified through
                   fundamentals and spread to risk                                                                           bottom-up process consistent
                   analysis                                         investment universe                                      with top-down themes:
                                                                      •	ABS                                                 - Investment grade corporate debt
                                                                      •	Agencies                                            - Emerging market debt
                                                                      •	CMBS                                                - Non-US dollar issues
                                                                      •	Convertibles                                        - Convertible securities
                                                                      •	Bank loans
                management team                                                                                             - Preferreds
                                                                      •	Emerging markets debt
                 Daniel J. Fuss, CFA, CIC
                                                                      •	Investment grade and high yield
                 Matthew J. Eagan, CFA                                  corporates
                 Kathleen C. Gaffney, CFA
                                                                      •	Non-US dollar bonds
                 Elaine M. Stokes
                                                                      •	Preferred stock
                                                                      •	RMBS
                                                                      •	US Treasurys
                                                                      •	Yankees


                PerFOrmanCe




                 Past performance does not guarantee future results. Performance is shown in US dollars and is annualized for multi-year periods. Gross returns are net of
                 trading costs. Net returns are gross returns less effective management fees. Returns for multi-year periods are annualized.
                 Loomis, Sayles & Company, L.P. (“Loomis Sayles”) is an independent advisory firm registered under the Investment Advisors Act of 1940. A complete list and
                 description of all Loomis Sayles’ composites is available at www.loomissayles.com.
                 There is no guarantee that any return objective will be realized or that strategy will be able to generate any positive or excess return.
                high yield full discretion composite
                POrtFOliO CharaCteristiCs                               seCtOr distriButiOn                                      quality distriButiOn
                                          Composite           Index                                  Composite        Index                                 Composite         Index
june 30, 2012




                Avg maturity               10.40 yrs       5.37 yrs     High Yield Credit                55.14%      99.65%      Govt/Agency                       0.53%            -
                Avg duration                 5.98 yrs      4.01 yrs     Convertibles                     14.80%             -    Aaa                               1.43%            -
                Avg yield-to-maturity           7.44%        7.83%      Inv. Grade Credit                10.26%             -    Aa                                0.45%            -
                Avg credit quality                  B1           B2     Non-US Dollar (ex CAD)            8.86%             -    A                                 5.39%            -
                No. of issues                      885        1,912     Preferred/Equity                  4.13%             -    Baa                             17.11%       0.12%
                                                                        MBS                               1.23%             -    Ba                              23.27%      40.04%
                                                                        Canadian Dollar                   0.99%             -    B                               31.46%      43.24%
                                                                        CMBS                              0.50%             -    Caa & Lower                       9.60%     16.35%
                                                                        US Treasury                       0.38%             -    Not Rated/Other                   7.56%      0.25%
                                                                        Emerging Markets Debt             0.35%       0.35%      Cash & Equivalents                3.21%            -
                                                                        ABS                               0.06%             -
                                                                        MUNI                              0.05%             -
                                                                        Bank Loans                        0.02%             -
                                                                        Cash & Equivalents                3.21%             -




                CurrenCy distriButiOn                                   duratiOn distriButiOn                                    maturity distriButiOn
                                            Composite         Index                                 Composite         Index                                    Composite       Index
                US Dollars                      90.95%     100.00%      Less than 1 Yr.                   5.55%        9.70%     Less than 1 Yr.                    3.62%      0.20%
                Developing Countries             5.61%              -   1 to 3 Yrs.                      11.42%      21.66%      1 to 3 Yrs.                       10.64%      9.64%
                Euro Countries                   1.63%              -   3 to 5 Yrs.                      27.63%      39.19%      3 to 5 Yrs.                       14.66% 22.72%
                Canadian Dollar                  0.99%              -   5 to 7 Yrs.                      19.02%      22.20%      5 to 7 Yrs.                       20.74% 31.97%
                Australia & New                                         7 to 10 Yrs.                     15.99%        4.84%     7 to 10 Yrs.                      11.75% 28.85%
                Zealand                          0.71%              -
                                                                        10 Yrs. or more                  17.18%        2.42%     10 Yrs. or more                   35.39%      6.60%
                British Pound Sterling           0.08%              -
                                                                        Cash & Equivalents                3.21%              -   Cash & Equivalents                 3.21%             -
                Non-Euro                         0.01%              -




                The Composite is actively managed. Due to rounding, quality, maturity, sector, currency and duration distribution totals may not equal 100%. Portfolio characteristics will
                evolve over time.


                KEY RISKS
                Credit Risk, Issuer Risk, Interest Rate Risk, Liquidity Risk, Non-US Securities Risk, Currency Risk, Prepayment Risk and Extension Risk

                The High Yield Full Discretion Composite includes all discretionary accounts managed by Loomis Sayles in this strategy with the objective of maximizing absolute
                total rate of return. The Composite includes accounts that allow greater than 50% in high yield. These accounts are considered fully discretionary (must allow
                exposure to all of the following non-index sectors: foreign issuers, foreign currency and emerging market debt). The Composite, which is a subcomposite of the High
                Yield Composite, was created in 2003. For additional information on this and other Loomis Sayles strategies, please visit our web site at www.loomissayles.com.



                                                                                                                                                                      MALR007992-0812

				
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